Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange

 

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dc.contributor.advisor Smith, Colin en_ZA
dc.contributor.author Mu, Lin en_ZA
dc.date.accessioned 2015-01-06T12:13:13Z
dc.date.available 2015-01-06T12:13:13Z
dc.date.issued 2006 en_ZA
dc.identifier.citation Mu, L. 2006. Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/11578
dc.description Includes bibliographical references. en_ZA
dc.description.abstract This research paper examines stock price reactions to the changes in cash dividend payments for mature companies listed on the Johannesburg Stock Exchange (JSE). Prior South African research studies have employed the Market Model and Mean-Adjusted Return Model of event study to estimate "normal return" of the companies listed on the JSE. This study has employed the Market-Adjusted Return Model and short event window (-5, +5) to test the effect of dividend changes. The empirical results are based on 48 samples of mature companies with regular half yearly cash dividend records during the 2000- 2004 period. Using 4741 dividend change observations, it was found that the stock price reactions to increase announcements were greater than those for decrease announcements over the entire event days. It was further found that the stronger positive market reactions were associated with those announcements of larger percentage increases in dividends. These results lead to support the existence of the Dividend Signalling Hypothesis. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Financial Management en_ZA
dc.title Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange en_ZA
dc.type Master Thesis
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Department of Finance and Tax en_ZA
dc.type.qualificationlevel Masters
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Mu, L. (2006). <i>Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/11578 en_ZA
dc.identifier.chicagocitation Mu, Lin. <i>"Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2006. http://hdl.handle.net/11427/11578 en_ZA
dc.identifier.vancouvercitation Mu L. Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2006 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/11578 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Mu, Lin AB - This research paper examines stock price reactions to the changes in cash dividend payments for mature companies listed on the Johannesburg Stock Exchange (JSE). Prior South African research studies have employed the Market Model and Mean-Adjusted Return Model of event study to estimate "normal return" of the companies listed on the JSE. This study has employed the Market-Adjusted Return Model and short event window (-5, +5) to test the effect of dividend changes. The empirical results are based on 48 samples of mature companies with regular half yearly cash dividend records during the 2000- 2004 period. Using 4741 dividend change observations, it was found that the stock price reactions to increase announcements were greater than those for decrease announcements over the entire event days. It was further found that the stronger positive market reactions were associated with those announcements of larger percentage increases in dividends. These results lead to support the existence of the Dividend Signalling Hypothesis. DA - 2006 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2006 T1 - Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange TI - Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange UR - http://hdl.handle.net/11427/11578 ER - en_ZA


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