摘要
采用事件研究法,研究高送转股票的财富效应及股东大会通过日和除权除息日等相关事件前后股价的异常波动。实证表明,在公司公告分红预案前5个交易日内,高送转股票会出现显著正的超额收益;股东大会公告日前后不存在超额收益;牛市中除权除息日前后的股票会在短期内存在超额收益;熊市中除权除息日前后的超额收益不显著。
This paper uses event study method to empirically test the wealth effect of the high ratio splits and dividends and the abnormal fluctuations of stock price before and after the related events such as general shareholder meeting day and ex-dividend and ex right day and etc.The empirical result shows that the stocks with high ratio stock splits and stock dividends have significantly positive excess return five days before annual report day,that there is no abnormal return before or after annual general meeting day and that there is positive excess return before and after ex-dividend day in bull market but not in bear market.
出处
《系统工程》
CSSCI
CSCD
北大核心
2010年第10期8-14,共7页
Systems Engineering
基金
国家自然科学基金资助项目(70971144)
关键词
财富效应
高送转股票
股利
Wealth Effect
High Stock Dividends and Stock Splits
Dividend
