| Summary: | 碩士 === 大葉大學 === 企業管理學系碩士班 === 103 === This study investigates the impacts of stock repurchase on the short-term and long-term stock returns. The results indicate that the announcement of stock repurchases leads to short-term and long-term abnormal stock returns. The market reaction to repurchasing announcement is lagged and the firm is also under-valued. Moreover, this study examines whether the stock repurchases protect the stock prices as facing the global financial crisis in 2008. The result supports the hypothesis of stock price protection. Finally, this paper examines the factors which contribute to the abnormal stock returns by conducting a regression analysis. In the short run, small firms and firms with high institutional ownership are more likely to generate the abnormal returns. In the long run, firms with high book-to-market ratios are more likely to have abnormal returns.
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