An announcement effects of share repurchase based on the prior consecutive events

逢 甲 大 學 經營管理碩士在職專班 碩士論文 連續事件基礎之庫藏股買回宣告效果 The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 指導教授: 王若愚 邱安安 研 究 生 : Ngo Mai Phuong (吳梅鳳) 中 華 民 國 一 百 零 七 年 二 月 The Announcement Effects of Share Repurchase based on the Prior Consecutive Events Acknowledgement I would also like in a special way to acknowledge crucial role played by my supervisors, Dr Wang and Dr Chiu, for their invaluable support and guidance at FengChia University Further, my gratitude and appreciations go to all those individuals and organizations whose contributions facilitated the completion of this thesis work I am sincerely grateful for those who shared their truthful and illuminating views on a number of issues related to this thesis Their invaluable and constructive criticism added value to this document Finally, I would like to appreciate the guidance given by the panelist especially my presentation at all stages that has since improved my presentation skills and then quality of my document i FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 摘要 本研究測試台灣 2008 年至 2016 年股票市場上各種事件後的庫藏股買回宣告效果。研 究上將庫藏股宣告前之特定事件區分為現金增資及發行公司債券兩種，並比較這兩種事件後 宣告買回庫藏股之效果。本研究之資料來源為台灣經濟新報資料庫，共蒐集 2858 件庫藏股買 回事件，其中有 105 次庫藏股宣告之前一年亦宣告進行現金增資，而有 299 家次庫藏股宣告 前一年發行公司債。 本研究主要發現庫藏股宣告前企業之異常報酬為負值，而宣告後之異常報酬為正，顯 示庫藏股宣告對股價有正面的助益，尤其在宣告後的第一天更為明顯。而前一年先進行現金 增資，再宣告買回庫藏股的效果雖然有向上的趨勢，但是累積宣告效果始終為負值，亦即對 股價不會有正面的助益。而企業在前一年有發行公司債券者，則在第二年進行宣布買回庫藏 股之效果為正，顯示這樣的財務操作模式對於股價有正面的幫助。 關鍵字: 庫藏股，買回庫藏股 ，連續事 ii FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events Abstract In my research, I examine the share repurchase announcement effect on various consecutive events in Taiwan from August 2008 to 2016 This study separates the dataset into different groups based on some events, and the announcement effect difference between the consecutive I choose the consecutive events of the seasoned equity offering, Bonds and stock distribution to comparing announcement share repurchases The paper consists of 2858 share repurchase announcements by 2588 firms listed on TEJ, 105 events that announce SEO and then repurchase announcement next year and 299 events that issue bond and then repurchase announcement next year, 555 events that stock distribution and then repurchase announcement next year Event study methodology and significance test have been used to analyze This study found that Taiwan market is under-reacting to the announcements of share repurchases After announcement day +1 abnormal return was reached on top The paper found that Taiwan market is weak-reacting efficient to SEO announcement while significant reaction efficient to open-market repurchase announcement And issuing bonds was the lowest signal than repurchases announcement effect to Taiwan market, but issuing bond will effect to share price of announcement repurchase next year The last, the repurchase announcement has a significant effect on stock return after the stock distribution announcement Keywords: repurchase stock, buyback stock, consecutive events iii FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events Table of Contents Acknowledgement i Abstract iii Chapter Introduction 1.1 Background 1.1.1 Share repurchase 1.1.2 Share repurchase announcement in Taiwan 1.2 Research Problem 1.3 Research Object 1.4 The structure of the paper Chapter Literature Review 2.1 Share Repurchases Motivations 2.2 Effect of share repurchases Chapter Data and Methodology 12 3.1 Data 12 3.2 Event study 13 3.3 Methodology 14 4.1 Whole market impact of announcement repurchases 16 4.2 The consecutive effects of the event 24 4.2.1 The effect the repurchases with a prior SEO announcement 24 4.2.2 The effects of repurchase announcement with a prior Bond issuing 34 4.2.3 The effects of repurchase announcement with a prior Stock dividend distribution 43 Chapter Conclusions 51 References 52 iv FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events List of Figures Figure AR and CAR of repurchase announcement of The Market Index Adjustment model 19 Figure ARs and CARs of repurchase announcement of The GARCH Risk Adjustment Model 19 Figure Events window CARs of Market Index Adjustment model 22 Figure Event window CARs of the GARCH Risk Adjustment Model 22 Figure Development of the ARs around the SEO announcement 27 Figure Development of the CARs around the SEO announcement 27 Figure ARs and CARs of the repurchase announcement with a prior SEO event 31 Figure ARs and CARs of the repurchase announcement with a prior SEO event 32 Figure CARs around Corporate Bond issuing 35 Figure 10 CARs around Convertible Bond issuing 35 Figure 11 ARs and CARs of the repurchase announcement with a prior Corporate Bond of the Market Index Adjustment Model 37 Figure 12 ARs and CARs of the announcement repurchase with a prior Convertible Bond with Market Index Adjustment Model 38 Figure 13 ARs and CARs of repurchase announcement with a prior Corporate bond issuing of GARCH Risk Adjustment Model 40 Figure 14 ARs and CARs of repurchase announcement with a prior Convertible Bond with GARCH Risk Adjustment 40 Figure 15 ARs and CARs of stock dividend distribution of Market Index Adjustment Model 44 Figure 16 ARs and CARs of stock dividend distribution of the GARCH Risk Adjustment Model 46 Figure 17 ARs and CARs of repurchase announcement with a prior Stock dividend distribution 48 Figure 18 ARs and CARs of repurchase announcement with a prior stock dividend distribution of the GARCH Risk Adjustment Model 49 v FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events List of Tables Table Summary Statistic 12 Table ARs and CARs around announcement repurchase analysis by the Market Index Adjustment Model 18 Table ARs and CARs around announcement repurchase analysis by the GARCH Risk Adjustment Model 20 Table ARs and CARs around repurchase transactions 23 Table Development of the AR and CAR around the SEO announcement of Market Index Adjustment 26 Table Development of the ARs and CARs around the SEO announcement of GARCH Risk Adjustment Model 28 Table ARs and CARs of the repurchase announcement with a prior SEO event of the Market Index Adjustment Model 30 Table ARs and CARs of the repurchase announcement with a prior SEO event of the GARCH Risk Adjustment Model 33 Table ARs and CARs around Bond issuing 36 Table 10 ARs and CARs of Repurchase Announcement with a prior Corporate Bond issuing 41 Table 11 ARs and CARs of the Repurchase Announcement with a prior Convertible Bonds issuing 42 Table 12 ARs and CARs around Stock dividend distribution of The Market Index Adjustment Model on the period 2000-2016 45 Table 13 ARs and CARs around stock dividend distribution of the GARCH Risk Adjustment Model on the period 2000-2016 47 Table 14 ARs and CARs around repurchase announcement with a prior stock dividend distribution on the period 2000 - 2016 50 vi FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events Chapter Introduction 1.1 Background 1.1.1 Share repurchase Share repurchase programs have been increasingly popular over the last year and frequently observed One of the explanations for the increasing popularity of share repurchase behavior is the change in governance over the last years In Euro, Andriosopoulos and Lasfer (2015) indicated that announcement repurchase increases to 47.2 billion Euro in 1997 compared with 14.2 billion Euro in 1996 Previous researchers show that there are 1159 events of announcement repurchase from 1989 to 1997 in Canada (Ikenberry et al 2000) 264 events of buyback from 1985 to 1998 in British (Rau and Vermaelen 2002) Hatakeda and Isagawa (2004) sought that 452 events from 1995 to 1998 in Japan and 800 events from 1993 to 1997 in Hong Kong (Zhang 2005) The share repurchase will be completed mainly through open market transactions Brav et al (2005) found that share repurchases are now a more important form of payout compared to the past Besides, Barclay and Smith (1988) assumed that repurchase stock is an important financial strategy of the firm in developed countries Now that the economy is continuing its recovery, share buyback programs are quickly becoming all the rage once again with companies and investors When a company has excess cash at the end of the day, there are only a few things that it can with it They can save it for a rainy day, invest in new property and equipment for the business, acquire another company, retire debt, issue a one-t special stock to shareholders, or buy back share of their stock on the open market A “stock buyback program”, which can also be known as a “share repurchase program”, is when a company buys its share back from current shareholders through the open stock market Buyback programs can be seen as a signal that a company believes its shares are undervalued and is often viewed as an efficient way to put money back into its shareholders’ pockets According to Stephens and Weisbach (1998), there are three methods in which a firm can repurchase its own shares: tender-offer repurchases, Dutch auction repurchases and open-market repurchases Following McNally (1999) that an open market repurchase increases a firm’s stock price by increasing its return on equity and its earnings per share So, the open-market share repurchase is the most wellknown method The stock market reacted positively to the announcement of repurchase Many studies have investigated that when the firms announced repurchases, firms realize positive abnormal returns regardless of the time horizon Zhang (2005) found that the three1 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events year buy and hold abnormal return, which is measured against a portfolio of control firms that are matched by size and book-to-market value ratios, is over 20% Chan et al (2004) argued that after share repurchase announcements, announcing firms experience an average buy-and-hold yearly return of 26.2% following the announcement date In addition, a significant increase in the price of the repurchases stock in the next year, implying that the market reacts slowly with the information of buyback in short-term Further, the long-term performance of the stock repurchase is positive About the reasons that why the firms buy back their stock A stock repurchase plan can be a good way for a business to reinvest in itself, by using any excess cash at its disposal to buy back shares of its own stock Dittmar (2000) gives several reasons a firm may repurchase stock The first, Excess capital hypothesis Repurchase stock, like paying stocks because in open market repurchases, the firms not have a commitment to repurchase (Dittmar 2000) and repurchase is a more flexible means of distributing capital since a penalty is incurred if distributions are subsequently reduced (Denis et al 1994) The second, Undervaluation hypothesis: Repurchase and Policy The repurchases stock is flexible in timing which is beneficial because firms can wait to repurchase until the stock price If the stock is undervalued, the firm may repurchase stock as a signal to the market or to invest in its own stock and acquire mispriced shares According to this hypothesis, the market interprets the action as an indication that the stock is undervalued (Dittmar 2000) The third, when the firms announced buy back their stock, there are no taxes paid by shareholders Open-markets repurchase stock, shareholders have the freedom to make their own decision when to pay taxes on their gain (Voss 2012) So, having several possible motives behind the companies announce buy back stock Voss (2012) gave motives: undervaluation, managerial incentives, and the relation between stock repurchase and stocks Dittmar (2000) found that firms repurchase stock to take advantage of potential undervaluation and in many periods, to distribute excess capital 1.1.2 Share repurchase announcement in Taiwan Share repurchases have a long history in the United States, and the research on that has been conducted in the early 1908s Since then, many research papers focused on US stock market There are also many papers focusing on other countries and districts like Canada and Europe These papers dig into the motives of share repurchase and show a large number of empirical results to prove the positive relationship between share repurchases and stock return or results to the positive of announcement repurchase stock In Taiwan, according to corporation law, share repurchase was regulated by articles 158, 163, and 167 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2369 Lingsen Precision 20030826 20050117 2369 Lingsen Precision 20030826 20050428 2856 Master Link 20080418 20090316 2020 Mayer Pipe 20070419 20081203 2020 Mayer Pipe 20080522 20090205 2439 Merry 20141113 20150611 3060 Min Aik 20060817 20071122 3060 Min Aik 20090928 20111203 2434 Mospec 20070901 20080922 3004 NAFCO 20021121 20030529 2101 Nan Kang Tire 20091117 20100318 2101 Nan Kang Tire 20091117 20100521 2340 Opto Tech 20020726 20040618 2481 Pan Jit 20010515 20020726 2481 Pan Jit 20100423 20110829 2481 Pan Jit 20100423 20111130 6226 Para Light 20140925 20150625 1729 Pihsiang 20070626 20081117 1729 Pihsiang 20090727 20101213 6141 Plotech 20020919 20030514 6141 Plotech 20030925 20040723 6141 Plotech 20030925 20041027 6141 Plotech 20030925 20041228 3296 Powertech Ind 20070215 20080918 2855 President Securities 20080520 20090326 6189 Promate 20061204 20070829 6189 Promate 20061204 20071221 2352 Qisda Corp 20000622 20010926 4722 Qualipoly 20040301 20050825 2547 Radium Life 20070326 20080912 2547 Radium Life 20070326 20081114 4532 Rechi Precision 20150324 20160802 4532 Rechi Precision 20150324 20161219 4414 Roo Hsing 20040714 20050908 4414 Roo Hsing 20141208 20150811 9946 SanFar 20120301 20140521 9955 SDTI 20101215 20110907 2450 Senao 20020918 20041229 5388 SerComm 20030423 20040429 5388 SerComm 20030423 20041124 2616 Shan-Loong 20040706 20050922 2616 Shan-Loong 20071012 20080826 2616 Shan-Loong 20071012 20081103 3305 Shenmao 20060925 20080918 2888 Shin Kong FHC 20031001 20051104 61 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2888 Shin Kong FHC 20140621 20150526 6257 Sigurd 20091230 20110316 6257 Sigurd 20091230 20110819 6257 Sigurd 20091230 20111221 3023 Sinbon 20011122 20021011 3023 Sinbon 20061204 20080222 3023 Sinbon 20061204 20080708 3023 Sinbon 20061204 20080915 1720 Standard Chemical 20030922 20040324 2421 Sunonwealth 20001026 20030505 2421 Sunonwealth 20060825 20071225 2387 Sunrex 20091120 20100906 2387 Sunrex 20091120 20100923 8112 Supreme 20050923 20060901 8112 Supreme 20070424 20080821 8112 Supreme 20070424 20081124 8112 Supreme 20090603 20101108 8112 Supreme 20100318 20110830 8112 Supreme 20100318 20111123 8112 Supreme 20110628 20120517 8112 Supreme 20110628 20120723 2636 T3EX 20150313 20161213 2027 Ta Chen 20070824 20081001 2027 Ta Chen 20070824 20081114 1609 Ta Ya Elec 20040721 20051026 2478 Ta-I Tech 20121211 20141022 3338 TaiSol Electronics 20141111 20150918 2338 Taiwan Mask 20060823 20080908 3045 Taiwan Mobile 20010825 20021121 1467 Tex-Ray 20040707 20050811 1467 Tex-Ray 20040707 20050830 1467 Tex-Ray 20040707 20051006 8011 TTCC 20131218 20150505 2006 Tung Ho Steel 20040906 20060110 2006 Tung Ho Steel 20040906 20061005 3018 Tung Kai 20140508 20150723 3042 Txc Corp 20060829 20080128 2426 Tyntek 20070111 20080905 2482 Uniform Industrial 20030825 20040326 2367 Unitech PCB 20070626 20080902 3050 U-Tech 20030630 20040510 3454 Vivotek 20090820 20110824 8110 Walton Advanced 20140912 20150724 8110 Walton Advanced 20140912 20151030 3033 Weikeng 20060615 20080918 62 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 3419 Wha Yu 20070102 20080917 3419 Wha Yu 20101026 20110825 3036 WT 20011120 20021021 3036 WT 20030826 20040129 3036 WT 20030826 20040621 2023 Yieh Phui 20030430 20051021 2885 Yuanta Group 20100331 20121127 3029 Zero One 20030529 20040701 Table 18 The firms distribute stock stocks at the time t and then repurchases in the next year ID NAME stock (t+1) repurchase (t+1,t+2) 2374 Ability 20020415 20030122 6282 AcBel 20050302 20060901 2345 Accton 20010221 20021128 2345 Accton 20020314 20030421 2345 Accton 20020314 20031201 2345 Accton 20030325 20040823 2345 Accton 20030325 20041028 2353 Acer Inc 20030325 20020327 2353 Acer Inc 20010309 20020703 2353 Acer Inc 20010309 20021129 2353 Acer Inc 20010309 20021210 2353 Acer Inc 20020329 20030326 2353 Acer Inc 20020329 20030519 2353 Acer Inc 20020329 20031013 2353 Acer Inc 20020329 20031121 2353 Acer Inc 20030326 20040322 2353 Acer Inc 20030326 20040430 2353 Acer Inc 20030326 20040511 2353 Acer Inc 20030326 20040517 1715 Achem Technology 20010501 20020905 3024 Action Electronics 20030404 20040329 3024 Action Electronics 20050425 20060830 6166 Adlink 20030221 20041215 6166 Adlink 20040305 20051005 2395 Advantech 20020327 20031103 2395 Advantech 20050408 20070727 3002 Ahoku 20030313 20040310 1514 Allis Electric 20000310 20010116 1514 Allis Electric 20010406 20020910 3059 Altek 20050310 20071220 2493 Ampoc Far-East 20030404 20040406 2489 Amtran 20020325 20030124 2489 Amtran 20030325 20040319 2489 Amtran 20030325 20040720 2489 Amtran 20030325 20041104 63 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2489 Amtran 20040318 20050113 2489 Amtran 20040318 20050708 2489 Amtran 20040318 20051028 1528 Anderson 20000826 20011012 1528 Anderson 20010308 20021007 1528 Anderson 20010308 20021217 1528 Anderson 20020419 20030106 1528 Anderson 20020419 20030425 3046 Aopen 20020322 20030414 3046 Aopen 20020322 20030508 3046 Aopen 20020322 20030829 1733 Apex Bio 20030403 20040921 3052 Apex Science & Eng 20000401 20001212 2471 Ares International 20020312 20030108 8101 Arima Communications 20050318 20060608 3019 Asia Optical 20050331 20060222 2417 AverMedia 20000329 20010925 2417 AverMedia 20010324 20020507 2417 AverMedia 20010324 20020806 2380 Avision 20050428 20060815 1527 Basso 20050317 20060622 6172 Billionton 20030217 20040818 6172 Billionton 20030217 20041028 6172 Billionton 20050328 20070329 2467 C Sun 20010223 20030110 2467 C Sun 20030318 20040302 2467 C Sun 20050310 20060213 6005 Capital Securities 20010206 20020710 6005 Capital Securities 20020404 20031210 2425 Chaintech 20000217 20010802 2425 Chaintech 20010308 20020826 2425 Chaintech 20020206 20030320 8070 Chang Wah 20050330 20060824 1904 Cheng Loong 20000218 20010705 1904 Cheng Loong 20040329 20051027 3013 Chenming Mold Ind 20030416 20040713 3013 Chenming Mold Ind 20030416 20041104 2385 Chicony 20050401 20071213 2456 Chilisin Electronics 20050426 20071217 2883 China Deve FHC 20030212 20050103 1611 China Electric 20000401 20010215 1611 China Electric 20000401 20010425 2823 China Life Insurance 20000224 20010108 2823 China Life Insurance 20000224 20010427 1718 China Man-Made Fiber 20050412 20060320 64 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2204 China Motor 20030327 20040614 2204 China Motor 20050325 20070829 2104 China Rubber 20030428 20040820 2104 China Rubber 20030428 20041117 2104 China Rubber 20050429 20060327 2002 China Steel 20000316 20010828 2002 China Steel 20040319 20051220 1539 Chiu Ting Machinery 20020423 20040318 9929 Choice 20020323 20030429 9929 Choice 20020323 20030512 9929 Choice 20020323 20030603 9929 Choice 20020323 20031219 2360 Chroma 20020222 20030310 2360 Chroma 20020222 20031027 2360 Chroma 20050224 20060913 1513 Chung-Hsin Electric 20000427 20010622 2475 Chunghwa Picture 20010404 20020709 2475 Chunghwa Picture 20010404 20021231 1463 Chyang Sheng 20010321 20021129 2362 Clevo 20000414 20010712 2362 Clevo 20000414 20010914 2362 Clevo 20050419 20071122 2362 Clevo 20050419 20071130 2323 CMC Magnetics 20020402 20040315 2323 CMC Magnetics 20020402 20040507 2323 CMC Magnetics 20020402 20040514 2323 CMC Magnetics 20020402 20040604 2906 Collins 20000315 20010320 2906 Collins 20040330 20051027 2906 Collins 20050401 20060926 2324 Compal Electronics 20000201 20010922 2324 Compal Electronics 20030317 20040809 2313 Compeq Mfg 20020301 20030514 3032 Compucase 20030328 20040216 2466 COSMO 20010423 20021219 6205 Coxoc 20050426 20071108 8103 CviLux 20050325 20071126 2415 Cx Tech 20020329 20030120 2415 Cx Tech 20020329 20030324 2415 Cx Tech 20040331 20060404 2415 Cx Tech 20040331 20060626 3062 CyberTAN 20050502 20060922 2535 Da-Cin Const 20050406 20060719 2397 DFI Inc 20010418 20021011 2397 DFI Inc 20050429 20071114 65 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 6216 DrayTek 20040331 20051013 2458 ELAN 20010421 20020327 2458 ELAN 20020405 20030303 2458 ELAN 20020405 20030805 2458 ELAN 20020405 20031031 2458 ELAN 20040329 20050502 2458 ELAN 20040329 20050914 2458 ELAN 20050322 20060309 2458 ELAN 20050322 20060503 2383 Elite Material 20050407 20071228 2331 Elitegroup 20030328 20040917 2331 Elitegroup 20040330 20061215 3038 Emerging Display 20030326 20040519 6243 ENE Technology 20040309 20051028 6243 ENE Technology 20050309 20060323 6243 ENE Technology 20050309 20060613 2438 Enlight 20010428 20020702 2849 EnTie Bank 20000326 20010314 2448 Epistar 20040324 20060119 1460 Everest Textile 20000316 20010315 1460 Everest Textile 20000316 20010810 1460 Everest Textile 20000316 20011206 1460 Everest Textile 20050310 20060504 5484 Everfocus 20050407 20071120 1711 Everlight Chemical 20000325 20010322 2393 Everlight Elec 20000314 20011003 2390 Everspring 20020328 20030528 2390 Everspring 20020328 20030829 2390 Everspring 20050422 20060609 2390 Everspring 20050422 20060926 2483 Excel Cell Elec 20000314 20010915 2483 Excel Cell Elec 20010213 20021008 2483 Excel Cell Elec 20020329 20030228 4104 Excelsior 20020402 20040531 4104 Excelsior 20020402 20040830 2845 Far Eastern Bank 20000225 20010427 2845 Far Eastern Bank 20000225 20010922 1402 FENC 20000315 20010921 2852 First Insurance 20030417 20040217 1519 Fortune Electric 20000329 20010828 1519 Fortune Electric 20000329 20011101 2468 Fortune Information 20020305 20040324 2468 Fortune Information 20020305 20040922 2468 Fortune Information 20040302 20050802 2468 Fortune Information 20040302 20051014 66 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2468 Fortune Information 20050328 20060605 6136 Fullerton Technology 20030404 20040506 6136 Fullerton Technology 20030404 20040929 3005 Getac Technology 20030407 20040205 3005 Getac Technology 20030407 20040607 3005 Getac Technology 20030407 20040629 3005 Getac Technology 20030407 20041202 3005 Getac Technology 20050401 20060317 3005 Getac Technology 20050401 20060324 3005 Getac Technology 20050401 20060503 2376 Gigabyte 20030430 20040324 2376 Gigabyte 20030430 20040511 2376 Gigabyte 20050429 20060621 2406 Gigastorage 20040326 20061115 3040 Global View 20030326 20040510 3040 Global View 20030326 20040621 3040 Global View 20030326 20040906 3040 Global View 20040428 20060427 9934 Globe Union 20040419 20051228 6133 Golden Bridge 20040330 20050824 6133 Golden Bridge 20050316 20070912 6133 Golden Bridge 20050316 20071220 2423 Good Will Instrument 20020307 20040326 5469 HannStar Board 20050222 20071231 3049 HannsTouch 20040305 20050822 2488 Hanpin 20020307 20040519 2488 Hanpin 20020307 20040720 2488 Hanpin 20040312 20050919 2419 Hitron Tech 20010320 20020903 2419 Hitron Tech 20020408 20040617 1714 Ho Tung Chemical 20020326 20030429 1714 Ho Tung Chemical 20040413 20050923 3026 Holy Stone 20020329 20030306 3026 Holy Stone 20030402 20040722 3026 Holy Stone 20050318 20061213 2536 Hong Pu 20000409 20020911 1612 Hong Tai Electric 20000303 20010508 1612 Hong Tai Electric 20010302 20020502 1452 Hong Yi Fiber 20040312 20051230 2702 Hotel Holiday Garden 20000315 20010227 2702 Hotel Holiday Garden 20000315 20010504 2031 Hsin Kuang Steel 20000216 20010219 2031 Hsin Kuang Steel 20000216 20010709 2031 Hsin Kuang Steel 20000216 20010907 2031 Hsin Kuang Steel 20000216 20011115 67 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2031 Hsin Kuang Steel 20050222 20060223 2031 Hsin Kuang Steel 20050222 20060327 2498 HTC 20050428 20061212 1436 HUA YU LIEN 20030310 20050930 1436 HUA YU LIEN 20030310 20051205 2545 Huang Hsiang 20010322 20020402 2402 Ichia 20040323 20050830 2402 Ichia 20050225 20060615 2486 I-Chiun 20030415 20040902 6117 In Win 20040330 20050429 2495 Infortrend Tech 20050321 20060118 6213 ITEQ 20050311 20060615 1538 JF 20000407 20010313 1538 JF 20000407 20010528 1538 JF 20000407 20011018 6165 Jye Tai 20030324 20040325 6165 Jye Tai 20030324 20041129 6165 Jye Tai 20040408 20050125 6165 Jye Tai 20040408 20050401 2461 K Laser 20010202 20020605 2461 K Laser 20010202 20021210 2461 K Laser 20020317 20030312 2461 K Laser 20030330 20051028 3003 K.S Terminals 20050316 20071004 2546 Kedge 20000221 20010511 2520 Kindom Const 20000221 20010511 2449 King Yuan Elec 20050324 20060828 2524 King's Town Cons 20050316 20060704 6209 Kinko 20050425 20070823 2312 Kinpo 20000225 20010802 1459 Lan Fa Textile 20040323 20051209 1459 Lan Fa Textile 20050318 20061117 3058 Leader 20040325 20051031 2465 Leadtek 20030213 20040824 6164 Ledtech 20030325 20041203 2472 Lelon 20010322 20021224 2472 Lelon 20030403 20040326 2911 Les Enphants 20020308 20031216 2431 Lien Chang 20020402 20030326 1229 Lien Hwa Industrial 20000322 20011204 1229 Lien Hwa Industrial 20010330 20020313 2369 Lingsen Precision 20010206 20020821 2369 Lingsen Precision 20020309 20030114 5305 Lite-On Semi 20000322 20011003 5305 Lite-On Semi 20030225 20040323 68 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 1909 Long Chen Paper 20000331 20020416 2337 Macronix 20010224 20020425 6196 Marketech 20030320 20040512 2856 Master Link 20000129 20010825 2856 Master Link 20000129 20011124 2856 Master Link 20010303 20020822 2856 Master Link 20010303 20021024 2856 Master Link 20020424 20030430 2856 Master Link 20030430 20040323 2856 Master Link 20040325 20050517 2856 Master Link 20050323 20061103 2454 MediaTek 20030402 20040507 2886 Mega FHC 20030421 20040323 2905 Mercuries 20020711 20030425 2905 Mercuries 20020711 20030624 2905 Mercuries 20040330 20050923 2427 Mercuries Data 20020403 20030401 2427 Mercuries Data 20020403 20030828 2427 Mercuries Data 20050428 20071231 2464 Mirle Automation 20030327 20040805 3004 NAFCO 20030328 20040112 3090 Nichidenbo Corp 20050223 20071213 3051 Optimax 20050331 20071220 1710 Oriental Union Chem 20000117 20010421 1710 Oriental Union Chem 20000117 20010922 2481 Pan Jit 20010223 20020726 2481 Pan Jit 20020403 20030121 6226 Para Light 20050322 20071227 2457 Phihong 20010303 20021224 2457 Phihong 20020321 20031003 2457 Phihong 20030325 20040329 5706 PHX Tour 20040501 20050830 5706 PHX Tour 20050325 20071101 1729 Pihsiang 20040406 20051110 6141 Plotech 20020508 20030514 6141 Plotech 20030321 20040723 6141 Plotech 20030321 20041027 6141 Plotech 20030321 20041228 6141 Plotech 20040407 20050127 9904 Pou Chen 20030326 20040325 9904 Pou Chen 20030326 20040920 6145 Power Quotient 20030410 20041029 2855 President Securities 20000414 20010604 2855 President Securities 20020311 20040324 2352 Qisda Corp 20000326 20010926 69 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2352 Qisda Corp 20020308 20031215 2352 Qisda Corp 20030305 20040329 2352 Qisda Corp 20040303 20051012 4722 Qualipoly 20040226 20050825 2382 Quanta Computer 20030429 20040506 2382 Quanta Computer 20030429 20040806 2382 Quanta Computer 20030429 20041101 2379 Realtek 20020418 20031003 2379 Realtek 20020418 20031205 2379 Realtek 20030429 20040506 2379 Realtek 20030429 20040723 4532 Rechi Precision 20030429 20040324 4532 Rechi Precision 20040427 20050530 4532 Rechi Precision 20050426 20070823 2302 Rectron 20000506 20010717 1515 Rexon 20030502 20040319 2349 Ritek 20040421 20050414 2349 Ritek 20040421 20050509 6176 ROEC 20050428 20071227 4414 Roo Hsing 20030414 20040611 4414 Roo Hsing 20040415 20050908 1604 Sampo 20010321 20020208 1604 Sampo 20010321 20020430 1604 Sampo 20010321 20020530 2351 SDI Corp 20000330 20010103 2450 Senao 20030311 20041229 2450 Senao 20040414 20050329 2450 Senao 20040414 20050826 5388 SerComm 20000407 20011031 5388 SerComm 20030311 20040429 5388 SerComm 20030311 20041124 5388 SerComm 20040324 20050630 5388 SerComm 20050124 20060224 5388 SerComm 20050124 20060922 2616 Shan-Loong 20000315 20001124 2616 Shan-Loong 20040323 20050922 9926 Shin Hai Gas 20000220 20010816 2888 Shin Kong FHC 20040319 20051104 2888 Shin Kong FHC 20050419 20071109 1235 Shin Tai 20030225 20040727 1235 Shin Tai 20030225 20041215 6283 Shun On 20050217 20070418 6283 Shun On 20050217 20070615 2405 Shuttle 20000329 20010103 2405 Shuttle 20040416 20050510 70 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2405 Shuttle 20040416 20050822 2405 Shuttle 20040416 20051102 2405 Shuttle 20050422 20071224 6257 Sigurd 20040224 20051006 6257 Sigurd 20050328 20071228 2363 Silicon Integrated 20040226 20051107 2325 Siliconware Prec 20000425 20010704 2325 Siliconware Prec 20000425 20010924 3023 Sinbon 20020403 20031016 2850 SK Insurance 20050315 20060824 9925 SKS 20000309 20010322 9925 SKS 20000309 20010622 9925 SKS 20020322 20030414 1471 Solytech 20050429 20071212 5471 Sonix 20030327 20040512 1720 Standard Chemical 20010326 20021028 1720 Standard Chemical 20030415 20040324 2421 Sunonwealth 20030314 20040329 2421 Sunonwealth 20050408 20071225 2401 Sunplus 20040420 20051107 2387 Sunrex 20000811 20010130 2387 Sunrex 20000811 20011211 2387 Sunrex 20050426 20061011 8112 Supreme 20050301 20060901 5525 Sweeten 20010403 20020128 2206 SYM 20010420 20030520 2347 Synnex 20000302 20011003 2347 Synnex 20030415 20040430 2347 Synnex 20050414 20061011 6112 Sysage 20030219 20040628 1310 T.S.M.C 20050325 20060103 1310 T.S.M.C 20050325 20060330 1609 Ta Ya Elec 20000407 20001101 1609 Ta Ya Elec 20000407 20010512 1609 Ta Ya Elec 20000407 20010716 1609 Ta Ya Elec 20000407 20010925 1609 Ta Ya Elec 20000407 20011126 1609 Ta Ya Elec 20040324 20051026 2478 Ta-I Tech 20030310 20041213 2478 Ta-I Tech 20040319 20050907 2478 Ta-I Tech 20050422 20070706 2478 Ta-I Tech 20050422 20071112 1440 Tainan Spinning 20000409 20020822 1440 Tainan Spinning 20000409 20021115 1220 Tairoun Products 20000304 20011022 71 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2834 Taiwan Business Bank 20000330 20010419 2338 Taiwan Mask 20000419 20010922 2338 Taiwan Mask 20010223 20020806 2338 Taiwan Mask 20010223 20021016 2338 Taiwan Mask 20010223 20021216 2338 Taiwan Mask 20020227 20030331 2338 Taiwan Mask 20020227 20030924 3045 Taiwan Mobile 20030424 20050929 1614 Taiwan Sanyo 20000322 20011121 1614 Taiwan Sanyo 20010321 20020123 1614 Taiwan Sanyo 20010321 20020320 1614 Taiwan Sanyo 20010321 20020614 1614 Taiwan Sanyo 20010321 20020821 1614 Taiwan Sanyo 20010321 20021007 1614 Taiwan Sanyo 20010321 20021218 9917 Taiwan Secom 20000316 20010627 9917 Taiwan Secom 20010315 20021007 6278 Taiwan Surface 20050316 20071220 1454 Taiwan Taffeta 20050322 20061212 1454 Taiwan Taffeta 20030314 20051102 2375 Teapo 20040330 20050412 1504 Teco 20000222 20010427 1504 Teco 20000222 20010924 1504 Teco 20000222 20011130 1504 Teco 20010321 20020524 1504 Teco 20010321 20020909 2321 Tecom 20020327 20030506 2908 Test Rite 20020306 20030409 2908 Test Rite 20030401 20040324 2908 Test Rite 20030401 20040507 2908 Test Rite 20050415 20070227 2908 Test Rite 20050415 20070702 2908 Test Rite 20050415 20071225 1467 Tex-Ray 20040316 20050811 1467 Tex-Ray 20040316 20050830 1467 Tex-Ray 20040316 20051006 2832 TFMI 20000506 20010119 2832 TFMI 20000506 20010525 2832 TFMI 20000506 20010814 2832 TFMI 20000506 20011017 2832 TFMI 20010323 20020124 2832 TFMI 20010323 20020321 2832 TFMI 20010323 20020813 2428 Thinking Electronic 20030409 20040816 9907 Ton Yi 20030314 20051216 72 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 1472 Tri Ocean Textile 20000413 20010221 1472 Tri Ocean Textile 20000413 20010423 1472 Tri Ocean Textile 20000413 20010626 1472 Tri Ocean Textile 20000413 20011019 2430 Tsann Kuen Ent 20050425 20070524 2330 TSMC 20020208 20040323 2330 TSMC 20050222 20071113 1110 Tuna Cement 20040409 20051115 2006 Tung Ho Steel 20040326 20051028 2006 Tung Ho Steel 20050304 20060110 2006 Tung Ho Steel 20050304 20061005 2426 Tyntek 20030403 20040405 2426 Tyntek 20040401 20060302 2611 Tze Shin 20000324 20010716 2606 U-Ming Marine 20000310 20010305 2606 U-Ming Marine 20000310 20010921 2482 Uniform Industrial 20030307 20040326 3037 Unimicron 20020327 20030415 3037 Unimicron 20030325 20040324 2838 Union Bank Of Taiwan 20000222 20010131 2816 Union Ins 20000405 20010424 2816 Union Ins 20000405 20010622 2816 Union Ins 20000405 20010824 2816 Union Ins 20000405 20011024 2816 Union Ins 20000405 20011224 2816 Union Ins 20010315 20020223 2816 Union Ins 20010315 20020423 2816 Union Ins 20010315 20020624 2816 Union Ins 20010315 20020828 2816 Union Ins 20010315 20021029 2816 Union Ins 20010315 20021227 2816 Union Ins 20020313 20030303 2816 Union Ins 20020313 20030430 2816 Union Ins 20020313 20030630 2816 Union Ins 20020313 20030829 2816 Union Ins 20020313 20031022 2816 Union Ins 20020313 20031209 2816 Union Ins 20050316 20060823 1216 Uni-President 20000421 20011023 1216 Uni-President 20010330 20020910 1216 Uni-President 20020404 20030303 1216 Uni-President 20020404 20030502 1216 Uni-President 20020404 20031014 2414 Unitech Computer 20050411 20060731 2367 Unitech PCB 20050324 20071225 73 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 2404 United Integrated 20000325 20010807 2404 United Integrated 20000325 20011008 2303 United Microelec 20000212 20010227 2303 United Microelec 20000212 20010731 2303 United Microelec 20010328 20020219 2303 United Microelec 20010328 20020812 2303 United Microelec 20020315 20030304 2303 United Microelec 20030325 20040323 2303 United Microelec 20040312 20050513 2303 United Microelec 20040312 20050929 2303 United Microelec 20050317 20060215 2303 United Microelec 20050317 20060522 2499 Unity Opto 20030421 20040813 2499 Unity Opto 20050426 20060301 2499 Unity Opto 20050426 20060915 1104 Universal Cement 20040322 20050829 1104 Universal Cement 20050328 20060417 1104 Universal Cement 20050328 20060629 1325 Universal Inc 20010423 20021202 2413 Universal Micro 20000310 20010922 2413 Universal Micro 20010313 20021021 2413 Universal Micro 20030313 20040617 1313 UPC Technology 20000407 20011009 1313 UPC Technology 20030416 20040324 1313 UPC Technology 20050411 20060310 1313 UPC Technology 20050411 20060612 3050 U-Tech 20030331 20040510 3050 U-Tech 20040420 20051020 2388 VIA Technologies 20020503 20030915 2388 VIA Technologies 20030512 20040607 2388 VIA Technologies 20030512 20040921 3010 Wah Lee 20030320 20040520 3010 Wah Lee 20050322 20070417 1605 Walsin 20010322 20020827 1605 Walsin 20050314 20060608 2492 Walsin Technology 20050406 20060623 2436 Weltrend 20040329 20051003 2436 Weltrend 20030317 20040323 2436 Weltrend 20030317 20040922 2436 Weltrend 20030317 20041210 2344 Winbond 20010220 20020424 2344 Winbond 20010220 20020904 3231 Wistron 20040428 20060616 6285 Wistron NeWeb 20050324 20060623 3036 WT 20010309 20021021 74 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 3036 WT 20030410 20040129 3036 WT 20030410 20040621 3036 WT 20050413 20060112 3036 WT 20050413 20060330 3036 WT 20050413 20060609 2327 Yageo 20020430 20030818 4306 YC 20040402 20050830 4306 YC 20050318 20060207 2034 YC Inox 20010302 20021023 2023 Yieh Phui 20000329 20010109 2023 Yieh Phui 20000329 20010704 6131 Yoko 20050308 20070206 2201 Yulon Motor 20020328 20040812 3028 Zenitron 20020322 20030313 3028 Zenitron 20030414 20040323 3028 Zenitron 20050422 20071218 3029 Zero One 20030409 20040701 3029 Zero One 20040429 20051018 3029 Zero One 20050412 20071220 2485 Zinwell 20050324 20060626 2420 Zippy 20000331 20010921 2420 Zippy 20010227 20020329 2420 Zippy 20030325 20041118 2420 Zippy 20050310 20071211 75 FCU e-Theses & Dissertations (2018) ... 23 FCU e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 4.2 The consecutive effects of the event 4.2.1 The effect the repurchases... e-Theses & Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events 4.2.2.2 The effects of repurchase announcement with a prior Bond issuing  The. .. Dissertations (2018) The Announcement Effects of Share Repurchase based on the Prior Consecutive Events Table ARs and CARs of the repurchase announcement with a prior SEO event of the Market