標題: Stock repurchase and agency problems - New evidence in Taiwan's stock market
作者: Lo, Keng-Hsin
Wang, Kehuh
Yeh, Chun-Tsen
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: agency cost;agency problem;free cash flow;managerial ownership;stock repurchase
公開日期: 1-一月-2008
摘要: This paper explores stock repurchase and agency issues in an emerging market with special regulations. Using match samples, agency-related variables are investigated for pre- and postannouncement periods. Our empirical evidence demonstrates that stock repurchase is related to agency cost mitigation, Agency problems are also significantly related to the preannouncement undervaluation of stock repurchase, after controlling for the effects of growth opportunity and asymmetric information. Finally, a company with a higher ratio of expected repurchase or higher agency costs normally enjoys better market response upon announcement.
URI: http://dx.doi.org/10.2753/REE1540-496X440105
http://hdl.handle.net/11536/14293
ISSN: 1540-496X
DOI: 10.2753/REE1540-496X440105
期刊: EMERGING MARKETS FINANCE AND TRADE
Volume: 44
Issue: 1
起始頁: 84
結束頁: 94
顯示於類別:期刊論文