The Analysis of the Announcement Effect of Share Repurchases

• Main Authors: Shieh,Yu-An, 謝淯安
• Other Authors: Wu,Ming-Cheng
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/6fuj4r

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 107 === Taking the listed company from January 1, 2009 to December 31, 2017 as a sample, first of all, this study will examine if the company announces the treasury stock is affective or not. Furthermore, this study will separately explore after the company’s announcement of purchasing the treasury stock, which factors would cause the Cumulative Abnormal Returns of the listing at stock exchange market and listed company at over-the-counter market the company. This study will examine the chairman and the general manager, the performance of the company, the establishment year of the company and the growth of the company. The empirical results show that the duality, return on assets, and cash have positive effects on the abnormal returm of share repurchases, however, the price-on-book ratio and the abnormal return are negatively related.