[[abstract]]實施股票股利的發放是否含有股價低估或未來公司前景樂觀的資訊,可以使得投資人得以在未來能獲取正的異常報酬?抑或是投資人過度的自信解讀公司實施股票股利的資訊?針對這些問題,本文發現在除權後的半年內,並無存有過度反應的現象,而實施目的為維護股東權益時,則無存有過度反應的現象。至於影響庫藏股宣告後的半年內後股價表現,我們發現只有代表市場氣氛的『除權後該股調整後的累積報酬率』及『除權前股市累積報酬率』不管在何種目標報酬率設定下皆會影響到達目標報酬率所需的時間 ...
白書瑋; 謝雯惠 ;簡珮珊 ;周憶齡 ;洪雅君
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