The Effect of Stock Repurchase Announcement Before and After Financial Tsunami :Evidence from Taiwan Stock Market
| Autor: | Huang,Ting-Sheng, 黃挺昇 |
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| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This study is based on the listed companies in Taiwan Stock Exchange to discuss whether the announcement effect have changed after the financial tsunami and to identify the impact factors which affect the announcement effect of treasury shares. The study selects the listed companies that has been declared to implement the treasury shares policy as the research samples and divides the whole period into three sub-periods from 2002 to 2014, with 13 years samples. Moreover, this study employs event study to examine the announcement effect of treasury shares. The results show that after the financial tsunami, the announcement effect of treasury shares exist with a positive returns for those sample companies. Besides, the announcement effect during the financial crisis is more significant, which implies that the companies use treasury stock to adjust price and to release the companies’ information. In addition, the results of the regression analysis presents that the level of repurchase ratio has more significant impact on the abnormal returns, and the effects of related variables changes after financial tsunami. That indicates the market investors, corporate managers and shareholders adjust the strategies and opinion on the treasury stock via the market situation and the historical information. Keyword: financial tsunami、treasury shares、announcement effect、event study |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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