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Firm performance around share repurchase announcement. Year 0 is announcement year. ROA is calculated for 3 years before and after the event. *p < 0.1. **p < 0.05. ***p < 0.01
| ROA | p-value | |
|---|---|---|
| Year −3 | 0.19** | 0.0170 |
| Year −2 | 0.21* | 0.0536 |
| Year −1 | 0.19* | 0.0500 |
| Year 0 | 0.25** | 0.0293 |
| Year +1 | 0.26** | 0.0174 |
| Year +2 | 0.29** | 0.0152 |
| Year +3 |
0.25* |
0.0806 |
| Event window |
Average ROA |
p-value |
| Year (−3,-1) | 0.20** | 0.0441 |
| Year (+1,+3) | 0.28** | 0.0229 |
