完整後設資料紀錄
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dc.contributor.authorLiang, Woan-lihen_US
dc.date.accessioned2017-04-21T06:56:25Z-
dc.date.available2017-04-21T06:56:25Z-
dc.date.issued2016-10en_US
dc.identifier.issn0378-4266en_US
dc.identifier.urihttp://dx.doi.org/10.1016/j.jbankfin.2016.06.003en_US
dc.identifier.urihttp://hdl.handle.net/11536/132722-
dc.description.abstractThis paper finds that stocks of repurchasers with high sensitivity to investor sentiment are more likely to be mispriced. Thus, such repurchases are followed by superior post-buyback stock performance. This abnormal return associated with sensitivity to sentiment cannot be explained by other undervaluation factors: book-to-market or prior return effects. My results are robust with factor model analysis and controls for contamination effects. I conclude that this sentiment-driven undervaluation may result from the difficulty to value and/or limits to arbitrage rather than investor overreaction. (C) 2016 Elsevier B.V. All rights reserved.en_US
dc.language.isoen_USen_US
dc.subjectRepurchasesen_US
dc.subjectInvestor sentimenten_US
dc.subjectUndervaluationen_US
dc.subjectMispricingen_US
dc.titleSensitivity to investor sentiment and stock performance of open market share repurchasesen_US
dc.identifier.doi10.1016/j.jbankfin.2016.06.003en_US
dc.identifier.journalJOURNAL OF BANKING & FINANCEen_US
dc.citation.volume71en_US
dc.citation.spage75en_US
dc.citation.epage94en_US
dc.contributor.department資訊管理與財務金融系 註:原資管所+財金所zh_TW
dc.contributor.departmentDepartment of Information Management and Financeen_US
dc.identifier.wosnumberWOS:000386407300006en_US
顯示於類別:期刊論文