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題名 Economic Sources of Gain in Stock Repurchases
作者 湛可南
Chan, Konan;Ikenberry, David;Lee, Inmoo
貢獻者 財管系
日期 2004-09
上傳時間 8-一月-2015 17:57:43 (UTC+8)
摘要 Previous studies offer a mixed understanding of the economic role of stock repurchases. This paper investigates three key economic motivations-mispricing, disgorging free cash flow, and increasing leverage-by evaluating cross-sectional differences in both the initial market reaction and long-run performance. The initial reaction provides some support for the mispricing story. However, subsequente arnings-relatedi nformations hocks suggest that the initial market reaction is incomplete and that long-run performance may be informative. The long-horizon return evidence is most consistent with the mispricing hypothesis and, to some degree, the free cash flow hypothesis. We find little support for the leverage hypothesis.
關聯 Journal of Financial and Quantitative Analysis, 39(3), 461-479
資料類型 article
dc.contributor 財管系
dc.creator (作者) 湛可南zh_TW
dc.creator (作者) Chan, Konan;Ikenberry, David;Lee, Inmoo
dc.date (日期) 2004-09
dc.date.accessioned 8-一月-2015 17:57:43 (UTC+8)-
dc.date.available 8-一月-2015 17:57:43 (UTC+8)-
dc.date.issued (上傳時間) 8-一月-2015 17:57:43 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/72704-
dc.description.abstract (摘要) Previous studies offer a mixed understanding of the economic role of stock repurchases. This paper investigates three key economic motivations-mispricing, disgorging free cash flow, and increasing leverage-by evaluating cross-sectional differences in both the initial market reaction and long-run performance. The initial reaction provides some support for the mispricing story. However, subsequente arnings-relatedi nformations hocks suggest that the initial market reaction is incomplete and that long-run performance may be informative. The long-horizon return evidence is most consistent with the mispricing hypothesis and, to some degree, the free cash flow hypothesis. We find little support for the leverage hypothesis.
dc.format.extent 2400360 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Financial and Quantitative Analysis, 39(3), 461-479
dc.title (題名) Economic Sources of Gain in Stock Repurchases
dc.type (資料類型) articleen