The writer compares the respond of high cash dividend with that of low cash dividend, the cumulative abnormal return(CAR) as the index, finding that the responds of the two styles are completely different.
It has a cumulative abnormal return of -0.36% over the period [0,1]. And the analysis shows that announcement effects of CBo have a significant positive share marker response. It has a cumulative abnormal return of 0.39% over the period [0,1].
Fourth part distinguishes the residual of estimative model, and set up 101 regression models by single-factor model which derive from CAPM; analyzes the reaction to right offer when right offer price is higher and lower by the model by CAR(cumulative abnormal return), and takes the reaction of announcement to the test of significance approach to compare the significance of them.
But at the aspects of the ownership construction and board of directors character to cumulative abnormal return, we discover that the board of directors character not having so much information content than the ownership construction.
On the basis of reviewing the existing literature, the paper examined the market reaction of the ultra-ability dividends payout announcement by Cumulative Abnormal Return method (CAR) The empirical result shows that the market reaction is quite impassive and even negative.
Then the author introduces the event-study method and study announcement effect of Chinese convertible issuing. The paper point out that the announcement effect is positive, but (-1, 0) and (0, +1) cumulative abnormal return is not significant. Only abnormalreturn of day +1 is significant in 10% significant level.
connecting the actual circumstance of our country's security market, we have an empirical analysis of 208 listed companies samples between cumulative abnormal return and the ownership construction, board of directors character and cumulative abnormal return aspects at Shanghai's and Shenzhen's stock market from year 1999 to year 2002. We get first step conclusion: the corporate governance disclosure has information content, according to the difference between the study samples and control samples in front and back of the window.
U- sing event study methodology,this paper tests whether stra- tegic alliance formation announcements create shareholder value. The sample consists of 90 announcements in China stock markets from 2002 to 2006.Further,relationships be- tween cumulative abnormal return and firm size and industry type are also tested.