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The ex-date impact of special dividend announcements: A note

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Author Info
Balachandran, Balasingham
Faff, Robert
Nguyen, Tuan Anh

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Abstract

This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.

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File URL: http://www.sciencedirect.com/science/article/B6W4W-4KWJYW7-1/1/aa34fcc6f58918728c7e4e7f7dafaba6
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Publisher Info
Article provided by Elsevier in its journal International Review of Financial Analysis.

Volume (Year): 17 (2008)
Issue (Month): 3 (June)
Pages: 635-643
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Handle: RePEc:eee:finana:v:17:y:2008:i:3:p:635-643

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Web page: http://www.elsevier.com/locate/inca/620166

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