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Studies on share repurchase

Research Project

Project/Area Number 16K03762
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionKansai University

Principal Investigator

Ota Koji  関西大学, 商学部, 教授 (70366839)

Project Period (FY) 2016-04-01 – 2020-03-31
Project Status Completed (Fiscal Year 2019)
Budget Amount *help
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords自社株買い / 交差項 / 標準誤差 / レピュテーション / レピュテーション効果 / データベース化 / ペイアウト政策
Outline of Final Research Achievements

During the 2016-2019 period of this research grant, I published a total of 5 papers, including three papers on share repurchase and two papers on econometric methods in empirical research. In particular, the three papers on share repurchase investigated the short-term and long-term market reactions to the repurchase announcements, privately negotiated share repurchases, and the reputation effects concerning repurchase program completion rates in Japan. These studies have led to some findings that are unique to Japan. In addition, two papers on econometric methods in empirical studies introduce the latest studies on robust standard errors and discuss the latest findings on the interpretation of interaction terms that often used in empirical studies.

Academic Significance and Societal Importance of the Research Achievements

本申請研究から生み出された自社株買いに関する一連の研究により,わが国企業の実施する自社株買いの実態の一端を明らかにすることができた。具体的には,Auction方式による買付とToSTNeTによる買付といった自社株買いの買付方法の違いによって株式市場へ与える影響が異なるということや,わが国では相対取引による自株式取得の実施要件が非常に厳しく,2004-2015年の期間でわずか26個しか存在せずまたその6割は新興企業であるということなどが明らかになった。

Report

(5 results)
  • 2019 Annual Research Report   Final Research Report ( PDF )
  • 2018 Research-status Report
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (5 results)

All 2019 2018 2017

All Journal Article (3 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 1 results,  Open Access: 2 results) Presentation (2 results)

  • [Journal Article] Does reputation matter? Evidence from share repurchases2019

    • Author(s)
      Ota Koji、Kawase Hironori、Lau David
    • Journal Title

      Journal of Corporate Finance

      Volume: 58 Pages: 287-306

    • DOI

      10.1016/j.jcorpfin.2019.05.006

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 交差項を含むOLSおよびProbitモデルの解釈 : 図による説明2018

    • Author(s)
      太田浩司
    • Journal Title

      関西大学商学論集

      Volume: 63 Pages: 37-59

    • NAID

      120006547018

    • Related Report
      2018 Research-status Report
    • Open Access
  • [Journal Article] パネル分析におけるFama-MacBethとCluster-robustの手法の理論と応用2017

    • Author(s)
      太田浩司
    • Journal Title

      関西大学商学論集

      Volume: 62 Pages: 43-67

    • NAID

      120006348745

    • Related Report
      2017 Research-status Report
  • [Presentation] 女性役員が負債コストに与える影響の実証研究2019

    • Author(s)
      太田浩司,向真央
    • Organizer
      第4回日本ディスクロージャー研究学会Workshop,小樽商科大学
    • Related Report
      2019 Annual Research Report
  • [Presentation] わが国におけるレピュテーション効果の検証2017

    • Author(s)
      太田浩司・河瀬宏則・David Lau
    • Organizer
      日本ディスクロージャー研究学会第16回研究大会
    • Related Report
      2017 Research-status Report

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Published: 2016-04-21   Modified: 2021-02-19  

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