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研究生:李珮雙
研究生(外文):Pei-Shuang Lee
論文名稱:股票購回與機構投資人關係之再探討
論文名稱(外文):Revisiting Institutional Investors and Share Repurchases
指導教授:王衍智王衍智引用關係
指導教授(外文):Yanzhi Wang
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學程
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:英文
論文頁數:25
中文關鍵詞:股票購回、機構投資人
外文關鍵詞:stock repurchase,institutional investors
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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


References

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4.Crutchley, C.E., Jensen, M.R., Jahera, J.S. and Raymond, J.E. 1999. Agency Problems and The Simultaneity Of Financial Decision Making: The Role Of Institutional Ownership. International Review of Financial Analysis 8, 177-197.
5.Chen, C. and M.-M. Wen, 2004. The Credibility of Stock Repurchase Signals. FMA New Orleans Annual Meeting Paper.
6.Chen, X., Harford, J., Li, K., 2007. Monitoring: Which institutions matter? Journal of Financial Economics 86, 279–305.
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28.Sias, R., L. Starks, and S. Titman. 2006. Changes in Institutional Ownership and Stock Returns: Assessment and Methodology. Journal of Business 79, 2869–2910.


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