| The Announcement Effects of Restricted Open Market Share Repurchases: Experience from Taiwan | |
|---|---|
| 學年 | 93 |
| 學期 | 1 |
| 出版（發表）日期 | 2004-09-01 |
| 作品名稱 | The Announcement Effects of Restricted Open Market Share Repurchases: Experience from Taiwan |
| 作品名稱（其他語言） | |
| 著者 | 陳妙珍; Chen, Miaw-jane; 陳炤良; Chen, Chao-liang; Cheng, Wan-hsiu |
| 單位 | 淡江大學會計學系; 淡江大學經濟學系 |
| 出版者 | World Scientific Publishing |
| 著錄名稱、卷期、頁數 | Review of pacific basin financial markets and policies 7(3), pp.335-354 |
| 摘要 | In this paper we empirically examine the effects of 451 restricted share repurchase announcements in Taiwan. Their 3-day cumulative abnormal returns are all significantly positive for different purposes and Tobin's qs. However, there is no significant difference in abnormal returns for different repurchasing purposes. This indicates that mandating a purpose is not really an effective tool for limiting managerial choice. Moreover, when the related variables are controlled, the other empirical results we conducted indicate that, at least in Taiwan, the traditional signaling hypothesis and the free cash flow hypothesis can function simultaneously to explain the effects of the restricted repurchase announcements. |
| 關鍵字 | Restricted open market share repurchases; traditional signaling hypothesis; free cash flow hypothesis; Taiwan |
| 語言 | en |
| ISSN | 0219-0915 |
| 期刊性質 | 國外 |
| 收錄於 | |
| 產學合作 | |
| 通訊作者 | |
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| 公開徵稿 | |
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| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/20271 ) |
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