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Assume that the CFO wants to repurchase (buy back) the maximum number of shares possible from outside investors, returning excess cash of $30 million to
Assume that the CFO wants to repurchase (buy back) the maximum number of shares possible from outside investors, returning excess cash of $30 million to those investors. She should time the repurchase to occur: Immediately before the firm announces bad news to the market Immediately after the firm announces good news to the market Randomly Immediately before the firm announces good news to the market
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