Industry Stock Price Effect and Its Influencing Factors of Cash Dividend Distribution: Based on Chinese Real Estat Listed Companies

摘要

This paper examines industry stock price effect of cash dividend announements in Chinese listed real estate companies and finds that the own impact of announcers experience a significant decrease during the announcement period. This findidng. coupled with a significant abnormal returns in the same direction of nonannouncing firms, suggests the existence of industry stock effect to cash dividend. Further study of its influencing factors indicates that the abnormal return and firm size of announcers, the degree of homogeneity between announcing and nonannouncing firms, and the level of asymmetric information in nonannouncing firms are important determinants in explaining nonannouncers' abnormal returns.