紐西蘭股市之研究（第一篇，已結案）

除息日選在星期三者占57.9%，發放日在星期五者占47.6%。
除息日在星期三者占67.7%，發放日在星期五者60.2%。
A dividend-payer is most likely to go ex-dividend on a Wednesday (57.9%), and pay the cash on a Friday (47.6%).
These firms are also most likely to go ex-dividend on a Wednesday (67.7%), and pay the cash on a Friday (60.2%).
We try to examine if the dividend-paying behavior of New Zealand is similar to either the U.S. or Taiwan.

1. 李、殷、劉任昌、郭（2014）。台灣上市與上櫃公司除息日至發放日間隔周期之研究。財金論文叢刊，21，1-36。網址：http://www.cyut.edu.tw/~finance/10/2014-12.htm
2. 李、劉任昌、呂、殷（2013a）。發放日決策、企業現金存量與經驗法則決策。德明學報，37(2)，77-94。
3. 李、劉任昌、呂、殷（2013b）。公司生命週期與庫藏股買回：目的、執行率與掛牌交易市場。致理學報，33，1-26。網址：http://ssrn.com/abstract=232340096

Kieso, D.E., J.J. Weygandt, and T.D. Warfield (2010), Intermediate Accounting (13th ed.). Hoboken: John Wiley & Sons.

第二篇(2016年2月18日開始)

Studying the possible impact from interim, final, and special.

Ex Dividend	Period	Amount	Supp.	Imputation	Payable	Currency
30/09/2015	Final	7.300c	1.288c	2.839c	16/10/2015	NZD
17/03/2015	Interim	7.300c	1.288c	2.839c	02/04/2015	NZD
01/10/2014	Final	7.000c	1.235c	2.722c	17/10/2014	NZD
03/04/2014	Special	20.600c	3.635c	8.011c	14/04/2014	NZD
01/10/2013	Final	6.250c	1.103c	2.431c	17/10/2013	NZD
13/03/2013	Interim	5.750c	1.015c	2.236c	02/04/2013	NZD

第二篇持續(2016年3月4日)

Peirson et al. (2012, p. 336)（at the discretion of its directors.）。 In Australia, companies generally pay an interim dividend after the end of the first half of the financial year and a final dividend after the company’s Annual General Meeting. A company’s Board of Directors, when announcing a dividend, will specify a date, known as the ‘record date’, on which the company’s ‘books’ will close for the purpose of determining who is currently a shareholder, and hence entitled to receive the dividend. For shares listed on the Australian Securities Exchange (ASX), the rules of the exchange specify an ex-dividend date, which is four business days before the record date. Investors who purchase shares before the ex-dividend date buy the shares cum dividend and are entitled to receive the dividend. Those who purchase shares on or after the ex-dividend date are not entitled to receive the dividend. (footnote 3) Many Australian companies choose a Friday as the record date, which means that the ex-dividend date will be the previous Monday. From the start of trading on the ex-dividend date to the close of trading on the record date there are in fact 5 days of trading. The trading period between the ex-dividend and record dates has been as long as 7 business days. It was reduced to 5 days following full adoption of electronic settlement and transfer procedures. “Usually this will require delaying cash payments for as long as possible, in order to bring them closer to the time when the goods and services acquired can be converted into cash inflows through sales.” (Peirson et al., 2012, p. 336) “For example, the company may be able to negotiate credit terms with suppliers so that payment is not requited until the goods are sold. Similarly, the dates on which employees’ wages are paid could be altered to bring these dates more into line with times when the company has a cash surplus. In fact, these are opportunities for reducing a company’s cash requirements wherever the pattern of cash payments can be brought more into line with the pattern of cash inflows. Usually, this will require delaying cash payments for as long as possible, in order to bring them closer to the time when the goods and services acquired can be converted into cash inflows through sales.” (p. 767) “Trade credit is usually extended for 30 to 60 days. Many firms attempt to ‘stretch the payment period’ to receive additional short-term financing. This is an acceptable form of financing as long as it is not carried to an abusive extent. Going form 30- to a 35-dya average payment period may be tolerated within the trade, while stretching payment to 65 days might alienate suppliers and cause a diminishing credit rating with Dun & Bradstreet and local credit bureaus.”(2014, p. 228)