This study examines long-run firm performance following open market stock repurchases from the perspectives of characteristics, information on stock repurchases, insider trading, accounting information and corporate governance. The empirical results demonstrate that the long-run abnormal return after initial announcement is significantly positive, implying that the market underreacts to incorporate the valuation effect of stock repurchase announcement in the short period. This study documents that the long-run return of stock repurchases has significant relation to the book-to-market ratio, repurchase purpose, insider net buying, sale growth rate, capital expenditure ratio and deviation between voting rights and cash-flow rights. Furthermore, firms with high book-to-market ratio and small firm size convey a substantial undervaluation signal through repurchase announcements.