Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Jin, Jimmy (AF) | en_US |
| dc.creator | Liu, Wenkui | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/14265 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Stock repurchase and performance in China A-share market | en_US |
| dcterms.abstract | Stock repurchases, or share buybacks, have gained global attention in corporate finance for their role in enhancing shareholders’ value, allocating resources, and signaling confidence in future prospects. | en_US |
| dcterms.abstract | The China Securities Regulatory Commission (CSRC) has recently implemented policies to encourage public firms to engage in stock repurchases for capital market stabilization. This policy shift could potentially impact individual stock returns and the performance of the China A-share market index. | en_US |
| dcterms.abstract | This study utilizes data from the A-share stock repurchase database on the Wind, covering the period from January 1, 2005, to April 30, 2025. A total of 12,725 completed repurchase cases were successfully identified as the subjects for empirical analysis. The findings of this research are as follows: | en_US |
| dcterms.abstract | 1. Stock repurchases are positively correlated with both short-term and long-term abnormal returns in the China A-share market, particularly surrounding the authorization announcement. However, empirical analysis reveals no statistically significant correlation between the cumulative volume of subsequent stock repurchases and long-term abnormal returns in this market—a finding that contrasts with established evidence from other major markets (Bargeron et al., 2017). | en_US |
| dcterms.abstract | 2. The effects of repurchases are more pronounced for growth stocks in the short term, whereas the effects are more significant for value stocks and small market cap in the long term. | en_US |
| dcterms.abstract | 3. Repurchases during bear markets do not generally yield higher alpha. In the short term, stock repurchases of growth stocks are more effective in bear markets. In the long term, regardless of market conditions, repurchases of small-sized stocks demonstrate greater efficacy, while repurchases of middle-valued stocks consistently underperform high or low valued stock repurchases in bear markets. | en_US |
| dcterms.abstract | 4. Regardless of the time frame, the effects of repurchases are less pronounced for cancellation stock repurchases compared to other types of repurchases. | en_US |
| dcterms.abstract | This study aims to contribute to existing literature by examining the effects of stock repurchases in the China A-share market context, demystifying why some repurchases are more influential on stock performance, so as to provide practical implications to investors as well as policy makers. | en_US |
| dcterms.extent | 93 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2025 | en_US |
| dcterms.educationalLevel | D.B.A. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Stock repurchasing -- China | en_US |
| dcterms.LCSH | Stock exchanges -- China | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 8767.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.45 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/14265