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The Chinese stock dividend puzzle

Pan , Rulu; Tang, Xiang; Tan, Yangyang; Zhu, Qiaoqiao


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]

CollectionsANU Research Publications
Date published: 2014
Type: Journal article
Source: Emerging Markets Finance and Trade
DOI: 10.2753/REE1540-496X500310


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