This study examines the stock price effects surrounding targeted repurchases, showing how initial investments, intervening announcements, and the final repurchase can influence value for both repurchasing and selling firms. The analysis highlights why price moves should be viewed in the context of a broader investment process that includes potential takeovers and other outcomes.

Targeted repurchases are shown to produce a positive overall value on average, driven by earlier investment activity and related events that precede the final repurchase. The paper also identifies conditions under which declines at the repurchase moment are small or statistically insignificant, and it discusses possible interpretations for these price movements. The work uses a detailed four-stage method to measure abnormal returns and compares repurchasing firms with selling firms and matched controls.

Learn how the four-stage valuation approach captures the full effect of an investment sequence, from initial disclosure to the targeted repurchase.
See how preceding events and control contests influence pre-repurchase returns and the likelihood of future control changes.
Understand why the negative price move at the repurchase does not necessarily mean a wealth transfer to selling stockholders.
Compare outcomes for repurchasing firms, selling firms, and matched peers to assess overall value effects.

Ideal for readers of finance and corporate governance who want a clear view of how these transactions fit into broader takeover dynamics and investment strategies.

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