The Chinese stock dividend puzzle
In this paper, we examine the announcement effects of dividends with an emphasis on stock dividends in China's capital market. We find that dividend-paying stocks exhibit significantly positive abnormal returns while non-dividend-paying stocks show a negative announcement effect. Further, we document that the cumulative abnormal returns for pure stock dividends and combined dividends are the main drivers of this announcement effect. In contrast, pure cash dividend stocks experience no...[Show more]
|Collections||ANU Research Publications|
|Source:||Emerging Markets Finance and Trade|
|01_Pan _The_Chinese_stock_dividend_2014.pdf||320.49 kB||Adobe PDF||Request a copy|
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