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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117580

Please use this identifier to cite or link to this item: https://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 link:	http://dx.doi.org/10.1142/S0219091511002329
DOI:	10.1142/S0219091511002329
Appears in Collections:	[Department of Finance] Periodical Articles

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