IDEAS home Printed from https://ideas.repec.org/p/tky/jseres/2003cj88.html
   My bibliography  Save this paper

"Equity Repurchases and Corporate Value: Evidence from Different Legal Procedures in Japan" (in Japanese)

Author

Listed:
  • Sumio Hirose

    (Graduate School of Economics, University of Tokyo)

  • Noriyuki Yanagawa

    (Faculty of Economics, University of Tokyo)

  • Makoto Saito

    (Graduate School of Economics, Hitotsubashi University)

Abstract

This paper empirically investigates which event can affect stock pricing through equity repurchases, the announcement of board meetings, the approval by general meetings of stockholders, or the incident of actual purchases, thereby clarifying the motivation behind equity repurchases. In particular, it attempts to exploit differences in legal procedures in Japanese corporate financing. The estimation results demonstrate that the repurchase based on the 1994 amendment to the Commercial Law is more consistent with the cash-flow hypothesis, while the repurchase made under the special code enforced in 1997 is more agreeable with the signaling hypothesis. No evidence is found for liquidity impacts of repurchases on stock pricing.

Suggested Citation

  • Sumio Hirose & Noriyuki Yanagawa & Makoto Saito, 2003. ""Equity Repurchases and Corporate Value: Evidence from Different Legal Procedures in Japan" (in Japanese)," CIRJE J-Series CIRJE-J-88, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:jseres:2003cj88
    as

    Download full text from publisher

    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2003/2003cj88.pdf
    Download Restriction: no
    ---><---

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tky:jseres:2003cj88. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CIRJE administrative office (email available below). General contact details of provider: https://edirc.repec.org/data/ritokjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.