|Table of Contents|

Empirical analysis on the market effect of the dividend bias of China's investors(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2006年03期
Page:
53-58
Research Field:
交通运输与经济
Publishing date:
2006-09-20

Info

Title:
Empirical analysis on the market effect of the dividend bias of China's investors
Author(s):
XIANG Rui;  LI Qi-qi
School of Accounting, Southwest University of Finance and Economics, Chengdu 610074, Sichuan, China
Keywords:
economics;  security investor;  dividend policy;  market effect;  bias to dividend;  empirical analysis
PACS:
F830. 59
DOI:
-
Abstract:
This article uses the method of cumulative abnormal return(CAR)——— one type of the case research technique to analyze the market effect of dividend policy in Shenzhen and Shanghai stock markets. This article also analyzes the different market effects caused by different types of dividend policy as well as the investors' behavior. Empirical result shows that security investors in China have different reaction to different types of dividend policy in the decision-making process as a result of psychological factors, and they display much bias to dividend. The result indicates that investors have an inclination for the cash dividend, in particular, for the continual cash dividend, and that they ignore the effect of non-cash dividend.

References:

[1]　 Pettit R R. Dividend announcements,security per- formance and capital market efficiency[J].Journal of Finance,1972,35(12):993-1 007.
[2]　Aharony J,Swary I.Quarterly dividend and earnings announcements and stockholders returns:An empiri- cal analysis[J]. Journal of Financial,1980,43(4): 1-12.
[3]　Chihwa Kao,Chaunchi Wu.Rational expections,infor- mation,signalling and dividend adjustment to perma- nent earnings[J].Review of Economics and Statistics, 1994,22(8):490-502.
[4]　 Larry H P,Litzenberger R H. Dividend announce- ments:Cash flow signalling vsfree cash hypothesis [J].Journal of Financial Economics, 1989,35(24): 181-191.
[5]　Denis R,Denis D K,Amlya S.The information con- tent of dividend changes:Cash flow signaling,overin- vestment and dividend clienteles[J].Journal of Finan- cial and Quantitative Analysis,1994,29(4):567-587.
[6]　Brickley J A.Shareholder wealth,information signa- ling and the specially designed dividend[J].Journal of Financial Economics,1983,29(8):187-209.
[7]　Dyl E,Weigand R.The information content of divi- dend initiations:Additional evidence[J]. Journal of Financial,1998,61(8):27-35.
[8]　张水泉,韩德宗.上海股票市场股利与配股效应的实 证研究[J].预测,1997,18(3):28-33.
[9]　魏　刚.我国上市公司股利分配的实证研究[J].经济 研究,1998,21(6):30-36.
[10]　陈　晓,陈小悦,倪　凡.我国上市公司首次股利信号 传递效应的实证研究[J].经济科学,1998,23(5): 33-43.
[11]　俞　乔,程　滢.我国公司红利政策与股市波动[J]. 经济研究,2001,24(4):32-40.
[12]　Fama E F.Efficient captial markets:A review of theo- ry and empirical work[J].Journal of Financial,1970, 33(25):383-423.
[13]　俞　乔.市场有效、周期异常与股价波动———对上海、 深圳股票市场的实证分析[J].经济研究,1994,17 (4):18-26.
[14]　张亦春,周颖刚.中国股市弱有效吗[J].金融研究, 2001,19(3):34-40.

Memo

Memo:
-
Last Update: 2006-09-20