Investment, financing and dividend policies are critical for firms. The natures of these three policies may be significantly influenced by bankers on the board. Previous studies have examined the relationship between financing policy and bankers on the board. However, the influence of bankers on the board on corporate investment and dividend policies remains unexamined. Therefore, this paper tries to shed further light on whether bankers on the board affect corporate investment-cash flow sensitivity and dividend policy. This study collects data from Taiwan publicly traded corporations that have banker directors between 2003 and 2007, together with a matching sample consisting of firms without banker directors. Variables used to construct empirical analyses are from the Taiwan Economic Journal (TEJ) database. The results show that the presence of bankers appointed to corporate directors and the percentage of banker directors positively affect the firm¡¦s investment-cash flow sensitivity positively. This study also finds a negative relationship between the presence of banker directors and the likelihood of dividend payment. The percentage of banker directors has negative impacts on the likelihood of dividend payment and corporate dividend payout ratio.

The purpose of the article is to analyze the relationship among dividend policy,future earnings and growth opportunities.And the results are below: 1.Total dividend and cash dividend can predict future earnings,but stock dividend can only reflect current earnings 2.total dividend and stock dividend are signaling effect,but I have a diffent result in cash dividend. Using MBA,MBE and E/P as substitute variables,it is contracting effect.But using R&D as a substitute variable,it is signaling effect.

The typical theoretical work on dividend policy suggests five possible imperfections that management should consider. They are taxes, asymmetric information, an incomplete contract, institutional constraints and transaction costs. Different from the typical framework, this dissertation is to study the optimal dividend poly with heterogeneous beliefs among investors. The first model in this study has analyzed investment/dividend policy with heterogeneous beliefs-the full information model in a frictionless economy with divergent types of shareholders. A high dividend policy is optimal with limited endowment for the optimistic investors as the stocks are sold not only to type-o investors, but also to at least one type-p investor holding some shares. A low dividend policy is appropriate with cash dividend D= X0-ao+1 is optimal as the shares are sold only to the type-o investors. Heterogeneous beliefs of investors change dividend policy given the same information even under full information. Following the Miller and Rock (1985) theory, the second model in this dissertation has analyzed heterogeneous beliefs among investors-the two period model in leading to changing a firm¡¦s optimal dividend policy. A firm¡¦s optimal dividend policy is changed not only by the ratio of the pessimistic to optimistic investors, but also heterogeneous beliefs. An increase in the ratio of pessimistic to optimistic investors will result in a higher dividend. On the other hand, as the beliefs of both optimistic and pessimistic investors increase, i.e. a new biotechnology is innovated, a relative low dividend policy is appropriate. Based on the previous analysis, the results show that optimal dividend policy with heterogeneous beliefs among investors in a firm¡¦s earnings exists under heterogeneous beliefs framework. A firm¡¦s optimal dividend policy is different from that of the MM dividend invariance theorem. It is not because of taxes, asymmetric information, incomplete contracts, institutional constraints and traction costs, but heterogeneous beliefs of investors.

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Abstract Taiwan's stock market have always been ex-dividend Performance , in essence, to participate in ex-dividend will not increase wealth, but investors are usually regarded as dividends paid by companies operating in the future of the expected. Ex-dividend will to come into notice of investor. We collection from 1999 to 2007, total of nine-year period. The ex-dividend day stock prices analysis in Taiwan 50 index stocks. We use market model of Event Study, and respectively studies by OLS¡BGARCH and SUR model, it's estimated that the abnormal return (AR), this paper to discuss ex-dividend performance of the Taiwan50 index stocks. We to join may cause abnormal return of variables to Panel data regression analysis model, the certification may cause abnormal return of factors.

Evaluation of the real price for financial assets has been an important issue. This thesis used four approaches, namely free cash flow method, dividend discount method, C.R.R Binomial Numerical Analysis of real-option theory and capital-budgeting techniques, to evaluate the real value of REITs in Taiwan. Fubon No.1, Cathy No.1, Shin Kong No.1 are chosen as cases to study in this thesis. This thesis analyzes their financial statements and historical data to estimate the parameters in those models and compute the real price of REITs. Our empirical results show that the real prices estimated from the free cash flow approach are higher than market prices by 30%. The real prices from the dividend discount method are higher than average market price by 300%.The real prices from the third approach, present value method, are higher than market prices by 10%. After considering the opportunities managers hold by the real-option approach, the real prices are higher than the market value by 200%. These results suggested the current prices of REITs in Taiwan are undervalued. It appears that anchoring tendency might be an explanation that prices of REITs in Taiwan are fixed in certain levels.

Abstract Divident discount model found further expected dividend discounting to some fix period. The dividends are determined from the the core of company and relates retain earning. In Taiwan stock market, divedneds are not paid per season. So, I adept earning per share to proxy variable and employ market value weight to conduct dividends for Taiwan stock idnex. The next step, investgate the relationship between price index and diviednds using the econometric model was created by Kapetanios et al. (2006). Consequencely, the relationship are fitted discribtion by ESTR cointegration rather than linear cointegration.

Capital asset pricing models predict the tax penalty capitalized into expected returns reflects the average tax rate of all investors in a market (average rate theory). To test this theory, I argue stock markets in developed European countries and the U.S. form an integrated market, where the tax capitalized reflects the average rate of investors across these countries. If this is the case, when the U.S. dividend tax rate was cut by 60 percent in 2003, the average rate theory predicts a decrease in the tax capitalized in European stocks. In contrast, firms in less integrated European countries should react significantly less to the U.S. tax cut. Finally, I test a prediction from Desai and Dharmapala (2011) that because of market integration the magnitude of the reaction to the tax cut should be the same for firms in the U.S. and developed European countries. The results in this paper support these predictions.

Jag undersöker aktiekurser i samband med utdelning i syfte att få reda på om aktiepriserna har fallit mindre i Sverige jämfört med Finland samt om aktiepriserna i dessa länder påverkats av kortsiktiga investerare. Studien omfattar data från små börsbolag i Stockholms- och Helsingforsbörserna under åren 2002-2004. Jag använder den så kallade ex-dividend-dag-metoden för att mäta det relativa aktieprisfallet samt regressionsmodellen för att studera kortsiktiga investerares påverkan på aktiepriserna under utdelningsperioden. Resultaten visar att det relativa aktieprisfallet var högre bland de finska aktierna under studiens tidsram, vilket sannolikt berodde på frånvaron av utdelningsskatten i Finland. De kortsiktiga investerarna verkar inte påverka den svenska aktiemarknaden och endast svagt stöd fås för deras påverkan på de finska aktiepriserna.