Here the declarant is the company itself, under titles such as Issuer, émetteur, emisor or 发行人. These filings mostly concern treasury share transactions under a buyback programme. They record a corporate decision, so read them apart from the personal trades of executives and directors.

Two reference studies on repurchases

Ikenberry, Lakonishok and Vermaelen (Journal of Financial Economics, 1995) followed firms that announced open-market repurchases between 1980 and 1990. Long-run abnormal returns after the announcement were positive, concentrated in value stocks, and absent in glamour stocks, where undervaluation is a less likely motive. The authors conclude that the market initially underreacts to these announcements.

Grullon and Michaely (Journal of Finance, 2004) found no improvement in operating performance after repurchase announcements. Repurchasing firms showed a drop in systematic risk and cost of capital, the market reacted more favourably at firms more likely to overinvest, and investors appeared to underestimate the decline in cost of capital at first.

Announcement and execution are different events

Both studies measure the announcement of a programme. This hub shows executed transactions reported afterwards, a related but distinct event. The samples are American and historical. The site's measured results are on the performance page.