Earticle

초록

영어

This paper examines the investor sentiment and market timing of stock repurchases using 370 samples of Kosdaq market stock repurchase announcements between 2000 and 2007. We employ the framework of Baker and Wurgler (2006) to measure the investor sentiment on stock market. Results of event study are consistent with the previous empirical findings. The cumulative abnormal returns (CARs) using the market model and market-adjusted model between -3 and +3 of the event date are both statistically significant, averaging around 3%. However, the average of twelve-months abnormal returns (CARs and BHARs) are negative that is inconsistent with the underreaction hypothesis of Ikenberry et al.(1995). Our empirical findings are as follows. First, we can find that stock repurchases are more likely to be announced by firms in which investor sentiment is cold. Second, more negative sentiment leads to higher long-term abnormal returns. Also, we find that firms with higher sensitivity to sentiment are tend to have higher long-term abnormal returns after the repurchase announcements. This implies the existence of market timing of repurchasing firms. We found that investor sentiment is important factor for firms to decide stock repurchases,especially for firms with higher sensitivity to sentiment.

목차

I. 서론
 II. 선행연구의 검토
 III. 연구의 방법
 IV. 실증분석 결과
 V. 결론
 〈참고문헌 〉
 Abstract

키워드

저자

• 변진호 [ Jin-Ho Byun | 이화여자대학교 경영대학 경영학전공 교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330