| Trường DC | Giá trị | Ngôn ngữ |
|---|---|---|
| dc.contributor.author | Nguyen, Hong Thi Hoa | |
| dc.contributor.other | Nguyen, Tien Dat | |
| dc.contributor.other | Pham, Anh Hong | |
| dc.date.accessioned | 2023-11-01T10:23:55Z | - |
| dc.date.available | 2023-11-01T10:23:55Z | - |
| dc.date.issued | 2019 | |
| dc.identifier.isbn | 1929-0020 | |
| dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58658 | - |
| dc.description | economic development | |
| dc.description.abstract | Purpose – The purpose of this paper is to examine the effects of share repurchase announcements on the stock price of rival firms in the same industry in Vietnam during 2010–2017. Design/methodology/approach – Both event study and t-test are employed to test the effects of share repurchase announcements on rival firms. In addition, cross-sectional analysis by ordinary least square regression is also applied for investigating the heterogeneous effects due to information transfer. Findings – The finding shows that stock repurchase announcements result in a positive and significant valuation effect for both announcing firms and rival firms in Vietnam. Furthermore, the degree of signal to the industry is conditional on the degree of signal about the announcing firms as a contagious effect. Intra-industry effects are more favorable when profit performance of rival firms is good and when leverage of rival firms is low. Practical implications – Rival firms can seize opportunities surrounding share repurchase announcements in the same industry in Vietnam. However, due to firm characteristics, intra-industry effects of stock repurchases differ among industries. Originality/value – By examining different methods, the paper attributes valuable results to investigate the stock price behavior of rival firms in the same industry when firms announce stock repurchase in Vietnam. | |
| dc.description.tableofcontents | 1. Introduction; 2. Literature review; 3. Hypotheses and methodology; 4. Sample selection and description; 5. Results of event study; 6. Cross-sectional analysis of intra-industry effects; 7. Conclusion | |
| dc.format.extent | Khổ 21 x 29.7 | |
| dc.language.iso | en | |
| dc.publisher | Kinh Tế Quốc Dân | |
| dc.subject | Market efficiency | |
| dc.subject | Cumulative abnormal return | |
| dc.subject | Average cumulative abnormal return | |
| dc.subject | Contagious-competitive effect | |
| dc.subject | Intra-industry effects | |
| dc.subject | Stock repurchase | |
| dc.title | Three effects of stock repurchase on rival firms in Vietnam | |
| dc.type | Journal of Economics and Development | |
| dc.identifier.barcode | 10-1108_JED-06-2019-0006 | |
| dc.relation.reference | Akhigbe, A. and Madura, J. (1999), “Intra-industry effects of bank stock repurchases”, Journal of Financial Services Research, Vol. 15 No. 1, pp. 23-36. Brander, J.A. and Lewis, T.R. (1986), “Oligopoly and financial structure: the limited liability effect”, American Economic Review, Vol. 76 No. 2, pp. 956-970. Byun, J.C. and Trung, P.B. (2016), “Share repurchases in Vietnam: why do firms repurchase shares?”, Journal of International Trade & Commerce, Vol. 12 No. 3, pp. 61-78. Chang, S.C., Lai, J.H. and Yu, C.H. (2005), “ The intra-industry effect of share repurchase deregulation: evidence from Taiwan” , Review of Pacific Basin Financial Markets and Policies, Vol. 8 No. 2, pp. 251-277. Erwin, G.R. and Miller, J.M. (1998), “The intra-industry effects of open market share repurchases: contagion or competitive?”, Journal of Financial Research, Vol. 21 No. 4, pp. 389-406. Hertzel, M.G. (1991), “The effects of stock repurchases on rival firms”, The Journal of Finance, Vol. 46 No. 2, pp. 707-716. Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review, Vol. 76, pp. 323-329. Jukka, L. (2007), “Market reaction to open market share repurchase with intra-industry comparison: evidence from Finland”, master’s thesis, Faculty of Business Studies, University of Vaasa, Vaasa. Maksimovic, V. (1988), “Capital structure in repeated oligopolies”, Rand Journal of Economics, Vol. 19 No. 3, pp. 389-407. Miller, J.M. and Shankar, S.G. (2005), “The effect of open – market stock repurchase by insurance companies”, Journal of Insurance, Vol. 28 No. 2, pp. 167-182. Miller, M.H. and Rock, K. (1985), “Dividend policy under asymmetric information”, Journal of Finance, Vol. 40 No. 4, pp. 1031-1051. Stulz, R. (1988), “Managerial control of voting rights: financing policies and the market for corporate control”, Journal of Financial Economics, Vol. 20 Nos 1-2, pp. 25-54. Titman, S. (1984), “The effect of capital structure on a firm’s liquidation decision”, Journal of Financial Economics, Vol. 13 No. 1, pp. 137-151. Vermaelen, T. (1981), “Common stock repurchases and market signaling: an empirical study”, Journal of Financial Economics, Vol. 9 No. 2, pp. 139-183. Vermaelen, T. (2005), “ ‘Share repurchase”, Foundation and Trends in Finance, Vol. 1 No. 3, pp. 171-268. Zhao, Z. (2014), “The effects of share repurchase on performance during financial crisis: empirical study of Shanghai stock exchange”, available at: http://arno.uvt.nl/show.cgi?fid=134649 (accessed October 24, 2018). | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) | |
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| Trường DC | Giá trị | Ngôn ngữ |
|---|---|---|
| dc.contributor.author | Nguyen, Hong Thi Hoa | |
| dc.contributor.other | Nguyen, Tien Dat | |
| dc.contributor.other | Pham, Anh Hong | |
| dc.date.accessioned | 2023-11-01T10:23:55Z | - |
| dc.date.available | 2023-11-01T10:23:55Z | - |
| dc.date.issued | 2019 | |
| dc.identifier.isbn | 1929-0020 | |
| dc.identifier.uri | https://dlib.neu.edu.vn/handle/NEU/58658 | - |
| dc.description | economic development | |
| dc.description.abstract | Purpose – The purpose of this paper is to examine the effects of share repurchase announcements on the stock price of rival firms in the same industry in Vietnam during 2010–2017. Design/methodology/approach – Both event study and t-test are employed to test the effects of share repurchase announcements on rival firms. In addition, cross-sectional analysis by ordinary least square regression is also applied for investigating the heterogeneous effects due to information transfer. Findings – The finding shows that stock repurchase announcements result in a positive and significant valuation effect for both announcing firms and rival firms in Vietnam. Furthermore, the degree of signal to the industry is conditional on the degree of signal about the announcing firms as a contagious effect. Intra-industry effects are more favorable when profit performance of rival firms is good and when leverage of rival firms is low. Practical implications – Rival firms can seize opportunities surrounding share repurchase announcements in the same industry in Vietnam. However, due to firm characteristics, intra-industry effects of stock repurchases differ among industries. Originality/value – By examining different methods, the paper attributes valuable results to investigate the stock price behavior of rival firms in the same industry when firms announce stock repurchase in Vietnam. | |
| dc.description.tableofcontents | 1. Introduction; 2. Literature review; 3. Hypotheses and methodology; 4. Sample selection and description; 5. Results of event study; 6. Cross-sectional analysis of intra-industry effects; 7. Conclusion | |
| dc.format.extent | Khổ 21 x 29.7 | |
| dc.language.iso | en | |
| dc.publisher | Kinh Tế Quốc Dân | |
| dc.subject | Market efficiency | |
| dc.subject | Cumulative abnormal return | |
| dc.subject | Average cumulative abnormal return | |
| dc.subject | Contagious-competitive effect | |
| dc.subject | Intra-industry effects | |
| dc.subject | Stock repurchase | |
| dc.title | Three effects of stock repurchase on rival firms in Vietnam | |
| dc.type | Journal of Economics and Development | |
| dc.identifier.barcode | 10-1108_JED-06-2019-0006 | |
| dc.relation.reference | Akhigbe, A. and Madura, J. (1999), “Intra-industry effects of bank stock repurchases”, Journal of Financial Services Research, Vol. 15 No. 1, pp. 23-36. Brander, J.A. and Lewis, T.R. (1986), “Oligopoly and financial structure: the limited liability effect”, American Economic Review, Vol. 76 No. 2, pp. 956-970. Byun, J.C. and Trung, P.B. (2016), “Share repurchases in Vietnam: why do firms repurchase shares?”, Journal of International Trade & Commerce, Vol. 12 No. 3, pp. 61-78. Chang, S.C., Lai, J.H. and Yu, C.H. (2005), “ The intra-industry effect of share repurchase deregulation: evidence from Taiwan” , Review of Pacific Basin Financial Markets and Policies, Vol. 8 No. 2, pp. 251-277. Erwin, G.R. and Miller, J.M. (1998), “The intra-industry effects of open market share repurchases: contagion or competitive?”, Journal of Financial Research, Vol. 21 No. 4, pp. 389-406. Hertzel, M.G. (1991), “The effects of stock repurchases on rival firms”, The Journal of Finance, Vol. 46 No. 2, pp. 707-716. Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review, Vol. 76, pp. 323-329. Jukka, L. (2007), “Market reaction to open market share repurchase with intra-industry comparison: evidence from Finland”, master’s thesis, Faculty of Business Studies, University of Vaasa, Vaasa. Maksimovic, V. (1988), “Capital structure in repeated oligopolies”, Rand Journal of Economics, Vol. 19 No. 3, pp. 389-407. Miller, J.M. and Shankar, S.G. (2005), “The effect of open – market stock repurchase by insurance companies”, Journal of Insurance, Vol. 28 No. 2, pp. 167-182. Miller, M.H. and Rock, K. (1985), “Dividend policy under asymmetric information”, Journal of Finance, Vol. 40 No. 4, pp. 1031-1051. Stulz, R. (1988), “Managerial control of voting rights: financing policies and the market for corporate control”, Journal of Financial Economics, Vol. 20 Nos 1-2, pp. 25-54. Titman, S. (1984), “The effect of capital structure on a firm’s liquidation decision”, Journal of Financial Economics, Vol. 13 No. 1, pp. 137-151. Vermaelen, T. (1981), “Common stock repurchases and market signaling: an empirical study”, Journal of Financial Economics, Vol. 9 No. 2, pp. 139-183. Vermaelen, T. (2005), “ ‘Share repurchase”, Foundation and Trends in Finance, Vol. 1 No. 3, pp. 171-268. Zhao, Z. (2014), “The effects of share repurchase on performance during financial crisis: empirical study of Shanghai stock exchange”, available at: http://arno.uvt.nl/show.cgi?fid=134649 (accessed October 24, 2018). | |
Bộ sưu tập | 02. Tạp chí (Tiếng Anh) | |
