English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 49120/83229 (59%)
造訪人次 : 7033567      線上人數 : 66
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    請使用永久網址來引用或連結此文件: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/21993


    題名: The effects of open market share repurchase announcements: The early experience of Taiwan
    作者: Chen, Chao-Liang;Chen, Miaw-jane;Cheng, Wan-Hsiu
    貢獻者: 淡江大學會計學系
    關鍵詞: open market shares repurchases;traditional signaling hypothesis;free cash flow hypothesis
    日期: 2003-06-18
    上傳時間: 2009-11-30 13:49:03 (UTC+8)
    摘要: Taiwan implemented the open market shares repurchase system beginning on August 7, 2000. This paper examines the announcement effects in the first year of this new system. The empirical results show that the cumulative average abnormal returns around the 3-day announcement period are significantly, negatively related to the Tobin’s q. Among high q firms, the abnormal returns are significantly negative related to the free cash flow, while the abnormal returns are significantly, positively related to the free cash flow among low q firms. Moreover, the change in insiders’ proportional holdings during the month preceding the announcement is significantly, negatively related to the abnormal return among low q firms, while it incurs an insignificantly positive relationship among high q firms. These results support our argument that two hypotheses, the traditional signaling hypothesis (TSH) and the free cash flow hypothesis (FCFH), exist simultaneously to explain the repurchase announcement effect. However, the investor will treat the under-valuation announcements with more skepticism than the excess cash-distribution announcements in a recession.
    關聯: 2003 Hawaii International Conference on Business,
    顯示於類別:[財務金融學系暨研究所] 會議論文
    [經濟學系暨研究所] 會議論文
    [會計學系暨研究所] 會議論文

    文件中的檔案:

    沒有與此文件相關的檔案.

    在機構典藏中所有的資料項目都受到原著作權保護.

    TAIR相關文章

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - 回饋