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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/72704

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72704

Title:	Economic Sources of Gain in Stock Repurchases
Authors:	湛可南 Chan, Konan;Ikenberry, David;Lee, Inmoo
Contributors:	財管系
Date:	2004-09
Issue Date:	2015-01-08 17:57:43 (UTC+8)
Abstract:	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.
Relation:	Journal of Financial and Quantitative Analysis, 39(3), 461-479
Data Type:	article
Appears in Collections:	[Department of Finance] Periodical Articles

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