{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/22069"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/22069","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"The role of earnings announcements on preceding repurchase tender offers","abstract":"The purpose of this study is to examine how subsequent earnings information is used by investors in resolving residual uncertainty about preceding repurchase tender offer announcements.","abstract_html":"The purpose of this study is to examine how subsequent earnings information is used by investors in resolving residual uncertainty about preceding repurchase tender offer announcements.","abstract_has_math":false,"creators":["Lee, Tae Hee"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Dietrich, J. Richard"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2011,"date_issued":"2011-05-07T13:27:57Z","date_published":"2011-05-07T13:27:57Z","updated_at":"2026-07-22T22:25:19Z","subjects":["Business Administration, Accounting"],"languages":["eng"],"rights":["Copyright 1994 Lee, Tae Hee"],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["AAI9512453","(UMI)AAI9512453"],"render_values":[{"text":"AAI9512453","href":null,"code":true},{"text":"(UMI)AAI9512453","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/22069","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Dietrich, J. Richard"]},{"key":"dc:creator","label":"Author","values":["Lee, Tae Hee"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2011-05-07T13:27:57Z","10000-01-01","1994"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Business Administration, Accounting"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 1994 Lee, Tae Hee"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["AAI9512453","(UMI)AAI9512453","http://hdl.handle.net/2142/22069"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["The purpose of this study is to examine how subsequent earnings information is used by investors in resolving residual uncertainty about preceding repurchase tender offer announcements.","Two specific research questions are addressed: (1) do investors react positively to subsequent quarterly earnings announcements following a repurchase tender offer announcement? and (2) whether and how financial analysts use the information conveyed in a repurchase tender offer announcement in revising their estimates of earnings forecasts?","The empirical results show that firms experience positive abnormal returns during the eight quarterly earnings announcements following a repurchase tender offer announcement. The results appear to be robust even after testing for potential concerns. It is also found that analysts revise their forecasts of earnings per share upward but reduce their forecasts of total earnings around the time of repurchase tender offer announcements, and that they do not appear to revise their forecasts of total earnings downward as much as the decline in the number of shares. This is consistent with the argument that financial analysts are using the information contained in the repurchase tender offer announcements when they revise their estimates of earnings. However, financial analysts do not appear to make sufficient revisions after the repurchase announcements and tend to delay revising their forecasts until later periods.","Taken together, the foregoing results provide consistent evidence that investors underreact to repurchase tender offer announcements and that earnings play an important role in correcting this investor underreaction.","Made available in DSpace on 2011-05-07T13:27:57Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9512453.pdf: 4310206 bytes, checksum: 5ca5ef2c098dae51c84cfbaaa0c12001 (MD5) Previous issue date: 1994","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:55:06Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:25:40-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"]},{"key":"dc:title","label":"Title","values":["The role of earnings announcements on preceding repurchase tender offers"]}]}],"canonical_facts":{"dc:contributor":["Dietrich, J. Richard"],"dc:creator":["Lee, Tae Hee"],"dc:date":["2011-05-07T13:27:57Z","10000-01-01","1994"],"dc:description":["The purpose of this study is to examine how subsequent earnings information is used by investors in resolving residual uncertainty about preceding repurchase tender offer announcements.","Two specific research questions are addressed: (1) do investors react positively to subsequent quarterly earnings announcements following a repurchase tender offer announcement? and (2) whether and how financial analysts use the information conveyed in a repurchase tender offer announcement in revising their estimates of earnings forecasts?","The empirical results show that firms experience positive abnormal returns during the eight quarterly earnings announcements following a repurchase tender offer announcement. The results appear to be robust even after testing for potential concerns. It is also found that analysts revise their forecasts of earnings per share upward but reduce their forecasts of total earnings around the time of repurchase tender offer announcements, and that they do not appear to revise their forecasts of total earnings downward as much as the decline in the number of shares. This is consistent with the argument that financial analysts are using the information contained in the repurchase tender offer announcements when they revise their estimates of earnings. However, financial analysts do not appear to make sufficient revisions after the repurchase announcements and tend to delay revising their forecasts until later periods.","Taken together, the foregoing results provide consistent evidence that investors underreact to repurchase tender offer announcements and that earnings play an important role in correcting this investor underreaction.","Made available in DSpace on 2011-05-07T13:27:57Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9512453.pdf: 4310206 bytes, checksum: 5ca5ef2c098dae51c84cfbaaa0c12001 (MD5) Previous issue date: 1994","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:55:06Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:25:40-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"],"dc:identifier":["AAI9512453","(UMI)AAI9512453","http://hdl.handle.net/2142/22069"],"dc:language":["eng"],"dc:rights":["Copyright 1994 Lee, Tae Hee"],"dc:subject":["Business Administration, Accounting"],"dc:title":["The role of earnings announcements on preceding repurchase tender offers"],"dc:type":["text"],"thesis:degree_discipline":["Accountancy"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:19Z"}