| Summary: | 碩士 === 雲林科技大學 === 財務金融系碩士班 === 97 === The share repurchases become more and more important recently, especially in the open market repurchase, OMR. Although OMR is used widespread, but many studies of OMR put much more emphasis on the motive of repurchase and the stock return after the repurchase announcement than on the problem between the number of shares of repurchase announcement and actual execution ratio. This paper is focus on the interaction between the actual execution ratio of manager and the behavior of investor and market after OMR announcement. The results are：(1) About the OMR announcement, if the behavior of manager causes the effect of stock price change larger than the behavior of investor, no matter the type of manager is high execution ratio or low execution ratio both type have high actual execution ratio in this OMR plan. Furthermore, the investor’s optimal reaction is believed that the manager would have high actual execution ratio and buy in the shares of this firm. (2) Assume the actual execution ratio of this OMR and actual execution ratio of former OMR, then the reaction of investor after the OMR announcement does not have a difference cause of the execution ratio high or low. Precisely, no matter the manager have high execution ratio or low execution ratio in former OMR plan, the investor have the same payoff in his strategy.
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