https://scholars.lib.ntu.edu.tw/handle/123456789/414868
標題: | Financial constraints and share repurchases | 作者: | Chen, Sheng-Syan Wang, Yanzhi |
關鍵字: | Corporate liquidity;Financial constraint;Managerial hubris;Share repurchase | 公開日期: | 2012 | 卷: | 105 | 期: | 2 | 起(迄)頁: | 311-331 | 來源出版物: | Journal of Financial Economics | 摘要: | We examine how the financial constraints of repurchasing firms affect their post-buyback performance. By every constraint measure we use, a set of constrained firms repurchase. They display significantly poorer post-buyback abnormal return and operating performance than unconstrained firms. Financial constraints are more important in explaining the performance of share buybacks for firms with high actual repurchase ratios. Constrained firms, especially those with high actual repurchase ratios, experience a significantly greater increase in post-buyback distress risk than unconstrained firms. Managerial hubris could explain why constrained firms buy back shares even if the buybacks do not improve shareholder wealth. ? 2012 Elsevier B.V.. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414868 | ISSN: | 0304405X | DOI: | 10.1016/j.jfineco.2012.03.003 |
顯示於: | 財務金融學系 |
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