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Title: The interactions of announced earnings, cash dividends and stock dividends
Other Titles: 盈余和股利信息含量的交互作用
Authors: Chen, GM
Gao, N
Keywords: Earnings
Information content
Issue Date: 2005
Publisher: 中国学术期刊(光盘版)电子杂志社
Source: 财经研究 (Journal of finance and economics), 2005, v. 31, no. 3, p. 58-66, 99 How to cite?
Journal: 财经研究 (Journal of finance and economics) 
Abstract: 文章主要研究中国上市公司年度盈余宣告和股利宣告的信息含量。中国上市公司在宣告会计盈余的同时宣告现金股利和股票股利,文章在检验这三类宣告信息有用性的同时,也对三者之间的相互影响进行检验。基于对 1232 个同时宣告的数据集的研究,我们发现非预期盈余(用盈余变化表示)与异常收益正相关,这表明投资者利用盈余宣告信息来确定股票市价。股票股利则加强或减弱了盈余信号。股票股利和股票收益之间存在着较弱的相关性。现金股利和股票收益之间也没有明显的联系,这和股利不相关理论是一致的。此外,各项的敏感性检验结果都表明,文章的结论是稳健的。
This study focuses on the information content of annual earnings and dividend announcements made by Chinese listed companies. Earnings, cash dividends, and stock dividends are announced concurrently in China and so this allows for the tests of their information usefulness and of the interactions among the three signals. Based on a data set of up to 1,232 announcements, we find that unexpected earnings, proxied by earnings changes, are positively related to abnormal returns, which shows that earnings are used by investors in setting market prices. If the sign of the unexpected stock dividend(increase, decrease) is the same as the sign of the unexpected earnings, then the earnings signal is stronger. If the signs are opposite,the earnings signal is weaker. Unexpected cash dividends have little impact on the earnings signal, which is in consistent with the dividend irrelevance arguments. Further, our results are robust across a number of sensitivity tests.
ISSN: 1001-9952
Rights: © 2005 China Academic Journal Electronic Publishing House. It is to be used strictly for educational and research use.
© 2005 中国学术期刊电子杂志出版社。本内容的使用仅限于教育、科研之目的。
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