教師資料查詢 | 類別: 會議論文 | 教師: 陳鴻崑 Hung-Kun Chen (瀏覽個人網頁)

標題:Shares Pledged and Corporate Repurchase
學年102
學期1
發表日期2013/10/16
作品名稱Shares Pledged and Corporate Repurchase
作品名稱(其他語言)
著者Chan, Konan; Chen, Hung-Kun; Hu, Shing-yang; Liu, Yu-Jane
作品所屬單位淡江大學財務金融學系
出版者
會議名稱2013 Financial Management Association Annual Meeting
會議地點Chicago, U.S.A
摘要We examine how personal shares pledged by controlling shareholders affect corporate share repurchase decisions. Shares pledged create a margin call pressure for controlling shareholders who might use repurchase to protect their control rights. Using Taiwan's data, we find evidence that high pledge companies are more likely to repurchase, especially after a significant drop in share prices. Investors perceive this incentive and the announcement effect is negatively related to shares pledged. We also provide evidence that companies suffer less such problem if there are large outside blockholders.
關鍵字share pledge;repurchase;controlling shareholders
語言英文
收錄於
會議性質國際
校內研討會地點
研討會時間20131016~20131019
通訊作者陳鴻崑
國別美國
公開徵稿Y
出版型式電子版
出處2013 Financial Management Association Annual Meeting, 44p.
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