Of particular interest to stock repurchases is the fact that most of the negative market movement comes on after the announcement, rather than before it.

Question

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Any market movement usually happens before the announcement. Researchers have found that the immediate reaction to share repurchase announcements was only minimal. For the 1,239 repurchases included in the study, the average gain was only 3.5%.

Of Particular Interest to Stock Repurchases Is the Fact That