臺灣博碩士論文加值系統

本論文發展兩項競爭研究假說：可信賴度假說與過度自信假說，以檢視管理階層教育程度如何影響公司股票購回宣告之財富效應。以台灣上市公司為主要研究樣本，本論文獲得以下重要研究結論：第一，台灣上市公司之高階管理階層教育程度對於股票購回宣告的財富效果具有顯著影響；相對地，高階管理階層所擁有的財務、會計或法律之教育背景對於股票購回宣告的財富效果並無顯著影響。第二，對於高階管理階層擁有較高（沒有）博士學位比例的公司而言，在股票購回宣告期間，其市場正向股價反應幅度較小（較大）。第三，上述高階管理階層教育程度與股票購回財富效果之反向關係，在公司治理不佳及高度融資限制的公司中尤為明顯。第四，本文亦發現，具有較高教育程度的管理階層，其公司股票購回後的長期績效較差；且容易有過高的實際回購股票傾向。上述四大結論指向本文支持過度自信假說：有較高教育程度之高階管理階層較容易有過度自信傾向 (從而導致錯誤定價/高估偏見)，進而造成股票回購宣告是否為股票被低估之有利信號，較容易受到股票市場抑制。

This paper examines how managerial educational attainment influences the wealth effects of share repurchases by testing the credible hypothesis versus the overconfidence hypothesis. Based on a set of comprehensive data on top managers’ education in Taiwanese listed firms, we find that managerial educational levels but not professional backgrounds in finance, accounting, and law management influence the wealth effects of share repurchases. The magnitude of positive market reactions to a repurchase announcement is smaller (larger) for firms with a higher (no) proportion of top managers with doctoral degrees. Such an inverse relation is especially obvious among firms that are poorly governed and financially constrained. We also detect that repurchasing firms with higher managerial educational levels exhibit poorer long-term post-repurchase stock performance and tend to actually buy back more stock. Our overall findings are supported by the overconfidence hypothesis, positing that highly educated top managers are more subject to overconfidence, which leads to perceived mispricing/overvaluing bias. Thereby, the favorable signal of undervaluation regarding their share repurchase may need to be rectified by the stock market.

Chinese Abstract----------------------------------------------------------- i
English Abstract----------------------------------------------------------- ii
Acknowledgments------------------------------------------------------------ iii
Content-------------------------------------------------------------------- iv
1. Introduction ------------------------------------------------------ 1
1.1 Research motivation and purpose------------------------------------ 1
1.2 Main findings------------------------------------------------------ 3
1.3 Contribution to existing research---------------------------------- 3
1.4 Structure of the study--------------------------------------------- 4
2. Literature review ------------------------------------------------- 4
2.1 Managerial educational attainment---------------------------------- 4
2.2 Function of Share repurchase announcements------------------------- 5
2.3 Formation of Managerial educational attainment on share repurchases and managerial credibility----------------------------------------------------- 6
2.4 Formation of Managerial educational attainment on share repurchases and
managerial Overconfidence------------------------------------------- 6
3. Research design and method------------------------------------------ 8
3.1 Research design----------------------------------------------------- 8
3.1.1 Sample selection --------------------------------------------------- 11
3.2 Variable definitions ----------------------------------------------- 12
3.2.1 Dependent variables ------------------------------------------------ 12
3.2.2 Most interested independent variables ------------------------------ 14
3.2.3 Other variables ---------------------------------------------------- 16
4.1 Descriptive statistics --------------------------------------------- 16
4.2 Managerial education and Stock market responses--------------------- 17
4.2.1 Univariate analysis------------------------------------------------- 17
4.2.2 Cross-sectional regression analysis--------------------------------- 18
4.2.3 Robustness analysis------------------------------------------------- 20
4.2.4 Interaction with corporate governance------------------------------- 23
4.2.5 Interaction with financial constraint------------------------------- 25
4.3 Further evidence a nd implications---------------------------------- 27
4.3.1 Managerial education and long-term post-repurchase stock ----------- 30
5. Conclusion --------------------------------------------------------- 32
Appendix-------------------------------------------------------------------- 35
References------------------------------------------------------------------ 36
List of Tables--------------------------------------------------------------
Table 1 Sample distribution------------------------------------------------- 43
Table 2 Descriptive characteristics----------------------------------------- 44
Table 3 Managerial education and CAR (–1, 1) at the share repurchase
announcement-------------------------------------------------------- 45
Table 4 Cross-sectional regression analysis of CAR (–1, 1) at
share repurchase announcement on managerial education--------------- 46
Table 5 Robustness analysis------------------------------------------------- 47
Table 6 Managerial education and CAR (–1, 1) at share repurchase announcement
interaction with corporate governance------------------------------- 48
Table 7 Managerial education and CAR (–1, 1) at share repurchase------------ 49
Table 8 Managerial education and long-term post-repurchase stock performance 50
Table 9 Managerial education and repurchasing announcers’ actual buyback---- 51

1.Aharony, J., & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders’ returns: An empirical analysis. Journal of Finance, 35(1), 1-12.
2.Andreou, P. C., Cooper, I., Garcia de Olalla Lopez, I., & Louca, C. (2018). Managerial overconfidence and the buyback anomaly. Journal of Empirical Finance, 49, 142-156.
3.Andriosopoulos, D., Andriosopoulos, K., & Hoque, H. (2013). Information disclosure, CEO overconfidence, and share buyback completion rates. Journal of Banking & Finance, 37(12), 5486-5499.
4.Babenko, I., Tserlukevich, Y., & Vedrashko, A. (2012). The credibility of open market share repurchase signaling. Journal of Financial and Quantitative Analysis, 47(5), 1059-1088.
5.Bagwell, L. S. (1991). Share repurchase and takeover deterrence. Rand Journal of Economics, 72-88.
6.Banerjee, S., Humphery-Jenner, M., & Nanda, V. (2015). Restraining overconfident CEOs through improved governance: Evidence from the Sarbanes-Oxley Act. Review of Financial Studies, 28(10), 2812-2858.
7.Banerjee, S., Humphery-Jenner, M., & Nanda, V. (2018). Does CEO Bias Escalate Repurchase Activity?. Journal of Banking & Finance, 93(C), 105-126.
8.Bantel, K. A., & Jackson, S. E. (1989). Top management and innovations in banking: Does the composition of the top team make a difference?. Strategic Management Journal, 10(S1), 107-124.
9.Barber, B. M., & Lyon, J. D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
10.Bargeron, L., Bonaime, A., & Thomas, S. (2017). The timing and source of long-run returns following repurchases. Journal of Financial and Quantitative Analysis, 52(2), 491-517.
11.Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
12.Becker, Gary S., Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education (1964). University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship. Available at SSRN: https://ssrn.com/abstract=1496221.
13.Ben-David, I., Graham, J. R., & Harvey, C. R. (2013). Managerial miscalibration. Quarterly Journal of Economics, 128(4), 1547-1584.
14.Bens, D. A., Nagar, V., Skinner, D. J., & Wong, M. F. (2003). Employee stock options, EPS dilution, and stock repurchases. Journal of Accounting and Economics, 36(1-3), 51-90.
15.Berger, A. N., Kick, T., & Schaeck, K. (2014). Executive board composition and bank risk taking. Journal of Corporate Finance, 28, 48-65.
16.Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169-1208.
17.Bhandari, G., & Deaves, R. (2006). The demographics of overconfidence. Journal of Behavioral Finance, 7(1), 5-11.
18.Bhattacharya, U., & E. Jacobsen, S. (2015). The share repurchase announcement puzzle: Theory and evidence. Review of Finance, 20(2), 725-758.
19.Billett, M. T., & Xue, H. (2007). The takeover deterrent effect of open market share repurchases. Journal of Finance, 62(4), 1827-1850.
20.Bliss, B. A., Cheng, Y., & Denis, D. J. (2015). Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis. Journal of Financial Economics, 115(3), 521-540.
21.Bloom, N., Lemos, R., Sadun, R., & Van Reenen, J. (2017). Healthy business? Managerial education and management in healthcare (No. w23880). National Bureau of Economic Research.
22.Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31.
23.Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review, 28(3), 432-446.
24.Chan, K., Ikenberry, D., & Lee, I. (2004).Economic sources of gain in stock repurchases. Journal of Financial and Quantitative Analysis, 39(3), 461-479.
25.Chan, K., Ikenberry, D. L., Lee, I., & Wang, Y. (2010). Share repurchases as a potential tool to mislead investors. Journal of Corporate Finance, 16, 137-158.
26.Chaudhuri, R., Ivkovic, Z., Pollet, J., & Trzcinka, C. (2013). What a difference a Ph. D. makes: More than three little letters. Available at SSRN: http://ssrn.com/abstract=2344938.
27.Chen, S. S., & Wang, Y. (2012). Financial constraints and share repurchases. Journal of Financial Economics, 105(2), 311-331.
28.Chen, S. S., Chen, Y. S., & Wang, Y. (2015). Does labor power affect the likelihood of a share repurchase?. Financial Management, 44(3), 623-653.
29.Christiansen, C., Joensen, J. S., & Rangvid, J. (2008). Are economists more likely to hold stocks?. Review of Finance, 12(3), 465-496.
30.Comment, R., & Jarrell, G. A. (1991). The relative signalling power of Dutch‐auction and fixed‐price self‐tender offers and open‐market share repurchases. Journal of Finance, 46(4), 1243-1271.
31.Davis, G. F., & Mizruchi, M. S. (1999). The money center cannot hold: Commercial banks in the US system of corporate governance. Administrative Science Quarterly, 44(2), 215-239.
32.Deaves, R., Lüders, E., & Schröder, M. (2010). The dynamics of overconfidence: Evidence from stock market forecasters. Journal of Economic Behavior & Organization, 75(3), 402-412.
33.Denis, D. J. (1990). Defensive changes in corporate payout policy: Share repurchases and special dividends. Journal of Finance, 45(5), 1433-1456.
34.Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. Journal of Finance, 46(4), 1325-1359.
35.Dittmar, A. K. (2000). Why do firms repurchase stock. Journal of Business, 73(3), 331-355.
36.Evgeniou, T., & Vermaelen, T. (2017). Share buybacks and gender diversity. Journal of Corporate Finance, 45, 669-686.
37.Farrell, K., Unlu, E., & Yu, J. (2014). Stock repurchases as an earnings management mechanism: The impact of financing constraints. Journal of Corporate Finance, 25, 1-15.
38.Floyd, E., Li, N., & Skinner, D. J. (2015). Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends. Journal of Financial Economics, 118(2), 299-316.
39.Goel, A. M., & Thakor, A. V. (2008). Overconfidence, CEO selection, and corporate governance. Journal of Finance, 63(6), 2737-2784.
40.Gottesman, A. A., & Morey, M. R. (2006). Manager education and mutual fund performance. Journal of Empirical Finance, 13(2), 145-182.
41.Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2-3), 187-243.
42.Graham, J., & Harvey, C. (2002). How do CFOs make capital budgeting and capital structure decisions?. Journal of Applied Corporate Finance, 15(1), 8-23.
43.Graham, J. R., Harvey, C. R., & Huang, H. (2009). Investor competence, trading frequency, and home bias. Management Science, 55(7), 1094-1106.
44.Graham, J. R., Harvey, C. R., & Puri, M. (2013).Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121.
45.Graham, J. R., Li, S., & Qiu, J. (2012).Managerial attributes and executive compensation. Review of Financial Studies, 25(1), 144-186.
46.Grullon, G., & Ikenberry, D. L. (2000). What do we know about stock repurchases?. Journal of Applied Corporate Finance, 13(1), 31-51.
47.Grullon, G., & Michaely, R. (2002).Dividends, share repurchases, and the substitution hypothesis. Journal of Finance, 57(4), 1649-1684.
48.Grullon, G., & Michaely, R. (2004). The information content of share repurchases programs. Journal of Finance, 59(2), 651-680.
49.Guay, W., & Harford, J. (2000). The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics, 57(3), 385-415.
50.Hall, P (1992). On the removal of skewness by transformation. Journal of the Royal Statistical Society, 54(1), 221-228.
51.Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
52.Hitt, M. A., & Barr, S. H. (1989). Managerial selection decision models: Examination of configural cue processing. Journal of Applied Psychology, 74(1), 53.
53.Hope, O. K., Thomas, W., & Vyas, D. (2011). Financial credibility, ownership, and financing constraints in private firms. Journal of International Business Studies, 42(7), 935-957.
54.Hovakimian, A., Opler, T., & Titman, S. (2001). The debt-equity choice. Journal of Financial and Quantitative Analysis, 36(1), 1-24.
55.Hribar, P., Jenkins, N. T., & Johnson, W. B. (2006). Stock repurchases as an earnings management device. Journal of Accounting and Economics, 41(1-2), 3-27.
56.Hsu, C. H., Fung, H. G., & Chang, Y. P. (2016). The performance of Taiwanese firms after a share repurchase announcement. Review of Quantitative Finance and Accounting, 47(4), 1251-1269.
57.Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market underreaction to open market share repurchases. Journal of Financial Economics, 39(2-3), 181-208.
58.Ikenberry, D., Lakonishok, J., & Vermaelen, T. (2000). Stock repurchases in Canada: Performance and strategic trading. Journal of Finance, 55(5), 2373-2397.
59.Iyer, S. R., & Rao, R. P. (2017). Share Repurchases and the Flexibility Hypothesis. Journal of Financial Research, 40(3), 287-313.
60.Jagannathan, M., & Stephens, C. (2003). Motives for multiple open-market repurchase programs. Financial Management, 71-91.
61.Jagannathan, M., Stephens, C. P., & Weisbach, M. S. (2000). Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57(3), 355-384.
62.Kahle, K. M. (2002). When a buyback isn’t a buyback: Open market repurchases and employee options. Journal of Financial Economics, 63(2), 235-261.
63.King, T., Srivastav, A., & Williams, J. (2016). What’s in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287-308.
64.La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). The quality of government. The Journal of Law, Economics, and Organization, 15(1), 222-279.
65.La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. Journal of Finance, 57(3), 1147-1170.
66.Lee, B. S., & Rui, O. M. (2007). Time-series behavior of share repurchases and dividends. Journal of Financial and Quantitative Analysis, 42(1), 119-142.
67.Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185-200.
68.Long, B. S., & Driscoll, C. (2008). Codes of ethics and the pursuit of organizational legitimacy: Theoretical and empirical contributions. Journal of Business Ethics, 77(2), 173-189.
69.Lyon, J. D., Barber, B. M., & Tsai, C. L. (1999). Improved methods for tests of long‐run abnormal stock returns. Journal of Finance, 54(1), 165-201.
70.Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661-2700.
71.Minichilli, A., & Hansen, C. (2007). The board advisory tasks in small firms and the event of crises. Journal of Management & Governance, 11(1), 5-22.
72.Norden, L., & Weber, M. (2004). Informational efficiency of credit default swap and stock markets: The impact of credit rating announcements. Journal of Banking & Finance, 28(11), 2813-2843.
73.Peyer, U., & Vermaelen, T. (2009). The nature and persistence of buyback anomalies. Review of Financial Studies, 22(4), 1693-1745.
74.Puri, M., & Robinson, D. T. (2007). Optimism and economic choice. Journal of Financial Economics, 86(1), 71-99.
75.Qing, H. (2016). Is there information leakage prior to share repurchase announcements? Evidence from daily options trading. Journal of Financial Markets, 27(C), 79-101.
76.Ritter, J. R. (1991). The long‐run performance of initial public offerings. Journal of Finance, 46(1), 3-27.
77.Schrand, C. M., & Zechman, S. L. (2012). Executive overconfidence and the slippery slope to financial misreporting. Journal of Accounting and Economics, 53(1-2), 311-329.
78.Shu, P. G., Yeh, Y. H., Chiang, T. L., & Hung, J. Y. (2013). Managerial overconfidence and share repurchases. International Review of Finance, 13(1), 39-65.
79.Stephens, C. P., & Weisbach, M. S. (1998). Actual share reacquisitions in open‐market repurchase programs. Journal of Finance, 53(1), 313-333.
80.Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610.
81.Vermaelen, T. (1981). Common stock repurchases and market signalling: An empirical study. Journal of Financial Economics, 9(2), 139-183.
82.Vermaelen, T. (1984). Repurchase tender offers, signaling, and managerial incentives. Journal of financial and Quantitative Analysis, 19(2), 163-181.
83.White, H (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817-838.
84.Whited, T. M., & Wu, G. (2006). Financial constraints risk. Review of Financial Studies, 19(2), 531-559.
85.Wiersema, M. F., & Bantel, K. A. (1992). Top management team demography and corporate strategic change. Academy of Management Journal, 35(1), 91-121.
86.Yook, K. C. (2010). Long-run stock performance following stock repurchases. Quarterly Review of Economics and Finance, 50(3), 323-331