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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117547
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117547

    Title: Financial Constraints and Share Repurchases
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Wang, Yanzhi
    Contributors: 財管系
    Keywords: Share repurchase;Financial constraint;Corporate liquidity;Managerial hubris
    Date: 2012
    Issue Date: 2018-06-11 17:12:49 (UTC+8)
    Abstract: We examine how the financial constraints of repurchasing firms affect their post-buyback performance. By every constraint measure we use, a set of constrained firms repurchase. They display significantly poorer post-buyback abnormal return and operating performance than unconstrained firms. Financial constraints are more important in explaining the performance of share buybacks for firms with high actual repurchase ratios. Constrained firms, especially those with high actual repurchase ratios, experience a significantly greater increase in post-buyback distress risk than unconstrained firms. Managerial hubris could explain why constrained firms buy back shares even if the buybacks do not improve shareholder wealth.
    Relation: Journal of Financial Economics, Vol.105, No.2, pp.311-331
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/j.jfineco.2012.03.003
    DOI: 10.1016/j.jfineco.2012.03.003
    Appears in Collections:[財務管理學系] 期刊論文

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