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    ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 >  Item 310904400/63756

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/63756

    Title: Shares Pledged and Corporate Repurchase
    Authors: Konan Chan, Hung-Kun Chen, Shing-yang Hu, Yu-Jane Liu?
    Contributors: Department of Finance National Chengchi University;Tamkang University, Taiwan Department of Finance,National Taiwan University, Peking University
    Keywords: share pledge, repurchase, controlling shareholders
    Date: 2013-02-01
    Issue Date: 2013-08-07 09:33:51 (UTC+8)
    Publisher: Department of Finance National Chengchi University;
    Tamkang University, Taiwan Department of Finance,National Taiwan University, Peking University
    Abstract: We examine how personal shares pledged by controlling shareholders affect corporate
    share repurchase decisions. Shares pledged create a margin call pressure for controlling
    shareholders who might use repurchase to protect their control rights. Using Taiwan’s
    data, we find evidence that high pledge companies are more likely to repurchase,
    especially after a significant drop in share prices. Investors perceive this incentive and the
    announcement effect is negatively related to shares pledged. We also provide evidence
    that companies suffer less such problem if there are large outside blockholders.
    Relation: 2013中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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