Secondly, research about share repurchases in Thailand remains
underexplored although listed firms in Thailand have been allowed
to buy back their own shares since July 2001. Only a few studies seem
to focus on such issue. Vithessonthi (2007) was the first to document
the positive abnormal stock returns associated with open market
share repurchase announcements in Thailand. Vithessonthi (2008)
subsequently finds some evidence of the long-run abnormal returns
but no significant change in the operating performance following stock
repurchase announcements. Surveying executives of 64 repurchasing
firms in Thailand from July 2001 to December 2009, Tabtieng (2013)
reports that the main objectives of managers for implementing open
market share repurchase programmes are to buy back undervalued
shares and to increase earnings per share.