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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117571
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117571


    Title: The Differential Information Conveyed by Share Repurchase Tender Offers and Dividend Increases
    Authors: 陳聖賢
    Choi, Dosoung
    Chen, Sheng-Syan
    Contributors: 財管系
    Date: 1997
    Issue Date: 2018-06-11 18:09:02 (UTC+8)
    Abstract: We identify the difference in the private information conveyed by the announcements of a share repurchase tender offer and of a regular dividend increase. We find that, after controlling for timing, industry, size of cash distribution, and other firm‐specific characteristics, a share repurchase tender offer causes a much larger stock price response than a regular dividend increase. The results suggest that the two cash distribution mechanisms convey differential information. Further examination of the differential information indicates that (1) the upward revision in financial analysts' earnings forecasts following a share repurchase is, on average, greater than that following a regular dividend increase, and (2) a repurchase announcement is followed by a permanent decline in the firms' systematic risk while a dividend‐increase announcement is not.
    Relation: Journal of Financial Research, Vol.20, No.4, pp.529-543
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1111/j.1475-6803.1997.tb00264.x
    DOI: 10.1111/j.1475-6803.1997.tb00264.x
    Appears in Collections:[財務管理學系] 期刊論文

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