Szczegóły publikacji
Opis bibliograficzny
Implications of dividend announcements for stock prices and trading volume of DAX companies / Henryk GURGUL, Paweł Majdosz, Roland Mestel // Finance a úvěr = Czech Journal of Economics and Finance ; ISSN 0015-1920 . — 2006 — R. 56 č. 1–2, s. 58–68. — Bibliogr. s. 67, Summ.
Autorzy (3)
- AGHGurgul Henryk
- Majdosz Paweł
- Mestel Roland
Słowa kluczowe
Dane bibliometryczne
| ID BaDAP | 54288 |
|---|---|
| Data dodania do BaDAP | 2010-10-28 |
| Rok publikacji | 2006 |
| Typ publikacji | artykuł w czasopiśmie |
| Otwarty dostęp |  |
| Czasopismo/seria | Finance a Uver = Czech Journal of Economics and Finance |
Abstract
This paper deals with market reactions to dividend announcements on the German stock market. Our study is based on a model of expected dividends with regard to the reluctance-to-change-dividends hypothesis. State-of-the-art models are used to detect price and volume reactions to dividend news. Empirical results provide evidence that announced dividend changes convey new information to the market. On average, stock prices move in the same direction as dividends. One can observe an increase in stock-return volatility in anticipation of expected news. For the entire sample, we find that trading volumes exhibit significant increases around dividend announcement dates. This supports the hypothesis that dividend change in either direction causes an increase in investors? propensity to revise their portfolios.
