1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Periodical Articles
  5. Item

學術產出-Periodical Articles

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

題名 The Long-term Performance following Dividend Initiations and Resumptions Revisited
作者 周冠男
Chen, Sheng-Syan ; Chou, Robin K. ; Lee, Yun-Chi
貢獻者 財管系
關鍵詞 Dividend Initiation ; Dividend Resumption ; IPO firms ; Long-Term Stock Performance ; Regulated Firms
日期 2014-10
上傳時間 30-Jun-2014 17:56:37 (UTC+8)
摘要 Previous studies have documented that an announcement of dividend initiation and resumption is associated with an increase in stock price, while Boehme and Sorescu (J Finance 47:871–900, 2002) argue that the dividend anomaly only occurs by chance. However, their sample contains firms listed within 3 and/or 5 years of their respective initial public offering (IPO) dates, as well as regulated firms. We conjecture that the confounding effects of IPOs and regulated firms may interfere with the increase in stock prices due to dividend initiations and resumptions and bias their results. We thus reexamine the long-term stock performance following dividend initiations and resumptions by excluding newly IPO firms and regulated firms. We find no evidence that the non-robust positive price drifts for firms, which initiate or resume cash dividends, is due to the confounding effects of IPOs and regulated firms. Therefore the price drifts after dividend initiation and resumption announcements may be a sample-specific result of chance, even after controlling for possible sample selection biases.
關聯 Journal of Economics and Finance,38(4), 643-657
資料類型 article
DOI http://dx.doi.org/10.1007/s12197-012-9243-x
dc.contributor 財管系en_US
dc.creator (作者) 周冠男zh_TW
dc.creator (作者) Chen, Sheng-Syan ; Chou, Robin K. ; Lee, Yun-Chien_US
dc.date (日期) 2014-10en_US
dc.date.accessioned 30-Jun-2014 17:56:37 (UTC+8)-
dc.date.available 30-Jun-2014 17:56:37 (UTC+8)-
dc.date.issued (上傳時間) 30-Jun-2014 17:56:37 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67027-
dc.description.abstract (摘要) Previous studies have documented that an announcement of dividend initiation and resumption is associated with an increase in stock price, while Boehme and Sorescu (J Finance 47:871–900, 2002) argue that the dividend anomaly only occurs by chance. However, their sample contains firms listed within 3 and/or 5 years of their respective initial public offering (IPO) dates, as well as regulated firms. We conjecture that the confounding effects of IPOs and regulated firms may interfere with the increase in stock prices due to dividend initiations and resumptions and bias their results. We thus reexamine the long-term stock performance following dividend initiations and resumptions by excluding newly IPO firms and regulated firms. We find no evidence that the non-robust positive price drifts for firms, which initiate or resume cash dividends, is due to the confounding effects of IPOs and regulated firms. Therefore the price drifts after dividend initiation and resumption announcements may be a sample-specific result of chance, even after controlling for possible sample selection biases.en_US
dc.format.extent 205021 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Journal of Economics and Finance,38(4), 643-657en_US
dc.subject (關鍵詞) Dividend Initiation ; Dividend Resumption ; IPO firms ; Long-Term Stock Performance ; Regulated Firmsen_US
dc.title (題名) The Long-term Performance following Dividend Initiations and Resumptions Revisiteden_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1007/s12197-012-9243-x-
dc.doi.uri (DOI) http://dx.doi.org/10.1007/s12197-012-9243-x-