| 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) | article | en |
