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研究生:游貞旋
研究生(外文):Chen-Hsiang Yu
論文名稱:庫藏股宣告對同業股價影響之實證研究
論文名稱(外文):Intraindustry Effects of Share Repurchase Announcements
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:英文
論文頁數:37
中文關鍵詞:股票買回庫藏股事件研究法產業內競爭對手競爭效果蔓延效果產業效果
外文關鍵詞:competitive effectcontagion effectevent studyindustry rivalsshare repurchase
相關次數:
  • 被引用被引用:24
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  • 下載下載:611
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Previous empirical research has documented that share repurchase are associated with positive significant abnormal returns. This association is rationalized on the basis that share repurchase announcement acts as a signal of future prospects. This research aims to investigate the existence of intra-industry transfers where share repurchase announcement of one firm is extrapolated to other companies in the same industry portfolio. We examine intra-industry stock price response to the share repurchase announcements of 218 Taiwan firms spanning August 2000 to October 15, 2001. The average and cumulative abnormal returns for announcing firm and rivals are positive. Regression results indicate that contagion effect dominates competitive effect; firms with similar cash flow and highly stock price correlation to the announcing firms enjoy more pronounced cumulative abnormal returns.
I. Introduction ………………………………………………………1


II. Literature Review …………………………………………………3

1. Share Repurchase ……….……………………………………… 3
2. The Intra-industry Effects of Share Repurchase…………… 7

III. Data and Methodology ……………………………………………12

1. Data………………………………………………………………… 12
2. Methodology ……………………………………………………… 13


IV. Empirical Results ………………………………………………16

1. Sample Description ……………………………………………… 16
2. Event Study Findings …………………………………………… 20
3. Cross-sectional Regression …………………………………… 29


V. Conclusion …………………………………………………… 33


Reference ……………………………………………………………………35
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