Earticle

초록

영어

In this paper, we analyze share repurchase rumors comparing them with share repurchase announcements in the period from 1999 to 2010. We found the empirical evidence that share repurchase rumors exhibit positive signaling effect comparable to the announcement effect of share repurchases. We then extend the existing theory of rumors (information transmission) by introducing the concept of publication status. Publication of rumors changes their status from private to public information. This transition results in smaller abnormal returns and acceleration in uninformed liquidity trading. In addition, empirical evidence suggests that the stock market differentiates information from different publication sources, e.g., major news providers versus self reporting company presses.

목차

Abstract
 I. Introduction
 II. Rumors and the publication effects
  A. Definition of Rumor
  B. Publication effects
 III. Literature review and hypothesis
  A. Prior studies on rumor and motivation of the study
  B. Prior studies on share repurchase
  C. Hypotheses
 IV. Data and methodology
  A. Data
  B. Methodology
 V. Empirical results
 VI. Conclusion
 Reference
 Table

키워드

저자

• Inho Kim [ Carl H. Lindner College of Business University of Cincinnati ]
• Yong H. Kim [ Carl H. Lindner College of Business University of Cincinnati ] Corresponding authors

참고문헌

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330