The Information Content of Share Repurchase Programs

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Does the Market Respond to an Endorsement of Social Responsibility? The Role of Institutions, Information, and Legitimacy (2010, methodology): “This measure is widely used as a barometer of operating performance (Chan, Cooney, Kim, & Singh, 2008; Freund, Trahan, & Vasudevan, 2007; Grullon & Michaely, 2004), is recommended by Barber and Lyon (1996) as among the most accurate and stable measures of financial performance, and is most closely…”
The Nature and Persistence of Buyback Anomalies (2009, methodology): “Moreover, open market share repurchase announcements have increased dramatically in recent years (Grullon and Michaely, 2004).”
Do managers time the market? Evidence from open-market share repurchases (2007, neutral): “In a different angle, Grullon and Michaely (2004) report that repurchasing firms experience a reduction in their cost of capital relative to non-repurchasing firms.”
Financial Flexibility, Performance, and the Corporate Payout Choice* (2005, background): “Consistent with this notion, Grullon and Michaely (2001) state that ‘‘debt is a stronger commitment”