The Impact of Bid -ask Spreads and Dividend Payout Ratios on Stock Returns
碩士 === 國立彰化師範大學 === 商業教育學系 === 101 === This study investigates the relationship between the announcement effect of stock dividends and stock returns. Using a sample of publicly traded companies on the Shanghai Stock Exchange over the 2000-2012 period, this study provides further insight into the...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2013
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| Online Access: | http://ndltd.ncl.edu.tw/handle/14955951048709040263 |
| Summary: | 碩士 === 國立彰化師範大學 === 商業教育學系 === 101 === This study investigates the relationship between the announcement effect of stock dividends and stock returns. Using a sample of publicly traded companies on the Shanghai Stock Exchange over the 2000-2012 period, this study provides further insight into the influence of bid-ask spread and dividend payout ratio on abnormal stock returns. The empirical results of the regression analysis are as follows:
1.The bid-ask spread has a negative effect on the abnormal stock returns. The announcement of granting stock dividends reveals that the company believes in op-timistic futures. This positive information causes inves-tors to invest and increase the liquidity (lower bid-ask spreads).
2.The low dividend payout ratio has a positive effect on the abnormal stock returns. Considering the tax effect, investors prefer stocks with lower dividend payout ratios after the announcement of granting stock dividends.
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