Repurcase会影响firm.pptVIP

COMMON STOCK REPURCHASES ;Incentive; (1)評估稅的影響—探討所得稅以及資 本利得稅的差別 (2)改變公司投資及財務決策的效果—考量機會成本 (3)新的資訊對於投資人的影響—對未來的預測 (4)owner 和stockholder的利益衝突;Introduction;Methods of cash repurchase;Tender offer;Privately negotiation;The empirical analysis focuses on tender offer repurchases; (2) because tender offer repurchases are substantially “larger” than open market repurchases, the effects are likely to be more pronounced and therefore more readily observable in the tender offer sample.; (3) the extent of public disclosure of the terms of repurchase is significantly greater for tender offers than fo