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Title page for etd-0719107-004811


URN etd-0719107-004811 Statistics This thesis had been viewed 2171 times. Download 14 times.
Author Shu-Fang Huang
Author's Email Address No Public.
Department Management Business Administration
Year 2006 Semester 2
Degree Master Type of Document Master's Thesis
Language Chinese&English Page Count 149
Title AN EMPIRICAL RESEARCH ON THE RELATIONSHIPS AMONG CASH DIVIDEND, EARNINGS PERSISTENCY AND STOCK RETURN
Keyword
  • cash dividend
  • signaling hypothesis
  • event study
  • event study
  • signaling hypothesis
  • cash dividend
  • Abstract The empirical literature in abroad, Asquith and Mullins (1983), Healy and Palepu (1988) found change of dividends contains information contents. However, Benartzi, Michaely, and Thaler (1997) had different perspectives. The empirical results showed when the announcements of current dividend changes had positive relations to current earning changes but had no relations to earning changes in the following years, dividend changes did not contain information contents. To conclude, the reason why I am interested in exploring whether investors on stock markets in Taiwan think that cash dividends contain information contents is due to the different points of view on whether changes of dividends have information contents, i.e. whether the signaling hypothesis is formulated. This study is carried out mainly on the electronic industries and secondly on all industry. This study covers the period from 1991 to 2006, and all of these years are 16 years. We use event study analysis. The empirical results in this study are summarized as follows: (1) Firms pay the cumulative abnormal returns of cash stocks might not more significant than the firms no pay. (2) Stocks of firms’ announcements of cash dividends have cumulative abnormal returns after control over changes of stock dividends. (3) The cumulative abnormal returns in firms with low P/E ratio and with announcements of cash dividends are more significant after control over changes of stock dividends. (4) The cumulative abnormal returns of firms’ announcements of cash dividends are more significant after control over changes of stock dividends and positive earning growth after tax in the previous phase. (5) The firms convey more good news that it not means the firm’s future earnings will perform well.
    Advisor Committee
  • Ruey-Shii Chen - advisor
  • Jin-Ray Lu - co-chair
  • Ming-Chuan Pan - co-chair
  • Files indicate in-campus access only
    Date of Defense 2007-06-25 Date of Submission 2007-07-22


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