The Impacts of Stock Repurchase Programs on Taiwan Stock Market
| Autor: | Huang Shih Hsin, 黃世欣 |
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| Rok vydání: | 2001 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 89 This thesis mainly discusses the impacts of stock repurchase programs on stock market in Taiwan. So the purpose of this study is twofold: 1. We want to evaluate the price effects of a series of legal events leading to the passage of Stock Repurchase Act on August, 2000. 2. After the Act passed, we also examine the announcement effect of companies that buy back their own common stock in the open market. The major findings of this paper are summarized as follows: 1.Events leading to the passage of Stock Repurchase Act do have influence on industries listed in the Taiwan Stock Exchange. Among eleven related events, we find four events have significant influence on stock price, especially event 1 and event 9. 2.Abnormal Returns last for three days after company’s repurchase announcements and at the fourth trading day, the significant and positive abnormal returns vanish. 3.Compared with announcement effects of other industries, electronic industry does not have significant price reaction while financial and traditional industry do have reaction on stock price. 4.As for the announced industries listed in the OTC, we find the announcement effects of traditional industry is more significant than financial and electronic industry. And this effect seems to have reacted prior to stock repurchase announcement. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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