Matches in SemOpenAlex for { <https://semopenalex.org/work/W2264961567> ?p ?o ?g. }
Showing items 1 to 52 of
52
with 100 items per page.
- W2264961567 endingPage "37" @default.
- W2264961567 startingPage "1" @default.
- W2264961567 abstract "There is a so-called “Ex-right Effect” In Taiwan stock market, which means that the stock prices tend to have abnormal changes before and after the ex-dates, leading to abnormal return on ex-dates. Meanwhile, stocks with “high stock dividend” in China’s A-share market are also extremely popular in recent years. In Taiwan, the imputation tax system has been implemented since 1998. And starting from 1/1/2013, the investors in Taiwan must pay a 2% National Health Insurance (NHI) supplementary premium for any single dividend receipt higher than 5,000 NTD. Also from 1/1/2013, China established a new tax policy to differentiate the individual income tax on dividend income based on the holding period of the related shares. This paper studied the companies which announced cash or stock dividends during 2013-2014 period in both Taiwan and China’s A-share market, to prove whether investors can earn after-tax excess return, by buying shares on the day before the ex-dates, and selling on the ex-dates, both at the closing price. The results show that significant positive abnormal return on the ex-dates exists in Taiwan stock market. But net of round trip transaction costs, security transaction tax and the incremental income tax, only individual investors with marginal tax rate at 5% and below could have significant positive excess return. While in China’s A-share market, the average abnormal return on the ex-dates is significantly negative, therefore investors in A-share market cannot make profit by taking the one-day holding strategy. Additionally, for the reasons that caused the abnormal return on ex-dates in Taiwan market, the conclusions of this paper support the Hypothesis of Bargain Hunting proposed by Lee (1991, 1994): The higher the stock dividend rate, the lower the stock price after the ex-right (ex-dividend), letting investors to believe that the stock is underpriced, therefore attracting more buying forces and resulting in the abnormal return on ex-dates." @default.
- W2264961567 created "2016-06-24" @default.
- W2264961567 creator A5075154297 @default.
- W2264961567 date "2015-01-01" @default.
- W2264961567 modified "2023-09-23" @default.
- W2264961567 title "兩岸股票除權（息）交易日之稅後超額報酬與比價心理假說之實證" @default.
- W2264961567 doi "https://doi.org/10.6342/ntu.2015.02216" @default.
- W2264961567 hasPublicationYear "2015" @default.
- W2264961567 type Work @default.
- W2264961567 sameAs 2264961567 @default.
- W2264961567 citedByCount "0" @default.
- W2264961567 crossrefType "journal-article" @default.
- W2264961567 hasAuthorship W2264961567A5075154297 @default.
- W2264961567 hasConcept C10138342 @default.
- W2264961567 hasConcept C106159729 @default.
- W2264961567 hasConcept C116168712 @default.
- W2264961567 hasConcept C139447083 @default.
- W2264961567 hasConcept C144133560 @default.
- W2264961567 hasConcept C151730666 @default.
- W2264961567 hasConcept C162324750 @default.
- W2264961567 hasConcept C172008318 @default.
- W2264961567 hasConcept C2780299701 @default.
- W2264961567 hasConcept C2780762169 @default.
- W2264961567 hasConcept C34447519 @default.
- W2264961567 hasConcept C551662922 @default.
- W2264961567 hasConcept C556758197 @default.
- W2264961567 hasConcept C74939039 @default.
- W2264961567 hasConcept C86803240 @default.
- W2264961567 hasConceptScore W2264961567C10138342 @default.
- W2264961567 hasConceptScore W2264961567C106159729 @default.
- W2264961567 hasConceptScore W2264961567C116168712 @default.
- W2264961567 hasConceptScore W2264961567C139447083 @default.
- W2264961567 hasConceptScore W2264961567C144133560 @default.
- W2264961567 hasConceptScore W2264961567C151730666 @default.
- W2264961567 hasConceptScore W2264961567C162324750 @default.
- W2264961567 hasConceptScore W2264961567C172008318 @default.
- W2264961567 hasConceptScore W2264961567C2780299701 @default.
- W2264961567 hasConceptScore W2264961567C2780762169 @default.
- W2264961567 hasConceptScore W2264961567C34447519 @default.
- W2264961567 hasConceptScore W2264961567C551662922 @default.
- W2264961567 hasConceptScore W2264961567C556758197 @default.
- W2264961567 hasConceptScore W2264961567C74939039 @default.
- W2264961567 hasConceptScore W2264961567C86803240 @default.
- W2264961567 hasLocation W22649615671 @default.
- W2264961567 hasOpenAccess W2264961567 @default.
- W2264961567 hasPrimaryLocation W22649615671 @default.
- W2264961567 isParatext "false" @default.
- W2264961567 isRetracted "false" @default.
- W2264961567 magId "2264961567" @default.
- W2264961567 workType "article" @default.