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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117580

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题名:	An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option and Stock Prices: The Case of Regular Dividend Increases
作者:	陳聖賢 Chen, Sheng-Syan Fu, Kuei-Chin
贡献者:	財管系
关键词:	Free cash flow hypothesis;information/signaling hypothesis;regular dividend;unexpected dividend changes
日期:	2011
上传时间:	2018-06-11 18:30:53 (UTC+8)
摘要:	This paper measures unexpected dividend changes in testing the free cash flow and information/signaling hypotheses using the Bar–Yosef/Sarig method. The empirical findings reveal the following: (i) The association between announcement period abnormal returns and the cash level is significantly positive for low q firms; (ii) The positive association between announcement period, abnormal returns, and the cash level is stronger in low q than in high q firms for most regressions; (iii) Low q firms reduce their capital and research and development (R&D) expenditures during the four fiscal years following dividend increase announcements. Our results are consistent with the free cash flow hypothesis. Read More: https://www.worldscientific.com/doi/abs/10.1142/S0219091511002329
關聯:	Review of Pacific Basin Financial Markets and Policies, Vol.14, No.3, pp.563-600
数据类型:	article
DOI 連結:	http://dx.doi.org/10.1142/S0219091511002329
DOI:	10.1142/S0219091511002329
显示于类别:	[財務管理學系] 期刊論文

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档案	描述	大小	格式	浏览次数
0219091511002329.pdf		346Kb	Adobe PDF2	458	检视/开启

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