THE MOTIVES OF STOCK REPURCHASES OF LISTED COMPANIES IN TAIWAN －「MANAGERIAL OPPORTUNISM HYPOTHESIS」
| Autor: | Pei-ru Tsai, 蔡培如 |
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| Rok vydání: | 2009 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 97 The paper examines whether “managerial opportunism hypothesis” and “shareholdings of institutional investors” can be used to explain the motives of stock repurchases of listed companies in Taiwan. The research uses “the frequency of stock repurchases”, “the completion”, “the variation of insiders’ shareholdings”, “the variation of institutional investors’ shareholdings” and “the long run stock abnormal returns” to identify the real motives of stock repurchases. The study period begins from January 1, 2001 to December 31, 2005, contains 299 listed companies and 871 announcements. This study applies the method of “Event Study” to calculate the short run abnormal returns, and “Buy-and-Hold Abnormal Return (BHAR)” to calculate the long run abnormal returns. The results of this study are as follows: 1. Significantly negative relation between frequency of stock repurchases and short run abnormal returns. 2. No significant relation between frequency of stock repurchases and long run abnormal returns. No significant relation between completion and long run abnormal returns. 3. Significantly positive relation between insiders’ shareholdings and long run abnormal returns. 4. No significant relation between the variation of insiders’ shareholdings and long run abnormal returns. 5. No significant relation between the institutional investors’ shareholdings and long run abnormal returns. 6. Significantly positive relation between the variation of institutional investors and long run abnormal returns. 7. Compare with negative variation of shareholdings of insiders and institutional investors, positive variation of shareholdings of insiders and institutional investors have higher long run abnormal returns significantly. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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