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Position |
Professor |
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Research Field |
Humanities & Social Sciences / Business administration |
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External Link |
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Campus Career 【 display / non-display 】
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KONAN UNIVERSITY Faculty of Business Administration Faculty of Business Administration Department of Business Administration Professor
2014.9
Papers 【 display / non-display 】
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東証の要請（2023年３月31日）と自社株買い ―日本企業の自社株買いの変化とPBRへの影響― Reviewed
山口聖、砂川伸幸、三宅悠
証券アナリストジャーナル 64 ( 7 ) 2026.7
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資本コスト算出のポイントと日本企業のPBRに関するデータ分析 Invited
砂川 伸幸、川島 輝夫、山口聖
月間資本市場 2025.4
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資本コストや株価（PBR）を意識した経営：理論と事例 Invited
砂川 伸幸、川島 輝夫、山口聖
月間資本市場 ( 475 ) 4 - 14 2025.2
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自社株買いの内外の実態、理論の整理 Invited
山口聖
証券アナリストジャーナル 59 ( 6 ) 7 - 18 2021.6
Single Work
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Inflexibility of Share Repurchases Reviewed
1 ( 21 ) 255 - 281 2021.3
Single Work
This paper investigates the flexibility inherent in open market share repurchases. Open market share repurchases are recognized as being flexible, since managers believe that they are not an ongoing commitment. However, I find that such returns significantly decrease upon announcing the completion of a repurchase program if firms do not concurrently announce new program authorizations. I also find that announcement returns significantly decline with completion rates and that a high completion rate acts as a negative signal, revealing that firms have finished the repurchasing activities and do not intend to continue share repurchasing in the foreseeable future. These results indicate that share repurchases are less flexible than they were previously thought to be.
Books and Other Publications 【 display / non-display 】
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1からのファイナンス<第2版>
（ Role： Contributor）
2026.1
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新・入門証券論
（ Role： Joint author）
2024.11