Value strategy
Buyback / Repurchase
When a company with real cash flow announces a large, credible buyback, it is putting its own money behind the claim that its stock is undervalued — a stronger signal than anything management says.
Weeks (tender buybacks) to 1–3 years (open-market signal)Beginner–Intermediate
Signaling-theory research on repurchases (Theo Vermaelen); landmark long-run study by David Ikenberry, Josef Lakonishok & Theo Vermaelen (1995)