张近东的连锁财富

虽然乍暖还寒的股票市场让所有的投资者心神不宁,但对于苏宁电器的董事长张近东来说,却是神定气闲。自从2004年7月 21日,苏宁电器的股票正式挂牌上市以来,仅时隔短短的9个多月时间,苏宁电器的股价已经从当时的32．70元一路飙升至70．25元,而在经过三轮送转股和股权分置除权后,股价又迈上了26元多台阶。这也就意味着持有10698万股苏宁电器的张近东的个人财富市值已高达28亿人民币。     

股权激励与股利分配——来自中国上市公司的经验证据

本文以《上市公司股权激励管理办法》颁布后的2006年1月1日至2011年6月30日沪深两市公告股权激励计划的上市公司为对象,研究了股权激励与股利政策的关系。结果表明,股权激励公司的送转股水平和现金股利水平从公告计划前一年起显著高于非股权激励公司;上市公司公告股权激励计划对送转股和现金股利水平均有正向的影响,但从股利政策影响因素的回归结果来看,上市公司的现金股利政策较为适合自身的特征,但在送转能力不足的情况下依然"异常高送转",表明送转股是管理层眼中最大化其股权激励收益的更为理想的掘金工具。     

掘金高送转板块

在A股市场上股票股利对上市公司的股价有着重要的影响,高送转往往被理解为利好,优质上市公司更是在送转实施后屡屡上演“填权”行情。每年一季度,市场都有追捧高送转概念股票的倾向。     

中美资本市场财富效应比较研究

本文从股利支付和资本利得的角度对比分析了中美资本市场财富效应水平,并对其影响因素展开分析。研究发现,我国资本市场财富效应不够显著,A股上市公司虽然具有较高的股利支付倾向,但股利支付率和资本利得属性较弱;股利支付行为迎合监管动机较强,融资分红特征明显,股票股利支付行为具有高送转特征;资本市场估值中枢下移,指数波动性较高,资本利得属性较差。美股上市公司虽然股利支付意愿不及A股,但股利支付率和资本利得属性较强,且上市公司不存在明显的融资分红倾向。基于此,本文从控股股东属性、企业生命周期、管理层侵占行为、宏观经济和资本市场环境四个维度对A股市场财富效应水平展开深入探讨,并从提升公司质量、改善盈利能力、调整投资者结构、加强市场建设、优化股利监管制度五方面提出了改善我国资本市场财富效应的政策建议。     

基于股利迎合理论的我国上市公司送转股行为研究

本文运用股利迎合理论,在对股利溢价进行改造的基础上,即将其定义为送转股公司与纯派现公司的平均市值账面比(M/B)的差值,利用Logistic 模型以及多元回归模型来探讨我国上市公司管理者是否存在理性迎合投资者热衷送转股的股利偏好的行为.研究结果发现:投资者股利需求不仅对公司送转股概率的高低有着重要的影响,而且对其送转股比例的高低也有着重要的影响.也因此表明,我国上市公司管理者确实存在理性迎合投资者热衷送转股的股利偏好的行为,而迎合的目的,则是追求公司短期股价最大化,以获取股利溢价.     

平安保险股利政策分析

鉴于股利政策的重大意义,平安应根据本公司具体情况灵活地处理每股分红占盈利比例,尽量做到激励股东与长久发展的平衡。另外,股利政策宜采取多元化的策略来优化公司的资本结构,转股、送股和配股可以成为上市保险公司的新选择,股票的数量增加了,同时由于除权降低了股票的价格,就降低了购买这种股票的门槛,在局部可改变股票的供求关系,提高股票的价格,且这一方式有较强的信号传递效应,可吸引投资者。     

数据分析

本周最活跃沪深300成份股(前30名)深市一周跌幅前15名沪市一周跌幅前15名一周换手率前30名1)本周是指2008年8月18日至2008年8月22日。2)收盘价是指2008年8月22日当日收盘价,其中沪市B股单位为美元,深市B股单位为港元。3)07EPS:指相关股票2007年实际的每股收益(除权后)。4)08EPS     

控股股东股权质押、高送转与股价崩盘风险

本文以2009-2018年沪深A股上市公司为样本,探讨控股股东股权质押对高送转、公司股价崩盘风险的影响。实证分析发现:控股股东进行股权质押后,会显著增加上市公司未来的股价崩盘风险;随着质押比例的升高,股价崩盘风险也增大。同时,股权质押后,上市公司会更倾向于推行高送转,持续正向增加股价崩盘风险。进一步研究发现,在民营企业以及控股股东持股比例较低的上市公司中,控股股东股权质押对股价崩盘风险的正向作用更强。     

股票股利会计处理的中美比较

股票股利是股份公司发放股利的一种方式。研究中美两国对股票股利会计处理的差异，借鉴国外的经验，对规范我国股份制企业的会计处理是有所裨益的。所谓股票股刊（Stockdividends），是指公司以增发股票作为股利赠予股东，股东并未对公司增加投资。一、美国对股票股利的会计处理美国关于股票股利的会计处理方法，有小比例股票股利和大比例股票股利两种形式。l．小比例股票股利。小比例股票股利是最常见的一种股票股利，是指增发比例通常为已在外普通股的1％以t20％以下。在小比例股票股利下，其会计处理是按所增发股票的市场价值减少留存收…     

现金股利的影响因素及与公司价值关系的实证研究

<正>一、研究背景1961年Miller和Mod发表的《股利政策、增长和股票股价》一文指出,在一个理性的和完全资本市场的理想经济环境中,企业市场价值取决于公司的投资决策和盈利能力,而与股利分配无关。当时的实际情况是现金股利的发放会导致股价的上升,一些学者据此认为股利对股价和公司价值应有重要影响。Wiliams,Lint和Gerdon等发展了股利相关论,形成"一鸟在手"理论。该理论认为,由于股价波动较大,在投资者眼里股利收益要比资本利得更可靠,且投资者一般为风险厌恶型,他们偏好股利而非资本利得。股利越多,股价越高,公司价值越大。也有学者不赞同"一鸟在手"理论,Selwyn认为股东偏好资本利得甚于股利所得。Brennan通过创建一个股票评估模型,说明了股利额较高的股票有更高的税前收益,公司最好不     

An Empirical Examination of the Price-Dividend Relation with Dividend Management

Some recent empirical evidence suggests that stock prices are not properly modeled as the present discounted value of expected dividends. In this paper, we estimate a present value model of stock price that is capable of explaining the observed long-term trends in stock prices. The model recognizes that firm managers control cash dividend payments. The model estimates indicate that stock price movements may be explained by managerial behavior.     

Valuation Effects of Greek Stock Dividend Distributions

This study analyses the price reaction to stock dividend distributions by firms listed on the Athens Stock Exchange on both the announcement and the ex‐dividend day. It also analyses earnings per share, dividends per share and trading volume in the pre‐ and post‐announcement periods. The findings show statistically insignificant abnormal returns on both the announcement and the ex‐dividend day. The analysis does not reveal any significant change in earnings per share and dividends per share, but it does reveal a significant decline in the market‐adjusted trading volume in the post dividend period. The findings, based on a different institutional environment, expand the empirical evidence on the value effects of stock dividends.     

The Market Value of UK Dividends From Shares With Differing Entitlements

Abstract:   This paper determines the market value of dividends in the UK during periods before and after 1997. Previous studies, which use the ex‐dividend day method, tend to provide noisy and potentially biased measures of dividend value. We estimate the value of dividends from the prices of shares that are identical except for their dividend entitlements, and are traded concurrently (within the same hour). We argue that our estimates of dividend value are the cleanest yet available for the UK. Our evidence suggests that ex‐dividend day estimates are biased downwards, but that this bias may be mitigated by the use of robust regression. Dividend values are heterogeneous and are not explained by the tax‐clientele hypothesis.     

Short sales constraint and SEO pricing

We examine the influence of SEC's Rule 105 on informed trading and the information content of stock prices around an SEO's offer day. We show that constraints on short sales inhibit informed trading and hamper incorporation of information into stock prices for offers whose traders have private adverse information and without options listing. The constraints contribute to increased price uncertainty and higher market sensitivity to seller-initiated trading. After controlling for other causes of SEO discounts, we find that the decrease in information content of stock prices just before an offer day has a significant impact on the SEO's value discount.     

Regime shift,speculation, and stock price

We investigate the impacts of speculation on stock price and return volatility in a framework with regime shifting. We find that greater difference in beliefs about the probability of bad state leads to higher stock prices. The intuition is that in periods of higher dispersion of beliefs, the investors perceive greater speculative opportunities, leading to increased demands and valuations of the stock. When investors agree with each other on the state of dividend growth, they have a stronger incentive to invest in the riskless bond, when becoming more pessimistic about the dividend growth. As a result, the demand and the valuations of stock decrease. Moreover, higher level of heterogeneity in beliefs gives rise to higher volatility of the stock returns, even in the absence of dividend shocks. Furthermore, with homogeneous beliefs, return volatility with respect to investors’ beliefs follows an inverted-U shape.     

资金占用、股价暴跌风险对信息透明度的影响研究

以1999-2014年中国 A 股主板上市公司为研究样本,考量资金占用、股价暴跌风险对信息透明度影响。结果表明：大股东的资金占用程度越高,越容易给公司股价带来暴跌风险;股价发生暴跌后管理层采取相应策略改善形象,提高公司信息透明度。鉴此,投资者应利用大股东资金占用、股价暴跌与信息透明度之间的逻辑关系,构建投资套利组合;同时监管者需加强对大股东资金占用和信息透明度的监管,保护中小投资者利益。     

The ex-dividend day stock price behavior in the Chinese stock market

This paper analyzes the ex-dividend day stock price behavior in the Chinese stock market. This market allows to examine the impact of tax effects while keeping any microstructure factors constant. The findings from non-taxable stocks show that their price, on the ex-dividend day, falls by an amount that is not statistically different from the dividend. For the taxable sample, stock prices of small dividend yield stocks fall proportionally to the dividend paid. For the large dividend yield stocks, the price adjustment depends on the effective tax rate on dividend income. The overall findings are consistent with the tax hypothesis.     

The ex-dividend day stock price anomaly: evidence from the Greek stock market

This paper examines the ex-dividend stock price and trading volume behavior in the Greek stock market for the period 2000–2004. We use both standard event-study methodology and cross-sectional regression analysis in assessing the ex-dividend stock price anomaly. We find that stock prices drop less than the dividend amount. By examining abnormal returns as well as abnormal trading volume around the ex-dividend day, we find strong evidence of short-term trading, which is consistent with the presence of dividend-capturing activities around the ex-dividend day. The results from the cross-sectional regression analysis confirm that the short-term trading hypothesis explains the ex-dividend day stock price anomaly in Greece.

Efficient option pricing on stocks paying discrete or path-dependent dividends with the stair tree

Pricing options on a stock that pays discrete dividends has not been satisfactorily settled because of the conflicting demands of computational tractability and realistic modelling of the stock price process. Many papers assume that the stock price minus the present value of future dividends or the stock price plus the forward value of future dividends follows a lognormal diffusion process; however, these assumptions might produce unreasonable prices for some exotic options and American options. It is more realistic to assume that the stock price decreases by the amount of the dividend payout at the ex-dividend date and follows a lognormal diffusion process between adjacent ex-dividend dates, but analytical pricing formulas and efficient numerical methods are hard to develop. This paper introduces a new tree, the stair tree, that faithfully implements the aforementioned dividend model without approximations. The stair tree uses extra nodes only when it needs to simulate the price jumps due to dividend payouts and return to a more economical, simple structure at all other times. Thus it is simple to construct, easy to understand, and efficient. Numerous numerical calculations confirm the stair tree's superior performance to existing methods in terms of accuracy, speed, and/or generality. Besides, the stair tree can be extended to more general cases when future dividends are completely determined by past stock prices and dividends, making the stair tree able to model sophisticated dividend processes.     

Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors

We study stock holdings and trading behavior of more than 60,000 households and find evidence consistent with dividend clienteles. Retail investor stock holdings indicate a preference for dividend yield that increases with age and decreases with income, consistent with age and tax clienteles, respectively. Trading patterns reinforce this evidence: Older, low‐income investors disproportionally purchase stocks before the ex‐dividend day. Furthermore, among small stocks, the ex‐day price drop decreases with age and increases with income, consistent with clientele effects. Finally, consistent with the behavioral “attention” hypothesis, we document that older and low‐income investors purchase stocks following dividend announcements.