The performance of Taiwanese firms after a share repurchase announcement

The performance of Taiwanese firms after a share repurchase announcement This study uses stochastic dominance analysis to examine the financial performance of Taiwanese firms from 2000 to 2013 after their announcement of a share repurchase program. Our results show that the firms in the repurchase portfolio perform poorly prior to the announcement, but improve dramatically to outperform different benchmarks after the repurchase announcement. For firms in the repurchase portfolio, we find that (1) the firms with a high book-to-market ratio outperform firms with a low book-to-market ratio, (2) smaller firms outperform larger firms, and (3) there is no significant difference in performance between firms with different percentages of completing the repurchase programs. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Quantitative Finance and Accounting Springer Journals

The performance of Taiwanese firms after a share repurchase announcement

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Publisher
Springer US
Copyright
Copyright © 2015 by Springer Science+Business Media New York
Subject
Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
ISSN
0924-865X
eISSN
1573-7179
D.O.I.
10.1007/s11156-015-0537-x
Publisher site
See Article on Publisher Site

Abstract

This study uses stochastic dominance analysis to examine the financial performance of Taiwanese firms from 2000 to 2013 after their announcement of a share repurchase program. Our results show that the firms in the repurchase portfolio perform poorly prior to the announcement, but improve dramatically to outperform different benchmarks after the repurchase announcement. For firms in the repurchase portfolio, we find that (1) the firms with a high book-to-market ratio outperform firms with a low book-to-market ratio, (2) smaller firms outperform larger firms, and (3) there is no significant difference in performance between firms with different percentages of completing the repurchase programs.

Journal

Review of Quantitative Finance and AccountingSpringer Journals

Published: Sep 12, 2015

References

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