Stock Repurchase and the Role of Signaling： A Comparative Analysis between U.S. and China  

作　　者：HUANG Hong ZHOU Zhong-guo 

机构地区：[1]Business College, Shanghai Normal University, Shanghai 200234, China [2]College of Business and Economics, California State University, CA 91330, USA

出　　处：《Journal of Modern Accounting and Auditing》2007年第2期56-62,共7页现代会计与审计（英文版）

摘　　要：This paper compares different methods used for stock repurchase and examines the role of signaling in the U.S. and China＇s capital markets. We find that the ways to buyback stocks are very different in the two countries. Most U.S. stocks are repurchased through open market and the signals sent to the market through open market repurchase are getting weaker. Even though stock repurchases are at their early stage in the Chinese stock market and the dominated way to buyback is through a negotiated repurchase agreement for non-floating shares, the power of signaling seems much stronger. Examining stock prices pre- and post-repurchase, we find that stock repurchase records an average abnormal return of 3.42% on the announcement date and 3.24% on the date of actual renurchase.

关 键 词：stock repurchase open market repurchase negotiated repurchase SIGNALING 

分 类 号：F11[经济管理—国际贸易]