在之前的文獻中，研究股票購回與機構投資人持股的關係時，幾乎都只是用全部的機構投資人持股來當作自變數去做檢驗，而在此篇論文中，我們則考慮是否擁有影響力的機構投資人或者擁有監督能力的機構投資人能對股票購回造成顯著的影響，我們發現有監督能力的機構投資人(18 largest public pension funds)對於股票購回有顯著的正向效果，然而，我們無法提供足夠證據證明持股比例大於百分之五的機構投資人(institutional investors with power of influence)對於股票購回的影響大於其他機構投資人。

While previous papers use whole institutional investor holdings as an independent variable to see the relationship between repurchases and institutional investor holdings. In this paper, we examine the impact of institutional investors with influence and institutional investors with monitor ability on repurchases, respectively. Our main finding is that institutional investors with well monitor ability (18 largest public pension funds) have significant positive impact on repurchases. However, we didn’t find enough evidence that influential institutional investors (share holdings larger than 5%) have more impact than other institutional investors on repurchases.

TABLE OF CONTENTS
ABSTRACT-------------------------------------------------III
TABLE OF CONTENTS-----------------------------------------IV
LIST OF TABLES---------------------------------------------V
1. Introduction---------------------------------------1
2. Literature Review----------------------------------4
3. Hypothesis-----------------------------------------7
4. Data-----------------------------------------------8
5. Methodology----------------------------------------8
5.1 Institutional Ownership Variables------------------9
5.2 Accounting Variables------------------------------10
6. Empirical Result----------------------------------11
6.1 Summary Statistics--------------------------------11
6.2 Probit Model and Tobit Model----------------------11
6.3 Institutional Investors’ Holdings versus Repurchase Ratio--------12
7. Conclusion----------------------------------------14
References------------------------------------------------15




LIST OF TABLE
Table 1. Summary Statistics-------------------------------18
Table 2. Probit Regression of Share Repurchases-----------20
Table 3. Tobit Regression of Share Repurchases------------22
Table 4. Regression Analyses by Cohort Years--------------24
Table 5. Tobit Regression of Share Repurchases- Instrument Variable Approach-----------------------------------------25

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