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    题名: Managerial Responses to Initial Market reactions on Share Repurchases
    作者: 陳鴻崑;Chen, Hung-kun;Chen, Yan-shing;Huang, Chia-wei;Wang, Yan-zhi
    贡献者: 淡江大學財務金融學系
    日期: 2009-09-01
    上传时间: 2011-10-24 10:32:03 (UTC+8)
    摘要: While most papers in finance literature investigate how the stock market reacts to announcements of corporate events, very few study the opposite, how namely, the manager responds to the information from outside investors. In this paper, we examine this issue, using open market share repurchases. Open market share repurchase offers flexibility for the manager to decide whether or not to buy back shares. Therefore, the manager may refer to the opinions of outside investors and make the decision, based on actual buyback activities. We propose learning, over-confidence and timing hypotheses to interpret the behavior of the managerial response to initial market reaction on the share repurchase announcement. Empirically, if a repurchase announcement abnormal return is low, then the manager tends to achieve the repurchase announced ratio by purchasing more shares. In addition, the investor will positively react to this repurchase in the long run. These empirical findings are consistent with the market timing hypothesis, which implies that managers know the true value of their firms better than the market at the moment of the share repurchase announcement.
    關聯: Review of Pacific Basin Financial Markets and Policies 12, pp.455-474
    DOI: 10.1142/S0219091509001708
    显示于类别:[財務金融學系暨研究所] 期刊論文

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