Announcement Effects of Specially Designated Dividends

doi:10.1016/S0196-3821(03)20010-1

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/67273

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題名:	Announcement Effects of Specially Designated Dividends
作者:	段昌文
貢獻者:	淡江大學財務系
日期:	2003
上傳時間:	2011-10-22 22:25:46 (UTC+8)
出版者:	Emerald Group Publishing Limited
摘要:	This paper explores dividend announcements based on information hypothesis. We explore in particular whether or not information signaling theory existed in Taiwan. We also explore the free cash flow hypothesis. In order to eliminate affecting factors, we target companies with irregular dividends as research samples, just like those with specially designated dividends (SDD). We examine whether or not those proceeds may be deemed as future earnings prospection. In this paper we study mainly dividend announcements made during stockholder’s meetings of the companies listed in the Taiwan Stock Exchange (TSE) or R.O.C. Over-the-Counter Securities Exchange (ROSE). We apply event study as means of analyzing abnormal returns of the companies. In addition we use the GARCH model with traditional ordinary least square to estimate the market model. The results indicate that SDDs are considered positive signals by the national exchange, TSE. In addition, we also show that the first-time SDD does transmit a positive signal to the market regarding the firm’s future cash flow, and that the SDD of no payment in the previous three years is negative. Furthermore, we prove that low Q firms have greater market reaction than high Q firms in announcement period. The free cash flow hypothesis and firm size effects could not be verified in Taiwan.
關聯:	Research in Finance 20, p.185-212
DOI:	10.1016/S0196-3821(03)20010-1
顯示於類別:	[財務金融學系暨研究所] 期刊論文

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