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https://ptsldigital.ukm.my/jspui/handle/123456789/629944| Title: | Are stock dividends (MUSHOs) Melons or Lemons in Japan? |
| Authors: | Kato, Hideaki Tsay, Wenyuh |
| Conference Name: | Eleventh Annual PACAP/FMA Finance Conference |
| Keywords: | Dividend MUSHOs |
| Conference Date: | 1999-07-08 |
| Conference Location: | Pan Pacific Hotel, Singapore |
| Abstract: | This study examines the stock market reactions to the announcement of MUSHOs (stock dividends) of Japanese firms. We find that the market, on average, reacts positively to the announcements. However, 121 day cumulative abnormal returns around the announcements is insignificantly negative. The gains on 3 day cumulative abnormal announcement returns are totally offset by the loss on the cumulative abnormal returns before and after the announcements. The market reaction is greater with greater distribution ratios. MUSHOs seem to reflect more on past performance than future performance. MUSHOs by firms with an increase in investment incur stronger market reaction. |
| Pages: | 104 |
| Call Number: | HG4026.A536 1999 sem |
| Publisher: | Nanyang Business School, Nanyang Technological University |
| Appears in Collections: | Seminar Papers/ Proceedings / Kertas Kerja Seminar/ Prosiding |
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