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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117580
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117580


    Title: An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option and Stock Prices: The Case of Regular Dividend Increases
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Fu, Kuei-Chin
    Contributors: 財管系
    Keywords: Free cash flow hypothesis;information/signaling hypothesis;regular dividend;unexpected dividend changes
    Date: 2011
    Issue Date: 2018-06-11 18:30:53 (UTC+8)
    Abstract: This paper measures unexpected dividend changes in testing the free cash flow and information/signaling hypotheses using the Bar–Yosef/Sarig method. The empirical findings reveal the following: (i) The association between announcement period abnormal returns and the cash level is significantly positive for low q firms; (ii) The positive association between announcement period, abnormal returns, and the cash level is stronger in low q than in high q firms for most regressions; (iii) Low q firms reduce their capital and research and development (R&D) expenditures during the four fiscal years following dividend increase announcements. Our results are consistent with the free cash flow hypothesis.


    Read More: https://www.worldscientific.com/doi/abs/10.1142/S0219091511002329
    Relation: Review of Pacific Basin Financial Markets and Policies, Vol.14, No.3, pp.563-600
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1142/S0219091511002329
    DOI: 10.1142/S0219091511002329
    Appears in Collections:[財務管理學系] 期刊論文

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