羊群回购

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-04-16 DOI:10.1016/j.pacfin.2025.102782

Dongxu Li , Ruiyang Zou

{"title":"羊群回购","authors":"Dongxu Li , Ruiyang Zou","doi":"10.1016/j.pacfin.2025.102782","DOIUrl":null,"url":null,"abstract":"<div><div>We study herding behavior in stock repurchasing using complete repurchase records from Chinese stock markets for the period 2005 to 2021. The data suggest that only repurchase decisions aiming to boost the stock price, among other purposes, significantly increase peer firms' tendency to follow. Such herding behavior does not correlate with firms' fundamentals. Instead, herding intensity reduces firms' abnormal returns from repurchasing, and firms' tendency to herd weakens after observing abnormal returns from repurchasing drop, consistent with firms taking the early-mover advantage to maximize abnormal returns. These results provide a novel explanation for oscillations in repurchase frequency and have critical policy implications. Regulators supervising emerging stock markets should scrutinize motivations for repurchases to ensure that listed firms do not abuse repurchase announcements to game the market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102782"},"PeriodicalIF":4.8000,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Herd to repurchase\",\"authors\":\"Dongxu Li , Ruiyang Zou\",\"doi\":\"10.1016/j.pacfin.2025.102782\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We study herding behavior in stock repurchasing using complete repurchase records from Chinese stock markets for the period 2005 to 2021. The data suggest that only repurchase decisions aiming to boost the stock price, among other purposes, significantly increase peer firms' tendency to follow. Such herding behavior does not correlate with firms' fundamentals. Instead, herding intensity reduces firms' abnormal returns from repurchasing, and firms' tendency to herd weakens after observing abnormal returns from repurchasing drop, consistent with firms taking the early-mover advantage to maximize abnormal returns. These results provide a novel explanation for oscillations in repurchase frequency and have critical policy implications. Regulators supervising emerging stock markets should scrutinize motivations for repurchases to ensure that listed firms do not abuse repurchase announcements to game the market.</div></div>\",\"PeriodicalId\":48074,\"journal\":{\"name\":\"Pacific-Basin Finance Journal\",\"volume\":\"92 \",\"pages\":\"Article 102782\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2025-04-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Pacific-Basin Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927538X25001192\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X25001192","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文利用2005年至2021年中国股票市场的完整回购记录，研究了股票回购中的羊群行为。数据表明，只有以提高股价为目的的回购决策，在其他目的中，才会显著增加同行公司的效仿倾向。这种从众行为与公司的基本面无关。反之，从众强度降低了企业回购的异常收益，企业在看到回购的异常收益下降后，从众倾向减弱，这与企业利用先发优势最大化异常收益是一致的。这些结果为回购频率的波动提供了新的解释，并具有重要的政策意义。监管新兴股市的监管机构应仔细审查回购动机，以确保上市公司不会滥用回购公告来操纵市场。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Herd to repurchase

We study herding behavior in stock repurchasing using complete repurchase records from Chinese stock markets for the period 2005 to 2021. The data suggest that only repurchase decisions aiming to boost the stock price, among other purposes, significantly increase peer firms' tendency to follow. Such herding behavior does not correlate with firms' fundamentals. Instead, herding intensity reduces firms' abnormal returns from repurchasing, and firms' tendency to herd weakens after observing abnormal returns from repurchasing drop, consistent with firms taking the early-mover advantage to maximize abnormal returns. These results provide a novel explanation for oscillations in repurchase frequency and have critical policy implications. Regulators supervising emerging stock markets should scrutinize motivations for repurchases to ensure that listed firms do not abuse repurchase announcements to game the market.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.