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Contribution Details
Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | Share pledges and share repurchases in China |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 37 |
Date | 2020 |
Abstract Text | This thesis uses logistics regression and event study method to investigates how share pledges affect the share repurchase activities in China. The research results confirm companies and shareholders could use share repurchase to support stock price in order to avoid the loss of control right when they have share pledges and face margin call pressure. In addition, the research on market reaction of share repurchase announcement under share pledge show that the short-term CAR of share repurchase announcement is positive and significant. The market reaction is less positive if controlling shareholders’ pledge ratio or company’s pledge ratio is higher. |
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