The research of dividend information and earning of the informational contents of diviednd

• Main Authors: Yu-Ju LIN, 林郁如
• Other Authors: Kuei-Yen Wu
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/35108210430841475819

碩士 === 輔仁大學 === 管理學研究所 === 96 === This paper discuss the content of dividend and earnings announcement on the Taiwan stock market. The rule of sample selection depends whether the dividend announce news of company listed on the TSE posted on Economics Daily news from 1999. to 2006. Depend on dividend and earnings , the paper divide all stocks in the sample into six group , analysis the difference of CAR (accumulation abnormal returns) of short-term and long-tern, In short-tern, increasing cash dividend announcement verify the Information Content of Dividends and increasing earnings enhance the reflect. Increasing cash announcement is consist with information content of dividend , but remaining and decreasing cash announcement are not. Otherwise, if the direction of cash dividend announcement and earnings change by the same way will enhance the CAR of the group. However, the group of good-news will have bad CAR in long-tern, the conclusion is the same with Abeyratna & David (2006).