| 摘要： | Past literature shows that investors use mental account when they are facing dividend distribution. That is, investors
focus on dividend distribution and irrationally ignore the tradeoff of dividend payment and price decrease. The
dividend is thus deemed as bonus to investors. Furthermore, investors tend to buy ex-dividend stocks after the exdividend day due to the expectation of price recovery. The buying forces around the ex-dividend day persistently
push the price. After the ex-dividend, investors gradually become rational. The stocks thus are priced based on the
fundametals. The overprice of stocks due to the ex-dividend events may consequently decreases. Past litearture
regarding ex-dividend focuses on the announcemnet effect and ex-divend effect on the ex-dvidend day. The
contribution of this project is to combine the issues of ex-dividend and media coverage to investigate whether the
investing behavior bias of investors is strengthened after the coverage of ex-dividend news by media. Past literature
has confirmed that investors refer to the media coverage when they are making stock picking decisions. However,
the past literature did not further investigate the reaction of investors to the ex-dividend news. This study fills the
gap of the literature to combine these two issues, which may provide a referecne for investors when they are
making investing decisions. |
