Is Making Good Use of Behavioral Pitfalls Helpful for the Quality of Dividend Decisions?

• Main Authors: WANG,JIA-LING, 王佳翎
• Other Authors: CHANG,CHIH-HSIANG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/e7ty8a

碩士 === 國立高雄大學 === 金融管理學系碩士班 === 106 === The purpose of this study is to explore the effect of dividend announcements on the stock returns, trading volume, volatility, and behavioral pitfalls. In comparison with earlier studies, this study attempts to examine the role of investor’s behavioral pitfalls during the process of dividend decision-making. Empirical results indicate that both the trading volume and the tendency of behavioral pitfalls after the dividend announcements are significantly different from those before the dividend announcements. Additionally, the tendency of behavioral pitfalls predict significantly the stock returns, trading volume, and volatility. According to the aforementioned results, this study concludes that making good use of investor’s behavioral pitfalls is helpful for the quality of dividend decisions.