Asymmetric information and Market Response of Stock Repurchase
碩士 === 國立高雄第一科技大學 === 金融研究所 === 102 === This paper studies the price impact surrounding announcements of open market share repurchase in the Taiwan Stock Exchange over the period August 2000 through December 2013. The result shows that the announcements of stock repurchase programs are associated wi...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2014
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| Online Access: | http://ndltd.ncl.edu.tw/handle/69477706678680553884 |
| Summary: | 碩士 === 國立高雄第一科技大學 === 金融研究所 === 102 === This paper studies the price impact surrounding announcements of open market share repurchase in the Taiwan Stock Exchange over the period August 2000 through December 2013. The result shows that the announcements of stock repurchase programs are associated with a positive abnormal return, which increases with the degree of information asymmetry. In addition, the abnormal return is positively related to number of shares repurchased and negatively related to market-to-book value.
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