The Announcement Effects of Restricted Open Market Share Repurchases: Experience from Taiwan

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题名:	The Announcement Effects of Restricted Open Market Share Repurchases: Experience from Taiwan
作者:	陳妙珍;Chen, Miaw-jane;陳炤良;Chen, Chao-liang;Cheng, Wan-hsiu
贡献者:	淡江大學會計學系;淡江大學經濟學系
关键词:	Restricted open market share repurchases;traditional signaling hypothesis;free cash flow hypothesis;Taiwan
日期:	2004-09-01
上传时间:	2009-11-30 12:39:47 (UTC+8)
出版者:	World Scientific Publishing
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.
關聯:	Review of pacific basin financial markets and policies 7(3), pp.335-354
DOI:	10.1142/S0219091504000147
显示于类别:	[會計學系暨研究所] 期刊論文 [經濟學系暨研究所] 期刊論文

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