Unveiling the Value and Stock Return of Firm－ The Case of Taiwan Stock Markets
| Autor: | Ming Kung Tsai, 蔡明恭 |
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| Rok vydání: | 2008 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 96 This study analyzes how the stock returns of publicly listed companies are influenced by three possible factors: (1) stock dividends; (2) capital gains; (3) specific factors from characteristics of companies. It is completed by differentiating the data of value stocks and growth stocks in the listed companies from Jan. 1, 2003 to Dec. 31, 2007. According to our analysis, first of all, the return rate of growth stock comes mainly from its capital gain and shows significance of regression. This admits that the capital gain of growth stock return is bigger than its stock dividend. Second, the value stock return comes more from its stock dividend than its capital gain, which, however, does not have significance of regression. This does not sufficiently agree that the stock dividend is the main part of value stock return. Third, growth stock return is much higher than value stock return and shows significance of regression when differentiated by book to market ratio. This is in accordance with our hypothesis as well as the research results of Grinold and Kahn (1992) with a sample of stocks of the UK from 1983 to 1990, and Ramaswami (1994) with a differentiation by P/E, rate of stock dividend, earnings growth rate, etc., and Daniel and Titma (1998) with a sample of listed companies of the US from 1963 to 1997. This study proves that the rate of stock dividend in value stock is bigger than that of growth stock. A possible explanation of this is the companies with growth stocks usually have great projects to invest while the companies with value stocks tend to provide more stock dividends. In terms of capital gain, although the growth rate of book value in growth stock is not greater than that in value stock, the growth rate of book to market ratio in growth stock is indeed higher than that in value stock. As a whole, the growth of growth stock is superior to value stock. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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