The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company
碩士 === 國立彰化師範大學 === 會計學系 === 96 === Treasury stock system has been implemented abroad for years, but it was formally carried out in Taiwan until 2000. Therefore, this study take TSE and OTC listed company implementing treasury stock system during 2000 to 2007 in Taiwan as samples. We apply event stu...
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ndltd-TW-096NCUE53850212015-10-13T11:20:17Z http://ndltd.ncl.edu.tw/handle/75513812786303713139 The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company 公司買回庫藏股對股價之影響—以台灣上市櫃公司為例 Lin,Wen-Kai 林文凱 碩士 國立彰化師範大學 會計學系 96 Treasury stock system has been implemented abroad for years, but it was formally carried out in Taiwan until 2000. Therefore, this study take TSE and OTC listed company implementing treasury stock system during 2000 to 2007 in Taiwan as samples. We apply event study to explore the stock market reacts on the implementing of share repurchase, and also to investigate whether there are some differences on the stock price reacts on different purposes and different industries. The findings can be summarized as follows: 1.Before the companies announce to repurchase shares, both TSE and OTC listed company stock price revealed negative abnormal returns. After the companies implementing to repurchase shares, both TSE and OTC listed company stock price revealed positive abnormal returns, especially the first date after the event date that having the significantly positive abnormal returns. 2.The average abnormal returns of“ the purpose of maintain firm’s credit and stockholder’s equity” are higher than any other purposes. 3.Non-electronics industries implementing treasury stock system revealed higher average abnormal returns than electronics industry. Chen, Kuang-ku 陳光谷 2008 學位論文 ; thesis 88 zh-TW |
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zh-TW |
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Others
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NDLTD |
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碩士 === 國立彰化師範大學 === 會計學系 === 96 === Treasury stock system has been implemented abroad for years, but it was formally carried out in Taiwan until 2000. Therefore, this study take TSE and OTC listed company implementing treasury stock system during 2000 to 2007 in Taiwan as samples. We apply event study to explore the stock market reacts on the implementing of share repurchase, and also to investigate whether there are some differences on the stock price reacts on different purposes and different industries. The findings can be summarized as follows:
1.Before the companies announce to repurchase shares, both TSE and OTC listed company stock price revealed negative abnormal returns. After the companies implementing to repurchase shares, both TSE and OTC listed company stock price revealed positive abnormal returns, especially the first date after the event date that having the significantly positive abnormal returns.
2.The average abnormal returns of“ the purpose of maintain firm’s credit and stockholder’s equity” are higher than any other purposes.
3.Non-electronics industries implementing treasury stock system revealed higher average abnormal returns than electronics industry.
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author2 |
Chen, Kuang-ku |
author_facet |
Chen, Kuang-ku Lin,Wen-Kai 林文凱 |
author |
Lin,Wen-Kai 林文凱 |
spellingShingle |
Lin,Wen-Kai 林文凱 The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company |
author_sort |
Lin,Wen-Kai |
title |
The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company |
title_short |
The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company |
title_full |
The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company |
title_fullStr |
The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company |
title_full_unstemmed |
The Effects of Corporate Treasury Stock Repurchase on Stock Price-TSE & OTC Listed Company |
title_sort |
effects of corporate treasury stock repurchase on stock price-tse & otc listed company |
publishDate |
2008 |
url |
http://ndltd.ncl.edu.tw/handle/75513812786303713139 |
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