Most examinations of stock buybacks find that the management is conveying information to the market about the relative valuation of the firm. Thus, buybacks are seen as good signals and the price tends to increase at the time of the announcement and (at least according to some authors) continue to outperform in the months following the buyback announcement.
Massa, Rehman, and Vermaelen extend this research by looking at the other firms in the industry.
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