We show that the specific regulation in Taiwan requiring firms to repurchase shares explicitly to resolve the information ambiguity does not prevent market underreaction by the evidences of positive short-term and long-term abnormal return. In addition, firms that retire their buybacks show a...

This study examines the application of CEO turnover on reverse stock splits firms. Using Taiwanese samples, we find that non-CEO turnover firms receive negative long-term abnormal returns, and their financial performances continue to decline following reverse splits. These findings are...