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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/61758

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/61758

Title:	Motivation for Repurchases: A Life Cycle Explanation
Authors:	湛可南 Liang, Woan-lih;Chan, Konan;Lai, Wei-Hsien;Wang, Yanzhi
Contributors:	財管系
Keywords:	Repurchase;Life cycle;Signaling;Free cash flow
Date:	2013-04
Issue Date:	2013-11-21 14:56:38 (UTC+8)
Abstract:	This study examines the motives for share repurchases. Whereas most prior research points to either the signaling or free cash flow hypothesis, we find that the motives for repurchases differ depending on the firm’s life cycle stage. Specifically, we find that a firm in the growth stage tends to announce a repurchase program to signal its undervalued stock whereas a firm in the mature stage is prone to buy back shares to dispense excess free cash flow. We also find that the market reaction to repurchase announcements corroborates this life-cycle argument.
Relation:	Journal of Financial Services Research, 43, (2),221-242
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1007/s10693-011-0126-7
DOI:	10.1007/s10693-011-0126-7
Appears in Collections:	[財務管理學系] 期刊論文

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