基于行为金融学浅析红利之谜
摘要
红利之谜是指私人投资者将红利和资本利得分开来对待并且偏好红利的现象。这一问题曾一度是公司财务的难题,但是随着行为金融学对传统金融理论的挑战与不断发展,红利之谜得到很好的解释。本文正是基于行为金融学的行为资产组合理论来探究红利之谜的原因,并对目前红利和股权回购的趋势做出一定的比较和阐述。
出处
《知识经济》
2017年第16期74-75,共2页
Knowledge Economy
二级参考文献14
-
1Amihud, Y. , and H. Mendelson, 1991, "Liquidity, Asset Prices and Financial Policy", Financial Analysts Journal 47 : 56 - 66.
-
2Amihud, Y. , 2002, “Illiquidity and Stock Returns: Cross-Section and Time-Series Effects”, Journal of Financial Markets 5:31 -56.
-
3Amihud, Y. , and Haim Mendelson, 1986, "Asset Pricing and the Bid-ask Spread", Journal of Financial Economics 17 : 223 - 249.
-
4Brennan, M. J. A. and Subrahmanyam, 1996, “Market Microstructure and Asset Pricing: on the Compensation of Illiquidity in Stock Returns”, Journal of Financial Economics 41:441 -464.
-
5Brennan, M. , Chordia, T. , and Subrahmanyam A. , 1998, "Ahemative Factor Specifications, Security Characteristics, and the Cross-Section of Expected Stock Returns", Journal of Financial Economics 49:345 -373.
-
6Chen, G. M. , Lee, B. S. , and O. Rui, 2001, "Foreign Ownership Restrictions and Market Segmentation in China' s Stock Market", Journal of Financial Research, Vol. 24, Feb: 133 - 155.
-
7Chen, Z. , and P. Xiong, 2001,“Discounts on illiquid stocks: evidence from China”, Working paper, Yale University.
-
8Daves, P. R. , and M. C. Ehrhardt, 1993, "Liquidity, Reconstitution, and the Value of U. S. Treasury Stipes", Journal of Finance 48 : 315 -329.
-
9Grinblatt, M. , and F. L Longstaff, 1995, "Liquidity and the Pricing of Treasury Securities", Working Paper, UCLA.
-
10Modigliani, F. , and M. H. Miller, 1958, "The Cost of Capital, Corporation Finance, and the Theory of Investments", American Economic Review 48:261 -297.
共引文献3
-
1刘娥平,唐舜.可交易性折扣、价值转移与限售股解禁[J].财经研究,2014,40(9):86-96. 被引量：3
-
2李学峰,齐霄,区宇轩.“后股改时代”股权结构演进及上市公司绩效[J].产权导刊,2019,0(7):41-46.
-
3方丽婷,陈宇晴.杠杆率、融资约束与企业投资[J].福州大学学报（哲学社会科学版）,2023,37(3):24-38.
