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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 黃志典(Jyh-Dean Hwang) | |
| dc.contributor.author | Ting-Yu Huang | en |
| dc.contributor.author | 黃婷鈺 | zh_TW |
| dc.date.accessioned | 2021-06-08T04:26:05Z | - |
| dc.date.copyright | 2010-03-10 | |
| dc.date.issued | 2010 | |
| dc.date.submitted | 2010-02-22 | |
| dc.identifier.citation | a. Reference(Chinese)
1. Cheng, Kuei-Hui, 2000, The Information Content of Stock Repurchase: Investor's Perspective, Unpublished Master Thesis, Graduate Institute of Accounting. (National Cheng-Chi University). 2. Chiu, Chien-Lin, 2000, Stock Repurchases and Information Signaling: An Empirical Study in Taiwan Market, Unpublished Master Thesis, Graduate Institute of Business Adminstration. (Chung Gung University). 3. Huang, Tai-Min, 2000, Evidence on the Behavior of Bid-Ask Spreads Surrounding Stock Repurchase Announcement, Unpublished Master Thesis, Graduate Institute of Finance (Tamkang University). 4. Lee, Chung-Shiang, 2001, An Empirical Study on Stock Repurchases by Taiwan Stock Exchange Listed Companies, Unpublished Master Thesis, Graduate Institute of Finance(National Taiwan University). 5. Liao, Wei-Yi, 2001, An Empirical Study on the Relationship between Share Repurchase and Intangible Assets, Unpublished Master Thesis, Graduate Institute of Accounting(National Taiwan University). 6. Lin, Min., 2001, The Study of Announcement Effect of Multiple Stock Repurchase, Unpublished Master Thesis, Graduate Institute of Management Science (Ming-Chuan University). 7. Lin, Min-Kai, 2001, The Long-Run Stock Performance of Share Repurchase, Unpublished Master Thesis, Graduate Institute of Accounting (National Taiwan University). 8. Lin, Shu-Yuan, 2002, Strategic Analysis of Treasury Stock: Study of TSE-listed and OTC-registered Companies in Taiwan Stock Market, Unpublished Master Thesis, Tamkang Graduate Institute of Business Administration (Tamkang University). 9. Lin, Xiu-Rong, 2000, The Effect of Stock Repurchase Announcement by Listed Companies: The Empirical Study, Unpublished Master Thesis, Graduate Institute of Business Administration (National Taipei University). 10. Lin, Yih-Shyang, 2001, The Effects on Stock Price of Share Repurchase, Unpublished Master Thesis, Graduate Institute of Business Adminstration (Soo-Chow University). 11. Shen, Zhong-Hua, and Li, Jian-Ra, 2000, The Event Study Method, Requirement for Financial and Accounting Empirical Studies, Hua-Tai Corp. 12. Tsai, Hsiao-Chi, 2000, An Empirical Study on Stock Repurchases by Taiwan Publicly Listed Companies, Unpublished Master's Thesis, Graduate Institute of Accounting (National Taipei University) 13. Wang, Yi-Fang, 2000, The Effect of Stock Repurchase on Stock Price: The Empirical Study. Unpublished Master Thesis, Graduate Institute of Business Administration (National Taipei University) 14. Wu, Xiu-Hua, 2002, A Reexamination of Announcement Effect of Stock Repurchase in Taiwan, Unpublished Master Thesis, Graduate Institute of Finanace. (Chaoyang University of Technology). 15. Yang, Un-Zhen, 2002, On Price Behavior of Open Market Share Repurchases: An Emperical Analysis Considering Both Announcement and Execution Effects, Unpublished Master Thesis, Graduate Institute of Finance. (Chaoyang University of Technology). b. Reference(English) 1. Black, F. and M. Scholes, 1974, The Effects of Dividend Yield and Dividend Policy on Common Stock Prices and Returns, Journal of Financial Economics, 1-22. 2. Clifford P.S. and M.S.Weisgach, 1998, Actual Share Reacquistions in Open Market Repurchase Programs, The Journal of Finance, 313. 3. Dan, G. and R. Masulis, 1976, The Option Pricing Model and the Risk Factor of Stock, Journal of Financial Economics, 53-81. 4. Dann, L.Y., 1981, Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders, Journal of Financial Economics, 113. 5. Dittmar, A.K., 2000, Why do Firms Repurchase Stock? Journal of Business, 331-355. 6. Dittmar A.K., 2008, Corporate Cash Policy and How to Manage it with Stock Repurchases, Journal of Applied Corporate Finance, 22-34. 7. Easterbrook, F., 1984, Two Agency-Cost Explanation of Dividends, American Economic Review, 650-659. 8. Grullon G. and R. Michaely, 2004, The Information Content of Share Repurchase Programs, Journal of Finance, 651-680. 9. Hribar, P., N.T. Jenkins and W.B. Johnson, 2006, Stock Repurchase as an Earnings Management Device, Journal of Accounting and Economics, 3-27. 10. Ikenberry, D., J. Lakonishok and T. Vermaelen, 1995, Market Underreaction to Open Market Share Repurchases, Journal of Financial Economics, 181-208. 11. Ikenberry, D., J. Lakonishok and T. Vermaelen, 2000, Stock Repurchase in Canada: Performance and Strategic Trading, The Journal of Finance, 2373-2397. 12. Jensen, M., Agency Costs of Free Cash Flow, Corporate Finance and Takeover, American Economic Review, 323-329. 13. Lie, E., 2005, Operating Performance Following Open Market Share Repurchase Announcements, Journal of Accounting and Economics, 411-436. 14. Litzenberger, R. and K. Ramaswamy, 1979, The Effect of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence, Journal of Financial Economics, 114-164. 15. Liu, C.S. and D.A. Ziebert, 1997, Stock Returns and Open Market Stock Repurchase Announcement, The Financial Review, 709-728. 16. Louis, H. and H. White, 2007, Do Managers Intentionally Use Repurchase Tender Offers to Signal Private Information? Evidence from Firm Financial Reporting Behavior, Journal of Financial Economics, 205-233. 17. Masulis, R., 1978, The Effects of Capital Structure Change on Security prices, Unpublished Ph.D. Dissertation (University of Chicago, Chicago, IL). 18. Maxwell, W.F. and C.P. Stephens, 2003, The Wealth Effects of Repurchases on Bondholders, Journal of Finance, 895-919. 19. Mikkelson, W., 1980, Convertible Security Calls and Security Holder Returns: Evidence on Agency Costs, Effect of Capital Structure Change and Supply Effects, Unpublished Manuscript (University of Oregon, Eugene, OR). 14. Miller, M.H., 1977, Debt and Taxes, Journal of Finance, 261-275. 15. Miller, M.H. and M. Scholes, 1980, Executive Compensation, Tax and Incentives, Unpublished Manuscript (University of Chicago, Chicago, IL). 16. Modigliani, F. and M. Miller, 1958, The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, 261-297. 17. Modigliani, F. and M. Miller, 1963, Corporate Income Taxes and the Cost of Capital: A Correction, American Economic Review, 433-443. 18. Netter, J.M. and M.L. Mitchell., 1989, Stock-Repurchase Announcement and Insider Transactions after the October 1987 Stock Market Crash, Financial Management, 84. 19. Tsetsekos, G.P., 1993, Valuation Effects of Open Market Stock Repurchase for Financial Weak Firms, Review of Financial Economics, 29. 20. Vermaelen, T., 1981, Stock Repurchases and Market Signaling: An Empirical Study, Journal of Financial Economics, 139-183. 21. Wansley, J.W., R.L. William. and S. Salil,1989, “Management’s View on Share Repurchase and Tender Offer Premiums,” Financial Management, 97-110. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/22729 | - |
| dc.description.abstract | 本研究探討異常報酬率與以下六個變數的關係: 帳面市值比, 宣告買回比率, 買回目的, 現金買回比率, 買回金額上限, 與執行率。 此樣本採自從2001年一月至2008年十二月, 並分為以下四組資料來探討庫藏股買回對不同類股報酬率的影響: 上市公司, 上市公司的金融類股, 上市公司的食品類股, 上市公司的營建類股 研究結果如下:
1. 對上市公司來說, 庫藏股買回期間, 帳面市價比, 買回目的, 現金買回比例與異常報酬呈正向相關。 2. 對上市公司金融股來說, 庫藏股買回期間, 帳面市值比與異常報酬呈正向相關。 3. 對上市公司食品股來說, 庫藏股買回期間, 最大買回金額上限與異常報酬呈正向相關。 4. 對上市公司營建股來說, 庫藏股買回期間, 執行比率與異常報酬呈正向相關。 | zh_TW |
| dc.description.abstract | This study investigates the relationship between abnormal return and book to market ratio, the announced repurchase ratio, repurchase purpose, cash to stock repurchase value ratio, maximum monetary amount of stock repurchase and execution ratio. The sample, from January 2001 to December 2008, is divided into four groups, treasury stocks of listed companies, the financial-sector treasury stocks of listed companies, the food-sector treasury stocks of listed companies, and the construction-sector treasury stocks of listed companies to analyze different effects among companies in different sectors. Findings of this study are as follows:
1. For treasury stocks of all listed companies, the “book-to-market ratio,” “repurchase purchase,” and “cash to stock repurchase value ratio” are positively related to the abnormal return during the stock repurchase period. 2. For financial-sector treasury stocks, the “book-to-market ratio” is significantly and positively related to abnormal return during the stock repurchase period. 3. For food-sector treasury stocks, the “maximum montary amount of stock repurchase” is positively and significantly related to abnormal return during the stock repurchase period. 4. For construction-sector treasury stocks, the “execution ratio” is significantly and positively related to abnormal return during the stock repurchase period. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T04:26:05Z (GMT). No. of bitstreams: 1 ntu-99-R96724052-1.pdf: 628404 bytes, checksum: e8e815162df89a75017256b7a70b44f4 (MD5) Previous issue date: 2010 | en |
| dc.description.tableofcontents | Acknowledgement i
Chinese Abstract ii English Abstract iii Chapter 1 Introduction 5 1.1 Research Background 5 1.2. Research Motivation 5 1.3. Research Process 7 Chapter 2 Literature Review 8 2.1 Hypotheses of Stock Repurchase 8 2.2 Studies of Stock Repurchase 9 A. Literature in English 9 B. Literature in Chinese 11 Chapter 3 Research Methodology 16 3.1 Conceptual Framework 16 3.2. Empirical Procedure 17 3.3 Research Hypothesis 19 3.4. Definitions of Operational Variables 22 3.5 Data Description 24 3.6. Analysis Method 25 3.6.1. Event Study Method 25 3.6.2. CAPM (Capital Asset Pricing Model) 26 3.6.3. Abnormal Return Computation 27 3.6.4.The Calculation of Cumulative Abnormal Return (CARt) 28 3.6.5. The Statistical Test of Average Abnormal Return 28 3.6.6. Regression Analysis 29 3.7. Research Limitation 35 Chapter 4 Empirical Tests 36 4.1 T-test of Abnormal Return 36 4.2 Regression Analysis 38 4.2.1 Diagnosis 38 4.2.2.Result 41 Chapter 5 Conclusions 47 Reference 50 | |
| dc.language.iso | en | |
| dc.subject | 買回金額 | zh_TW |
| dc.subject | 庫藏股 | zh_TW |
| dc.subject | 宣告買回 | zh_TW |
| dc.subject | 現金買回 | zh_TW |
| dc.subject | 買回目的 | zh_TW |
| dc.subject | 最大買回 | zh_TW |
| dc.subject | 淨值市價比 | zh_TW |
| dc.subject | cash to stock repurchase value ratio | en |
| dc.subject | maximum monetary amount | en |
| dc.subject | book to market ratio | en |
| dc.subject | stock repurchase | en |
| dc.subject | announced repurchase ratio | en |
| dc.subject | repurchase purpose | en |
| dc.title | 庫藏股收回對台股報酬率影響之研究 | zh_TW |
| dc.title | An Empirical Study of the Relationship between Stock Repurchase and Stock Returns in Taiwan | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 98-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳明賢(Ming-Shian Chen),胡星陽(Shing- Yang Hu) | |
| dc.subject.keyword | 庫藏股,宣告買回,現金買回,買回目的,最大買回,淨值市價比,買回金額, | zh_TW |
| dc.subject.keyword | stock repurchase,announced repurchase ratio,cash to stock repurchase value ratio,repurchase purpose,book to market ratio,maximum monetary amount, | en |
| dc.relation.page | 56 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2010-02-23 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
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