Semi-strong Form Efficient or Not? Tests of Zero and Cash Dividends
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date. The underreaction is corrected more than 20 days after the announcement.
Therefore, the abnormally high returns can be obtained by applying a sell and buy
strategy as we previously explained.
7.5 Conclusion
This chapter has presented diverse event studies on the events of zero-dividends,
and cash dividends. The tests were carried out on the announcements of event
proposals and event approvals, announcements of A-shares events and B-shares
events, announcements without future announcements of other events and
announcements ...
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