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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/72704


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    题名: Economic Sources of Gain in Stock Repurchases
    作者: 湛可南
    Chan, Konan;Ikenberry, David;Lee, Inmoo
    贡献者: 財管系
    日期: 2004-09
    上传时间: 2015-01-08 17:57:43 (UTC+8)
    摘要: Previous studies offer a mixed understanding of the economic role of stock repurchases. This paper investigates three key economic motivations-mispricing, disgorging free cash flow, and increasing leverage-by evaluating cross-sectional differences in both the initial market reaction and long-run performance. The initial reaction provides some support for the mispricing story. However, subsequente arnings-relatedi nformations hocks suggest that the initial market reaction is incomplete and that long-run performance may be informative. The long-horizon return evidence is most consistent with the mispricing hypothesis and, to some degree, the free cash flow hypothesis. We find little support for the leverage hypothesis.
    關聯: Journal of Financial and Quantitative Analysis, 39(3), 461-479
    数据类型: article
    显示于类别:[財務管理學系] 期刊論文

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