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研究生： 倪愛寧
Nedjar, Anaïs
論文名稱： 從股利迎合理論計算超額股利：以CAC 40股票指數為例
The Dividend premium measure from the Catering theory of dividend: A test on CAC 40 Stock Index
指導教授： 郭維裕
Kuo, George
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2015
畢業學年度： 103
語文別： 英文
論文頁數： 54
中文關鍵詞： 股息 、派息政策 、迎合 、行為金融學
外文關鍵詞： Dividends, Payout Policy, Catering, Behavioural finance
相關次數： 點閱：71  下載：0 
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    • 從股利迎合理論計算超額股利：以CAC 40股票指數為例

    Investor’s demand for dividends fluctuates over time. Consequently, investors put a stock price premium on dividend payers when their sentiment for payers is favourable, while they don’t when they prefer nonpayers. If firms issue dividends according to this market sentiment, then the firms cater to investor demand. Based on Baker and Wurgler (2004), we empirically test if the catering theory of dividends can be applied to the French stock market.
    Our study period ranges from 2000 to 2014 and we select the CAC 40 market index. We use the market-to-book ratio as a measure of investor sentiment. In contrast with the finding of Baker and Wurgler (2004), we failed to prove that managers cater to investor demand to pay dividends.

    1. Introduction 1
    2. Literature review 4
    2.1. Signaling theory 4
    2.2. Investors preferences 6
    2.2.1. Individual investors 6
    2.2.2. Institutions 7
    2.3. Dividend announcement reactions 9
    2.4. Why firms pay dividends: other theories 9
    2.5. Share repurchase, the new trend 13
    3. Methodology 14
    3.1. Data selection 14
    3.2. Selection of variables for regression 15
    3.2.1. Descriptive variables 15
    3.2.2. Payment dynamics 15
    3.2.3. The dividend premium 20
    4. Descriptive statistics 25
    4.1. Description of variables 25
    4.2. Comparison between payers and nonpayers: 31
    4.3. Overview of France between 1999 and 2014 33
    5. Empirical Results 35
    5.1. Time series 35
    5.2. Regression results: Initiate against the lagged dividend premium 36
    5.3. Robustness of regression variables 39
    5.3.1. Stationarity 39
    5.3.2. Correlation 39
    5.4. Regression results: other models 40
    5.5. Interpretation 43
    6. Further research 45
    7. Conclusion 46
    8. Reference 48
    9. Appendix 51

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