| dc.contributor | 財管系 | zh_TW |
| dc.creator (作者) | 陳聖賢 | zh_TW |
| dc.creator (作者) | Choi, Dosoung | en_US |
| dc.creator (作者) | Chen, Sheng-Syan | en_US |
| dc.date (日期) | 1997 | |
| dc.date.accessioned | 11-Jun-2018 18:09:02 (UTC+8) | - |
| dc.date.available | 11-Jun-2018 18:09:02 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Jun-2018 18:09:02 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/117571 | - |
| dc.description.abstract (摘要) | We identify the difference in the private information conveyed by the announcements of a share repurchase tender offer and of a regular dividend increase. We find that, after controlling for timing, industry, size of cash distribution, and other firm‐specific characteristics, a share repurchase tender offer causes a much larger stock price response than a regular dividend increase. The results suggest that the two cash distribution mechanisms convey differential information. Further examination of the differential information indicates that (1) the upward revision in financial analysts` earnings forecasts following a share repurchase is, on average, greater than that following a regular dividend increase, and (2) a repurchase announcement is followed by a permanent decline in the firms` systematic risk while a dividend‐increase announcement is not. | en_US |
| dc.format.extent | 13733 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Financial Research, Vol.20, No.4, pp.529-543 | zh_TW |
| dc.title (題名) | The Differential Information Conveyed by Share Repurchase Tender Offers and Dividend Increases | en_US |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1111/j.1475-6803.1997.tb00264.x | |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1111/j.1475-6803.1997.tb00264.x | |
