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Słoński Tomasz (Wrocław University of Economics, Poland), Zawadzki Bartosz (Wrocław University of Economics, Poland)
The Impact of a Surprise Dividend Increase on a Stocks Performance : the Analysis of Companies Listed on the Warsaw Stock Exchange
Operations Research and Decisions, 2012, vol. 22, no. 2, s. 45-54, rys., bibliogr. 13 poz.
Słowa kluczowe
Dywidenda, Stopa zwrotu, Spółki giełdowe, Giełda papierów wartościowych, Studium przypadku
Dividend, Rate of return, Stock market companies, Stock market, Case study
The reaction of marginal investors to the announcement of a surprise dividend increase has been measured. Although field research is performed on companies listed on the Warsaw Stock Exchange, the paper has important theoretical implications. Valuation theory gives many clues for the interpretation of changes in dividends. At the start of the literature review, the assumption of the irrelevance of dividends (to investment decisions) is described. This assumption is the basis for up-to-date valuation procedures leading to fundamental and fair market valuation of equity (shares). The paper is designed to verify whether the market value of stock is immune to the surprise announcement of a dividend increase. This study of the effect of a surprise dividend increase gives the chance to partially isolate such an event from dividend changes based on long-term expectations. The result of the research explicitly shows that a surprise dividend increase is on average welcomed by investors (an average abnormal return of 2.24% with an associated p-value of 0.001). Abnormal returns are realized by investors when there is a surprise increase in a dividend payout. The subsample of relatively high increases in a dividend payout enables investors to gain a 3.2% return on average. The results show that valuation models should be revised to take into account a possible impact of dividend changes on investors behavior. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
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  6. KRAMER L., Alternative Methods for Robust Analysis in Event Study Applications, [in:] Advances in Investment Analysis and Portfolio Management, 8, C. Lee (Ed.), Elsevier, Oxford, 2001, 109-132.
  7. LITZENBERGER R., RAMASWAMY K., The Effect of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence, Journal of Financial Economics, 1979, 7, 163-196.
  8. MILLER M., MODIGLIANI F., Dividend Policy, Growth and the Valuation of Shares, Journal of Business, 1961, 34, 411-433.
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  10. NARANJO A., NIMALENDRAN M., RYNGAERT M., Stock Returns, Dividends Yields and Taxes, Journal of Finance, 1998, 53 (6), 2029-2057.
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  12. RAJAN R.G., ZINGLES L., Saving Capitalism from the Capitalists, 2nd Ed., Princeton University Press, Princeton 2004.
  13. SŁOŃSKI T., ZAWADZKI B., Analiza reakcji inwestorów na zmianę wielkości wypłacanej dywidendy przez spółki notowane na GPW w Warszawie, unpublished working paper;
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