Figure7.5 Cumulative abnorm al returns(CAR) for cash dividend proposals
of A-shares in China’s Stock M arket
unique-announcement stocks, which means that the future-associated-
announcement stock prices react to the announcement of cash dividend proposals
less negatively than the unique-announcement stock prices. Nevertheless, this
finding is inconsistent with Chen et al (2002) statement that cash dividends appear
to have no significant association with stock returns in China’s Stock Market.
Semi-strong Form Efficient or Not? Tests ...
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