Discussion of Long-Run Return of Treasury Stock Repurchases through Insider Trading Information and Operating Performance
| Autor: | Po-Sheng Chuang, 莊博勝 |
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| Rok vydání: | 2004 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 92 Discussion of Long-Run Return of Treasury Stock Repurchases through Insider Trading Information and Operating Performance Student : Po-Sheng Chuang Advisors : Dr. Cheng-Yuan Chen Department of Finance National Kaohsiung First University of Science and Technology Abstract This study employs the event study and different measurement models of expected returns to investigate the long-run return of treasury stock repurchases for Taiwan’s public-listed companies and then discusses the relationship with book-to-market ratio, firm size, repurchase ratio, insider trading information and operating performance. The results are as follows: (1) The long-run return of treasury stock repurchases is significantly positive in three models. (2) Firms with repurchase purpose for stockholder’s equity have substantially higher returns than those with repurchase purpose for transfer to employees. (3) The signaling strength of stock repurchases announced by firms with high book-to-market ratio and those with big size is more substantial. And those firms also have higher returns. The signaling effect of repurchase ratio is few in the long-run. (4) Among the insider trading information variables, the correlation between the percentage of shares mortgaged by directors and the long-run return of treasury stock repurchases is significantly positive. As for the percentage of insider shareholdings and shares bought by insiders, the correlation is not significant. (5) On the whole, among the operating performance variables, the operating income ratio has significantly negative correlation with the long-run returns, but the correlation with return on equity and sale growth rate is not significant. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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