Earticle

초록

영어

This study examined the information effect of open market stock repurchase program on stock price in Korean Stock Exchange. The sample period is from 1996 to 2000. The result confirms that the information effect exists and is positive in KSE like NYSE. The anomalous phenomenon is found that even after stock repurchase announcement, the abnormal returns still exist for the long time. This means that the repurcase announcement informs the market of the underpricing of current stock and the stock repurchase program is used as a tool to increase the stock price. Such being the case, the cause of information effect of stock repurchase was explored. Our study shows that the firms with the high level of cash flows, the high portion of large shreholders and the high target repurchase ratios have the higher repurchase effect but the ex-ante profit forecastes have no effect on the stock repurchase program. Finally this study finds that the repurchase program is used to control the underpriced stock price, and also the wealth of shareholders is enlarged by the productivity of shareholders through the repurchase program.

목차

I. 서론
 II. 기존연구
 III. 표본선정과 연구방법
 IV. 실증분석
 IV. 요약 및 결론
 참고문헌
 ABSTRACT

저자

• 남명수 [ Myung Soo Nam | 인하대학교 경영학부 교수 ]
• 오우식 [ Woo Sik Oh | 인하대학교 박사과정 ]

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