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dc.contributor.author
Kyriakidis, Nikolaos
en
dc.date.accessioned
2015-12-08T10:38:02Z
dc.date.available
2015-12-15T01:00:16Z
dc.date.issued
2015-12-08
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/12409
dc.rights
Default License
dc.subject
Corporate finance
en
dc.subject
Dividends changes
en
dc.subject
Market reaction
en
dc.subject
Abnormal returns
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dc.subject
Signaling effects
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dc.title
The market reaction to dividend change announcements: The Greek case.
en
heal.type
masterThesis
el
heal.keyword.LCSH
Dissertations, Academic
en
heal.keyword.LCSH
Dividends--Greece
en
heal.keyword.LCSH
Stock exchanges--Greece
en
heal.language
en
el
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
el
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
el
heal.publicationDate
2015-12-03
heal.abstract
The fundamental aim of this study is to examine the stock market reaction to
cash dividend announcements over the period between 2009 and 2014 employing a
sample of listed firms on the Athens Stock Exchange. The Greek dividend environment
differs from those of other developed countries. First, listed firms on the Athens Stock
Exchange are required by the Greek Corporate Laws 2190/1920 and 148/1967 to distribute
a minimum cash dividend. Second, cash dividends are distributed on a yearly
basis compared to other markets. Third, the period under investigation of this study
was characterized by dramatic changes in the Greek capital market where taxes on dividend
income were imposed in 2009. Finally, a high ownership concentration characterizes
the majority of Greek listed firms. The results of the study confirm the “dividend
signaling hypothesis” proposing that the dividend policy of a firm and its shareholders’
wealth are related. More specifically, dividend increase announcements appear
to bring about positive abnormal returns around the event day, while announcements
of dividend decrease lead to negative abnormal returns around the announcement
day. In cases where a constant dividend is announced, the market reaction is
positive
en
heal.tableOfContents
ABSTRACT...............................................................................................................IV
CONTENTS ...............................................................................................................V
CHAPTER 1: INTRODUCTION.....................................................................................1
CHAPTER 2: LITERATURE REVIEW .............................................................................5
2.1 EMPIRICAL EVIDENCE FROM US ....................................................................................5
2.2 EMPIRICAL EVIDENCE OUTSIDE US.................................................................................6
2.3 EMPIRICAL EVIDENCE FROM GREECE ............................................................................10
CHAPTER 3: GREEK DIVIDEND ENVIRONMENT ........................................................12
3.1 ATHENS STOCK EXCHANGE .........................................................................................12
3.2 GREEK CAPITAL MARKET ...........................................................................................13
CHAPTER 4: DATA ..................................................................................................16
CHAPTER 5: METHODOLOGY ..................................................................................18
CHAPTER 6: EMPIRICAL RESULTS ............................................................................22
6.1 EVENT STUDY RESULTS ..............................................................................................22
6.1.1 Dividend Increase....................................................................................24
6.1.2 Dividend Decrease ..................................................................................27
6.1.3 Constant dividend ...................................................................................30
6.2 REGRESSION ANALYSIS ..............................................................................................36
CHAPTER 7: CONCLUSIONS.......................................................................................1
BIBLIOGRAPHY.........................................................................................................3
en
heal.advisorName
Dasilas, Apostolos
en
heal.committeeMemberName
Grose, Christos
en
heal.committeeMemberName
Sikalidis, Alexandros
en
heal.academicPublisher
IHU
en
heal.academicPublisherID
ihu
en
heal.numberOfPages
49
el
heal.spatialCoverage
Greece
en
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