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 investigates the informational content of dividend announcements and analyzes the impact of dividend … announcements by firm size and dividend growth using a sample from the emerging market of Sri Lanka. Consistent with prior evidence …. On average, market reacts positively to dividend announcements. The information content is stronger for the smaller firms …

This paper presents an analysis based on a recently survey of the dividend policies of the listed firms in the Cypriot … investigate, in a 5-degree scale and in a 2-degree scale of evaluation, the effect of several factors on the corporate dividend …. We found that they are significant differences between the factors that affect the dividend policy of the groups of …

correlation with the risk free return component, and can discern if a low dividend state coincides with a low yield state … of the classical log dividend–price ratio, we allow the data to reveal the cointegration vector between d and p. We … define the modified dividend–price ratio (mdp), as the long run trend deviation between d and p. Using S&P 500 data for the …

To explain the ex-day stock price behaviour, previous research has mostly focused on dividend yield and expected return … Exchanges, we observe that the stock prices drop does not differ from the dividend amount on the ex-dividend day and there is no … evidence of abnormal return and short-term trading. On the Tokyo Stock Exchange, the stock prices fall less than the dividend …

We examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between … managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information … lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends …

We investigate the effect of a lack of an automated limit order adjustment mechanism on ex-dividend day stock price … than the dividend amount for all dividend sizes. We also find no evidence of a sawtooth-shaped relationship between the … dividend amount and the ex-day price drop. These results are generally consistent with a lack of an automated limit order …

We examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between … managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information … lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends …

This paper examines and compares the dividend policies of American depository receipt (ADR) firms and U.S. firms and … identifies the factors that determine these policies for both types of companies. We find that ADR firms have higher dividend … comparisons and multivariate analysis show that the determining factors of dividend payout and stock repurchases differ between …