This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that … dividend policy has information content that can influence to share price. Examination of theory of signaling is related to … research phenomena in other countries indicating that by percentage there is degradation of company which is pay dividend and …

than losing stocks, has an asymmetrical impact on the price adjustment on the ex-dividend day. Using aggregate market data … accrued gains have a higher market adjusted price drop than stocks with accrued losses on the ex-dividend day. Moreover, there … up (restrain) the downward price adjustment on the ex-dividend day. Our results remain robust to various ex-day price …

, which employs a minute-by-minute trade and quote data recorded during the ex-dividend days of common stocks listed on NYSE …, AMEX and NASDAQ. Dufosky’s (1992) model concluded that the asymmetric adjustment of open limit orders for cash dividend … payments under the NYSE and AMEX rules is sufficient to create abnormal returns on the ex-dividend day. Empirical evidence …

This paper investigates the relationship between demographic changes and the long-run returns of dividend …-fungible, the preference for high dividend-paying stocks by older investors means that the excess returns of high dividend … that, as consistent with the behavioural life-cycle hypothesis, the long-run returns of dividend-yield investment …