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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117541


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    題名: Does Prior Record Matter in the Wealth Effect of Open-Market Share Repurchase Announcements?
    作者: 陳聖賢
    Chang, Shao-Chi
    Chen, Sheng-Syan
    Chen, Li-Yu
    貢獻者: 財管系
    關鍵詞: Share repurchase;Record on actual buyback;Stock performance
    日期: 2010
    上傳時間: 2018-06-11 17:00:10 (UTC+8)
    摘要: This study investigates whether prior experience of share repurchases matters in the market reactions to the subsequent repurchase announcements. Specifically, we study the prior record on actual buybacks and post-announcement stock performance. We find that upon the announcement of share repurchases, stock markets not only respond more positively to those made by firms that have better record on actual buyback following their previous repurchase plan announcements, but also experience a stronger reaction for announcing firms with better stock performance after prior repurchase announcements. These results hold even after controlling for other variables that are found important in influencing the market reactions to repurchase announcements.
    關聯: International Review of Economics and Finance, Vol.19, No.3, pp.427-435
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1016/j.iref.2009.10.015
    DOI: 10.1016/j.iref.2009.10.015
    顯示於類別:[財務管理學系] 期刊論文

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