The Differential Effects of Stock Repurchase Announcements among Industries

• Main Authors: Hsi-Wen Chang, 張曦文
• Other Authors: Hsien-Yi Chen
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/24912462084539034699

碩士 === 亞洲大學 === 財務金融學系碩士在職專班 === 103 === This study investigated differences in the share repurchases announcement effects among varying industries, which were examined using event study. The empirical samples covered from August 2000 to December 2013. The empirical results showed that seven major industries individually reported significantly negative and positive cumulative abnormal returns before and after the share repurchases announcements, respectively. In addition, the negative abnormal returns prior to declarations were most noticeable in the electronic service and manufacturing industries. Comparatively high positive abnormal returns were determined for conventional and other industries. Finally, the results of cross-sectional regression analysis showed that company size significantly and positively influenced other industries; price-to-book ratio rendered no significant influence on any of the industries; directors’ shareholders’ equity ratios significantly positively influenced electronic manufacturing, technology-intensive, financial, and other industries; and buyback ratios announcements significantly and positively influenced electronic manufacturing, conventional, basic, and other industries.