자사주매입 방법에 따른 차별적 내부자거래

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자사주, 직접매입, 간접매입, 내부자거래, 기회주의 가설
This study employs conditional event study methodology to analyze how manager personal motives effect the method by which firms repurchase their share. To address this question, we examine insider sales activities around the announcement date of a stock repurchase. The following are the findings. First, we find that firms are more likely to choose direct repurchase how to buy directly from the stock market rather than indirect repurchase how to buy through a securities company when respective announcements are followed by upsurged net insider sales. The results are most significant after announcements 1Q and 2Q. Our finding remain indicate what strong correlation between stock repurchase methods and net insider sales. Second. stock repurchase firm through direct repurchase has negative correlation between before and after announcements about insider net sales. we interpret this result, insider shareholder can buy before announcements and after announcements they can sale to highest stock price for marginal profits. As a result, direct repurchase are used by insiders to transfer wealth among shareholders with insider emerging ahead of the public shareholder.
Alternative Title
Discriminatory insider trading by choice of stock repurchase method : About the CEO opportunistic hypothesis
Alternative Author(s)
Kim, Yu Jin
일반대학원 경영학과
Awarded Date
Table Of Contents
목 차

제1장 서론 ······························································1

제2장 연구 배경 및 선행연구 ···································9
제1절 자사주 매입동기 및 선행연구 ···································9
1. 자사주 매입과 동기 ··························································9
2. 자사주 매입동기에 관한 선행연구······································11
제2절 자사주 매입방식 및 선행연구···································16
1. 자사주의 매입방식···························································16
2. 자사주 매입방식의 선택에 관한 선행연구·························18
제3절 자사주 매입전후의 내부자 거래와 선행연구···············21
제4절 선행연구와의 차별성···············································23

제3장 가설설정과 연구방법······································24
제1절 연구가설의 설정 ····················································24
제2절 변수 정의 및 연구모형············································28
1. 변수 정의·····································································28
가. 내부자 매도거래·······································································28
나. 비정상수익률············································································30
다. 취득방식에 대한 더미변수·······················································30
라. 통제변수···················································································31
2. 연구모형·······································································32

제4장 실증분석결과·················································36
제1절 표본선정 ······························································36
제2절 기술통계 및 상관관계·············································38
제3절 단일변량분석··························································42
제4절 다중회귀분석 결과··················································48

제5장 결론·······························································54

조선대학교 대학원
김유진. (2017). 자사주매입 방법에 따른 차별적 내부자거래.
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General Graduate School > 3. Theses(Master)
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