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 en
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 USA
公開徵稿 Y
出版型式 電子版
出處 2013 Financial Management Association Annual Meeting, 44p.
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/96213 )

機構典藏連結