| 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: | Department of Management |
| Pages: | vii, 31, [15] leaves : ill. ; 30 cm |
| Language: | English |
| 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. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b14694876.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.1 MB | Adobe PDF | View/Open |
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