Dividend Yield and Stock Returns
| Autor: | Chu-fang Chiu, 邱菊芳 |
|---|---|
| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 In this study, we adopt a sample of Taiwan listed firms that declared dividend payment between2003 and 2013 to explore whether high dividend yield stocks canbe profitable investment targets.The results indicate that, for all firms in the sample, investors buy and hold dividend-declared stock yield a six months cumulative abnormal returns of -4.30%. However, when investors buy and hold stocks with dividend yield of 5%(or 9%), the cumulative abnormal returns will reach 4.23% (or 7.19%) in six months period, or annual rateof 8.46% (or 14.38%).Research findings support that high dividend yield stocks is investor''s choice for profitability targets. In addition, we find that investors will get higher six-months return through buy-and-hold strategy on "Non-Electronic Industry High Dividend Yield Stocks" than on "Electronic Industry High Dividend Yield Stocks". Keywords: dividend yield, CAR, event study |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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