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Structural Equation Modeling Applied to the Reaction to Stock Dividends and Stock Splits: integrating signaling, liquidity and optimal price level
Kelmara Mendes Vieira,Jo?o Luiz Becker
Revista Brasileira de Finan?as , 2011,
Abstract: This work develops a hybrid model of structural equations able to take simultaneously the hypotheses of signaling, liquidity, and optimal price level to explain the reaction to the stock dividends and stock splits. In the measurement model four constructs were defined: trading activity, spread, size, and price. The structural model defines extant relations from the proposition of 22 sub-hypotheses. A sample of 321 splits performed in the Brazilian market between 1990 and 2004 was used for assessing the model. Confirmatory factor analysis revealed the validity and coherence of the four constructs. The structural model confirmed 9 original sub-hypotheses.
Rea??o dos investidores a bonifica??es e desdobramentos: o caso brasileiro
Vieira, Kelmara Mendes;Procianoy, Jairo Laser;
Revista de Administra??o Contemporanea , 2003, DOI: 10.1590/S1415-65552003000200002
Abstract: this paper analyses market reaction to splits - stock splits and stock dividends made by companies traded at the s?o paulo stock exchange. we found positive and significant returns around first day ex. due to brazilian characteristics of the capital market and of its economy, signaling, tick size and optimal price range hypothesis seems not to be good explanations, liquidity tests give us mixed signals.
Information Content of Dividends: Evidence from Istanbul  [cached]
Ayse Altiok-Yilmaz,Elif Akben Selcuk
International Business Research , 2010, DOI: 10.5539/ibr.v3n3p126
Abstract: This study investigates the market reaction to dividend change announcements at the Istanbul Stock Exchange. A sample of 184 announcements made by 46 companies during the period 2005 to 2008 is analyzed by using the event study methodology. The results suggest that the market reacts positively to dividend increases, negatively to dividend decreases and does not react when dividends are not changed, consistent with the signaling hypothesis. Also, the results show pre-event information leakage for the decreasing dividends sample.
Do Mature Companies Pay More Dividends? Evidence from Pakistani Stock Market  [PDF]
Talat Afza,Hammad Hassan Mirza
Mediterranean Journal of Social Sciences , 2011,
Abstract: Dividend policy is among the most important unresolved issues in modern corporate finance. Several researches have tried to solve the dividend puzzle yet, the results are inconclusive as to what determines the optimal dividend policy. Present study has analyzed the impact of firm’s age on its dividend policy. Using the financial data of 120 companies listed at Karachi Stock Exchange (KSE), Pakistan during 2002 to 2007, this study has explored the non-linear relationship of company’s age with dividend policy. A cubic form of model has been designed by using age, age-square and age-cube as independent variables while controlling for leverage and profitability. The estimated results are consistent with maturity hypothesis and free cash flow hypothesis. The study also supports the impact of trade cycle on dividend policy of listed companies of Pakistan. The results are robust to the alternative proxy of dividend policy i.e. dividend intensity.
Empirical Analysis of the Impact of Cash Dividends on Share Price

郑倩影, 郑子然, 张苏珊, 卓梦瑶
Business and Globalization (BGlo) , 2015, DOI: 10.12677/BGlo.2015.31001
According to event study method, taking the event of annual cash dividends distributed in 2013 by Shenzhen Stock Exchange Listed Company as the research event, this paper analyzes the stock market reaction to cash dividends by means of calculating the variety of sample stocks’ abnormal yield before and after the announcement day. The empirical results demonstrate that the stock market has not reached the semi-strong efficiency and the market reaction to cash dividends is relatively sluggish.
Estudios Gerenciales , 2008,
Abstract: in well-developed capital markets there is evidence of positive abnormal returns and increased stock liquidity around the announcement date of a stock split. the fi rst phenomenon is due to the fact that a stock split is associated with a forthcoming dividend distribution, while the increased stock liquidity is explained by a diminution in the stock price. in this work, the event study methodology is used in order to verify both phenomenons in a 20 stock splits sample that were accomplished during 1994-2004 years at the lima stock exchange. in contrast with previous studies, it is not found a positive abnormal return associated with the studied stock splits, but it is found an increase in stock liquidity in the days following the stock splits. the results indicate that stock splits do not seem to carry valuable information to the market. this is consistent with the lack of a fi rm dividend policy in peru and with an overwhelming presence of institutional investors who are better interested in liquidity and the risk of their investments.
Does Shareholder’s Share Pledge Induce High Stock Dividends? —An Empirical Test Based on the Data of GEM Companies  [PDF]
Hui Shen
Open Journal of Business and Management (OJBM) , 2019, DOI: 10.4236/ojbm.2019.72068
Abstract: The high delivery of listed companies is a unique way of dividends. Although there is no change in the company’s operating capacity, it always attracts market attention and causes stock prices to rise in the short term. However, this kind of non-substantial dividends often masks. The major shareholders of listed companies reduced their holdings to cover the lifting of bans and other benefits. As a refinancing method for listed companies, equity pledges require the stability of stock prices due to the existence of passive liquidation lines, especially in the process of market volatility and continuous shift of focus. This paper first summarizes the previous studies on the behavior of high dividends, and uses the GEM as the background, using the data from 2015 to 2018, based on the previous research, adding the factor of equity pledge, using the Logit model to study nearly three The impact of the equity pledge rate of the listed companies on the GEM on the probability of the “high-delivery” dividend policy announced by major shareholders was attempted to make recommendations for the newly introduced “high-stock dividends new regulations”.
Effect of Dividends on Stock Prices– A Case of Chemical and Pharmaceutical Industry of Pakistan
Management , 2012, DOI: 10.5923/j.mm.20120205.02
Abstract: Corporate sector of Pakistan is adversely facing competition due to economic downturn in the world and making efforts to survive in a competitive and uncertain economic environment. This study will help to ameliorate dividend decisions of corporate sector through felicitously appropriate implementation of their dividend policies. This paper is an attempt to explicate the affect of dividend announcements on stock prices of chemical and pharmaceutical industry of Pakistan. A sample of twenty nine companies listed at KSE-100 Index is taken from the period of 2001 to 2010. Results of this study is predicated on Fixed and Random Effect Model which is applied on Panel data to explicate the relationship between dividends and stock prices after controlling the variables like Earnings per Share, Profit after Tax and Return on Equity. The Results show that Stock Dividend, Earnings per Share and Profit after Tax have a significant positive relation to stock market prices and significantly explicates the variations in the stock prices of chemical and pharmaceutical sector of Pakistan while Retention Ratio and Return on Equity have the negative insignificant relation with stock prices. This paper further shows that Dividend Irrelevance Theory is not applicable in case of chemical and pharmaceutical industry of Pakistan.
Stock splits: motivation and valuation effects in the Spanish market
Susana Menéndez,Silvia Gómez Ansón
Investigaciones Económicas , 2003,
Abstract: Resumen:Este trabajo analiza los determinantes que llevan a una empresa a realizar un desdoblamiento accionarial, así como los efectos riqueza asociados a su anuncio y realización. Los resultados sugieren que las empresas que realizan desdoblamientos tienen antes de la operación una cotización superior a la normal, consiguiéndose aumentos significativos tras el desdoblamiento en el número de transacciones y en el volumen por transacción. Además, se observan rentabilidades anormales positivas alrededor del día del anuncio y del día de realización del desdoblamiento, aunque en este último caso se anulan en las sesiones siguientes. Los resultados de este estudio sobre los determinantes de la decisión de realizar un desdoblamiento y la reacción del mercado de valores sugieren que, frente a otras explicaciones, resulta más determinante la hipótesis de liquidez en el mercado de capitales espa ol.
On the Determinants of Dividends’ Information Content  [cached]
Hatem Ben Said
Journal of Management and Sustainability , 2012, DOI: 10.5539/jms.v2n2p276
Abstract: This paper examines the determinants of dividends’ information content. We put an emphasis on the role of ownership structure in explaining the impact of dividends on shareholders’ wealth. To this end, our study examined a sample of 136 French firms during the year 2007 to empirically validate our model. The empirical results show a negative reaction of stock prices to dividend announcement. This finding is consistent with the hypothesis of deterioration of growth opportunities. However, we have concluded that firms’ characteristics significantly affect dividends’ information content.
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