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Author
Słoński Tomasz (Uniwersytet Ekonomiczny we Wrocławiu), Zawadzki Bartosz (Uniwersytet Ekonomiczny we Wrocławiu)
Title
Analiza reakcji inwestorów na zmianę wielkości wypłacanej dywidendy przez spółki notowane na GPW w Warszawie
Investors' Reaction to the Change in Dividend Payout for Companies Listed on WSE
Source
Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia, 2012, vol. 46, nr 1, s. 125-135, rys.
Keyword
Polityka dywidend, Dywidenda, Inwestor giełdowy, Spółki giełdowe, Giełda papierów wartościowych, Stopa zwrotu, Wskaźniki giełdowe, Badania zdarzeń
Dividend policy, Dividend, Stock exchange investor, Stock market companies, Stock market, Rate of return, Stock market indices, Event studies
Note
summ.
Company
Giełda Papierów Wartościowych w Warszawie
Warsaw Stock Exchange
Abstract
W artykule przedmiotem analizy są reakcje inwestorów na wieść o ogłoszeniu kolejnej wypłaty dywidendy (porównanie jej wielkości z rokiem poprzednim). Przede wszystkim przetestowano hipotezę o realizacji ponadprzeciętnych stóp zwrotu z akcji w kontekście różnych wariantów definiowania oczekiwań co do tzw. stałej wielkości dywidendy. Należy nadmienić, że przedstawiona w artykule metodologia analizy zdarzeń jest wykorzystywana również do testowania efektywności rynku kapitałowego. (fragment tekstu)

The article presents the impact of the dividend policy changes on the rates of abnormal returns obtained by the shareholders. The research was conducted on Polish companies listed on the WSE during 2005-2009, which paid dividend in at least two subsequent years. Due to different specificity of dividend payouts in companies differing in size, the companies were divided into groups based on their market capitalization value. Changes in the dividend payout were defined in three different ways: change in the dividend per share, change in the dividend yield and change in the dividend payout ratio. The impact of the change in the amount of dividend paid was estimated using the event studies methodology, with the event defined as the day of the announcement of the change. The results obtained show no statistically significant relationship between the changes in dividend policy and realized rates of return on the day of the announcement nor the subsequent day. Analysis of the companies divided by market capitalization gave similar results. The conclusion is that the changes in the dividend policy does not allow to obtain abnormal rates of return. Shareholders of different sizes companies do not realize different abnormal rates of return. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
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Bibliography
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ISSN
0459-9586
Language
pol
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