The Study of Long-Term Stock Performance after single Treasury Stock Repurchases
碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 96 === The study investigates the markt responses for treasury stock repurchases in Taiwan, The main purpose of this thesis is to examine the long-run stock performance following share repurchase announcements during the period from January 2001 to October 2007 for c...
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2008
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| Online Access: | http://ndltd.ncl.edu.tw/handle/38777499915286615903 |
| Summary: | 碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 96 === The study investigates the markt responses for treasury stock repurchases in Taiwan, The main purpose of this thesis is to examine the long-run stock performance
following share repurchase announcements during the period from January 2001 to October 2007 for companies to buy back their own shares one time only . Event study is used to test price reactions of stocks and factor may affect the abnormal return bystatistical testing.
The empirical evidence show that :
1.The market has positive response for the long-run stock
performance after open market repurchases.
2.Compared with stock performance effects of repurchases
among industries, there are significantly different
between industries.
3.The accumulative abnormal returns have significantly
positive correlation with the firm size.
4.About the stock performance effects of repurchases
purpose, the performance of the purpose of maintain firm
credit and shareholder right is better than that of the
purpose of transfer shares to employees
5.The companies with high carry-out ratio have positive
response for the long-run stock performance effects.
6.Firms with high book-to-market value have significant
positive cumulative abnormal returns than those with low
book-to-market value.
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