Semi-strong Form Efficient or Not? Tests of Zero and Cash Dividends
181
Table 7.3 Results of the tests on the announcement of zero-dividend approvals
for A-shares in China’s Stock Market
Panel A: Cumulative abnormal returns (CAR)
Date
-20
Market
Unique A
-0.0048
adjusted m
ssociated
0.0029
lodel
Overall
-0.0031
Ma:
Unique A
-0.0046
rket model
ssociated
0.0036
l
Overall
-0.0028
Mean a
Unique A
0.0021
djusted m<
ssociated
0.0046
3del
Overall
0.0026
-18-0.0098
-0.0151
-0.0110-0.0076-0.0146
-0.0091
0.0086-0.0092
0.0046
-16-0.0190
-0.0204
-0.0193-0.0143-0.0191
-0.0154
-0.0007
-0.0141
-0.0037
-14-0.0187-0.0190
-0.0187-0.0111-0.0178-0.0126-0.0015
-0.0219
-0.0
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