rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Announcements of stock repurchases during 1988 and 1989
    sub title: an empirical analysis examining the disclosure of intended open market repurchases
  name:
    name part: Power, Jacqueline Lou
    name part: 1937-
    role:
      role term: creator
  name:
    name part: Baysinger, Barry D.
    role:
      role term: degree committee member.
  name:
    name part: Grossman, Steven D.
    role:
      role term: degree committee member.
  name:
    name part: Hocking, Ronald R.
    role:
      role term: degree committee member.
  name:
    name part: Kratchman, Stanley H.
    role:
      role term: degree supervisor.
  name:
    name part: Texas A & M University
    role:
      role term: degree granting institution.
  type of resource: text
  genre: bibliography
  genre: Academic theses
  origin info:
    place:
      place term: xx
    date issued: 1993
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: print
    extent: xii, 157 leaves ; 28 cm
  abstract: A multi-method approach is used to examine firms that announced stock repurchases on the open market during 1988 and 1989. An event study methodology is used to determine the abnormal returns of these firms relative to other firms with the same market risk. Returns are also examined 30 days, 60 days, and 90 days after the announcement date. The sample is subdivided into additional groups representing management's stated reason for the repurchase, stock market exchange on which the stock is traded, general industry classification, firm size, source of the repurchase information, and the actions of the firm after previous repurchase announcements in the 1980s. The abnormal returns generated by these repurchase announcements are used in a multivariate regression with selected financial statement characteristics of repurchasing firms to determine if there is any association between abnormal returns and these variables. An overall positive abnormal return of 2.02 percent was found for the sample firms, although the results were not statistically significant. Over-the-counter (OTC) firms outperformed firms trading on the New York and American exchanges for all risk groups. No significant differences were found between true and false signalling firms. Firms whose managers announced the repurchase because of "undervalued" stock had higher returns (by a factor of two or more) than other firms. Firms that gave any reason at all for the repurchase had higher returns than firms that made announcements without giving a reason for the repurchase. Although the results were not statistically significant, they suggest that size, as proxied by total assets (TA) was a factor in the magnitude of the abnormal returns. Large firms (TA > 10 billion) had slightly negative abnormal returns. All other groups had positive abnormal returns that increased as the size group decreased. When comparing firms by industry, financial services firms and banks (SIC codes of 6xxx) had the smallest return…
  note: "Major subject: Accounting."
  note: Vita.
  note: Ph. D. Texas A & M University 1993
  note: Includes bibliographical references.
  subject:
    geographic code: n-us---
  subject:
    topic: Corporations
    geographic: United States
    topic: Finance
  subject:
    topic: Open market operations
    geographic: United States
  subject:
    topic: Stock repurchasing
    geographic: United States
  subject:
    topic: Major accounting
  subject:
    topic: Corporations
    topic: Finance
  subject:
    topic: Open market operations
  subject:
    topic: Stock repurchasing
  subject:
    geographic: United States
  identifier: http://proxy.library.tamu.edu/login
  identifier: https://hdl.handle.net/1969.1/DISSERTATIONS-1474801
  related item:
    location:
      url: http://proxy.library.tamu.edu/login
  related item:
    location:
      url: https://hdl.handle.net/1969.1/DISSERTATIONS-1474801
  record info:
    record content source: TXA
    record creation date: 950412
    record change date: 20220103134907.0
    record identifier: in00001216779
    language of cataloging:
      language term: eng