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The research examines institutional settings and interim periods in China, including sample construction, abnormal stock returns and trading volumes, investor sentiment, and dividend demand. Additional analyses cover mutual fund flows, investor attention, and alternative safe assets such as residential real estates and gold, with robustness checks. Chapter two and three extend the study to dividend changes, analyst intensity, recessions, timing of dividend cuts, and payout initiations in the IPO market, followed by a consolidated conclusion.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/three-essays-on-corporate-payout-policies-thesis-2024/296932/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/three-essays-on-corporate-payout-policies-thesis-2024/296932.png","ImageObject",300,407,{"name":92,"@type":93},"Connor ","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-06","2026-09-18",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",12,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What topic does the thesis address?","Question",{"text":113,"@type":114},"The thesis addresses corporate payout policies, focusing on dividends and payout-related corporate decisions and how markets react to them.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Which factors are studied around the interim period in China?",{"text":118,"@type":114},"It studies institutional settings, sample construction, abnormal stock returns and trading volumes, investor sentiment, and dividend demand, including additional multivariate analyses.",{"name":120,"@type":111,"acceptedAnswer":121},"How does the thesis extend its analysis beyond China interim-period settings?",{"text":122,"@type":114},"It examines dividend changes, analyst intensity and market reactions, timing of dividend cuts during a quarter, and payout initiations in the IPO market.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},296932,1789738841,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":130,"read_time":145,"preview_page_count":4},687207022233,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","THREE ESSAYS ON CORPORATE PAYOUT  \nPOLICIES  \nA thesis submitted to the University of Manchester for the degree of  \nDoctor of Philosophy  \nin the Faculty of Humanities  \n2024  \nMO HAO  \nALLIANCE MANCHESTER BUSINESS SCHOOL  \nACCOUNTING & FINANCE GROUP  \nContents  \nList of Figures 4  \nList of Tables 5  \nAbstract 6  \nDeclaration 7  \nCopyright Statement 8  \nAcknowledgements 9  \n1 Introduction 11  \n2 Chapter 1 19  \n2. 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20  \n2.2 Institutional settings and the interim period in China ........... 27  \n2.3 Sample construction ............................. 29  \n2.4 Abnormal stock returns and trading volumes around the interim period . 30  \n2.5 Investor sentiment and dividend demand . . . . . . . . . . . . . . . . . . 34  \n2.6 Additional multivariate analyses . . . . . . . . . . . . . . . . . . . . . . . 39  \n2.6. 1 Mutual fund flows . . . . . . . . . . . . . . . . . . . . . . . . . . 39  \n2.6.2 The role of investor attention . . . . . . . . . . . . . . . . . . . . 41  \n2.6.3 Alternative safe assets: residential real estates and gold . . . . . . 43  \n2.7 Robustness check . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47  \n2.7. 1 The interim period . . . . . . . . . . . . . . . . . . . . . . . . . . 47  \n2.7.2 The China Investors Composite Sentiment Index . . . . . . . . . 48  \n2.8 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49  \n2.9 Appendix ................................... 77  \n3 Chapter 2 83  \n3. 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84  \n3.2 Sample construction ............................. 91  \n3.3 Does intensity matter to financial analysts? ................ 93  \n3.4 Market reactions to dividend changes .................... 96  \n3.5 The benefits of breaking a dividend streak ................. 100  \n3.6 Intensity of reference points in recessions .................. 102  \n3.7 The timing of dividend cuts during a quarter ................ 105  \n3.8 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107  \n3.9 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118  \n4 Chapter 3 123  \n4. 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124  \n4.2 Sample construction ............................. 126  \n4.3 Payout initiations in the IPO market .................... 127  \n4.4 Multivariate analysis ............................. 131  \n4.5 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136  \n4.6 Appendix ................................... 149  \n5 Conclusion 151  \nWord Count: 32,127  \nList of Figures  \n1 Abnormal returns around the post-AGM announcement ......... 53  \n2 Abnormal returns around the ex-dividend day ............... 54  \n3 The investor confidence index . . . . . . . . . . . . . . . . . . . . . . . . 55  \n4 The China Investors Composite Sentiment Index (CICSI) ......... 56  \n2.1 Dividends made by Genuine Parts Co.(CUSIP 37246010) ......... 110  \n3.1 Number of IPOs by year ........................... 140  \n3.2 Percentage of payout initiations ....................... 141  \n3.3 Waiting periods for payout initiations .................... 142  \nList of Tables  \n1 An example of a dividend payment ..................... 57  \n2 The abnormal trading volume in the interim period ............ 58  \n3 The abnormal returns in the interim period . . . . . . . . . . . . . . . . 59  \n4 Interim returns and dividend changes . . . . . . . . . . . . . . . . . . . . 60  \n5 Investor confidence and interim returns . . . . . . . . . . . . . . . . . . . 61  \n6 Fund flows and interim returns . . . . . . . . . . . . . . . . . . . . . . . 63  \n7 The role of investor attention . . . . . . . . . . . . . . . . . . . . . . . . 64  \n8 The dividend announcements with high levels of investor attention . . . . 65  \n9 The dividend announcements with low levels of investor","cbCaiiWC9WAtsCN6","https://ap.wps.com/l/cbCaiiWC9WAtsCN6","pdf",1735354,152,"English","# Contents\n## Abstract\n## Declaration\n## Copyright Statement\n## Acknowledgements\n## Introduction\n## Chapter 1\n## Chapter 2\n## Chapter 3\n## Conclusion","[{\"question\":\"What topic does the thesis address?\",\"answer\":\"The thesis addresses corporate payout policies, focusing on dividends and payout-related corporate decisions and how markets react to them.\"},{\"question\":\"Which factors are studied around the interim period in China?\",\"answer\":\"It studies institutional settings, sample construction, abnormal stock returns and trading volumes, investor sentiment, and dividend demand, including additional multivariate analyses.\"},{\"question\":\"How does the thesis extend its analysis beyond China interim-period settings?\",\"answer\":\"It examines dividend changes, analyst intensity and market reactions, timing of dividend cuts during a quarter, and payout initiations in the IPO market.\"}]","THREE ESSAYS ON CORPORATE PAYOUT POLICIES - Thesis - 2024 | PDF",383]