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題名 Do Managers Time the Market? Evidence from Open-Market Share Repurchases
作者 湛可南
Chan, Konan;Ikenberry, David;Lee, Inmoo
貢獻者 財管系
關鍵詞 Market timing; Pseudo-market timing; Open-market share repurchases
日期 2007-09
上傳時間 8-一月-2015 18:02:35 (UTC+8)
摘要 A contentious debate exists over whether executives possess market timing skills when announcing certain corporate transactions. Pseudo-market timing, however, has recently emerged as an important alternative hypothesis as to why the appearance of timing might be evident when, in fact, none exists. We reconsider this debate in the context of share repurchases. Consistent with prior studies, we also report evidence of abnormal stock performance following buyback announcements. Pseudo-market timing, however, does not appear to be a viable explanation. Our results are more consistent with the notion that managers possess timing ability, at least in the context of share repurchases.
關聯 Journal of Banking and Finance, 31,(9), 2673-2694
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) 2007-09
dc.date.accessioned 8-一月-2015 18:02:35 (UTC+8)-
dc.date.available 8-一月-2015 18:02:35 (UTC+8)-
dc.date.issued (上傳時間) 8-一月-2015 18:02:35 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/72714-
dc.description.abstract (摘要) A contentious debate exists over whether executives possess market timing skills when announcing certain corporate transactions. Pseudo-market timing, however, has recently emerged as an important alternative hypothesis as to why the appearance of timing might be evident when, in fact, none exists. We reconsider this debate in the context of share repurchases. Consistent with prior studies, we also report evidence of abnormal stock performance following buyback announcements. Pseudo-market timing, however, does not appear to be a viable explanation. Our results are more consistent with the notion that managers possess timing ability, at least in the context of share repurchases.
dc.format.extent 222884 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Banking and Finance, 31,(9), 2673-2694
dc.subject (關鍵詞) Market timing; Pseudo-market timing; Open-market share repurchases
dc.title (題名) Do Managers Time the Market? Evidence from Open-Market Share Repurchases
dc.type (資料類型) articleen