| dc.contributor | 財管系 | zh_TW |
| dc.creator (作者) | 陳聖賢 | zh_TW |
| dc.creator (作者) | Chen, Sheng-Syan | en_US |
| dc.creator (作者) | Wang, Yanzhi | en_US |
| dc.date (日期) | 2012 | |
| dc.date.accessioned | 11-Jun-2018 17:12:49 (UTC+8) | - |
| dc.date.available | 11-Jun-2018 17:12:49 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Jun-2018 17:12:49 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/117547 | - |
| dc.description.abstract (摘要) | We examine how the financial constraints of repurchasing firms affect their post-buyback performance. By every constraint measure we use, a set of constrained firms repurchase. They display significantly poorer post-buyback abnormal return and operating performance than unconstrained firms. Financial constraints are more important in explaining the performance of share buybacks for firms with high actual repurchase ratios. Constrained firms, especially those with high actual repurchase ratios, experience a significantly greater increase in post-buyback distress risk than unconstrained firms. Managerial hubris could explain why constrained firms buy back shares even if the buybacks do not improve shareholder wealth. | en_US |
| dc.format.extent | 440296 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Financial Economics, Vol.105, No.2, pp.311-331 | zh_TW |
| dc.subject (關鍵詞) | Share repurchase; Financial constraint; Corporate liquidity; Managerial hubris | en_US |
| dc.title (題名) | Financial Constraints and Share Repurchases | en_US |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jfineco.2012.03.003 | |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1016/j.jfineco.2012.03.003 | |
