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    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/9928


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9928


    Title: Abnormal Stock Return, and Share Repurchases following Intangible Asset increases
    Authors: 張眾卓;Chang, Chong-Chuo;Yung-Sheng Su;Roger C.Y. Chen
    Contributors: 財務金融學系
    Keywords: Abnormal Stock Return;Research and Development;Intangible Assets;Share Repurchases;Information Asymmetry
    Date: 2009
    Issue Date: 2010-06-08 13:53:41 (UTC+8)
    Publisher: Asia University
    Abstract: 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.
    Relation: Contemporary Management Research,5(3),259-272.
    Appears in Collections:[財務金融學系] 期刊論文

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