Information Content, Signalling Hypothesis and Share Repurchase Programs in Poland
研究了波兰上市公司股票回购的原因及其向投资者传递的信息，发现公司不愿披露回购原因，但若披露则不仅限于向股东转移现金。
The article aims to present the meaning of the share repurchase programs and to identify the reasons of share repurchase and information share repurchase convey to investors. The information comprises the following: signalling better financial prospects or signalling intrinsic value. The article analyses selected statistical data on the listed companies that repurchased their shares. Having carried out research for the selected listed companies, I found that companies are not willing to disclose the reasons for share repurchases. However, if they reveal the reason it is not only cash transfer to shareholders.