The Information Content of Share Repurchase Programs
研究发现股票回购公告后公司经营业绩并未提升，但系统性风险和资本成本显著降低；市场对可能过度投资的公司反应更积极，且投资者因低估资本成本下降而反应不足。
ABSTRACT Contrary to the implications of many payout theories, we find that announcements of open‐market share repurchase programs are not followed by an increase in operating performance. However, we find that repurchasing firms experience a significant reduction in systematic risk and cost of capital relative to non‐repurchasing firms. Further, consistent with the free cash‐flow hypothesis, we find that the market reaction to share repurchase announcements is more positive among those firms that are more likely to overinvest. Finally, we find evidence to indicate that investors underreact to repurchase announcements because they initially underestimate the decline in cost of capital.