政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/117537

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文筆數/總筆數 : 110097/141043 (78%)
造訪人次 : 46402010 線上人數 : 837

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117537

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/117537

題名:	Revisiting Corporate Dividends and Seasoned Equity Issues
作者:	陳聖賢 Wang, Yanzhi Cheng, Yen-Ting
貢獻者:	財管系
關鍵詞:	Seasoned equity offerings;Dividend;Information asymmetry
日期:	2011
上傳時間:	2018-06-11 15:47:08 (UTC+8)
摘要:	Information signaling is regarded as an important motivating factor in corporate payout decisions, particularly with regard to cash dividends and the costly information signaling which they provide. Although Loderer and Mauer (1992) find little evidence to suggest that the announcements of firms’ equity offers are timed to arrive just after dividend declarations as a means of supporting the offer price. Using updated data, we determine that the dividend declaration does have a positive effect on the market reaction to equity offering announcements. We find that the abnormal returns from the announcement of seasoned equity offerings (SEOs) were −1.45 per cent for those SEO firms which had already made dividend declarations, whereas the returns for those SEO firms where the equity issue did not immediately follow a dividend declaration were −1.83 per cent. In this study, we interpret the changes in the impact of the dividend declaration on the equity offering announcement using the ‘tax regulation hypothesis’ and the ‘information asymmetry hypothesis’, and find that while our empirical results provide strong support for the latter, they provide only weak support for the former.
關聯:	Review of Quantitative Finance and Accounting, Vol.36, No.1, pp.133-151
資料類型:	article
DOI 連結:	http://dx.doi.org/10.1007/s11156-010-0221-0
DOI:	10.1007/s11156-010-0221-0
顯示於類別:	[財務管理學系] 期刊論文

文件中的檔案:

檔案	大小	格式	瀏覽次數
133151.pdf	277Kb	Adobe PDF2	365	檢視/開啟

在政大典藏中所有的資料項目都受到原著作權保護.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

資料載入中.....