| 摘要(英) |
The purpose of the paper is to investigate whether the investor’s decision to announce a repurchase is based on the difference in the circumstances of the net insider trading and the purpose of the announcement. However, after the announcement, there is a significant difference in abnormal returns in the short and long term. Firstly, this paper divided insider trading into two groups: net buy and net sell, and extended the observation period to the third year after the announcement, and analyzed the short-term and long-term abnormal returns of the stock price of these two groups respectively. Subsequently, by grouping the above modules according to the purpose of the repurchase and to analyze whether the abnormal returns of the stock price in each period are different from those before the grouping.
The research showed that the effect of the announcement of the stock price in each period was lower when there was net sell than when there was a net buy, and the abnormal return of stock price after the announcement of the treasury stock did not shift from negative to positive. In the case of an insider trading as a net buy and the purpose of the repurchase is to transfer to employees, the reaction of stock price after the announcement is greater than if the purpose of the repurchase is to maintain shareholders′ equity; In the case of insider trading as a net sell and the purpose of the repurchase is to maintain shareholders′ equity, and there was a significant increase in abnormal return of stock price after the announcement in the first quarter, first year and second year. As a result, both the net insider trading activity and the repurchase purpose have an impact on the stock price. |
| 參考文獻 |
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