英文翻译译文修5月22日.docVIP

Why do firms repurchase stock to acquire another firm Robin S. Wilber Published online: 3 August 2007 Abstract:This study investigates firms that repurchase their stock to finance an acquisition. Since research shows that cash-financed acquisitions perform better than stock financed acquisitions, why do firms that have available cash initiate the extra transactional step. I find these firms are well compensated for their efforts, especially in the long run. On average, these firms have negative abnormal returns prior to their repurchase announcements and thus may choose repurchasing to signal