The Announcemnet Effect of the Stock Repurchases and Its Influencing Factors - An Event Study in Taiwan

• Main Authors: Lee-Chin Li, 李志莉
• Other Authors: Chen-Chien Hung
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/80010851226304089824

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 97 === The effect of the announcement of stock repurchases by the event study methodology to investigate on firms’ values of public listed companies in Taiwan. These results hold after being controlled for other variables (industries, purposes of repurchase, the market circumstance) that could explain the announcement effect. As well as further discusses the company to announce after scheduled repurchase ratio, the execution rate, the investment growth rate, book to market ratio and so on company characteristic variables to announce the effect the influence. The findings are as follows: Significant and positive abnormal returns are found during the two day of the all sample, electronics industry and the financial industry announcement of the stock repurchases, Significant and positive abnormal returns are found during the first day of the other industries. The repurchase purpose is “transferring shares to employees“ of the abnormal returns is lower than “conserving company’s credibility and equity capital “. Bull market and plate entire market abnormal returns are lower than bear market. The electronics industry of abnormal returns is lower than other industries. The announcing firms’ stock prices are positively influenced by scheduled repurchase ratio, book to market ratio, An investment growth rate higher company, its announcement effect is smaller; The execution rate to announced that the effect is not significant.