文献类型：期刊文献

英文题名：Stock dividends policy and liquidity of ex ante announcement The liquidity hypothesis retest

作者：Ye, Zhiqiang[1];Zhang, Zhi[1];Tang, Songlian[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

年份：2015

卷号：5

期号：3

起止页码：258

外文期刊名：CHINA FINANCE REVIEW INTERNATIONAL

收录：WOS:【ESCI(收录号:WOS:000214569500004)】；

基金：The authors are acknowledging financial support from the National Nature Science Foundation of China (NSFC-71002052; 71262025) and Special Fund in Fundamental Research Funds for the Central Universities. The authors are also grateful to the anonymous referees for helpful comments and suggestions. All errors are of the authors.

语种：英文

外文关键词：Illiquidity; Liquidity hypothesis; Stock dividends

摘要：Purpose - The purpose of this paper is to test the relationship between stock dividends policy and liquidity of ex ante announcement to improve the traditional stock dividends liquidity hypothesis. Design/methodology/approach - The authors examine a sample of 2,088 which matching stocks between having stock dividends policy and having no dividends policy during 1999-2012 in Chinese listed firms. Using the multiple liner regression, the authors empirically tests the relationship between the possibility, payout ratio and timing choice of stock dividends and the liquidity of ex ante announcement. Findings - The authors find that the possibility of stock dividends policy has negative relationship with liquidity, and the relationship of stock dividends and liquidity of ex ante announcement is influenced by the time choice of stock dividends. Originality/value - This paper study the reason of stock dividends policy from the perspective of liquidity and improve the traditional stock dividends liquidity hypothesis.