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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/96213

    Title: Shares Pledged and Corporate Repurchase
    Authors: Chan, Konan;Chen, Hung-Kun;Hu, Shing-yang;Liu, Yu-Jane
    Contributors: 淡江大學財務金融學系
    Keywords: share pledge;repurchase;controlling shareholders
    Date: 2013-10-17
    Issue Date: 2014-03-06 13:15:10 (UTC+8)
    Abstract: 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.
    Relation: 2013 Financial Management Association Annual Meeting, 44p.
    Appears in Collections:[財務金融學系暨研究所] 會議論文

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