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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/72714

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72714

Title:	Do Managers Time the Market? Evidence from Open-Market Share Repurchases
Authors:	湛可南 Chan, Konan;Ikenberry, David;Lee, Inmoo
Contributors:	財管系
Keywords:	Market timing;Pseudo-market timing;Open-market share repurchases
Date:	2007-09
Issue Date:	2015-01-08 18:02:35 (UTC+8)
Abstract:	A contentious debate exists over whether executives possess market timing skills when announcing certain corporate transactions. Pseudo-market timing, however, has recently emerged as an important alternative hypothesis as to why the appearance of timing might be evident when, in fact, none exists. We reconsider this debate in the context of share repurchases. Consistent with prior studies, we also report evidence of abnormal stock performance following buyback announcements. Pseudo-market timing, however, does not appear to be a viable explanation. Our results are more consistent with the notion that managers possess timing ability, at least in the context of share repurchases.
Relation:	Journal of Banking and Finance, 31,(9), 2673-2694
Data Type:	article
Appears in Collections:	[財務管理學系] 期刊論文

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