https://scholars.lib.ntu.edu.tw/handle/123456789/414866
標題: | Motivation for Repurchases: A Life Cycle Explanation | 作者: | Liang W. Chan K. Lai W.-H. Wang Y. |
關鍵字: | Free cash flow;Life cycle;Repurchase;Signaling | 公開日期: | 2013 | 卷: | 43 | 期: | 2 | 起(迄)頁: | 221-242 | 來源出版物: | Journal of Financial Services Research | 摘要: | This study examines the motives for share repurchases. Whereas most prior research points to either the signaling or free cash flow hypothesis, we find that the motives for repurchases differ depending on the firm's life cycle stage. Specifically, we find that a firm in the growth stage tends to announce a repurchase program to signal its undervalued stock whereas a firm in the mature stage is prone to buy back shares to dispense excess free cash flow. We also find that the market reaction to repurchase announcements corroborates this life-cycle argument. ? 2012 Springer Science+Business Media, LLC. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414866 | ISSN: | 09208550 | DOI: | 10.1007/s10693-011-0126-7 |
顯示於: | 財務金融學系 |
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