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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 陳聖賢(Sheng-Syan Chen) | |
| dc.contributor.author | Kuei-Chin Fu | en |
| dc.contributor.author | 傅桂欽 | zh_TW |
| dc.date.accessioned | 2021-05-20T21:08:50Z | - |
| dc.date.available | 2011-07-06 | |
| dc.date.available | 2021-05-20T21:08:50Z | - |
| dc.date.copyright | 2011-07-06 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2011-04-18 | |
| dc.identifier.citation | References
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/10193 | - |
| dc.description.abstract | 本篇論文使用Bar-Yosef/Sarig的方法，利用選擇權的價格，計算出非預期股利變動，以檢定自由現金流量假說及訊息傳遞假說。本文的實證結果發現：(1)股利宣告日期間的超額報酬與非預期股利變動有明顯的正向關係；(2)對低Tobin q 廠商言，宣告日期間的超額報酬與其擁有的現金水準呈明顯的正向關係；(3)宣告日期間的超額報酬與現金水準的正向關係，低Tobin q廠商較高Tobin q廠商有較高的水準；(4)低Tobin q 廠商在股利宣告日後的第四年，其資本支出及研究發展費用的水準較股利宣告日那一年的水準有降低現象。本文的實證結果支持自由現金流量假說。 | zh_TW |
| dc.description.abstract | This paper adopts the Bar-Yosef/Sarig method to measure unexpected dividend changes in testing the free cash flow and information/signaling hypotheses. The empirical findings reveal the following: (1) Announcement period abnormal returns are positively related to unexpected dividend changes. (2) The association between announcement period abnormal returns and the cash level is significantly positive for low q firms. (3) 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. (4) Low q firms reduce their capital and research and development (R&D) expenditures during the four fiscal years following dividend increase announcements. Our findings are consistent with the free cash flow hypothesis. | en |
| dc.description.provenance | Made available in DSpace on 2021-05-20T21:08:50Z (GMT). No. of bitstreams: 1 ntu-100-D92723003-1.pdf: 520133 bytes, checksum: 7323f9e9e69b380fd818fd9b8fd775cd (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 目 錄
口試委員會審定書 i 誌謝 ii 中文摘要 iii Abstract iv 1. Introduction 1 2. Hypotheses and Literature Review 6 2.1. Hypotheses 6 2.1.1. The free cash flow hypothesis 6 2.1.2. The information/signaling hypothesis 7 2.2. Literature review 8 2.2.1. The free cash flow hypothesis 8 2.2.2. The information/signaling hypothesis 10 3. Methodology 11 4. Sample Selection and Description 14 4.1 Sample selection 14 4.2 Sample description 17 4.2.1. Summary statistics for dividend increases and dividend surprises 17 4.2.2. Summary statistics and distribution for some variables 18 5. Empirical Test of the Free Cash Flow Hypothesis 19 5.1. Analyses of announcement period abnormal returns for dividend increases based on Tobin’s q and cash flow (cash level) 19 5.2. Regression analysis 21 5.3. Changes in capital expenditures and R&D expenses 24 6. Empirical Test of the Information/Signaling Hypothesis 26 6.1. The matched-sample approach 27 6.2. Regression analysis 31 6.2.1. The relationship between normalized actual dividend changes and future earnings changes 34 6.2.2. The relationship between unexpected dividend changes and future earnings changes (with operating income before depreciation as the performance measure) 35 6.2.3. The relationship between unexpected dividend changes and future earnings changes (with earnings before extraordinary items as the performance measure) 37 7. Robustness 40 8. Summary and Conclusions 42 9. References 44 | |
| dc.language.iso | en | |
| dc.title | 使用選擇權價格所隱含之非預期股利變動檢定自由現金流量及訊息傳遞假說：經常性股利增加之情況 | zh_TW |
| dc.title | An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option Prices: The Case of Regular Dividend Increases | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 99-2 | |
| dc.description.degree | 博士 | |
| dc.contributor.oralexamcommittee | 胡星陽(Shing-Yang Hu),陳業?(Yen-Ning Chen),周冠男(Kuan-Nan Chou),何耕宇(Keng-Yu Ho),陳一如(I-Ju Chen),黃家威(Chia-Wei Huang) | |
| dc.subject.keyword | 自由現金流量假說,訊息傳遞假說,經常性股利,非預期股利變動, | zh_TW |
| dc.subject.keyword | free cash flow hypothesis,information/signaling hypothesis,regular dividend,unexpected dividend changes, | en |
| dc.relation.page | 62 | |
| dc.rights.note | 同意授權(全球公開) | |
| dc.date.accepted | 2011-04-18 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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