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頁籤選單縮合
| 題 名 | The Signaling Effect of Open-Market Block Share Repurchase Announcements=公開市場股票大量買回宣告之資訊傳遞 |
|---|---|
| 作 者 | 劉啟群; 陳妮雲; | 書刊名 | 中華會計學刊 |
| 卷 期 | 11:1 2015.07[民104.07] |
| 頁 次 | 頁1-28 |
| 分類號 | 563.54 |
| 關鍵詞 | 信號發射; 大量買回宣告; 市場反應; 股票買回宣告; Signaling effect; Block share repurchase announcements; Market reaction; Share repurchase announcements; |
| 語 文 | 英文(English);中文(Chinese) |
| 中文摘要 | 大量買回為我國獨特之法令規範,本研究探討大量買回宣告之信號發射效果和信譽指標。本研究發現,當公司買回股份和金額重大時、市場產生正向之股價反應。當公司首次宣告大量買回時,市場亦產生正向之股價反應,但多次大量買回宣告之首次正向股價反應較單次大量買回宣告來得大。本研究亦發現前期大量買回宣告可能和宣告次數對本期宣告買回股份之市場反應具顯著正向影響,此一結果表示市場認同公司前期宣告之大量買回資訊,可作為本期股票買回宣告之信譽指標。 |
| 英文摘要 | This study explores the roles of signaling effect and credibility through timely and valuable information provided by firms via block share repurchases in Taiwan. This study finds that the market reacts favorably to announcements of block share repurchases which reach a certain quantity and specific value. The market also reacts favorably to first-time block share repurchase announcements. Specifically, first-time announcements of multiple block share repurchases cause greater market reaction than single instance or one-time block share repurchase announcements. Furthermore, this study finds that both previous block share repurchase announcements and the number of these announcements have a positive effect on current share repurchase announcements, suggesting that previous block share repurchase announcements can be used as an indicator of credibility for current share repurchases. |
本系統中英文摘要資訊取自各篇刊載內容。