英国代写-国际上对股利政策与股票价格关系的研究。Brickley(1983)研究了1969 – 1979年纽约证券交易所和美国证券交易所指定的163家享有特殊股利(包括额外股利、特殊股利和年终股利)的公司的数据。本研究采用收益比较法进行分析。研究发现，特殊指定股利可以显著产生2.11%的异常利润，股利政策可以促进股票价格的增长，这是信号理论的另一个有力支持。通过建立股票评价模型得出结论，当税率不同时，派息率高的股票比派息率低的股票要求更高的税前利润。因此，如果公司不向股东派发股息，其股票将会增加，其市值也会大幅上升。论文范文英国代写-国际上对股利政策与股票价格关系的研究分享给留学生阅读。
Brickley (1983) studied the data between 1969 and 1979 of 163 companies with special dividend (including extra dividend, special dividend and year-end dividend) designated by New York and American Stock Exchange for research. This research adopted the approach of gains by comparison for analysis. The research found out that special designated dividend can generate significantly 2.11% of abnormal profit, and that dividend policy can promote the growth of stock price, which is another strong support for the signaling theory.
The research of Bhattacharya (1979), Miller and Rock (1985) and John and Williams (1985) proposed a basic model for the market effect of company’s dividend distribution policy. However, the three researchers are varied in the detailed information conveyed by dividend policy and in signal cost. Their model laid a foundation for the further empirical research on dividend.
Through establishing stock evaluation model, Brennan (1990) came to the conclusion that when there are differences among tax rates, stocks with higher payout rate require higher before tax profits compared to those with lower payout rate. Therefore, if corporations do not contribute dividend to shareholders, their stocks will experience increase and their market value will also surge.
Benartzi, Michaely and Thaler (1997) researched on those American listed companies whose dividend has experienced changes. According to their research, the increase in dividend or decrease in dividend will result in +0.81 % and -2.53% abnormal return in stock price respectively. This research is another testimony of the existence of dividend announcement effect in the market. Lipson, Macquieira and Megginson (1998) analyzed 1628 newly listed American companies that have first implemented their dividend distribution policies.