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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117541

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117541

Title:	Does Prior Record Matter in the Wealth Effect of Open-Market Share Repurchase Announcements?
Authors:	陳聖賢 Chang, Shao-Chi Chen, Sheng-Syan Chen, Li-Yu
Contributors:	財管系
Keywords:	Share repurchase;Record on actual buyback;Stock performance
Date:	2010
Issue Date:	2018-06-11 17:00:10 (UTC+8)
Abstract:	This study investigates whether prior experience of share repurchases matters in the market reactions to the subsequent repurchase announcements. Specifically, we study the prior record on actual buybacks and post-announcement stock performance. We find that upon the announcement of share repurchases, stock markets not only respond more positively to those made by firms that have better record on actual buyback following their previous repurchase plan announcements, but also experience a stronger reaction for announcing firms with better stock performance after prior repurchase announcements. These results hold even after controlling for other variables that are found important in influencing the market reactions to repurchase announcements.
Relation:	International Review of Economics and Finance, Vol.19, No.3, pp.427-435
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.iref.2009.10.015
DOI:	10.1016/j.iref.2009.10.015
Appears in Collections:	[Department of Finance] Periodical Articles

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