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0px 0.0px; font: 11.0px Helvetica}I proxy price efficiency and information content by employing two groups of measures for both price delay and idiosyncratic risk. The price delay measures are based on the relative explanatory power of a simple market model compared to an extended market model including 5 lags for market returns. The idea is that one observes greater price delays in the incorporation of new information, if the extended market model has greater explanatory power than the simple market model (Hou & Moskowitz, 2005). This price delay decreases when share repurchases improve the speed with which information is assimilated into share prices. The idiosyncratic risk measures quantify whether share price moves together with the market.

I use the R-squared between the simple and extended market model as well as the absolute market correlation between stock and market returns to proxy for idiosyncratic risk. When share prices increasingly co-move with the market the relative amount of idiosyncratic risk declines. This implies that if share repurchase introduce noise into share prices the idiosyncratic risk of a stock increases and the information content declines (Busch & Obernberger, 2016). I use the manually collected weekly repurchase transaction data to construct two measures of repurchase activity originally theorized by Busch & Obernberger (2016). The first measure envelopes the monthly number of shares repurchased scaled by the total number of shares outstanding in the previous month. The second measure approximates the remaining number of shares that can be bought within the program scaled by the number of shares outstanding at the beginning of the program. I furthermore incorporate firm fixed effects and time effects to guarantee that my results are no affected by heterogeneity or macro-economic factors (Busch & Obernberger, 2016).

1Nelson, Elizabeth. “Tennyson and the Ladies of Shalott.” Ladies of Shallot: A Victorian Masterpiece and its Contexts.Brown University Department of Art, Providence: Brown Art Department, 1985.

2 Tennysonportrays ‘The Lady of Shallot’ as isolated and spends a lot of the poem, focussingon the tower’s surroundings and the outside world, creating an illusion ofmystery towards the curse and the lady herself. Arguably, it’s a technique enrolled for de-humanising her and implyingthat the surroundings are more significant than the lady herself, and she is justan addition to her surroundings. Through the emphasis on the isolation of thetower and focusing on the tower’s features instead, it’s interpretable thatTennyson is implying that her surroundings are her impingement on freedom.Firstly, within a tower you are above everybody and don’t have the freedom toleave and secondly, the town of Shallot is isolated also, therefore lack offreedom and isolation is imminent. Furthermore, by Tennyson choosing to discussthe tower’s appearance and its surroundings, it could be interpreted asdemonstrating the lack of freedom and importance women of the Victorian era obtained.

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Accordingto Nelson, The Lady of Shalott “perfectly embodies the Victorian image ofthe ideal woman: virginal, embowered, spiritual and mysterious, dedicated toher womanly tasks” 1(Nelson).Supporting this, Tennyson adds a sense of mystery to the Lady throughdisallowing her to speak throughout the poem and without providing details forthe reasoning of the curse and only portraying the female as partaking in mild’female’ considered tasks. Tennyson further depicts the Lady as perhaps tooweak to be outside, alongside the men, thus must remain within the confines ofher tower. Through Tennyson primarily focusing on the beautiful surroundingsand the outside world with the use of words, it limits her freedom furtherthrough the implication that she has no entitlement to be discussed. Furthermore, it could beinterpreted that Tennyson attempts to conform with societies attitude by notgiving the ‘The Lady of Shallot’ a forename, and instead referring to her basedon her location and demonstrates the lack of respect and equality women of theperiod received.

In agreement, Stockstill furthers this argument stating, ‘Therepetition of her title in the narrative forces us to similarly ignore the Lady’sidentity beyond her constructed position inside the tower’2

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