|
參考文獻
一、中文部分
王彥鈞(2013)，「投資除權息後股票之報酬研究-以台灣市場為例」，成功大學經營管理碩士學位學程學位論文。
吳文琦(1998），「現金股利宣告資訊效果－訊號假說、過度投資假說、顧客效果假說三者互動模式之研究」，元智大學管理研究所碩士論文。
吳朝烱(2007)，「除息日填息效果之因素分析」，高雄第一科技大學財務管理研究所碩士論文。
李佩真(2012)，「公司治理與財務指標對除息股價之研究」，中原大學企業管理研究所碩士論文。
汪瑞芝、陳明進(2004)，「兩稅合一制前後上市公司股利發放之實證研究」，管理學報，第21卷第2期，257-277頁。
林世銘、陳明進、李存修(2001)，「兩稅合一前後上市公司除權及除息日股價行為之探討」，管理學報，第18卷第3期，477-501頁。
林世銘、陳國泰、張鼎聲（2003），「兩稅合一後除權除息之租稅規避行為」，當代會計，第4卷第2期，119-142頁。
洪麗珠(1994)，「台灣證券市場投資人對公司財務政策改變之解析與反應」，政治大學企業管理研究所碩士論文。
倪衍森、黃寶玉、古曜嘉(2011)，「台灣高額現金股利宣告效果之實證研究－以富時指數公司所編製的成分股為例」，東吳經濟商學學報，72期，81-107頁。
張鼎聲(2002)，「兩稅合一後除權除息之租稅規避行為」，台灣大學會計學研究所碩士論文。
陳昭銘(1994)，「除息(權)日前後股票市場之交易行為」，政治大學企業管理研究所碩士論文。
黃士青(1997)，「除息日與除權日之股價行為與套利機會研究」，台灣大學會計研究所碩士論文。
黃正霆(2007)，「現金股利變動對股價的宣告效果:中國的實證分析」，交通大學財務金融研究所碩士論文。
黃青程(2003)，「除息期間股價對現金股利反應之研究--以無資本利得稅為例」，長榮大學經營管理研究所碩士論文。
黃琬娟(1996)，「現金股利變動宣告和股價關聯性之研究」，中央大學企業管理研究所碩士論文。
楊世芬(2000) ，「台灣上市公司現金股利宣告效果之實証研究」，義守大學管理科學研究所碩士論文。
楊世芳(1988)，「除息(權)日股價行為－台灣股票市場之實證研究」，台灣科技大學工程技術研究所碩士論文。
劉任昌、殷向真(2013)，「發放政策與除息日到發放日之週期：分析2009至2011年期間之台灣股市」，德明學報，第37卷第1期，1-18頁。
二、英文部分
Aharony, Joseph., Jones, Charles P., Swary, Itzhak. (1980) “Quarterly dividend and earnings announcements and stockholders’ returns: An empirical analysis.” Journal of Finance, 35, 4, 1001-1016.
Allen, Franklin., Bernardo, Antonio E. and Welch, Ivo. (2000) “A theory of dividends based on tax clienteles.” Journal of Finance, 55, 6, 2499-2536.
Baker, M. and Wurgler, J. (2004) “A catering theory of dividends.” Journal of Finance, 59, 3, 1125-1165.
Bali, Rakesh and Hite, Gailen L. (1998) “Ex-dividend day stock price behavior: discreteness or tax-induced clienteles?” Journal of Financial Economics, 47, 127-159.
Barclay, M.J. (1987) “Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income tax.” Journal of Financial Economics, 19, 1, 31-44.
Borges, M.R. (2008) “The ex-dividend day stock price behavior: The case of Portugal.” International Atlantic Economic Society, 36, 15-30.
Brav, Alon., Graham, John R., Harvey, Campbell R. and Michaely, Roni. (2005) “Payout policy in the 21st century.” Journal of Financial Economics, 77, 3, 483-527.
Chen, Dar-Hsin., Liu, Hsiang-His., and Huang, Cheng-Ting. (2009) “The announcement effect of cash dividend changes on share prices - An empirical analysis of China.” The Chinese Economy, 42, 1, 62-85.
DeAngelo, Harry., DeAngelo, Linda and Skinner, Douglas J. (1992) “Dividends and losses.” Journal of Finance, 47, 5, 1837-1863.
Denis, David J. and Osobov, Igor. (2008) “Why do firms pay dividends? International evidence on the determinants of dividend policy.” Journal of Financial Economics, 89, 1, 62-82.
Divecha, Arjun and Morse, Dale. (1983) “Market responses to dividend increases and changes in payout ratios.” Journal of Financial and Quantitative Analysis, 18, 2, 163-173.
Eades, K. M., Hess, P. J. and Kim E.H. (1984) “On interpreting security returns during the ex-dividend period.” Journal of Financial Economics, 13, 1, 3-34.
Elton, Edwin J. and Gruber, Martin J. (1970) “Marginal stockholder tax rates and the clientele effect.” Review of Economics and Statistics, 52, 1, 68-74.
Fama, Eugene F. and French, Kenneth R. (2001) “Disappearing dividends: Changing firm characteristics or lower propensity to pay?” Journal of Financial Economics, 60, 1, 3-43.
Farrar, D. E. and Lee L. Selwyn (1967) “Taxes, corporate financial policy and return to investors.” National Tax Journal, 20, 4, 444-454.
Fehrs, Donald H., Benesh, Gary A. and Peterson, David R. (1988) “Evidence of a relation between stock price reactions around cash dividend changes and yields.” Journal of Financial Research, 11, 2, 111-123.
Frank, Murray and Jagannathan, Ravi. (1998) “Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes.” Journal of Financial Economics, 47, 2, 161-188.
Gordon, M.J., (1963) “Optimal investment and financing policy.” Journal of Finance, 18, 2, 264-272.
Grullon, Gustavo; Michaely, Roni; Swaminathan, Bhaskaran. (2002) “Are dividend changes a sign of firm maturity?” The Journal of Business, 75, 3, 387-424.
Guay, Wayne and Harford, Jarrad. (2000) “The cash-flow permanence and information content of dividend increases versus repurchases.” Journal of Financial Economics, 57, 3, 385-415.
Kalay, A. (1982) “The ex-dividend day behavior of stock prices: A re-examination of the clientele effect.” Journal of Finance, 37, 4, 1059–1070.
Kalay, A. (1984) “The ex-dividend day behavior of stock prices; A re-examination of the clientele effect: A reply.” Journal of Finance, 39, 2, 557-561.
Karpoff, J.M. and Walkling, R.A. (1988) “Short-term trading around ex-dividend days : Additional evidence.” Journal of Financial Economics, 21, 2, 291-298.
Khamis H. Al-Yahyaee, Toan M. Pham, Terry S. Walter. (2011)“The information content of cash dividend announcements in a unique environment.” Journal of Banking & Finance, 35, 3, 606-612.
Lakonishok J. and Vermaelen T. (1983) “Tax reform and ex-dividend day behavior.” Journal of Finance, 38, 4, 1157-1179.
Lakonishok J. and Vermaelen T. (1986) “Volume for winners and losers: Taxation and other motives for stock trading.” Journal of Finance, 41, 4, 951-974.
Lintner J. (1956) “Distribution of incomes of corporations among dividends, retained earnings, and taxes.” The American Economic Review, 46, 2, 97-113.
Michaely, Roni. and Vila, J.L (1996) “Trading volume with private valuation: Evidence from the ex-dividend day.” The Review of Financial Studies, 9, 2, 471-509.
Michaely, Roni; Vila, J.L and Wang, J. (1996) “A model of trading volume with tax-induced heterogeneous valuation and transaction costs.” Journal of Financial Intermediation, 5, 4, 340-371.
Michaely, Roni. (1991) “Ex-dividend day stock price behavior: The case of the 1986 Tax Reform Act.” Journal of Finance, 46, 3, 845-859.
Michaely, Roni; Thaler, Richard H. and Womack, Kent L. (1995) “Price reactions to dividend initiations and omissions: overreaction or drift.” Journal of Finance 50, 2, 573-608.
Miller, M. H. and Modigliani, F. (1961) “Dividend policy, growth, and the valuation of shares.” The Journal of Business, 34, 4, 411-433.
Miller, M. H. and Modigliani, F. (1963) “Dividend policy and market valuation: A reply” The Journal of Business, 36, 1, 116-119.
Miller, M. H. and Rock, Kevin. (1985) “Dividend policy under asymmetric information.” Journal of Finance, 40, 4, 1031-1051.
Milonas, Nikolaos T.; Travlos, Nickolaos G.; Xiao, Jason Zezhong; Tan, Cunkai. (2006) “The ex-dividend day stock price behavior in the Chinese stock market.” Pacific-Basin Finance Journal, 14, 2, 155-174.
Ofer, Aharon R. and Siegel, Daniel R. (1987) “Corporate financial policy, information, and market expectations: An empirical investigation of dividends.” Journal of Finance, 42, 4, 889-911.
Pagan, A. R. and Sossounov, K.A. (2003) “A simple framework for analyzing bull and bear market.” Journal of Applied Econometrics, 18, 23-46.
Pettit, R. Richardson. (1972) “Dividend announcements, security performance, and capital market efficiency” Journal of Finance, 27, 993-1007.
Xingzhi, Kang. (2013) “The impact of cash dividends on stock prices in the U.S.” A research project submitted to Saint Mary’s University, Halifax, Nova Scotia, Canada.
Yang, Jack J. and Wu, Tsung-Hsin. (2014) “Price and volume reactions to cash dividend announcement: Evidence from Taiwan.” International Journal of Business & Finance Research, 8, 4, 83-96.
Yilmaz, Mustafa Kemal and Gulay, Guhzan. (2006) “Dividend policies and price-volume reactions to cash dividends on the stock market.” Emerging Markets Finance & Trade, 42, 4, 19-49.
|