Semi-strong Form Efficient or Not? Tests of Zero and Cash Dividends
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Figure 7.6 Cumulative abnormal returns (CAR) for cash dividend approvals
of A-shares in China’s Stock Market
Nevertheless, when we compare the CARs graphed in Figure 7.5 with that in
Figure 7.6, we should find that the ranks of CAR lines of each stock sample are
nearly the same in the tests of cash dividend proposals and approvals. The
difference is that all CAR lines in the tests of cash dividend approvals are higher
than those in the tests of cash dividend proposals. This phenomenon suggests the
suspicion that the cash dividend ...
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