The Timing and Source of Long-Run Returns Following Repurchases
研究了回购授权后异常正长期回报的时机和来源，发现回报仅在完成公告后出现，且主要归因于后续授权和收购尝试的公告效应，而非持续漂移。
This paper investigates the timing and source of anomalous positive long-run abnormal returns following repurchase authorizations. Returns between program authorization and completion announcements are indistinguishable from 0. Abnormal returns occur only after completion announcements. Long-run returns are largely attributable to announcement returns at subsequent authorizations and takeover attempts; that is, anomalous post-authorization returns are not persistent drifts but rather step functions. These findings have important implications for prior papers examining this most persistent and widespread anomaly. Further, our results serve to refocus the search for a rational explanation for the anomaly on subsequent repurchase announcements and takeover bids.