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Mimicking repurchases and corporate ...

Hong Kong Baptist University (Hong Kong).

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Mimicking repurchases and corporate governance: A cross-country study.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Mimicking repurchases and corporate governance: A cross-country study./
Author:	Zhang, Xu.
Description:	96 p.
Notes:	Adviser: In-Mu Haw.
Contained By:	Dissertation Abstracts International70-02A.
Subject:	Business Administration, Management. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3346952
ISBN:	9781109022742

Mimicking repurchases and corporate governance: A cross-country study.
Zhang, Xu.

Mimicking repurchases and corporate governance: A cross-country study. - 96 p.

Adviser: In-Mu Haw.

Thesis (Ph.D.)--Hong Kong Baptist University (Hong Kong), 2008.

Keywords: Repurchases; Mimicking; Legal institutions; Ownership structure

ISBN: 9781109022742Subjects--Topical Terms:

626628
Business Administration, Management.

Mimicking repurchases and corporate governance: A cross-country study.
LDR:02342nam 2200289 a 45 001 854381
005 20100702
008 100702s2008 ||||||||||||||||| ||eng d
020 $a 9781109022742
035 $a (UMI)AAI3346952
035 $a AAI3346952
040 $a UMI $c UMI
100 1 $a Zhang, Xu. $3 1020737
245 1 0 $a Mimicking repurchases and corporate governance: A cross-country study.
300 $a 96 p.
500 $a Adviser: In-Mu Haw.
500 $a Source: Dissertation Abstracts International, Volume: 70-02, Section: A, page: 0645.
502 $a Thesis (Ph.D.)--Hong Kong Baptist University (Hong Kong), 2008.
520 $a Keywords: Repurchases; Mimicking; Legal institutions; Ownership structure
520 $a In the long history of signaling theory, one of the central puzzles is how to assess and ensure the quality of signals, which this study aims to address in a stock repurchase context. Based on an ex-ante proxy for identifying mimicking repurchases and collecting open market stock repurchase data from 30 economies around the world, I identify a subset of repurchasing firms who are likely to use repurchase as a tool to mislead investors, and find that the long-term operating and market performance following mimicking repurchases do not improve, which is contradictory to the conventional hypotheses. I further find that mimicking firms are potentially over-valued, cash-poor, and relatively small in size. They are more likely to reduce capital investment and issue (resell) new (treasury) shares firms in the repurchase year compared with non-mimickers. Moreover, I explore the role of investor protection and ownership structure in curbing managers' mimicking behavior, and find that mimicking activities are more likely to occur in countries with weak investor protection and in firms with high ownership concentration. The strong legal institutions are effective in ensuring the signaling credibility of stock repurchase. These findings enhance our understanding of the motives of stock repurchases and the impact of corporate governance on corporate payout policy.
590 $a School code: 0023.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Finance. $3 626650
690 $a 0454
690 $a 0508
710 2 $a Hong Kong Baptist University (Hong Kong). $3 1020736
773 0 $t Dissertation Abstracts International $g 70-02A.
790 $a 0023
790 1 0 $a Haw, In-Mu, $e advisor
791 $a Ph.D.
792 $a 2008
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3346952