公开市场股票回购研究综述
外国经济与管理 2005 年 第 27 卷第 11 期, 页码:
摘要
参考文献
摘要
随着股票回购的日益普及,公开市场回购方式日益受到重视。本文主要从回购动机、回购公司特征、回购所产生的市场效应以及回购过程中内部人交易行为等方面,对公开市场股票回购问题进行了系统梳理和综述,并结合我国股票回购发展现状做简要的评述。
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[30]Raad,Elias and Wu,H K.Insider trading effects on stock returns around open-market stock repurchase announce-ments:an empirical study[J].Journal of Financial Research,1995,18:45-47.
[31]Li,K and W Mcnally.The decision to repurchase,announcement returns and insider holdings:a conditional eventstudy[J].Journal of Applied Finance,2003,9:55-70.
[32]Howe,K M,S Vogt,and J He.The effect of managerial ownership on the short-and long-run response to cash distri-butions[J].The Financial Review,2003,38:179-196.
[33]Ho,L J,C Liu and R Ramanan.Open-market stock repurchase announcements and revaluation of prior accounting in-formation[J].The Accounting Review,1997,72(3):475-487.
[34]C P Stephens and M S Weisbach.Actual share reacquisitions in open-market repurchase programs[J].Journal of Fi-nance,1998,53(1):313-333.
[35]Liano,Kartono,Huang,Gow-cheng,Manakyan Herman.Market reaction to open market stock repurchases and in-dustry affiliation[J].Quarterly Journal of Business&Economics,2003,42(1/2):97-120.
[36]Douglas O Cook,Laurie Krigm,J Chris Leach.An analysis of SEC guidelines for executing open market repurchases[J].The Journal of Business,2003,76:289-315.
[37]Matthew J Gardella.New SEC rules for stock repurchases[J].Insights,2004,18(1):19-26.
[2]Jagannathan,M,C P Stephens and M S Weisbach.Financial flexibility and the choice between dividends and stock repur-chases[J].Journal of Financial Economics,2000,57:355-384.
[3]Grullon,G,and D Ikenberry.What do we know about share repurchases?[J].Journal of Applied Corporate Finance,2000,3:31-51.
[4]Dittmar,Amy K.Why do firms repurchase stock?[J].The Journal of Business,2000,73(3):331-355.
[5]Baker,H K,G E Powell,&E T Veit.Why company use open-market repurchase:a managerial perspective[J].TheQuarterly Review of Economics and Finance,2003,43:483-504.
[6]Guay,Wayne and Jarrad Harford.The cash-flow permanence and information content of dividend increases versus repur-chases[J].Journal of Financial Economics,2000,57:385-415.
[7]Gustavo Grullon,Roni Michaely.Dividends,share repurchases,and the substitution hypothesis[J].The Journal of Fi-nance,2002,7(4):1649-1684.
[8]Brav,A,J R Graham,C R Harvey,and R Michaely.Payout policy in the 21st century[J].Journal of Financial Econom-ics,2005,77(3):483-527.
[9]Vafeas,N and O M Joy.Open market share repurchases and the free cash flow hypothesis[J].Economics Letters,1995,48:405-410.
[10]Nohel,T and V Tarhen.Share repurchases and firm performance:new evidence on the agency cost of free cash flow[J].Journal of Financial Economics,1998,49:187-222.
[11]Stephens,C and M Weisbach.Actual share reacquisitions in open market repurchase programs[J].Journal of Finance,1998,53:313-334.
[12]Ikenberry,J Lakonishok and T Vermaelen.Market underreaction to open market share repurchases[J].Journal of Fi-nancial Economics,1995,39:181-208.
[13]Graham Jr,Roger C,King,Raymond D.Do share repurchases harm uninformed shareholders?[J].Financial Practice&Education,2000,10(1):11-16.
[14]Erwin,G and J M Miller.The intra-industry effects of open market share repurchases:contagion or competitive?[J].The Journal of Financial Research,1998,21(4):389-406.
[15]Otchere,Isaac,Ross,Matthew.Do share buy back announcements convey firm-specific or industry-wide information?a test of the undervaluation hypothesis[J].International Review of Financial Analysis,2002,11(4):511-531.
[16]Barth,Mary E and R Kasznik.Share repurchase and intangible assets[J].Journal of Accounting and Economics,1999,28(2):211-241.
[17]Kahle,Kathleen M.When a buyback isn’t a buyback:open-market repurchases and employee options[J].Journal ofFinancial Economics,2002,63:235-261.
[18]Bens,Daniel A,Nagar,Venky,Skinner,Douglas J,Wong,M H Franco.Employee stock options,EPS dilution,andstock repurchases[J].Journal of Accounting&Economics,2003,36(1/3):51-91.
[19]Fenn,G W,and N Liang.Corporate payout policy and managerial stock incentives[J].Journal of Financial Economics,2001,60(1):45-72.
[20]Isagawa,Nobuyuki.Open-market stock repurchase and stock price behavior when management values real investment[J].The Financial Review,2000,35(4):95-108.
[21]Jesse M Fried.Open market repurchases:signaling or managerial opportunism?[J].Theoretical Inquiries in Law,2001,2(2):1-31.
[22]Anthony Yanxiang Gu,Michael Schinski.Patriotic stock repurchases:the two weeks following the 9-11 attack[J].Re-view of Quantitative Finance and Accounting,2003,20(3):267-276.
[23]Nidal Rashid Sabri.Using treasury“repurchase”shares to stabilize stock markets[J].International Journal of Busi-ness,2003,8(4):425-450.
[24]Daryl M Guffey,and Douglas K Schneider.Financial characteristics of firms announcing share repurchases[J].TheJournal of Business and Economic Studies,2004,10(2):13-27.
[25]Jagannathan,M and C P Stephens.Motives for multiple open-market repurchase programs[J].Financial Management,2003,32:71-91.
[26]Ikenberry,D,J Lakonishok,and T Vermaelen.Market underreaction to open market share repurchases[J].Journal ofFinancial Economics,1995,39(2/3):181-208.
[27]Ikenberry,D,J Lakonishok,and T Vermaelen.Stock repurchases in Canada:performance and strategic trading[J].Journal of Finance,2000,55(5):2373-2397.
[28]Liu,Chao-Shin&David A Ziebart.Stock returns and open-market stock repurchase announcements[J].The FinancialReview,1997,32(3):709-728.
[29]Lie,Erik.Operating performance following open market share repurchase announcements[J].Journal of Accounting&Economics,2005,39(3):411-436.
[30]Raad,Elias and Wu,H K.Insider trading effects on stock returns around open-market stock repurchase announce-ments:an empirical study[J].Journal of Financial Research,1995,18:45-47.
[31]Li,K and W Mcnally.The decision to repurchase,announcement returns and insider holdings:a conditional eventstudy[J].Journal of Applied Finance,2003,9:55-70.
[32]Howe,K M,S Vogt,and J He.The effect of managerial ownership on the short-and long-run response to cash distri-butions[J].The Financial Review,2003,38:179-196.
[33]Ho,L J,C Liu and R Ramanan.Open-market stock repurchase announcements and revaluation of prior accounting in-formation[J].The Accounting Review,1997,72(3):475-487.
[34]C P Stephens and M S Weisbach.Actual share reacquisitions in open-market repurchase programs[J].Journal of Fi-nance,1998,53(1):313-333.
[35]Liano,Kartono,Huang,Gow-cheng,Manakyan Herman.Market reaction to open market stock repurchases and in-dustry affiliation[J].Quarterly Journal of Business&Economics,2003,42(1/2):97-120.
[36]Douglas O Cook,Laurie Krigm,J Chris Leach.An analysis of SEC guidelines for executing open market repurchases[J].The Journal of Business,2003,76:289-315.
[37]Matthew J Gardella.New SEC rules for stock repurchases[J].Insights,2004,18(1):19-26.
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韩永斌. 公开市场股票回购研究综述[J]. 外国经济与管理, 2005, 27(11): 0.
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