此篇論文重新檢視股利初次發放，及再度發放之後的長期股價表現。我們使用從1927年至1998年之間的月資料，且發覺在扣除掉IPO企業與受特殊管制企業的影響後，股利事件後的正異常報酬具有統計上的顯著性，不論是用平均加權或是市值加權的方法。同時，我們也發現，事件前與事件後，企業的市場風險並沒有顯著的變動。因此，我們的結論是，股利事件後的正異常報酬的確存在，且並不是由風險因素所造成。 This article exams the long-term performance following dividend initiations and resumptions. We use data from 1927 to 1998, and show that post-announcement abnormal returns are positively significant in both equally weighted and value weighted methods if we subtract firms with IPO events and the special regulation firms from sample. Moreover, we also show that firms do not face significant risk changes after dividend initiations and resumptions, meaning that such abnormal returns are not caused by risk changes. Therefore, we made a conclusion that the long-term over performance really exists, and doesn’t result from risk changes.
