淡江大學機構典藏:Item 987654321/96071
English  |  正體中文  |  简体中文  |  Items with full text/Total items : 62805/95882 (66%)
Visitors : 3923561      Online Users : 516
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/96071


    Title: Liquidity Provisions by Individual Investor Trading Prior to Dividend Announcements: Evidence from Taiwan
    Authors: Chen, Zhi-juan;Lin, William T.;Ma, Chang-feng;Tsai, Shih-Chuan
    Contributors: 淡江大學財務金融學系
    Keywords: Individual investors;Information;Net individual trading;Liquidity provisions;Dividend announcements
    Date: 2014-04-01
    Issue Date: 2014-02-18 20:24:51 (UTC+8)
    Publisher: Elsevier BV * North-Holland
    Abstract: This paper investigates the role of liquidity provisions played by individual investors prior to dividend announcements in Taiwan. We first document a positive relationship between aggregate individual trading before dividend announcements and abnormal stock returns in the one month after the events. We find that this positive relationship varies with liquidity. We then decompose the abnormal returns following the event into information and liquidity provision components. The information component is not significant at all, but the liquidity component is positively significant, which shows that it is individual investors’ provisions of liquidity to institutional investors prior to dividend announcements that drives the positive relationship between pre-event individual trading and post-event returns.
    Relation: North American Journal of Economics and Finance 28, pp.358-374
    DOI: 10.1016/j.najef.2014.03.006
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

    Files in This Item:

    File Description SizeFormat
    index.html0KbHTML240View/Open
    index.html0KbHTML76View/Open
    Liquidity Provisions by Individual Investor Trading Prior to Dividend Announcements Evidence from Taiwan.pdf780KbAdobe PDF0View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback