We analyze 987 ex-dividend events in Taiwan stock market between January 1992 and December 2006, and find that … differential taxes really matter for the share prices and investors behaviors around the ex-dividend day. Ex-day price drop ratio … increases with the investors' average preference for dividend relative to capital gains. The excess volume around the ex-dividend …

This paper investigates the effect of liquidity on the ex-dividend day price premium. It is well documented that prices … drop less than the dividend amount on the ex-day; this market inefficiency is generally attributed to the tax … statistically significant in the determination of the ex-dividend day price anomaly, indicating that trading restrictions can …

This paper examines the impacts of dividend policy and ownership structure on stock price volatility in the Vietnamese … market. The study also tests for the moderating effect of foreign/state ownership on the dividend policy–price volatility … robust results indicate that dividend yield mitigates stock price volatility in the emerging market of Vietnam. The price …

This study analyzes the firm-specific factors affecting the dividend payout decisions of the companies whose shares are …–Bover/Blunder-Bond two-step system generalized method of moments, a statistically significant positive effect on dividend payout was found in … the relationship between the dividend payout of the previous year, the company’s return on equity and the market value …

We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax …-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

Post-IPO banks are far more likely to initiate dividends than nonfinancial firms. Moreover, dividend initiation has a …, dividend initiation significantly increases the takeover premium. Average premiums for post-IPO dividend initiators exceed … those on non-dividend payers by about 50 percent of the market value of the bank in the month prior to the takeover …

This study identifies a J-shaped relation between dividends and firm value. On average, top-dividend-payers are valued … higher than all other firms, while non-dividend-payers are valued higher than low-dividend-payers. This J-shaped relation is … markets outside the U.S. Our evidence suggests that dividend theories, such as the dividend catering, free-cash-flow and …

In this paper, we assess the long-term stock price impact of 1327 cash dividend payment initiations and 1156 cash … dividend payment omissions of firms listed on the NYSE and the NASDAQ, from 1972 to 2012. In particular we compare the annual … returns of dividend initiating and omitting firms and firms that are equally likely to initiate (or omit). We find larger …

Employing an event study approach, we examine 5,574 bond return reactions to unexpected quarterly dividend change … the same direction as dividend changes, which supports the hypothesis that dividend changes signal future firm performance …. These results still hold after we control for the financial crisis and dividend covenants and when we use alternative …

levels of information uncertainty. In this study we examine whether dividend policy is also affected by rounding and the … 100% of quarterly dividends are heaped. We find heaping is significantly related to dividend size, and the level of … the likelihood of heaping. We also observe that heaped dividends are altered less frequently, and when there is a dividend …