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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/63031


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    题名: Share Repurchases as a Tool to Mislead Investors
    作者: 湛可南
    Chan,Konan;David L. Ikenberry;Lee,Inmoo;Wang,Yanzhi
    贡献者: 財管系
    关键词: Share repurchase;Earnings management;Managerial signal
    日期: 2010.04
    上传时间: 2013-12-26 17:28:02 (UTC+8)
    摘要: A rich literature argues that stock repurchases often serve as positive economic signals beneficial to investors. Yet due to their inherent flexibility, open-market repurchase programs have long been criticized as weak signals lacking commitment. We evaluate whether some managers potentially use buyback announcements to mislead investors. We focus on cases where managers were seemingly under heavy pressure to boost stock prices and might have announced a repurchase only to convey a false signal. For suspect cases, the immediate market reaction to a buyback announcement does not differ from that generally observed. However over longer horizons, suspect firms do not enjoy the improvement in economic performance otherwise observed. Suspect firms repurchase less stock. Further, managers in suspect firms have comparatively higher exposure to stock options, a potentially endogenous result suggesting greater sensitivity to both stock valuation and to future equity dilution. Overall, the results suggest only a limited number of managers may have used buybacks in a misleading way as “cheap talk.” Yet as theory also suggests, we find no long-run economic benefit to this behavior.
    關聯: Journal of Corporate Finance, 16(2), 137-158
    数据类型: article
    显示于类别:[財務管理學系] 期刊論文

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