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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 劉啟群(Chi-Chun Liu) | |
dc.contributor.author | Mei-Ying Lee | en |
dc.contributor.author | 李美瑩 | zh_TW |
dc.date.accessioned | 2021-06-13T15:48:50Z | - |
dc.date.available | 2010-07-02 | |
dc.date.copyright | 2008-07-02 | |
dc.date.issued | 2008 | |
dc.date.submitted | 2008-06-27 | |
dc.identifier.citation | 1.Bagwell, L.S., 1991. Share repurchases and takeover deterrence. Journal of Economics, Vol.22, pp. 72-88.
2.Bagnoli, M., R. Gordon, and B.L. Lipman. 1989. Stock repurchase as takeover defense. The Review of Financial Studies, 2 (3), 423-443. 3.Chan, Chi-Wei, 2006. Impact of motives on market reaction to U.S. bank holding company share repurchase announcements. Master thesis of National Taiwan University. 4.Chan, Ya-Ting, 2006. A Study on magnitude of U.S. bank holding company actual share repurchase: Impact of motives and regulation. Master thesis of National Taiwan University. 5.Chang, Fang-Chi, 2006. A study on whether U.S. bank holding companies announce to repurchase: Impact of motives and regulation. Master thesis of National Taiwan University. 6.Chien, I-Chi, 2005. Impact of loan portfolio composition on accounting conservatism in the banking industry. Master thesis of National Taiwan University. 7.Denis, D.J., Denis, D.K., Sarin A., 1994. The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. Journal of Financial and Quantitative Analysis, 29, 567-587. 8.Dittmar, Amy K., 2000. Why do firms repurchase stock? Journal of Business, Vol.73, No.3, pp. 331-355. 9.Grullon, G., 2000. The information content of share repurchase programs. Working Paper, Rice University. 10.Grullon, G. Michaely, R. 2002. Dividends, share repurchases, and the substitution hypothesis. Journal of Finance, Vol. 57, pp. 1649-1684. 11.Guay, W., Harford, J., 2000. The cash flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics 57, 385-416. 12.Hirtle, Beverly 1998. Bank holding company capital ratios and shareholder payouts. Current Issues in Economics and Finance, Vol.4, No.9, Federal Reserve Bank of New York. 13.Howe, J., and R. Jain. 2005. Share repurchase programs by banks. Banks and Bank Systems Vol. 1, Issue 2, 90-102. 14.Ikenberry, D., Lakonishok, J., Vermaelen, T., 1995. Market underreaction to open market share repurchase. Journal of Financial Economics, 39, 181-208. 15.Jagannathan, M., Stephens, C., Weisback, M., 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57,335-384. 16.Jensen, M. 1986.Agency costs of free cash flow, corporate finance, and takeovers. American Economic Association Papers and Proceedings, Vol.76, pp. 323-329. 17.Lie, E., 2000. Excess funds and agency problems: An empirical study of incremental cash disbursements. Review of Financial Studies, 13, 48-219. 18.Liu, C., and S. Ryan, 1995. The effect of bank portfolio composition on the market reaction to and anticipation of loan loss provisions. Journal of Accounting Research, Vol.3377-94. 19.Liu, C., and S. Ryan, 2006. Income smoothing over the business cycle: changes in banks’ coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. Journal of Accounting Review, Vol81, 421-441. 20.Stulz, R., 1988. Managerial control of voting rights: financing policies and the market for corporate control. Journal of Finance Economics, 25-54. 21.Tung, Wei-Ting, 2006. A study on whether U.S. bank holding companies buy back shares: Impact of motives and regulation. Master thesis of National Taiwan University. 22.Vermaelen, T., 1981. Common stock repurchases and market signaling: An empirical study. Journal of Financial Economics, 9, 139-183. 23.Wang, Chiung-Yi, 2006. A study on magnitude of U.S. bank holding company share repurchase announcement: Impact of motives and regulation. Master thesis of National Taiwan University. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/37879 | - |
dc.description.abstract | 自八零年代美國修法放寬公司買回庫藏股之限制起,庫藏股之買回漸漸成為公司分配閒置現金流量與股東的主要方法之一。許多文獻研究庫藏股買回的動機並提出許多假說,如:向市場傳達公司股價低估的訊息、分配現金流量研究庫藏股、避免惡意併購、調整公司資本結構等。因為銀行業的特性與政府管制因素,過去庫藏股的相關研究多排除銀行業於樣本外。因此,本研究即以事件研究法,針對美國金融控股公司探討其宣告買回庫藏股是否引起股價之異常變動,並建立迴歸模型分析股價異常變動與各買回動機之關聯性。
本篇論文使用西元1994到2006年之380家美國銀行買回庫藏股之相關資料為研究樣本。實證結果證實,當宣告買回前之股價越低、股價市值佔帳面值比率越低、公司規模越小、資本適足率越高,則宣告買回庫藏股時,累積異常報酬越大。 | zh_TW |
dc.description.abstract | This paper examines the short-run market reaction to the U.S. bank holding company share repurchase announcements by using the event study methodology and conducts further regression analysis. In previous literatures, there are several motives which may affect the repurchase announcement: to substitute dividends; to signal the undervaluation of the bank’s stock; to deter the takeover threat; to adjust capital structures and to payout excess free cash flows. This study further analyzes three new hypotheses: the business cycle, the accounting loan default variables and loan composition. From the empirical result, we find that the announcement period returns are negatively related to the prior period returns, size and market-to-book ratio, but are positively related to first tier and total capital ratios. Taken together, the empirical result support many of our hypotheses and it highly supports the undervaluation signaling effect. However, it does not support the free cash flow hypothesis and takeover deterrence hypothesis. Our sample includes repurchase announcements between 1994 and 2006. | en |
dc.description.provenance | Made available in DSpace on 2021-06-13T15:48:50Z (GMT). No. of bitstreams: 1 ntu-97-R95722003-1.pdf: 505094 bytes, checksum: 9e8ba2660eceac2f37356a248115d4ac (MD5) Previous issue date: 2008 | en |
dc.description.tableofcontents | 中文摘要............................................II
Abstract...........................................III Ⅰ. Introduction.....................................1 Ⅱ. Literature and Hypotheses Development............3 1. Dividend Substitution Hypothesis..................3 2. Undervaluation Hypothesis.........................4 3. Takeover Deterrence Hypothesis....................5 4. Capital Adequacy Regulation.......................5 5. The permanence hypothesis.........................6 6. Agency Cost of Excess Free Cash Flow..............8 7. Business Cycle....................................9 8. Accounting Loan Default Variables................10 9. Loan Composition.................................11 Ⅲ. Research Design.................................12 Ⅳ. Data Source and Descriptive Statistics..........18 1. Sample and data source...........................18 2. Descriptive statistics...........................21 Ⅴ. Empirical Results...............................21 Ⅵ. Conclusion......................................26 Ⅶ. Reference.......................................27 | |
dc.language.iso | en | |
dc.title | 美國金融控股公司公開市場宣告買回庫藏股股價反應之再探討 | zh_TW |
dc.title | A Reexamination of Market Reaction to U.S. Bank Holding Company Share Repurchase Announcements | en |
dc.type | Thesis | |
dc.date.schoolyear | 96-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 薛敏正,梁嘉紋 | |
dc.subject.keyword | 金融控股公司,庫藏股,事件研究法,累積異常報酬,資本適足率,自由現金流量,併購, | zh_TW |
dc.subject.keyword | Bank holding company,Stock repurchase,Event study,Cumulative abnormal returns,Capital adequacy ratio,Free cash flow,Takeover, | en |
dc.relation.page | 72 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2008-06-27 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
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