Announcement Effects of Stocks Repurchase and Cash Capital Reduction and Their Comparison
| Autor: | Jou-Chun Lin, 林柔均 |
|---|---|
| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 This study uses the event study analysis to explore the effects of cash capital reduction and stocks repurchase on the electronic stocks of Taiwan during the period from 2013 to 2017. A regression of cumulative abnormal returns on the inventory turnover rate, return on equity, cash flow ratio, and debt-to-asset ratio was also applied. The empirical results show that there were significantly negative abnormal returns on the second day after the cash reduction announcement. There were significantly positive abnormal returns on the 6th day after the stocks repurchase announcement. Finally, the regression results show that the cash capital reduction announcement effect was negatively affected by the cash flow ratio, and the debt ratio. The effect of the treasury stocks repurchase announcement was positively affected by the return on equity. Sometimes, the effect of cash capital reduction was greater than that of the treasury stock reduction. The cash capital reduction announcement effect of listed company at stock exchange market was greater than that at over-the-counter market. The stock repurchase announce effect of listed company at stock exchange market was greater than that at over-the-counter market. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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