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首页> 外文期刊>The North American journal of economics and finance >Stock price reactions to stock dividend announcements: A case from a sluggish economic period
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Stock price reactions to stock dividend announcements: A case from a sluggish economic period

机译：股票价格对股利宣布的反应：经济低迷时期的一个案例

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摘要

The 2007 financial crisis and the Great Recession that followed resulted in a loss of confidence among investors, and regaining their full trust and confidence has been a challenge for companies. Although economic growth has been volatile throughout the postwar World War II period, recent growth (2008-2015) has been remarkably weaker than in the previous low-growth period (1974-1995). The 2006-2015 period is often characterized by sluggish economic growth. This study investigates stock price reactions to stock dividend announcements, 30 days before and after the announcement dates, of publicly traded companies in the period 2006-2012. We use an event study methodology for 460 events and daily stock price data for companies in the CRSP historical data set. The study shows a significant reaction in stock prices around the event date. On average, stock prices reacted positively to stock dividend announcements. However, compared to previous findings of abnormal returns (5.9%), results from this study show small abnormal returns (about 1.81%) attributable to stock dividend announcements that are cumulative of the announcement day and up to 3-day post-announcement days. Our estimates are even lower than the 2.01% stock price reaction obtained in the 1987-1996 period. (C) 2017 Elsevier Inc. All rights reserved.
机译：2007年的金融危机和随后的大萧条导致投资者之间失去了信心，重新获得他们的完全信任和信心对公司来说是一个挑战。尽管在第二次世界大战后期间，经济增长一直不稳定，但最近的增长（2008-2015年）明显低于前一个低增长时期（1974-1995年）。 2006-2015年时期通常以经济增长缓慢为特征。这项研究调查了2006年至2012年期间上市公司在股利宣布日期前后30天对股利宣布的股价反应。对于CRSP历史数据集中的公司，我们使用事件研究方法处理460个事件和每日股价数据。该研究表明，在活动日期前后，股票价格有重大反应。平均而言，股票价格对股利公告产生了积极的反应。但是，与以前的异常收益发现（5.9％）相比，该研究的结果显示，可归因于公告当日和公告后3天之内累计的股票股息公告，有少量异常收益（约1.81％）。我们的估计甚至低于1987-1996年间股价反应的2.01％。 （C）2017 Elsevier Inc.保留所有权利。

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