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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117783


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    題名: Buyback Behavior of Initial Public Offering Firms
    作者: 陳聖賢;黃嘉威
    Chen, Sheng-Syan;Huang, Chia-Wei
    Ho, Keng-Yu;Ho, Po-Hsin;Kim, Wai H;Wang, Yanzhi
    貢獻者: 財管系
    關鍵詞: Initial public offering;Repurchase;Buyback
    日期: 2013-01
    上傳時間: 2018-06-15 12:15:57 (UTC+8)
    摘要: We examine the motives behind the share repurchase decisions of initial public offering (IPO) firms by studying the stock and operating performance after the IPO date. We find that IPO firms that announce repurchases within 3 years of IPO dates exhibit poorer long-run abnormal operating performance than other IPO firms. These IPO firms also experience poorer stock return performance and downward analyst forecast revisions. Moreover, these firms show intensive insider selling transactions after the IPO date. These results for IPO announcing repurchase firms are consistent with the misleading hypothesis, which suggests that these IPO firms mislead investors by announcing repurchases as false signals.
    關聯: Journal of Banking and Finance, Vol.37, No.1, pp.32-42
    資料類型: article
    DOI 連結: https://doi.org/10.1016/j.jbankfin.2012.08.006
    DOI: 10.1016/j.jbankfin.2012.08.006
    顯示於類別:[財務管理學系] 期刊論文

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