RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN
碩士 === 大同大學 === 事業經營學系(所) === 95 === Since investors’ understandings of firms’ operations are limited, they have to rely on related information to judge their investments. The possible implicit information contents in the dividend policy are called Signaling Hypotheses. This study is based on the Si...
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ndltd-TW-095TTU051630212019-05-15T20:22:10Z http://ndltd.ncl.edu.tw/handle/c327jz RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN 台灣之股票股利、訊號假說與股票報酬之研究 Chia-Pei Lu 呂嘉珮 碩士 大同大學 事業經營學系(所) 95 Since investors’ understandings of firms’ operations are limited, they have to rely on related information to judge their investments. The possible implicit information contents in the dividend policy are called Signaling Hypotheses. This study is based on the Signaling Hypothesis to explore whether stock dividend changes have information contents, firstly on electronic industrial listed firms and secondly on all other industries and conduct an empirical research by event study method. The empirical results are summarized as follows:1. The announcements of stock dividends trigger cumulative abnormal returns at certain times.2.After controlling over changes of cash dividends, the announcements of stock dividends spark cumulative abnormal returns at certain periods.3.After controlling over changes of cash dividends and P/E ratio, the cumulative abnormal returns of stock dividends payments this year have no relations to P/E ratio.4.After controling over changes of cash dividends and earning growth rate after tax last year, stock dividend payments have cumulative abnormal returns.5.After controlling over changes of cash dividends and earning growth rate after tax last year, earning growth rate after stock dividend payments does not necessarily have better performance. Ruey-Shii Chen 陳瑞璽 2007 學位論文 ; thesis 149 |
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碩士 === 大同大學 === 事業經營學系(所) === 95 === Since investors’ understandings of firms’ operations are limited, they have to rely on related information to judge their investments. The possible implicit information contents in the dividend policy are called Signaling Hypotheses. This study is based on the Signaling Hypothesis to explore whether stock dividend changes have information contents, firstly on electronic industrial listed firms and secondly on all other industries and conduct an empirical research by event study method.
The empirical results are summarized as follows:1. The announcements of stock dividends trigger cumulative abnormal returns at certain times.2.After controlling over changes of cash dividends, the announcements of stock dividends spark cumulative abnormal returns at certain periods.3.After controlling over changes of cash dividends and P/E ratio, the cumulative abnormal returns of stock dividends payments this year have no relations to P/E ratio.4.After controling over changes of cash dividends and earning growth rate after tax last year, stock dividend payments have cumulative abnormal returns.5.After controlling over changes of cash dividends and earning growth rate after tax last year, earning growth rate after stock dividend payments does not necessarily have better performance.
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author2 |
Ruey-Shii Chen |
author_facet |
Ruey-Shii Chen Chia-Pei Lu 呂嘉珮 |
author |
Chia-Pei Lu 呂嘉珮 |
spellingShingle |
Chia-Pei Lu 呂嘉珮 RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN |
author_sort |
Chia-Pei Lu |
title |
RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN |
title_short |
RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN |
title_full |
RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN |
title_fullStr |
RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN |
title_full_unstemmed |
RESEARCH ON THE RELATION AMONG STOCK DIVIDEND, SIGNALING HYPOTHESIS AND STOCK RETURN IN TAIWAN |
title_sort |
research on the relation among stock dividend, signaling hypothesis and stock return in taiwan |
publishDate |
2007 |
url |
http://ndltd.ncl.edu.tw/handle/c327jz |
work_keys_str_mv |
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