Academically, the ex-dividend is a neutral event in stock market. It not only has no positive material influence on firms¡¦ value but also creates no real worth for shareholders. However, lots of prior studies indeed proved there is conspicuous abnormal return during the few of ex-dividend dates and advanced plenty of hypotheses to explain the ex-dividend effect.
Based on these inferences, my study more focus on the different of ex-dividend effect on the IC industry and the individual IC enterprise with different attributes. The study period is from 1998 to 2007. The study targets are the ex-dividend events of the all IC firms in Taiwan stock market. After eliminating the samples with incomplete data and disagreement, the sum of samples is 318 ex-dividend events of the 80 firms.
The result of my study has five points. First, the ex-dividend effect is existence in the IC industry and there is no distinct trend during the study period. Second, the IC design industry, IC manufacture industry and IC assembly and test industry have the apparently different ex-dividend effect. Third, the samples in the bullish market and with low PBR and MSCI weight have obviously better ex-dividend effect. Fourth, the samples with low earning growth ratio and middle stock dividend ratio have better ex-dividend effect, but not obviously. Finally, before the ex-dividend dates, the samples with low employee stock bonus ratio have better ex-dividend effect. After the ex-dividend dates, the samples with high employee stock bonus ratio contrarily have better ex-dividend effect.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0710108-141647 |
| Date | 10 July 2008 |
| Creators | Lin, Yuan-ching |
| Contributors | Chang-yung Liu, Jen-Jsung Huang, Pei-how Huang |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0710108-141647 |
| Rights | restricted, Copyright information available at source archive |
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