In Different Stock Market Status, The Announcement Effect of Stock Repurchase on Price of TSEC.

• Main Author: 羅士凱
• Other Authors: 黃彥聖
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/06971674297120191098

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 92 === This study choose the TSEC listed companies as the objects and examine the relationship between expected repurchase stocks, repurchase period, and the real execution ratio and repurchase price after execution period when they announce to repurchase stocks. We want to show that if the abnormal return would be influenced during execution period or after execution period and discuss in different stock propensity. The empirical findings of this research are as follows: 1.No matter in bull market or bear market, when the TSEC listed companies announce to repurchase stocks, buying their stocks should get positive abnormal returns. 2.The phenomenon, it is beneficial to buy higher execution rate stocks of TSEC listed companies after the execution period, and this effect in bull market is greater than bear market. 3.The phenomenon, it is beneficial to buy higher expected repurchase ratio stocks of TSEC listed companies during the execution period, and this effects is greater in bear market; in the other hand, it is beneficial to buy the lower expected repurchase ratio stocks of TSEC listed companies in bull market. 4.When the “lower limit of repurchasing amount” which TSEC listed companies announced is more far than present stock price, it is fit to buy the stock. Its effect is much greater in bear market; in the other hand, it is beneficial to buy the lower expected repurchase ratio stocks of TSEC listed companies in bear market. 5.When the “upper limit of repurchasing amount” which TSEC listed companies announced is more far than present stock price, it is fit to buy the stock. Its effect is greater in bear market than bull market. 6.It is advantageous to buy the higher repurchase premium stock after execution pried, and its effect is greater in bull market; in the other hand; in the other hand, it is advantageous to buy the lower repurchasing premium stock in bull market.