On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan
碩士 === 國立高雄第一科技大學 === 金融營運所 === 91 === Taiwan Securities and Futures Commission (SFC) allows firms listed on Taiwan stock exchange to repurchase stock since August 2000. This deregulation provides a good ground to empirically test the valuation effect of share repurchasing announcement and how firms...
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ndltd-TW-091NKIT56670062016-06-22T04:20:20Z http://ndltd.ncl.edu.tw/handle/28398071526468848513 On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan 台灣公司買回自己股票的財富效果及其決定因素之實證研究 Chih-Hui Wang 王智慧 碩士 國立高雄第一科技大學 金融營運所 91 Taiwan Securities and Futures Commission (SFC) allows firms listed on Taiwan stock exchange to repurchase stock since August 2000. This deregulation provides a good ground to empirically test the valuation effect of share repurchasing announcement and how firms decide to repurchase in Taiwan. This paper uses a sample of corporations listed on Taiwan stock exchange during the period of January 2000 to December 2000 to serve above two purposes. This article employs two return generating models, market model and Fama and French (1993) 3-factors model, to calculate abnormal return for firms stock repurchasing. The result indicates that the valuation effect of announcing repurchase is insignificantly different from zero, no matter what expected return model adopted. In addition, the logit regression analysis shows that the three mandated reasons for firms repurchase stock, ownership structure, and firm size are fail to explain how firm decide to repurchase their stock in Taiwan. Andy Chien I-Hsang Huang 菅瑞昌 黃一祥 2002 學位論文 ; thesis 38 zh-TW |
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碩士 === 國立高雄第一科技大學 === 金融營運所 === 91 === Taiwan Securities and Futures Commission (SFC) allows firms listed on Taiwan stock exchange to repurchase stock since August 2000. This deregulation provides a good ground to empirically test the valuation effect of share repurchasing announcement and how firms decide to repurchase in Taiwan. This paper uses a sample of corporations listed on Taiwan stock exchange during the period of January 2000 to December 2000 to serve above two purposes.
This article employs two return generating models, market model and Fama and French (1993) 3-factors model, to calculate abnormal return for firms stock repurchasing. The result indicates that the valuation effect of announcing repurchase is insignificantly different from zero, no matter what expected return model adopted. In addition, the logit regression analysis shows that the three mandated reasons for firms repurchase stock, ownership structure, and firm size are fail to explain how firm decide to repurchase their stock in Taiwan.
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Andy Chien |
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Andy Chien Chih-Hui Wang 王智慧 |
author |
Chih-Hui Wang 王智慧 |
spellingShingle |
Chih-Hui Wang 王智慧 On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan |
author_sort |
Chih-Hui Wang |
title |
On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan |
title_short |
On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan |
title_full |
On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan |
title_fullStr |
On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan |
title_full_unstemmed |
On the Decision of Stock Repurchase and Its Announcement Effect in Taiwan |
title_sort |
on the decision of stock repurchase and its announcement effect in taiwan |
publishDate |
2002 |
url |
http://ndltd.ncl.edu.tw/handle/28398071526468848513 |
work_keys_str_mv |
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