| 研究実績の概要 |
Using Japanese data, I examine whether the stock market considers the firm's reputation established through a history of management earnings forecasting when it evaluates open market repurchase announcements. I refer to this established reputation as the firm's "forecast reputation", and I find that while the stock market considers the firm's "repurchase reputation" (proxied by prior repurchase completion rate), it also considers the firm's forecast reputation established from the accuracy of prior management earnings forecasting, suggesting a spillover effect of forecast reputation. Overall, I provide evidence from share repurchases that reputation does matter.
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