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    题名: 從股利迎合理論計算超額股利：以CAC 40股票指數為例
    The Dividend premium measure from the Catering theory of dividend: A test on CAC 40 Stock Index
    作者: 倪愛寧
    Nedjar, Anaïs
    贡献者: 郭維裕
    Kuo, George
    倪愛寧
    Nedjar, Anaïs
    关键词: 股息
    派息政策
    迎合
    行為金融學
    Dividends
    Payout Policy
    Catering
    Behavioural finance
    日期: 2015
    上传时间: 2015-07-13 11:11:52 (UTC+8)
    摘要: 從股利迎合理論計算超額股利：以CAC 40股票指數為例
    Investor’s demand for dividends fluctuates over time. Consequently, investors put a stock price premium on dividend payers when their sentiment for payers is favourable, while they don’t when they prefer nonpayers. If firms issue dividends according to this market sentiment, then the firms cater to investor demand. Based on Baker and Wurgler (2004), we empirically test if the catering theory of dividends can be applied to the French stock market.
    Our study period ranges from 2000 to 2014 and we select the CAC 40 market index. We use the market-to-book ratio as a measure of investor sentiment. In contrast with the finding of Baker and Wurgler (2004), we failed to prove that managers cater to investor demand to pay dividends.
    1. Introduction 1
    2. Literature review 4
    2.1. Signaling theory 4
    2.2. Investors preferences 6
    2.2.1. Individual investors 6
    2.2.2. Institutions 7
    2.3. Dividend announcement reactions 9
    2.4. Why firms pay dividends: other theories 9
    2.5. Share repurchase, the new trend 13
    3. Methodology 14
    3.1. Data selection 14
    3.2. Selection of variables for regression 15
    3.2.1. Descriptive variables 15
    3.2.2. Payment dynamics 15
    3.2.3. The dividend premium 20
    4. Descriptive statistics 25
    4.1. Description of variables 25
    4.2. Comparison between payers and nonpayers: 31
    4.3. Overview of France between 1999 and 2014 33
    5. Empirical Results 35
    5.1. Time series 35
    5.2. Regression results: Initiate against the lagged dividend premium 36
    5.3. Robustness of regression variables 39
    5.3.1. Stationarity 39
    5.3.2. Correlation 39
    5.4. Regression results: other models 40
    5.5. Interpretation 43
    6. Further research 45
    7. Conclusion 46
    8. Reference 48
    9. Appendix 51
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    描述: 碩士
    國立政治大學
    國際經營管理英語碩士學位學程(IMBA)
    103933064
    103
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0103933064
    数据类型: thesis
    显示于类别:[國際經營管理英語碩士學程IMBA] 學位論文

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