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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117547

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117547

Title:	Financial Constraints and Share Repurchases
Authors:	陳聖賢 Chen, Sheng-Syan Wang, Yanzhi
Contributors:	財管系
Keywords:	Share repurchase;Financial constraint;Corporate liquidity;Managerial hubris
Date:	2012
Issue Date:	2018-06-11 17:12:49 (UTC+8)
Abstract:	We examine how the financial constraints of repurchasing firms affect their post-buyback performance. By every constraint measure we use, a set of constrained firms repurchase. They display significantly poorer post-buyback abnormal return and operating performance than unconstrained firms. Financial constraints are more important in explaining the performance of share buybacks for firms with high actual repurchase ratios. Constrained firms, especially those with high actual repurchase ratios, experience a significantly greater increase in post-buyback distress risk than unconstrained firms. Managerial hubris could explain why constrained firms buy back shares even if the buybacks do not improve shareholder wealth.
Relation:	Journal of Financial Economics, Vol.105, No.2, pp.311-331
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.jfineco.2012.03.003
DOI:	10.1016/j.jfineco.2012.03.003
Appears in Collections:	[Department of Finance] Periodical Articles

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