| dc.contributor.advisor | 徐燕山 | zh_TW |
| dc.contributor.advisor | Hsu, Yenshan | en_US |
| dc.contributor.author (Authors) | 張芥寧 | zh_TW |
| dc.contributor.author (Authors) | Chang, Chieh Ning | en_US |
| dc.creator (作者) | 張芥寧 | zh_TW |
| dc.creator (作者) | Chang, Chieh Ning | en_US |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 9-May-2016 15:16:10 (UTC+8) | - |
| dc.date.available | 9-May-2016 15:16:10 (UTC+8) | - |
| dc.date.issued (上傳時間) | 9-May-2016 15:16:10 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0096357005 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/95141 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 96357005 | zh_TW |
| dc.description.abstract (摘要) | This thesis adopts an option approach to examine the stock price reaction to the stock repurchase announcements for both Exchange-listed and Over-the-Counter-listed companies in Taiwan from August 2000 to June 2009. We modify Ikenberry and Vermaelen`s (1996) information-asymmetry-based exchange option hypothesis further into a call option hypothesis to accommodate the unique practice in the Taiwanese stock repurchase program. In addition, we conduct robustness tests by including the variables for both information signaling and free cash flow hypotheses which are supported by prior studies. First, we find positive abnormal returns around announcement day, which is similar to previous study. Second, our cross-sectional results support our call option hypothesis, which predicts that the positive abnormal return is positively related to risk-free interest rate, time to maturity and target buyback share fraction. And the abnormal return is negative to the size and market-to-book value of the announcing firm, which are consistent with the signaling hypothesis. However, we do not find any strong evidence for the free cash flow hypothesis. | en_US |
| dc.description.tableofcontents | 1.Introduction......................................... 1 1.1.Motivation......................................... 1 1.2.Objective.......................................... 3 1.3.Structure.......................................... 3 2.Literature Review and Hypothesis Development......... 4 2.1.Option-Based Hypotheses............................ 4 2.2.Call Option Hypothesis............................. 6 2.3.Information Signaling Hypothesis................... 9 2.4.Free Cash Flow Hypothesis.......................... 11 2.5.Other Stock Repurchase Attributes.................. 12 3.Data and Methodology................................. 14 3.1.Sample Construction................................ 14 3.2.Descriptive Statistics............................. 15 3.3.Event Study Analysis............................... 18 3.4.Cross-sectional Analysis........................... 20 4.Empirical Results.................................... 22 4.1.Event Study Results................................ 22 4.2.Cross-sectional Analysis Results................... 28 5.Discussions and Suggestions.......................... 33 5.1.Discussions........................................ 33 5.2.Suggestions........................................ 35 References............................................. 37 Appendix A. Excerpted Regulations of Stock Repurchase Programs in Taiwan..................................... 39 | zh_TW |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0096357005 | en_US |
| dc.subject (關鍵詞) | 庫藏股買回 | zh_TW |
| dc.subject (關鍵詞) | 事件研究法 | zh_TW |
| dc.subject (關鍵詞) | Stock Repurchase | en_US |
| dc.subject (關鍵詞) | Event Study | en_US |
| dc.title (題名) | 庫藏股買回宣告效果再探討：以台灣上市櫃公司為例 | zh_TW |
| dc.title (題名) | A further examination on the option to repurchase stock: Evidence from Taiwan | en_US |
| dc.type (資料類型) | thesis | en_US |
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