Table 7.4 Results of the tests on the announcement of zero-dividend approvals
for B-shares in China’s Stock Market
Panel A: Cumulative abnormal returns (CAR)
Date
Market adjusted model
B-shares A-shares
Market model
B-shares A-shares
Mean adjusted model
B-shares A-shares
-200.0006-0.0031-0.0001
-0.0028
0.00590.00 26
-18-0.0111-0.01 10
-0.0115-0.0091
-0.0124
0.00 46
-16-0.0089-0.0193
-0.0059
-0.0154
-0.0276
-0.00 37
-14
-0.0089
-0.01 87
-0.0044
-0.0126-0.0263
-0.0061
-12-0.0320-0.02 29
-0.0221
-0.0141
-0.0743
-0.01 57
-10
-0.0151
-0.02 69-0.0021-0.0151
-0.0844
-0.
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