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SHARE REPURCHASES IN NEW ZEALAND
Hardjo Koerniadi; Ming-Hua Liu; Alireza Tourani-Rad
2007-08-15
Source PublicationIssues in Corporate Governance and Finance
PublisherEMERALD GROUP PUBLISHING LIMITED, HOWARD HOUSE, WAGON LANE, BINGLEY, W YORKSHIRE BD16 1WA, ENGLAND
Pages481-498
Abstract

In this paper, we investigate the New Zealand stock market reactions to both on-market and off-market share repurchase programmes for the period 1995–2004. Share repurchases have become more frequent in New Zealand in recent years, though the size and the number of repurchases are still small by international standards. The main reason appears to be the presence of the dividend imputation system which diminishes the tax consequences of cash dividends compared to capital gains. On the whole, we observe that the market reacts positively and significantly to the share repurchase announcements. The magnitude of average abnormal returns for the on- and the off-market repurchases on the announcement day are 3.25 and 3.12% respectively. We further observe the reasons companies undertake stock repurchase are consistent with the investment and free cash flows agency hypotheses.

DOI10.1016/S1569-3732(07)12018-1
Language英语
ISBN978-0-7623-1373-0
WOS IDWOS:000270833100018
WOS SubjectBusiness, Finance ; Economics
WOS Research AreaBusiness & Economics
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Cited Times [WOS]:4   [WOS Record]     [Related Records in WOS]
Document TypeBook chapter
CollectionFaculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
AffiliationAuckland Univ Technol, Auckland, New Zealand.
Recommended Citation
GB/T 7714
Hardjo Koerniadi,Ming-Hua Liu,Alireza Tourani-Rad. SHARE REPURCHASES IN NEW ZEALAND:EMERALD GROUP PUBLISHING LIMITED, HOWARD HOUSE, WAGON LANE, BINGLEY, W YORKSHIRE BD16 1WA, ENGLAND,2007:481-498.
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