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題 名 | 除息日與發放日之週日期分佈研究:美國市場與臺灣市場=A Study on the Weekday Distribution of the Ex-Dividend Date and the Payment Date: US Market and Taiwan Market |
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作 者 | 李世欽; 劉任昌; 葉馬可; | 書刊名 | 德明學報 |
卷 期 | 38:1 2014.06[民103.06] |
頁 次 | 頁17-40 |
分類號 | 563.54 |
關鍵詞 | 股利政策; 發放日; 偶數效應; 週循環效應; 月循環效應; Dividend policy; Payment date; Even number effect; Weekly cycle effect; Monthly cycle effect; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究分析台灣2002至2013年之現金股利發放資料,再輔以美國市場2005年之發放資料,歸納以下結論:一、美國發放公司之除息日至發放日間隔週期分佈在2至105日,眾數16日,中位數18日,平均18.89日。美國企業傾向於選擇星期三除息,在星期五發放。二、台灣之間隔週期分佈6日至582日,眾數28日,中位數是29日,平均是31.22日。台灣企業傾向於選擇星期四除息,在星期五發放。三、相對於美國公司間隔週期較趨近於常態分佈,台灣公司之間隔週期分佈形成三峰分佈狀態,即22、28與36日是三個群聚點。四、本研究提出偶數效應、週循環效應與月循環效應,以解釋上述台灣市場特性,再論證除息日與發放日之行為面決策因素,大於新古典經濟學之理性決策與極大化原則。 |
英文摘要 | This study examines the ex-dividend date and the payment date determined by Taiwanese corporations from 2002 to 2013, coupled with investigating a U.S. sample taken from 2005. We show that according to the U.S. sample the duration ranged from 2 to 105 days, with a mode of 16 days, a median of 18 days, and a mean of 18.89 days. They tend to go ex-dividend on Wednesdays and pay cash on Fridays. The periods for Taiwanese companies ranged from 6 to 582 days, with a mode of 28, a median of 29, and a mean of 32.22 days. Taiwanese firms tend to go ex-dividend on Thursdays and pay cash on Fridays. The distribution of U.S. durations tends to be normally distributed, while those in Taiwan reveal three concentrated points: around 22, 28, and 36 days. Using behavioral economics (including the notion of fairness, reference points, and status quo bias), we explain these anomalies. We propose an even-number effect, a weekly cycle effect, and a monthly cycle effect, based on the notion of behavioral economics instead of neoclassical economics, which employs principles of full rationality and maximization. |
本系統中英文摘要資訊取自各篇刊載內容。