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Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average, share repurchases are associated with significant positive short-term and longterm excess returns. However, excess returns depend on the likelihood of undervaluation, the efficiency and liquidity of equity markets, and the popularity of stock option compensation. In contrast to findings in U.S. markets, we do not find that these long-term excess returns are simply a compensation for takeover risk or have become less significant in recent years.

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