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    題名: Financial Constraints and Share Repurchases
    作者: 陳聖賢
    Chen, Sheng-Syan
    Wang, Yanzhi
    貢獻者: 財管系
    關鍵詞: Share repurchase;Financial constraint;Corporate liquidity;Managerial hubris
    日期: 2012
    上傳時間: 2018-06-11 17:12:49 (UTC+8)
    摘要: 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.
    關聯: Journal of Financial Economics, Vol.105, No.2, pp.311-331
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1016/j.jfineco.2012.03.003
    DOI: 10.1016/j.jfineco.2012.03.003
    顯示於類別:[財務管理學系] 期刊論文

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