我国库藏股制度之实证研究资讯效果与资讯传递动机.PDFVIP

The International Journal of Accounting Studies 論 38 2004 年1 81-112 度 柳 ∗ 立 立 金 來 金 金 30 行 累異 類行 若 率 數數量 來率 兩 利 理論 ∗ 兩匿2001 理論論 見 (NSC90-2416-H-415-001 度 2001 年 12 2003 年 7 81 82 論 38 2004 年1 An Empirical Study on Stock Repurchases in Taiwan: The Information Effect and Signaling Motivation Liu-Ching Tsai National Chiayi University Fa-Yun Guo National Changhua University of Education Abstract This paper examines the information effect of stock repurchase announcements and whether signaling is the primary motivation for stock repurchase. As predicted, we find significantly positive market reactions to stock repurchase announcements, and this positive information effect is stronger for the banking and insurance industries. Also, we find the stock price performance over the post-announcement period is higher than that over the pre-announcement period. Further, the results show that the announcement return is associated positively with book-to-market ratio, but negatively with the prior stock return, indicating that repurchase announcements are treated as signals conveying undervaluation-related information by the market. Finally, we test the factors affecting a firm’s decision to