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The Corroboration Market Effect of Earings and Dividings

Author: WangYing
Tutor: WenHaiTao
School: Beijing Jiaotong University
Course: Accounting
Keywords: Earnings Information Dividend Policy Event study methodology Stock price reaction
CLC: F830.91;F224
Type: Master's thesis
Year: 2010
Downloads: 484
Quote: 3
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Abstract


In recent years , the research also announced earnings and dividend policy increasingly widespread concern of theorists and practitioners . Listed companies reported earnings and dividend policy does not reflect the company's operating condition and stock price have a direct impact , directly related to the stability and development of the securities market . In addition , since 2004 , China's securities market environment changed a lot , May 9, 2005 , the split share structure reform , China's securities market \day implementation of the new accounting standards for listed companies , more standardized disclosure of accounting information . In the new market environment , investors are pricing for cash dividends of listed companies information whether the occurrence of a change? Whether the company announced earnings information will affect the judgment of investors in the stock price and profitability information released at the same time ? Dividend , whether it will be between these two interactions , investors in pricing decisions , taking into account two kinds of information ? these issues become the focus of attention of academics and practitioners . Therefore, based on the full analysis of existing research to the Shanghai stock market in 2007-2008 at the same time declared surplus stock of cash dividends for the empirical study samples of the surplus of information and dividend policy synergies . The test results show that the earnings and dividend information alone has a significant positive impact on the share price . However , in China 's stock market , the individual information of earnings and dividends on the stock price reaction still plays a major role . Although investors to make investment decisions in a certain extent taking into account the change in earnings and dividends , but they are not very focused the dividend change information to verify the quality of earnings changes in information , the consistency between the two is not significant , the two consistent , there is no obvious market reaction . Cash dividends of listed companies from the background of China 's system unstable doctrinal atmosphere of market speculation , the lack of signal transduction mechanisms and institutional factors are possible reasons leading to the above results .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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