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The Signaling Effect of Open-Market Block Share Repurchase Announcements

公開市場股票大量買回宣告之資訊傳遞

Abstracts


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。

References


Andriosopoulos, D.,Andriosopoulos, K.,Hoque, H.(2013).Information disclosure, CEO overconfidence, and share buyback completion rates.Journal of Banking & Finance.37(12),5486-5499.
Andriosopoulos, D.,Lasfer, M.(2015).The market valuation of share repurchase in Europe.Journal of Banking & Finance.55,327-339.
Bartov, E.(1991).Open-market stock repurchases as signals for earnings and risk changes.Journal of Accounting and Economics.14(3),275-294.
Ben-Rephael, A.,Oded, J.,Wohl, A.(2014).Do firms buy their stock at bargain prices? Evidence from actual stock repurchase disclosures.Review of Finance.18(4),1299-1340.
Billett, M. T.,Xue, H.(2007).Share repurchases and the need for external finance.Journal of Applied Corporate Finance.19(3),42-55.

Cited by


許純華(2009)。台灣上市櫃公司減資後績效與減資類型之關聯性〔碩士論文,國立交通大學〕。華藝線上圖書館。https://doi.org/10.6842/NCTU.2009.00285
VU, V. L. (2013). 庫藏股買回及高階經理人權益誘因 [master's thesis, Chung Yuan Christian University]. airiti Library. https://doi.org/10.6840/cycu201300213
Huang, J. J. (2009). 總要素生產力與股票購回之動機 [master's thesis, Yuan Ze University]. airiti Library. https://doi.org/10.6838/YZU.2009.00171
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
Hsu, C. Y. (2016). 私募資金與公司治理 [doctoral dissertation, National Taiwan University]. airiti Library. https://doi.org/10.6342/NTU201600140

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