Disclosure rules and opportunistic behavior of share repurchases
| Project/Area Number |
18K12912
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07100:Accounting-related
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| Research Institution | Fukuoka University (2022)
Yokohama City University (2019-2021)
Kyushu Sangyo University (2018) |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2023-03-31
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| Project Status |
Completed (Fiscal Year 2022)
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| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2021: ¥130,000 (Direct Cost: ¥100,000、Indirect Cost: ¥30,000)
Fiscal Year 2020: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2019: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2018: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | 自社株買い / ディスクロージャー / 利益発表 / 経営者報酬 / 株式リターン / 株式流動性 / ROE / 公表後リターン / 流動性 / タイミング / Auction買付 / ToSTNeT-3 / ペイアウト |
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| Outline of Final Research Achievements |
I have published four papers, including two in refereed journals, during this research period. In these studies, we studied the following aspects: how reputations are formed for share repurchases, whether tender offer prices signal substantial privately negotiated share repurchase (also called targeted repurchases), whether stock liquidity is a source of long-run return following the announcement of share repurchases, and what information content is included in share repurchases that are announced simultaneously with earnings announcements? In addition, there is one working paper that focuses on the private compensation of managers and share repurchases.
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| Academic Significance and Societal Importance of the Research Achievements |
株式会社は株主によって出資された資本をもとにビジネスを行い、その成果は株主に分配される。分配の具体的な方法にはいくつかあるが、伝統的に配当が用いられてきた。その一方で、日本企業ではここ10年で株主還元が強調されるようになり、そのなかで自社株買いもまた重要視されるようになった。しかし、自社株買いの特性は買付手法ごとに異なる一方で、その特性や実態を反映した情報開示制度が整備されていないかもしれない。企業外部の投資家に対して適切かつ十分な情報開示は、企業と投資家間の情報の非対称性の解消を通じて、公平な利益分配を促すためにも重要なものである。ここに本研究の学術的意義および社会的意義があるといえる。
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Report
(6 results)
Research Products
(12 results)
