The Behavior of China's Stock Prices in Response to the Proposal and Approval of Bonus Issues PDF Download
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Author: Michelle L. Barnes Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
Event study analysis is applied to investigate stock price reaction to the announcement of bonus issues for the emerging stock markets of China. Results show that the issues with a high bonus ratio (number of bonus shares in the issue/number of existing shares) usually attract positive returns for both Chinese (A-share traders) and foreign (B-share traders) residents. Issues with a low bonus ratio are rewarded with negative returns for A-share traders and do not stimulate significant activity by B-share traders. The hypothesis of semi-strong form market efficiency is rejected only for small-bonus issues traded on the A-share market; the B-share market displays stronger evidence of semi-strong form market efficiency than the A-share market. Finally, there appears to be additional informational content in the approvals of bonus issues above and beyond that of the proposals, even though most bonus schedules proceed as proposed.
Author: Michelle L. Barnes Publisher: ISBN: Category : Languages : en Pages : 30
Book Description
Event study analysis is applied to investigate stock price reaction to the announcement of bonus issues for the emerging stock markets of China. Results show that the issues with a high bonus ratio (number of bonus shares in the issue/number of existing shares) usually attract positive returns for both Chinese (A-share traders) and foreign (B-share traders) residents. Issues with a low bonus ratio are rewarded with negative returns for A-share traders and do not stimulate significant activity by B-share traders. The hypothesis of semi-strong form market efficiency is rejected only for small-bonus issues traded on the A-share market; the B-share market displays stronger evidence of semi-strong form market efficiency than the A-share market. Finally, there appears to be additional informational content in the approvals of bonus issues above and beyond that of the proposals, even though most bonus schedules proceed as proposed.
Author: Shiguang Ma Publisher: Routledge ISBN: 1351146904 Category : Business & Economics Languages : en Pages : 304
Book Description
By investigating the efficiency of China's stock market in accordance with the theoretical framework of the Efficient Market Hypothesis, this book focuses on weak form and semi-strong form market efficiency. Empirical tests have been intensively conducted on the random walk hypothesis, the presence of market seasonality and the price reaction to publicly released information. In addition The Efficiency of China's Stock Market provides a comparative analysis between China's stock market and other countries' stock markets.
Author: David Yubin Wang Publisher: ISBN: Category : Bonuses (Employee fringe benefits) Languages : en Pages : 126
Book Description
This thesis examines whether bonus issues signals positive firm information to investors in the Chinese stock market. Using a standard event study methodology, the valuation effect of bonus issue announcements are examined for the period from 1996 to 2010. I find that, on average, stock prices react positively to bonus issue announcements. Firms announcing higher bonus ratio, firms with smaller market capitalisation, and firms with high book-to-market ratio, experience higher valuation effects around the announcement date. Bonus issuing firms also experience significantly higher operating performance and earnings growth in the years surrounding the announcement compared to non-bonus issuing companies matched on industry and firm size, with the difference becoming more pronounced for high bonus firms. Lastly, I show the operating performance in the year after the announcement is significantly correlated to the bonus ratio and 3-day abnormal return. Overall, I show bonus issues are used by managers to convey positive future firm prospects to investors, and that investors interpret bonus issues as a credible signal for firm performance.
Author: Michelle L. Barnes
Author: Michelle L. Barnes
Author: 
Author: Shiguang Ma
Author: David Yubin Wang
Author: Silvana Tenreyro
Author: J. Christina Wang
Author: Crawford Hoyt Bleakley
Author: J. Christina Wang
Author: Miklós Koren
Author: J. Christina Wang