Dissertation/ Thesis
The Correlation Between Stock Repurchase Execution Rate and Stock Price
| العنوان: | The Correlation Between Stock Repurchase Execution Rate and Stock Price |
|---|---|
| Alternate Title: | 股票買回執行率與公司後續股價波動之相關性 |
| المؤلفون: | Yung-Liang Chen, 陳勇良 |
| Thesis Advisors: | Joseph C.P. Shieh, 謝劍平 |
| سنة النشر: | 2019 |
| المجموعة: | National Digital Library of Theses and Dissertations in Taiwan |
| الوصف: | 107 In many studies of abnormal market reactions, stock repurchase is always a hot topic. According to Vermaelen(1981) and Dann(1981), the company’s announcement of stock repurchase could signal investors that the company's stock was underpriced, thus it could raise the stock price indirectly. This signal often causes investors to start to buying stock of the company irrationally, resulting in abnormal returns to the company’s stock price. However, when the company start to implement their stock repurchase plan, their actual execution rate was not as they predicted, and it causes investors to doubt the true meaning of signals. Therefore, this study uses the event study as research method, and set the last day that company implement their stock repurchase plan as event day. Uses cumulative abnormal return(CAR) as dependent variable, and take the actual execution rate, past execution rate, pledge ratio of boards, the market index return rate and the purpose of the stock repurchase plan as independent variable to test the relevance with the volatility of company’s stock price. The conclusions of this study could listed as follows: First, the actual execution rate is positively correlated with the cumulative abnormal returns； Second, The pledge ratio of boards is also positively correlated with the cumulative abnormal returns； Third, the market index return rate is also positively correlated with the cumulative abnormal returns； Last, when the purpose of the company's stock repurchase is to transfer stock to their employees, the excess return on the company's stock price will be greater than the cancellation of the stock repurchase. |
| Original Identifier: | 107NTUS5304027 |
| نوع الوثيقة: | 學位論文 ; thesis |
| وصف الملف: | 40 |
| الاتاحة: | http://ndltd.ncl.edu.tw/handle/e7t9na |
| رقم الانضمام: | edsndl.TW.107NTUS5304027 |
| قاعدة البيانات: | Networked Digital Library of Theses & Dissertations |
| الوصف غير متاح. |