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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 廖咸興(Hsien-hsing Liao) | |
dc.contributor.author | Chin-chun Chang | en |
dc.contributor.author | 張欽淳 | zh_TW |
dc.date.accessioned | 2021-06-08T07:29:25Z | - |
dc.date.copyright | 2008-07-09 | |
dc.date.issued | 2008 | |
dc.date.submitted | 2008-07-02 | |
dc.identifier.citation | Bagwell, Laurie S. and John B. Shoven, 1988, “Share repurchases and acquisitions: An analysis of which firms participate.” In: A. Auerbach, Editor, Corporate Takeovers: Causes and Consequences, University of Chicago Press, Chicago, 191–213.
Campbell, John Y., and Glen B. Taksler, 2003, “Equity volatility and corporate bond yields.” Journal of Finance 58, 2321-2349. Collin-Dufresne, Pierre, Robert S. Goldstein, and J. Spencer Martin, 2001, “The determinants of credit spread changes.” Journal of Finance 56, 2177–2207. Dann, Larry, 1981, “The effects of common stock repurchase on security holders’ returns.” Journal of Financial Economics 9, 101-138. Easley, D., N. M., Kiefer, M, O’Hara and J. Paperman, 1996, “Liquidity, Information, and Infrequently Traded Stocks.” Journal of Finance 51, 1405-1436. Easley, D., S. Hvidjkaer and M, O’Hara, 2002, “Is Information Risk a Determinant of Asset Prices?” Journal of Finance 57, 2185-2223. Graham, John R., 1996a, “Debt and the marginal tax rate.” Journal of Financial Economics 41, 41–73. Graham, John R., 1996b, “Proxies for the corporate marginal tax rate.” Journal of Financial Economics 42, 187–221. Hovakimian, Armen, Tim Opler, and Sheridan Titman, 2001, “The Debt-Equity Choice.” The Journal of Financial and Quantitative Analysis 36, 1–24. Jun, Sang-Gyung, Mookwon Jung, and Ralph A. Walkling, 2006, “Share repurhcase, executive options and wealth changes to stockholders and bondholders.” working paper. Jagannathan, Murali, and Clifford P. Stephens, 2003, “Motives for multiple open-market repurchase programs.” Financial Management 32, 71–91. Khang, K. and T.H.D., King, 2006 “Does Dividend Policy Relate to Cross-Sectional Variation in Information Asymmetry? Evidence from Returns to Insider Trades.”Financial Management 35, 71-94. Liao, Hsien-hsing and Pei-Ling Tsai, 2007, “Internal liquidity risk in corporate bond credit spreads.” working paper. Longstaff, Francis A., and Eduardo Schwartz, 1995, “A simple approach to valuing risky fixed and floating rate debt.” Journal of Finance 50, 789–821. Longstaff, Francis A., Sanjay Mithal, and Eric Neis, 2005, “Corporate yield spreads: default risk or liquidity? New evidence from the credit default swap market.” Journal of Finance 60, 2213–2253. Maxwell, William, and Clifford Stephens, 2003, “The Wealth Effects of Repurchases on Bondholders.” Journal of Finance 58, 895–919. Molina, A. Carlos, 2005, “Are firms underleveraged? An examination of the effect of leverage on default probabilities.” Journal of Finance 60, 1427–1459. Tsuji, Chikashi, 2005, “The credit spread puzzle.”Journal of International Money and Finance 24, 1073–1089. Vermaelen, Theo, 1981, “Common stock repurchase and market signaling.” Journal of Financial Economics 9, 139–183. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/26862 | - |
dc.description.abstract | 不同於過去文獻以異常報酬作為依據,本研究藉由分析一個反應信用風險變化的變數,重新檢視公司宣告買回股票是否產生訊息效果以及財富移轉效果。實證結果顯示,正向的訊息效果大過財富移轉效果,亦即公司信用風險並無惡化,債權人的權益沒有受到損害。宣告購回的規模愈大,正向訊息效果超過財富移轉效果的程度就愈大。此外,以舉債融資買回股票的公司比起內部融資者釋放出更多的正面訊息,但其信用風險增加幅度亦較大,因此整體而言舉債融資的公司在股票購回宣告後信用好轉的程度較小。 | zh_TW |
dc.description.abstract | We employ a credit innovation proxy to revisit the signaling and wealth transfer effects around stock repurchase announcements documented in prior researches. Using panel data from 1991 to 2006, we find evidences that positive signaling effect dominates wealth transferring one, which means, overall speaking, stock repurchases do not expropriate bondholders’ wealth. The total benefits from stock repurchase are positively related to the size of repurchase. Besides, firms finance the repurchases with debt, comparing with no debt, exhibit greater positive signals, while the effect is abated by higher default probabilities due to a raise in debt level. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T07:29:25Z (GMT). No. of bitstreams: 1 ntu-97-R95723001-1.pdf: 435131 bytes, checksum: 64ed06c022b68b9e2c0e5209300885fc (MD5) Previous issue date: 2008 | en |
dc.description.tableofcontents | 口試委員會審定書 i
誌謝 ii 中文摘要 iii Abstract iv List of Tables vi List of Figures vii Chapter I.Introduction 1 II.Data and Summary Statistics 6 A.Sample Selection 6 B.Summary Statistics 7 III. Methodology 9 A. Abnormal Bond Returns 9 B. Credit Innovations 10 C. Instrument Variable Approach 12 IV. Empirical 15 A.Event Study on Abnormal Bond Returns and Quasi Credit Innovations 15 B. Panel Regression Analyses of Quasi Credit Innovations 19 C. Instrument Variable Approach 22 D. Long-term Cumulative Average Credit Innovations 24 V. Conclusions 26 Reference 28 | |
dc.language.iso | en | |
dc.title | 資金來源對股票購回之影響-以信用風險觀點探討 | zh_TW |
dc.title | Do Fund Sources of Stock Repurchase Matter? – A Credit Risk Perspective | en |
dc.type | Thesis | |
dc.date.schoolyear | 96-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 林丙輝,陳聖賢,張焯然 | |
dc.subject.keyword | 股票購回,訊息效果,財富移轉效果,信用風險, | zh_TW |
dc.subject.keyword | Stock repurchase,Signaling effect,Wealth transfer effect,Credit risk, | en |
dc.relation.page | 46 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2008-07-02 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
顯示於系所單位: | 財務金融學系 |
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