政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/67027

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/67027

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/67027

Title:	The Long-term Performance following Dividend Initiations and Resumptions Revisited
Authors:	周冠男 Chen, Sheng-Syan;Chou, Robin K.;Lee, Yun-Chi
Contributors:	財管系
Keywords:	Dividend Initiation;Dividend Resumption;IPO firms;Long-Term Stock Performance;Regulated Firms
Date:	2014-10
Issue Date:	2014-06-30 17:56:37 (UTC+8)
Abstract:	Previous studies have documented that an announcement of dividend initiation and resumption is associated with an increase in stock price, while Boehme and Sorescu (J Finance 47:871–900, 2002) argue that the dividend anomaly only occurs by chance. However, their sample contains firms listed within 3 and/or 5 years of their respective initial public offering (IPO) dates, as well as regulated firms. We conjecture that the confounding effects of IPOs and regulated firms may interfere with the increase in stock prices due to dividend initiations and resumptions and bias their results. We thus reexamine the long-term stock performance following dividend initiations and resumptions by excluding newly IPO firms and regulated firms. We find no evidence that the non-robust positive price drifts for firms, which initiate or resume cash dividends, is due to the confounding effects of IPOs and regulated firms. Therefore the price drifts after dividend initiation and resumption announcements may be a sample-specific result of chance, even after controlling for possible sample selection biases.
Relation:	Journal of Economics and Finance,38(4), 643-657
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1007/s12197-012-9243-x
DOI:	10.1007/s12197-012-9243-x
Appears in Collections:	[財務管理學系] 期刊論文

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