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Do Dividend Announcements Affect The Stock Prices in The Greek Stock Market?

Author

Listed:
  • Athanasios Vazakidis

    (Department of Applied Informatics, University of Macedonia, 156 Egnatia st, P.O Box 1591, 540 06, Thessaloniki, Greece)

  • Stergios Athianos

    (Department of Accounting, TEI of Serres, 156 Egnatia st, P.O Box 1591, 540 06, Thessaloniki, Greece)

Abstract

This paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by a sample of firms listed at the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 for a fixed period 2004-2008. It also provides analytical information about the Greek Stock Market and the regulations underlying it, which have been taken into account in the present thesis. Moreover, previous studies of important academic scholars are presented and discussed, in order for the reader to attain the appropriate theoretical knowledge about the examined issue. Finally, significant abnormal activity is documented throughout the multiple event-windows that are employed and therefore, the null hypothesis, which supports the irrelevance theory as introduced by Miller and Modigliani (1961), is rejected.

Suggested Citation

  • Athanasios Vazakidis & Stergios Athianos, 2010. "Do Dividend Announcements Affect The Stock Prices in The Greek Stock Market?," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 3(2), pages 57-77, December.
    • Handle: RePEc:tei:journl:v:3:y:2010:i:2:p:57-77
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    File URL: http://ijbesar.teiemt.gr/docs/volume3_issue2/div_announcements.pdf
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    Citations

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    Cited by:

    1. Eleftherios Giovanis, 2014. "The Turn-of-the-Month-Effect: Evidence from Periodic Generalized Autoregressive Conditional Heteroskedasticity (PGARCH) Model," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 7(3), pages 43-61, December.
    2. Eleni Gkeka & Kosmas Kosmidis & Georgios Simitsis, 2018. "The value relevance of dividend announcement: An empirical study of the Greek Stock Market," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 11(2), pages 44-50, September.
    3. Renata Legenzova & Otilija Jurakovaite & Agne Galinskaite, 2017. "The Analysis of Dividend Announcement Impact on Stock Prices of Baltic Companies," Central European Business Review, Prague University of Economics and Business, vol. 2017(1), pages 61-76.

    More about this item

    Keywords

    Dividend announcements; abnormal activity; signalling effect;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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