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 Operating performance and long‐run stock returns following share repurchase: Evidence from an emerging market
Tác giả hoặc Nhóm tác giả: Huabing Barbara Wang, Cuong Nguyen, Ngoc Dinh
Nơi đăng: Journal of Corporate Accounting & Finance; Số: 31 (3);Từ->đến trang: 32-47;Năm: 2020
Lĩnh vực: Kinh tế; Loại: Bài báo khoa học; Thể loại: Quốc tế
TÓM TẮT
This study examines the long‐term abnormal returns and operating performance following share repurchase announcements by Vietnamese listed firms. Applying matched control samples based on industry, exchange listing, size plus book‐to‐market, and pre‐event operating performance, we document significantly higher post‐repurchase buy‐and‐hold abnormal returns over the one‐year window. The outperformance becomes insignificant for most control samples with a longer horizon of 2 years after controlling for common pricing factors. Regarding operating performance, our results show improvement for repurchasing firms in the fiscal year concurrent with the repurchase announcements when we adopt the control sample based on pre‐event performance, but we do not find significant differences for the subsequent fiscal year. Examining the relation between the dual phenomena, we find some evidence of …
ABSTRACT
This study examines the long‐term abnormal returns and operating performance following share repurchase announcements by Vietnamese listed firms. Applying matched control samples based on industry, exchange listing, size plus book‐to‐market, and pre‐event operating performance, we document significantly higher post‐repurchase buy‐and‐hold abnormal returns over the one‐year window. The outperformance becomes insignificant for most control samples with a longer horizon of 2 years after controlling for common pricing factors. Regarding operating performance, our results show improvement for repurchasing firms in the fiscal year concurrent with the repurchase announcements when we adopt the control sample based on pre‐event performance, but we do not find significant differences for the subsequent fiscal year. Examining the relation between the dual phenomena, we find some evidence of …
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