A study on the managerial motives for share buyback activities in Hong Kong

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A study on the managerial motives for share buyback activities in Hong Kong

 

Author: Chik, Lai-yin Kitty
Title: A study on the managerial motives for share buyback activities in Hong Kong
Degree: M.B.A.
Year: 1999
Subject: Stock repurchasing -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Management
Pages: vii, 31, [15] leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1469487
URI: http://theses.lib.polyu.edu.hk/handle/200/1021
Abstract: This paper uses survey methods to obtain evidence about managerial attitudes towards possible reasons underlying repurchase decisions and some of the major characteristics of share repurchases in Hong Kong. In this study, I have divided the various reasons into 5 main groups or proposed hypotheses. I examine the results and present evidence supporting the proposed hypotheses. Overall, the evidence suggests that shares are repurchased because management feels that the stock is undervalued and the general level of market prices is low. The respondents also agree that buybacks can signal investors of management's confidence in the future level of earnings and stock price. Strong evidence is found in supporting the information signaling as the motive behind share buybacks in Hong Kong. It is revealed that CEO/Chairman is normally the person responsible for initiating and implementing the buyback decision and the 'on-market' method of share repurchases is commonly used in Hong Kong.

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