Abnormal Stock Return, and Share Repurchases following Intangible Asset increases

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题名:	Abnormal Stock Return, and Share Repurchases following Intangible Asset increases
作者:	張眾卓;Chang, Chong-Chuo;Yung-Sheng Su;Roger C.Y. Chen
贡献者:	財務金融學系
关键词:	Abnormal Stock Return;Research and Development;Intangible Assets;Share Repurchases;Information Asymmetry
日期:	2009-09
上传时间:	2012-11-26 02:37:13 (UTC+0)
摘要:	This study assumes that firms with significant increases in research and development (R&D) expenditures have more information asymmetry between managers and investors. These firms may have greater difficulty in reflecting intrinsic firm value than other firms, and may have incentive to repurchase outstanding shares. Consequently, this study examines the relations among R&D, abnormal stock returns, and share repurchases. The empirical results demonstrate that firms that economically significantly increase in R&D exhibit abnormal stock returns. Such firms are more likely to make share repurchases, and abnormal stock returns are associated with positive repurchase announcements.
關聯:	Contemporary Management Research,5(3),259-272.
显示于类别:	[財務金融學系] 期刊論文

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