Academic Journal
Determinants of share returns following repurchase announcements in China
| العنوان: | Determinants of share returns following repurchase announcements in China |
|---|---|
| المؤلفون: | Christopher Gan, Chao Bian, Damon Wu, David A. Cohen |
| المصدر: | Investment Management & Financial Innovations, Vol 14, Iss 2, Pp 4-18 (2017) |
| بيانات النشر: | LLC "CPC "Business Perspectives", 2017. |
| سنة النشر: | 2017 |
| المجموعة: | LCC:Finance |
| مصطلحات موضوعية: | leverage hypothesis, market response, operating performance, repurchase announcements, share repurchase, signaling hypothesis, Finance, HG1-9999 |
| الوصف: | By combining the market model with the three-factor model, this study investigates firms’ share returns after the announcement of share repurchase. Employing data for China’s A-share market, this study’s sample utilizes 417 share repurchase announcements over the period of 2000 to 2012. Empirical results show that firms with higher sales growth rates are more likely to send a positive signal to the market through their share repurchase efforts. Analysis also shows that the higher a firm’s price-to-earnings ratio (utilized as a measure of overvaluation), the lower the firm’s cumulative abnormal returns. These results imply that Chinese share markets put more emphasis on the firm’s future growth and share overvaluation. |
| نوع الوثيقة: | article |
| وصف الملف: | electronic resource |
| اللغة: | English |
| تدمد: | 1810-4967 1812-9358 |
| Relation: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/8771/imfi_2017_02_Gan.pdf; https://doaj.org/toc/1810-4967; https://doaj.org/toc/1812-9358 |
| DOI: | 10.21511/imfi.14(2).2017.01 |
| URL الوصول: | https://doaj.org/article/b942b62e2cca406cb68e68eb2e6570b2 |
| رقم الانضمام: | edsdoj.b942b62e2cca406cb68e68eb2e6570b2 |
| قاعدة البيانات: | Directory of Open Access Journals |
Full Text Finder | تدمد: | 18104967 18129358 |
|---|---|
| DOI: | 10.21511/imfi.14(2).2017.01 |