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Stock repurchases may be interpreted by investors as a signal that: stock repurchases will gradually replace the stock dividends. future repurchases will be forthcoming. the

Stock repurchases may be interpreted by investors as a signal that:

		stock repurchases will gradually replace the stock dividends.
		future repurchases will be forthcoming.
		the firm has an increasing number of positive-NPV opportunities.
		the firm's shares are underpriced.

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