abstract / Business / Doctoral / Doctor of Philosophy

M.Com. (Financial Management) / Please refer to full text to view abstract

by Ng Kwok-Kwai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 100-101). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / PREFACE --- p.vii / ACKNOWLEDGEMENTS --- p.ix / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Share Repurchase Activities in Hong Kong - Historical Statistics --- p.1 / Types of Share Repurchase --- p.7 / Chapter II. --- LITERATURE REVIEW --- p.9 / Empirical Study on Abnormal Return --- p.9 / Motivation for Open Market Share Repurchase --- p.10 / Signalling Hypothesis --- p.10 / Dividend Taxation Hypothesis --- p.10 / Leverage Hypothesis --- p.10 / Bondholder Expropriation Hypothesis --- p.10 / Scope of this Study --- p.12 / Chapter III. --- DATA --- p.13 / Sources --- p.13 / Sampling Period --- p.13 / Screening/Sample Size --- p.14 / Chapter IV. --- METHODOLOGY --- p.15 / Announcement Day --- p.15 / Time Horizons --- p.16 / Price Performance --- p.17 / Abnormal Return --- p.17 / Cumulative Abnormal Return --- p.18 / Definition of Variables and Formulae --- p.19 / Variables --- p.19 / Formulae --- p.20 / Computation Process --- p.20 / Stage I - Evaluation of Cumulative Abnormal Return(CAR) --- p.20 / Abnormal return - beta adjustment --- p.20 / Cumulative abnormal return --- p.21 / Stage II - CAR verse other Variables --- p.21 / Other variables --- p.21 / Sub-sample classification --- p.22 / Stage III - Regression of CAR with other Variables --- p.23 / Chapter V. --- RESULTS AND IMPLICATIONS --- p.24 / Cumulative Abnormal Return --- p.24 / Short Term Performance --- p.24 / Long Term Performance --- p.24 / "Cumulative Abnormal Return verse Market-to-Book Ratio, Market Value and Monthly Frequency" --- p.28 / Short Term Performance --- p.28 / Market-to-book ratio --- p.28 / Market value --- p.34 / Monthly frequency --- p.39 / Long Term Performance --- p.44 / Market-to-book ratio --- p.44 / Market value --- p.50 / Monthly frequency --- p.55 / "Regression of CAR verse Market-to-Book Ratio, Market Value and Monthly Frequency" --- p.61 / Short Term --- p.61 / Long Term --- p.62 / Chapter VI. --- CONCLUSION --- p.63 / Summary --- p.63 / Recommendation --- p.64 / APPENDIX I --- p.66 / APPENDIX II --- p.70 / APPENDIX III --- p.72 / APPENDIX IV --- p.96 / BIBLIOGRAPHY --- p.100

Thesis (Ph. D.)--University of Missouri-Columbia, 2003. / Typescript. Vita. Includes bibliographical references (leaves 115-118). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 2003. / Typescript. Vita. Includes bibliographical references (leaves 115-118). Also available on the Internet.

This thesis investigates real earnings management behaviors in the context of open market share repurchase. I use three proxies developed by Roychowdhury (2006) to measure real earnings management behaviors, including abnormal cash flow from operations (DCFO), abnormal production costs (DPROD) and abnormal discretionary costs (DDISX). In comparison to existing literature that documents the impact of accrual earnings management on post-repurchase performance, this thesis endeavors in investigate thoroughly both methods of earnings management. I find that repurchasing firms not only engage in accrual earnings management as is documented in Gong, Louis and Sun (2008) but also engage in real earnings management. Empirically, repurchasing firms have significant positive DCFO and negative DPROD in the year of announcements, both of which are earnings-reducing real activities. Repurchasing firms do not exhibit significant evidence of earnings-reducing DDISX in the year of announcements, but they experience earnings-reducing DDISX in all the three years prior to announcements. As predicted, the operating performance and stock performance of a repurchasing firm can be explained by pre-announcement earnings-reducing accrual manipulations and pre-announcement earnings-decreasing real earnings management. Specifically, the pre-repurchase downward DPROD makes the most important explanatory variable in both repurchasing and actual repurchasing samples whether controlling for DACC or not. The pre-repurchase upward DCFO is most relevant in determining the post-repurchase stock performances. / published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

Thesis (doctoral)--Universität Erlangen.

Thesis (Ph. D.)--University of Washington, 2001. / Vita. Includes bibliographical references (leaves 94-100).

Includes bibliographical references (p. 31-35).

Thesis (Ph. D.)--University of Missouri-Columbia, 2006. / The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on April 29, 2009) Vita. Includes bibliographical references.