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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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