Marginal Value of Cash Holding in Explaining the Market Effect of Dividend Announcement

• Main Authors: Chun-Yu Liu, 劉純有
• Other Authors: Miaw-Jane Chen
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/00645690521400616389

碩士 === 國立聯合大學 === 經營管理學系碩士班 === 103 === In this study, the marginal value of the cash held by the company for the next quarter dividend declared whether the impact of policies to meet the relationship of research to US data marginal value of cash holdings and dividend declared policy as samples to establish whether the research model was observed between the two cater relationship. During the study sample was from 2004 to 2014 the United States all listed company data, excavated from the establishment of the Wharton School of the University of Pennsylvania Integrated Database (WRDS). First of all, this study design to use the single variable validated to the level of the marginal value of cash holdings and unexpected dividend data groups, do have a number of female Mother Number of analyzing whether cater to investors, the company from which we can see the marginal value of cash holdings to assess whether cater to investors, dividends tend to send additional or subtract. Then the number of cumulative abnormal return rate of strain build multiple regression model, the model join other control variables, investigate the effect of mutual relations between the control variables and the cumulative abnormal return, the empirical results show that the company exists to meet the investor at the time of the dividend declared policy policy. In this study, for the company to do when the dividend declared policy as a reference, the company's investment policy may be close to people's expectations.