Information content of unexpected dividends under a semi-mandatory dividend policy: An empirical study of China

Qizhi Tao    Qizhi Tao, Ruixi Nan, Haoyu Li
17 Aug 2017
Category: Corporate Finance

Country or region: China

We examine the information content of unexpected dividend changes under China’s unique semi-mandatory dividend policy, which requires firms to pay a minimum amount of cash dividends before they can undertake seasoned equity offerings(SEO).The cumulative abnormal returns (CARs)are significantly positive in response to unexpected dividend increase for non-SEO firms, but they are ......

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