This paper examines early impacts of COVID-19 outbreak on stock returns of 11 sectors using the firm-level stock price data from 10 countries. Results show that investors across sectors and countries respond differently during the outbreak. Across the 11 sectors, Communication Services, Consumer...

This paper examines the short- and long-run impact of a dividend initiation (DI) wave period on shareholders' wealth. I test two hypotheses. First, a firm initiating a dividend during the DI wave period is likely to experience lower announcement returns than does a firm initiating a dividend...