Abnormally high net insider selling is commonly observed after repurchase tender offer (RTO) announcements although, on average, firms experience positive abnormal returns in the years after the repurchases. We explore two potential explanations: liquidity trade timing and informed trading. Consistent with the notion that fixed price RTOs are more likely than Dutch-auction RTOs to signal underv...

I demonstrate that non-financial corporations act as cross-market arbitrageurs in their own securities. Firms use one type of security to replace another in response to shifts in relative valuations, inducing negatively-correlated financing flows in different markets. Net equity repurchases and net debt issuance both increase when the expected returns on debt are particularly low, or when the e...

It has been proposed that the elimination of electronic-service quality (e-SQ) gaps holds the key to a better website experience when dealing with organizations on-line. In turn, this leads to increased perceived e-SQ, perceived value, and importantly purchases and repurchases. In this paper a method of measuring e-SQ gaps is proposed. Regression and coefficient analysis are used to analyse dat...