Valuation Effects of Greek Stock Dividend Distributions

Valuation Effects of Greek Stock Dividend Distributions This study analyses the price reaction to stock dividend distributions by firms listed on the Athens Stock Exchange on both the announcement and the ex‐dividend day. It also analyses earnings per share, dividends per share and trading volume in the pre‐ and post‐announcement periods. The findings show statistically insignificant abnormal returns on both the announcement and the ex‐dividend day. The analysis does not reveal any significant change in earnings per share and dividends per share, but it does reveal a significant decline in the market‐adjusted trading volume in the post dividend period. The findings, based on a different institutional environment, expand the empirical evidence on the value effects of stock dividends. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Financial Management Wiley

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Publisher
Wiley
Copyright
Blackwell Publishers Ltd 2000
ISSN
1354-7798
eISSN
1468-036X
DOI
10.1111/1468-036X.00137
Publisher site
See Article on Publisher Site

Abstract

This study analyses the price reaction to stock dividend distributions by firms listed on the Athens Stock Exchange on both the announcement and the ex‐dividend day. It also analyses earnings per share, dividends per share and trading volume in the pre‐ and post‐announcement periods. The findings show statistically insignificant abnormal returns on both the announcement and the ex‐dividend day. The analysis does not reveal any significant change in earnings per share and dividends per share, but it does reveal a significant decline in the market‐adjusted trading volume in the post dividend period. The findings, based on a different institutional environment, expand the empirical evidence on the value effects of stock dividends.

Journal

European Financial ManagementWiley

Published: Dec 1, 2000

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