| 高送转股票财富效应的实证研究 |
| |
| 引用本文： | 陈珠明,史余森.高送转股票财富效应的实证研究[J].系统工程,2010(10). |
| |
| 作者姓名： | 陈珠明 史余森 |
| |
| 作者单位： | 中山大学管理学院; |
| |
| 基金项目： | 国家自然科学基金资助项目(70971144) |
| |
| 摘 要： | 采用事件研究法,研究高送转股票的财富效应及股东大会通过日和除权除息日等相关事件前后股价的异常波动。实证表明,在公司公告分红预案前5个交易日内,高送转股票会出现显著正的超额收益;股东大会公告日前后不存在超额收益;牛市中除权除息日前后的股票会在短期内存在超额收益;熊市中除权除息日前后的超额收益不显著。
|
| 关 键 词： | 财富效应 高送转股票 股利 |
The Empirical Research on Wealth Effect of High Stock Dividends and Stock Splits |
| |
| CHEN Zhu-ming,SHI Yu-sen.The Empirical Research on Wealth Effect of High Stock Dividends and Stock Splits[J].Systems Engineering,2010(10). |
| |
| Authors: | CHEN Zhu-ming SHI Yu-sen |
| |
| Institution: | CHEN Zhu-ming,SHI Yu-sen(School of Business,Sun Yat-sen University,Guangzhou 510275,China) |
| |
| Abstract: | This paper uses event study method to empirically test the wealth effect of the high ratio splits and dividends and the abnormal fluctuations of stock price before and after the related events such as general shareholder meeting day and ex-dividend and ex right day and etc.The empirical result shows that the stocks with high ratio stock splits and stock dividends have significantly positive excess return five days before annual report day,that there is no abnormal return before or after annual general meeti... |
| |
| Keywords: | Wealth Effect High Stock Dividends and Stock Splits Dividend |
| 本文献已被 CNKI 等数据库收录！ |
