Cash Dividends and Bonus Issues in China: Development, Valuation Effects and Market Efficiency Yuchun Zheng audiobook

Cash Dividends and Bonus Issues in China: Development, Valuation Effects and Market Efficiency Yuchun Zheng audiobook

Cash Dividends and Bonus Issues in China: Development, Valuation Effects and Market Efficiency Yuchun Zheng audiobook free

This dissertation, "Cash Dividends and Bonus Issues in China: Development, Valuation Effects and Market Efficiency" by Yuchun, Zheng, 鄭育{22487c}, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3. 0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Cash Dividends and Bonus Issues in China: Development, Valuation Effects and Market Efficiency Submitted By ZHENG Yuchun (郑育淳) For the Degree of Doctor of Philosophy at the University of Hong Kong in March 2004 This study investigates the stock price reaction to the announcements of cash dividend changes and bonus issues in the emerging stock market of China. The empirical results show that the market reacts adversely to announcements of cash dividends, whether the cash dividend increases or not. This is inconsistent with the evidence from developed stock markets. On the other hand, we find that the announcements of bonus issue proposals and approvals elicit significant positive abnormal return, in line with the previous findings. Based on the special characteristics of China stock market, this paper offers several explanations for these phenomena. This study also evaluates the semi-strong form efficiency of China stock market by focusing on the post-announcement return behavior of the bonus issue event. The collective evidence suggests that the hypothesis of semi-strong form efficiency in China stock market is fair to be rejected. We also find no evidence that China stock market tends to be semi-strong form efficient with the process of time. iii This paper documents an ex-day effect of bonus issue which is quite distinct from previous studies in developed stock markets. The test results reveal not only significant positive abnormal returns observed in the intervals prior to ex-day period but also strong setbacks found in both the ex-day period and the post-ex-day period. We offer a tentative hypothesis, the "filling price gap" hypothesis, for interpretation. This paper provides evidence to support the signaling hypothesis, the attention hypothesis, the optimal price hypothesis and the cash substitution hypothesis through the cross-sectional analysis. In addition, the analysis also suggests that the dividend policy of a Chinese listed firm is in connection with its particular characteristics. Finally and importantly, this research provides some policy implications to the market surveillant in China. We hope that this will help to improve the ability of market surveillance, protect the interest of smaller investors, alter the prevailing irrational investment belief of Chinese investors and standardize the behavior of Chinese listed firms. iv DOI: 10. 5353/th_b2914453 Subjects: Stocks - Prices - ChinaDividends - hina.

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Cash Dividends and Bonus Issues in China: Development, Valuation Effects and Market Efficiency Yuchun Zheng audio book download

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  • Publisher: Open Dissertation Press
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  • Cover: Hardcover
  • Language: English
  • ISBN-10: 1374713716
  • ISBN-13: 978-1374713710
  • Dimensions: 8.5 x 0.4 x 11 inches
  • Weight: 1.5 pounds
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