From January 1990 through March 1993, the stock of Cypress Semiconductor Corp. underperformed the S&P 500 by 26.5 percent on a cumulative basis. Then in April, the firm announced that its board authorized the repurchase of an additional one million common shares of the 37.6 million shares that were outstanding. In making the announcement, Cypress’s management stated that they believed their firm’s stock to be undervalued. In response to the announcement, Cypress shares rose 25 cents, closing at $10.125. Over the next year, Cypress’s stock outperformed the S&P 500 by 66.4 percent. Over the next four years, Cypress’s stock outperformed the S&P 500 by 16 percent on an annualized basis. Is the experience of Cypress Semiconductor typical or atypical of firms that repurchase shares?