Information trading around open market share repurchases: evidence from the Taiwan Stock Exchange

NCU Institutional Repository > 管理學院 > 財務金融學系 > 期刊論文 > Item 987654321/51711

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題名:	Information trading around open market share repurchases: evidence from the Taiwan Stock Exchange
作者:	Chou,RK;Yu,YM
貢獻者:	財務金融學系
關鍵詞:	BID-ASK SPREAD;TENDER OFFERS;MICROSTRUCTURE;LIQUIDITY;DIVIDENDS;AUCTION;VOLUME;POLICY;COSTS;EX
日期:	2011
上傳時間:	2012-03-27 19:03:22 (UTC+8)
出版者:	國立中央大學
摘要:	We examine the information trading around open market share repurchases on the Taiwan Stock Exchange (TSE). Because of the distinctive regulations of share repurchases in Taiwan, our samples offer a unique opportunity to test changes in information trading during share repurchases. We show that the risk of information trading significantly increases during the repurchase execution period and reverts back in the post-expiration period. It is likely that some uninformed traders leave the market in the execution period, in anticipation of higher information uncertainties. Therefore, the remaining uninformed traders collectively face higher possibility of trading with informed traders.
關聯:	APPLIED ECONOMICS LETTERS
顯示於類別:	[財務金融學系] 期刊論文

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