The Signaling Effect of Open-Market Block Share Repurchase Announcements

大量買回為我國獨特之法令規範，本研究探討大量買回宣告之信號發射效果和信譽指標。本研究發現，當公司買回股份和金額重大時、市場產生正向之股價反應。當公司首次宣告大量買回時，市場亦產生正向之股價反應，但多次大量買回宣告之首次正向股價反應較單次大量買回宣告來得大。本研究亦發現前期大量買回宣告可能和宣告次數對本期宣告買回股份之市場反應具顯著正向影響，此一結果表示市場認同公司前期宣告之大量買回資訊，可作為本期股票買回宣告之信譽指標。

Keywords

信號發射；大量買回宣告；市場反應；股票買回宣告

Parallel abstracts

No data.

Parallel keywords

signaling effect ； block share repurchase announcements ； market reaction ； share repurchase annoucements

References

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Cited by

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賴瑋琪（2015）。股票購回宣告可信度驗證〔碩士論文，國立臺中科技大學〕。華藝線上圖書館。https://doi.org/10.6826/NUTC.2015.00068

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Read-around

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謝碧珠（2001）。上市上櫃公司買回本公司股份辦法允許得經董事會決議變更買回目的之弊端與適法性問題。會計研究月刊，(192)，82-85。https://doi.org/10.6650/ARM.2001.192.82

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The Signaling Effect of Open-Market Block Share Repurchase Announcements

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