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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/32492

    Title: 企業公開市場股票買回宣告後的長期股票報酬績效
    Other Titles: The effects of open market stock repurchases on the long-term stock return
    Authors: 吳青修;Wu, Ching-shiou
    Contributors: 淡江大學經濟學系碩士班
    陳炤良;Chen, Chao-liang
    Keywords: 庫藏股;長期異常報酬;事件研究法;Treasury Stock;Long-Term Abnormal Return;Event Study
    Date: 2008
    Issue Date: 2010-01-11 02:13:56 (UTC+8)
    Abstract: 由國外探討庫藏股長期股價績效之相關文獻可知,國外學者普遍認為市場對於企業的股票買回宣告在短期內有反應不足的現象,因而使得股票買回宣告之異常報酬在長期才會完全顯現出來。再加上國內對於庫藏股長期股價績效之相關文獻較為缺乏,因此本研究以民國 89 年 8 月至民國 96 年 8 月為研究期間,採用事件研究法(Event Study)實證分析國內企業宣告買回股票後是否存在長期異常報酬。實證結果彙整如下:
    According to international research, markets underreact to stock repurchase announcements in the short-term, subsequently leading to abnormal returns in the long-term. The present study examines long-term returns on stocks in Taiwan after stock repurchase announcements from August 2000 to August 2007. The findings show that on average, abnormal returns for a 2-year buy and hold after open market stock repurchase announcements were significantly positive.
    Further, long-term abnormal returns differ significantly across industries and vary depending on the purpose of the repurchase. Moreover, companies which executed a repurchase for the first time, were smaller in size, had higher book-to-market and executive ratios, or had higher short-term abnormal returns could obtain higher long-term abnormal returns after repurchase announcements.
    Appears in Collections:[經濟學系暨研究所] 學位論文

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