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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


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    题名: The Differential Information Conveyed by Share Repurchase Tender Offers and Dividend Increases
    作者: 陳聖賢
    Choi, Dosoung
    Chen, Sheng-Syan
    贡献者: 財管系
    日期: 1997
    上传时间: 2018-06-11 18:09:02 (UTC+8)
    摘要: 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.
    關聯: Journal of Financial Research, Vol.20, No.4, pp.529-543
    数据类型: 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
    显示于类别:[財務管理學系] 期刊論文

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