The Relationship between Earnings Management and Open Market Shares Repurchases True or False Signal

• Main Authors: CHUANG, CHING-HAN, 莊晴涵
• Other Authors: LI, CHUN-AN
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/ezv4j5

碩士 === 國立雲林科技大學 === 財務金融系 === 105 === This study explores the effect between the market response, the actual repurchase and the level of earnings management after the company announcement of treasury shares, and we combine with the signal hypothesis to examine whether the real signal sending of the cumulative abnormal return will be greater than the false signal sending when company announces the stock repurchase. We use the listed companies from the third quarter of 2008 to the second quarter of 2016 as samples and measure the earnings management of the company with discretionary accruals. The empirical evidence shows that whole samples are consistent with the samples of 1% extreme value before and after the deletion, it represents that the real signal sending of the cumulative abnormal return will be greater than the false signal sending when company announces the stock repurchase. Under additional tests with sample classification, we find the same and significant results from the sample of technology industry, buy purpose 3 to protect the stock market from crashing and short period.