桑德兰论文代写：股票分析
桑德兰论文代写：股票分析
(2002)以在上海证券交易所上市并仍在交易的公司为研究对象。程利用1998 – 2000年的数据，通过事件研究法，实证研究了不同股利政策对上市公司股价的影响。本文剔除了所有ST和PT股票，剔除了在上海市场每年两次或更频繁派发股息的上市公司。她选择的基本时间点是董事会计划公布的股利公告日期。据此，她分析了上海市场上市公司年度股利分配方案对股价和股东财富的影响。这是通过比较股息公告日期前后几天的股价变化来实现的。Cheng在研究中发现，不同的股利政策对上市公司股价的影响是不同的。例如，现金股利在市场上是不受欢迎的，因为当收益率异常小于0时，现金股利会导致股价下跌。而市场偏好股票股利和混合股利，因为它们的异常收益率高于0，这意味着股票股利和混合股利的分配会导致股价上涨。
桑德兰论文代写：股票分析
Yu Qiao和Cheng Cheng(2001)通过事件研究法分析1992年和2000年期间所有宣布派发股息的上市公司，研究上市公司对股票偏离的影响。Yu和Cheng在选择样本时考虑了除权、除息日溢出效应或大宗交易导致的股价偏离等问题，并将存在该问题的公司排除在研究范围之外。他们分别分析了市场对现金股利、股票股利和混合股利的反应。在他们的研究中，他们选择的事件日期是官方的股息分配和分红公告日期。根据他们的研究，在事件发生的当天，以及事件发生后的第二天，市场会获得显著的异常收益。此外，与其他股利分配方式相比，市场对现金股利的反应较慢。而股票股利和混合股利会在市场上引起更强的正向反应，这表现为正的异常收益率和股价的上涨。
桑德兰论文代写：股票分析
(2002) took companies getting listed in Shanghai Stock Exchange and are still trading as the objects of her study. Making use of the data between 1998 and 2000, and through the approach of event study, Cheng conducted empirical research on the influence of different dividend policies on listed company’s stock price. This paper eliminated all ST and PT stocks and listed companies distributing their dividend twice a year or on a more often basis in Shanghai market. The basic time point she chose is dividend announcement date when the board of director’s plan is made public. As per this, she analysed the influence of annual dividend distribution plan of listed companies in Shanghai market on stock price and shareholders’ wealth. This was done by comparing the change of stock price a few days before and after dividend announcement date. Cheng found out in her research that different dividend policies have different impact on listed companies’ stock price. For instance, cash dividend is not welcomed in the market, because with abnormal return rate less than 0, cash dividend will lead to decrease in stock price. While the market prefers stock dividend and mix dividend as their abnormal return rate is higher than 0, which means that distribution of stock dividend and mix dividend will lead to increase in stock price.
桑德兰论文代写：股票分析
Yu Qiao and Cheng Cheng (2001) analyzed all listed companies announcing their dividend during 1992 and 2000 through event study approach to study listed companies’ influence on stock deviation. When choosing samples, Yu and Cheng took problems such as stock price deviation caused by the overflow effect of ex-right and ex-dividend date or by block trade into consideration, and they excluded those companies with this problem from their study. They analyzed the market’s response to cash dividend, stock dividend and mix dividend respectively. During their research, the event date they chose is the official dividend distribution and payout announcement date. According to their research, during the event day, and the day after even date, the market will gain significant abnormal return. In addition, compared to other ways of dividend distribution, the market’s reaction is slower in terms of cash dividend. While stock dividend and mix dividend will cause stronger positive reaction in the market, which will be reflected in the positive abnormal return rate and the rise in stock price.
