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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/62220

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62220

Title:	Does the Order between Dividend Payment and New Stock Issuance Matter to Stock Price? - Evidence from Taiwan
Authors:	屠美亞 Twu, Mia
Contributors:	政大財管系
Keywords:	Dividends;new stock issuance;agency problem;signaling;price reaction
Date:	2010-09
Issue Date:	2013-12-06 15:22:34 (UTC+8)
Abstract:	I argue that paying dividends before issuing new stock can increase the stock price in the case when firms announce dividend payments and new stock issuance contemporaneously. It enables issuing firms to disentangle the agency problem of paying dividends by newly-raised funds from dividend information for new stock issuances. I employ the seasoned offerings of Taiwan listed firms as the sample, because of their practice of paying dividends once a year. The conditional event study strongly supports this argument and explains why previous studies fail to detect the information conveyed by dividends for new stock issuances.
Relation:	Review of Pacific Basin Financial Markets and Policies, 13(3), 363-380
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1142/S0219091510001986
DOI:	10.1142/S0219091510001986
Appears in Collections:	[財務管理學系] 期刊論文

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