Studies on share repurchase

2019 Fiscal Year Final Research Report

• Project/Area Number: 16K03762
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Kansai University
• Principal Investigator: Ota Koji 関西大学, 商学部, 教授 (70366839)
• Project Period (FY): 2016-04-01 – 2020-03-31
• Keywords: 自社株買い / 交差項 / 標準誤差

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.

Free Research Field

コーポレートファイナンス

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。