The notion that public dividend announcements contain relevant information was originally offered to reconcile the dividend irrelevancy proposition with the observation that a change in the dividend rate is often followed by a change in the market price. While empirical analyses of the informational content of dividends hypothesis have resulted in conflicting conclusions, there is substantial evidence which indicates that the market generally reacts favorably when the dividend rate is increased and unfavorably when dividends are reduced. The primary purpose of this study is to examine the market's reaction to specific types of announced dividend changes. By analyzing relatively homogeneous subsets of dividend announcements, we ·provide additional insight into the dividend information controversy as well as to how the market response varies with different types of dividend changes. Dividend announcements examined in this study include (1) initial dividend declarations, (2) increases by traditionally high-yielding and high-payout firms, (3) increases of less than twenty-five percent, (4) increases of twenty-five percent and greater, (5) decreases of twenty-five percent and greater, and (6) dividend omissions. A standard daily residual analysis is conducted for each sample using four different sets of estimates for expected returns. Performance indicies are computed for the forty-one days symmetric to the announcement date and tests of significance are provided. The primary results of the study can be summarized as follows: 1) In all cases, the evidence supports the informational content of dividends hypothesis. 2) The market's reaction to initial dividend declarations and dividend increases by high-yielding firms is much more pronounced than it is for other increases. 3) Substantial price adjustments occur in the month immediately preceding dividend reductions, but no such adjustments occur for dividend increases. 4) The market, on average, reacts efficiently to both dividend increases and decreases in the short run. / Ph. D.

by Wong Ting Yu. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGMENTS --- p.vii / Chapter / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Objective and Structure --- p.1 / Chapter 1.2 --- Dividends and Dividend Policy --- p.3 / Chapter 2. --- LITERATURE REVIEW --- p.5 / Chapter 3. --- A BRIEF REVIEW OF THE DEVELOPMENT OF THE SHENZHEN STOCK MARKET --- p.9 / Chapter 4. --- PRACTICES OF AND CONSTRAINTS ON SHENZHEN LISTED FIRMS' DIVIDEND POLICIES --- p.12 / Chapter 4.1 --- Legal Constraints on Dividends --- p.12 / Chapter 4.2 --- Stipulations in Company Articles --- p.14 / Chapter 4.3 --- Constraints of Authorities on Dividend Policies --- p.15 / Chapter 4.4 --- Practices of Dividend Policies --- p.17 / Chapter 5. --- A GENERAL BEHAVIOR STUDY ON SHENZHEN LISTED FIRMS DIVIDEND POLICIES --- p.19 / Chapter 5.1 --- Hypotheses --- p.19 / Chapter 5.2 --- Evidences --- p.22 / Chapter 5.3 --- Further Explanations --- p.31 / Chapter 5.4 --- Preliminary Evidence for Market Response of Dividend Policies --- p.35 / Chapter 6. --- A TIME SERIES AND CROSS SECTIONAL COMPARISON AMONG DIVIDEND POLICIES --- p.37 / Chapter 6.1 --- Comparison of Cash Dividends in 1992/1993 --- p.37 / Chapter 6.2 --- Comparison of Cash Dividend Payout Ratio Among Industries --- p.39 / Chapter 7. --- CONCLUSIONS --- p.41 / BIBLIOGRAPHY --- p.43

by Wong Kie-ann. / Thesis (M.Comm.)--Chinese University of Hong Kong, 1969. / Selected bibliography: leaves 137-139.

by Chan Shet Hung, Suzanne, Ma Yuk Lun, Yu Sai Hung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 64-67). / TABLE OF CONTENTS --- p.ii / LIST OF ILLUSTRATIONS --- p.iv / LIST OF TABLES --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives --- p.1 / Scope of Study --- p.2 / Literature Review --- p.3 / Methodology --- p.6 / Sources of Data --- p.6 / Statistical Measurement --- p.6 / Chapter II. --- CONCEPTUAL FRAMEWORK --- p.8 / Regulatory Requirements for Dividend Payment in Hong Kong --- p.8 / Other Factors Affecting Dividend Policies --- p.9 / Common Dividend Policies --- p.10 / High Dividend Payout Policy --- p.10 / Constant Payout Ratio Policy --- p.11 / Constant Dividend Payment Policy --- p.12 / Low Dividend Payout Policy --- p.12 / Residual/Passive Dividend Policy --- p.13 / Chapter III. --- FINDINGS AND ANALYSIS --- p.14 / Overall Trend --- p.14 / Economic Growth and Market Performance Trend --- p.14 / Earnings and Dividend Trend --- p.15 / Analysis By Industry: Finance and Banking --- p.16 / Industry Operating Environment --- p.16 / Earnings and Dividend --- p.17 / Industry Norm Dividend Policy --- p.19 / Analysis of Representative Company in Industry --- p.19 / Analysis By Industry: Property --- p.22 / Industry Operating Environment --- p.22 / Earnings and Dividend --- p.23 / Industry Norm Dividend Policy --- p.24 / Analysis of Representative Company in Industry --- p.25 / Analysis By Industry: Congomerate Enterprise --- p.28 / Industry Operating Environment --- p.28 / Earnings and Dividend --- p.29 / Industry Norm Dividend Policy --- p.29 / Analysis of Representative Company in Industry --- p.30 / Analysis By Industry: Industrial --- p.33 / Industrial Operating Environment --- p.33 / Earnings and Dividends --- p.34 / Industry Norm Dividend Policy --- p.35 / Analysis of Representative Company in Industry --- p.36 / Analysis By Industry: Hotel --- p.38 / Industry Operating Environment --- p.39 / Earnings and Dividends --- p.34 / Industry Norm Dividend Policy --- p.41 / Analysis of Representative Company in Industry --- p.42 / Analysis By Industry: Utilities --- p.44 / Industry Operating Environment --- p.44 / Earnings and Dividends --- p.45 / Industry Norm Dividend Policy --- p.47 / Analysis of Representative Company in Industry --- p.48 / Chapter IV. --- CONCLUSIONS --- p.50 / Most Popular Dividend Policy --- p.50 / Statistical Analysis Result --- p.53 / APPENDIX --- p.55 / BIBLIOGRAPHY --- p.64

by Cheung Ho-Wan Oswald, Kwok Tsz-Hong, Yeung Kwong-Yiu. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 37-42). / ABSTRACT --- p.I / TABLE OF CONTENTS --- p.II / LIST OF TABLES --- p.IV / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- HISTORY OF CHINA SECURITIES MARKETS --- p.3 / Chapter III. --- WHY FIRMS PAY DIVIDENDS --- p.6 / The Bird-in-the-Hand Explanation --- p.6 / The Signaling Explanation --- p.7 / The Tax-Preference Explanation --- p.9 / The Agency Explanation --- p.10 / Chapter IV. --- HOW TO DETERMINE THE AMOUNT OF DIVIDENDS TO PAY --- p.13 / Methodology --- p.14 / Data Analysis --- p.14 / Model (L3) --- p.16 / Fama and Babiak Model --- p.16 / The Percentage Adjusted Model (PAM) --- p.17 / CAR Analysis --- p.20 / Chapter V. --- COMPANY CLASSIFICATIONS --- p.22 / Chapter VI. --- CONCLUSION --- p.25 / APPENDIX --- p.26 / BIBLIOGRAPHY --- p.37

The effect of a change in capital structure on the risk and return of common stockholders is investigated. Also, the information content of dividends when a firm goes for new outside financing is examined. Data used in the study are collected from the Moody's Bond Survey, the Prentice Hall's Capital Adjustments, the Wall Street Journal Index, and the Center for Research in Security Prices Tape. The study uses an event study methodology. The risk (beta) of common stock before an issuance of debt securities is compared with the risk after the issue. The stock market reaction to the issuance of new debt securities is measured using after-the-event risk. The information content of dividend announcement before a new debt issue is compared to that of after the issue. The findings show that debt issue reduces stock holders' risk if the issuer is a dividend paying company. Also, debt securities issued through an exchange offer increase stockholders' wealth. Finally, issuance of new debt does not affect the information content of dividends.

Thesis (MAcc) -- Stellenbosch University, 2003. / ENGLISH ABSTRACT: The introduction of section 9E in the Income Tax Act, No.58 of 1962 (hereafter “the Act”) became effective on 23 February 2000. The main reasons for the introduction of this was, inter alia, to broaden the tax base and to phase in the residency basis of taxation. Consequently are the foreign dividend rules of section 9E interrelated to the foreign income rules of section 9D, being the application of the residence basis of taxation. The main objective of this study is to investigate the taxation of foreign dividends in the Republic of South Africa. The introduction of section 9E saw new terminology introduced, which need analysis. This analysis is made possible by supplying the definitions from the Act, as well as making use of national and international case law. Further investigation is also done as to the relevance of section 9E to other sections in the Act, relevant anti-avoidance rules regarding foreign dividends, the effect of section 9E on investment income from tax havens, with specific reference to natural persons, the effect of taxation of foreign dividends on the migration- and investment decisions of non-residents, relief provided regarding double taxation and section 9E’s effect on secondary taxation on companies. Lastly, the collection of taxation on foreign dividends is investigated. / AFRIKAANSE OPSOMMING: Die invoeging van artikel 9E in die Inkomstebelastingwet, No.58 van 1962 (hierna “die Wet”) het van krag geword op 23 Februarie 2000. Die hoofredes vir die invoeging van die artikel in die Wet was onder andere om die belastingbasis te verbreed en om die verblyfbasis van belasting in te faseer. Juis as gevolg van laasgenoemde, word reëls rakende buitelandse dividende in artikel 9E gekombineer met die buitelandse inkomste-reëls van artikel 9D. Die hoofdoel van hierdie studie is om belasting op buitelandse dividende in die Republiek van Suid Afrika te ondersoek. Met die invoeging van artikel 9E het daar ‘n aantal nuwe terme te voorskyn gekom, wat hul ontleding noodsaak. Hierdie ontleding word moontlik gemaak deur bloot die definisies uit die Wet self weer te gee, asook deur die gebruik van nasionale en internasionale regspraak . Verdere ondersoek word ook gedoen na die toepaslikheid van artikel 9E op ander artikels in die Wet, relevante teenvermydingsbepalings met betrekking tot buitelandse dividende, die invloed van artikel 9E op beleggingsinkomste uit belastinghawens, met spesifieke verwysing na belegging deur natuurlike persone, die invloed van belasting op buitelandse dividende op die migrasie-en beleggingsbesluite van nie-inwoners, verligting wat beskikbaar is ten opsigte van dubbelbelasting en die verband wat artikel 9E hou met sekondêre belasting op maatskappye. Laastens word die invordering van belasting op buitelandse dividende ondersoek.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: The research report investigated scrip dividends declared by companies on the Johannesburg Stock Exchange (JSE). Scrip dividends started becoming popular in 1993, due to the introduction of the secondary tax on companies (STC). The purpose of the study was to calculate the total amount of money not paid out as dividends, but retained within the company as cash. No single source could be found which provided sufficient dividend information. Eventually the JSE Monthly Bulletin, Reuters, McGregor BFA and the Hamman financial dataset had to be combined to collect a single set of scrip dividends. Changes in the number of shares issued were used as a way to calculate scrip dividends that were not available, or to crosscheck with the Hamman dataset. All along the way various validations were performed to ensure data consistency. For example, the percentage of shares for which scrip dividends were paid out was checked to ensure that the calculated amount of scrip shares issued were within acceptable boundaries. Furthermore, the equivalent scrip option value on the last date to register (LOR) was compared to the cash dividend option to ensure that the values were of equivalent sizes. In total, 754 scrip dividends were included in the report. For these dividends, R33 265 million was not paid out as cash dividends, but retained within the company. The equivalent share value of those shares on the LOR is R35 337 million. Only R19 576 million was paid as cash. This means that 63% of the total dividend payout was reinvested in the companies. Analysis of the LOR dates shows that 1995 to 1997 were the most popular years for scrip, with more than 130 cases every year. From 1994 to 2000, there were more than 40 scrip dividends every year. Not much has been written in South Africa about the impact and usage of scrip dividends. The research report has for the first time created a consolidated datasheet containing scrip dividend details, allowing further research. The R33 265 million reinvested in the economy has perhaps helped fuel the successful growth of the South African economy over the last 10 years. / AFRIKAANSE OPSOMMING: Die navorsingsverslag ondersoek skripdividende wat verklaar is deur maatskappye op die Johannesburgse Effektebeurs (JSE). Skripdividende het gewild begin raak in 1993 as gevolg van die bekendstelling van sekondêre belasting op maatskappye (STC). Die doel was om die totale kontantbedrag te bereken wat behou is in die maatskappy, en dus nie uitbetaal is as dividende nie. Geen enkele bron kon gevind word wat volledige inligting oor skripdividende bevat het nie. Uiteindelik is die JSE Monthly Bulletin, Reuters, McGregor BFA en die Hamman finansiele datastel gekombineer in 'n enkele versameling van skrip dividende. Veranderinge in the totale hoeveelheid uitgereikte aandele is gebruik as 'n manier om die skrip aandele wat uitgereik is te bereken, en te korrelleer met die Hamman datastel. Gedurende die dataversamelingsproses is daar verskeie toetsdatapunte bereken, om die data integriteit te verseker. Byvoorbeeld, die persentasie aandele waarvoor skrip uitgereik is, is geverifieer om seker te maak dat die berekende hoeveelheid skrip aandele binne geldige grense was. Verder is die kontantwaarde van die skrip aandeel, soos op die laaste dag van registrasie (LOR), vergelyk met die kontant dividendopsie, om te verifieer dat die waardes van soortgelyke groottes was. In totaal is daar 754 skripdividende ingesluit in die verslag. Vir hierdie dividende is R33 265 miljoen nie uitbetaal as kontant dividende nie, maar as skrip aandele. Die ekwivalente aandeelwaardes van hierdie uitgereikte aandele op die LOR was R35 337 miljoen. Slegs R19 576 miljoen is uitbetaal as kontant. Dit beteken dat 63% van die totale dividenduitbetaling herbelê is in die maatskappye as skrip-aandele. Analise van die dividend LDR datums wys dat 1995 tot 1997 die gewildste jare was vir skrip, met meer as 130 gevalle per jaar. Van 1994 tot 2000 is daar elke jaar meer as 40 skripdividende uitgereik. Daar is nog nie veel oor die impak en gebruik van skripdividende in Suid-Afrika geskryf nie. Die navorsingsverslag het vir die eerste keer 'n gekonsolideerde skripdividend datastel geskep waarmee verdere navorsing gedoen kan word. Die R33 265 miljoen wat herbelê is in die ekonomie het moontlik bygedra tot die ongekende groei in die Suid-Afrikaanse ekonomie oor die laaste 10 jaar.

Thesis (MBA)--Stellenbosch University, 2008. / This study investigated whether the way in which dividends are taxed in South Africa, with the introduction of Secondary Tax on Companies (STC) in 1993, together with the extensive piece of legislation which incorporates dividends, has a negative impact on the total amount of dividends paid by companies listed on the Johannesburg Stock Exchange for the period from 1993 to 2006. The Wilcoxon Signed Ranked test was employed to compare the difference in total dividends declared, effective from 1993 and repeated for 1995. The results of the negative differences in proportion to the positive differences measured were then compared to the size of STC applicable in 1993 and 1995. The results of the comparison were that STC had no negative effect on the total dividends paid on the companies used in the sample and the majority of companies constantly increased dividend payments. The study did not distinguish between the different origins of dividends as research advises that the origins of dividends have changed during the increase and decrease of STC. It does seem that total dividends declared are increasing.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: When considering the expected returns from an investment, investors often focus on the appreciation of the share price (capital appreciation) and ignore the contribution of dividends paid, thus overlooking a potentially significant contributor to returns. The objectives of this study are to determine the respective contributions of dividends and capital appreciation to the total returns of South African equities over a 10-year period, beginning 31 July 1996 and ending 31 July 2006, by using the Top 40 index of shares listed on the Johannesburg Securities Exchange over that period. The study also aims to determine whether dividend policy should be considered as carefully as the share's potential capital appreciation by investors when constructing portfolios. The study determined that dividends paid contributed more than 50% of the total return for 10% of the shares in the sample tested. In total, dividends contributed more than 25% of the total return for 33% of the shares. The study also concludes that a share's dividend policy should be considered carefully, as dividends paid may be a significant contributor to a share's expected return. / AFRIKAANSE OPSOMMING: Wanneer die verwagte opbrengste van 'n belegging in ag geneem word, Ie beleggers dikwels klem op die waardestyging van die aandeleprys (kapitaalappresiasie) en ignoreer die bydrae van dividende wat betaal word. Hulle sien nie dividende as 'n potensieel belangrike bydraer tot opbrengste raak nie. Die doelwitte van hierdie studie is om die onderskeie bydraes van dividende en kapitaalappresiasie tot die totale opbrengs van Suid-Afrikaase aandele oor 'n tydperk van 10 jaar - vanaf 31 Julie 1996 tot 31 Julie 2006 - te bepaal deur die Top 40 indeks van aandele te gebruik wat in daardie tydperk op die Johannesburgse Aandelebeurs genoteer was. Die ondersoek wil ook bepaal of beleggers net so versigting na dividendbeleid as na aandele se potensiele kapitaalappresiasie behoort te kyk wanneer portefeuljes saamgestel word. Die studie het bepaal dat dividende wat betaal is, meer as 50% van die totale opbrengste vir 10% van die aandele in die toetsvoorbeeld uitgemaak het. Dividende het altesaam meer as 25% van die totale opbrengs vir 33% van die aandele uitgemaak. Die studie het ook tot die gevolgtrekking gekom dat 'n aandeel se dividendbeleid baie versigtig oorweeg moet word omdat dividende wat betaal word 'n belangrike bydraer tot 'n aandeel se verwagte opbrengs kan wees.