Papers - YAMAGUCHI Satoru
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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.
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日本企業の現金保有に対するマーケットの評価 Reviewed
山口聖，馬場大治
経営財務研究 2012
Joint Work
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わが国株式市場における株価の長期パフォーマンスの測定方法の評価―BHAR法とCTP法の検証
山﨑尚志
国民経済雑誌 2012
Joint Work
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イベント後のROA分析におけるコントロール・ファームの選択法 Reviewed
山口聖
経営財務研究 2011
Single Work
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Debt Forgiveness and Stock Price Reaction of Lending Banks:Theory and Evidence from JAPAN Reviewed
Nobuyuki Isagawa, Satoru Yamaguchi, Tadayasu Yamashita
Journal of Financial Research 2010
Joint Work
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自社株買いと資本市場－株価反応に基づくシグナル仮説の検証－ Invited
山口聖
証券アナリストジャーナル 2009
Single Work
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自社株買いと長期の株価パフォーマンス Reviewed
山口聖
現代ファイナンス 2008
Single Work