碩士 / 長榮大學 / 經營管理研究所 / 98 / This study aims to analyze whether the repurchase of stocks by the listed companies in Taiwan has positive announcement effect during the financial crisis period. We also discuss whether the abnormal return exists
with various purpose or ratio of repurchase after the announcement. Furthermore, we also analyze whether the past financial performance of listed companies has positive announcement effect on stock repurchase. The empirical result shows that the stock price usually drops abnormally before the announcement of repurchase, and it certainly has positive announcement effect after the announcement , even during the financial crisis period. In addition, the empirical result also shows that different repurchase purpose or ratio will certainly impact the rate of abnormal return after the announcement , without the influence of financial crisis. At last, the empirical results suggest that the change of pretax margin and interest coverage ratio will result in different abnormal returns after the announcement. However, the change of return on assets, return on equity, liquidity ratio, current ratio and debt ratio have no significant impact on abnormal returns after the announcement of stock repurchase.
| Identifer | oai:union.ndltd.org:TW/098CJU00457030 |
| Date | January 2010 |
| Creators | Bo-Ua Chen, 陳柏宇 |
| Contributors | 林佳靜 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 77 |
Page generated in 0.0018 seconds