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The defense date of the thesis is 2009-07-10
The current date is 2019-07-19
URN etd-0707109-150441 Statistics This thesis had been viewed 2270 times. Download 4 times. Author Chun-ru Chan Author's Email Address No Public. Department Management Business Administration Year 2008 Semester 2 Degree Master Type of Document Master's Thesis Language Chinese&English Page Count 136 Title OPEN-MARKET REPURCHASES, EARNINGS MANAGEMENT, FIRM PERFORMANCE, AND STOCK RETURN Keyword Firm Performance Earnings Management Open-Market Repurchases Open-Market Repurchases Earnings Management Firm Performance Abstract Since the end of 2007, the subprime mortgage crisis broke out in the U.S. The crisis led to financial tsunami and quickly spread throughout the world, then hit the global economy. Wall Street was washed away by the financial tsunami. Taiwan stock market was also impacted by the crisis. In order to reduce losses that caused by the stock fall and re-establish investor’s confidence, company can stabilize stock prices by using treasury stock to stop stock prices drop.
However, the implementation of treasury stock system has both pros and cons, the biggest abuse is it may be easy to become a major shareholders’ insider trading tool. Moreover, there are serious information asymmetry between the users of financial reports and the managements. Therefore, understanding the motivation for repurchasing stock will help investors to measure firms’ operation performance and investment risk.
Our sample this study used is from TEJ spanning the period from year 2000 to 2006, and all of these years are 7 years, and we analyze the association between pre-repurchase accruals and post-repurchase operating and stock performance.
The empirical results are summarized as follows:
1. There are no significantly reported improvement in post-repurchase operating performance and post-repurchase stock performance.
2. Pre-repurchases abnormal accruals are significantly negative.
3. pre-repurchase abnormal accruals are negatively associated with both post-repurchase operating performance and post-repurchase stock performance.
4. There is larger range of pre-repurchases downward abnormal accruals when firms with high percentage of pledged shares.
Advisor Committee Ruey-Shii Chen - advisor
Files Date of Defense 2009-06-26 Date of Submission 2009-07-10