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The Influence of Inflation on the Real Value of Paid Out Dividends on the Warsaw Stock Exchange in the Years 2000–2012

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  • Jabłoński Bartłomiej Łukasz

    (University of Economics in Katowice Katowice, Poland)

Abstract

The article describes the issue of inflation and its influence on the value of dividends received by investors. In addition, the topic of dividend policy in the conditions of high (double-digit) inflation is discussed. The impact of inflation on the real rate of return from investments should be taken into consideration by investors who invest both in bonds and in shares. Research shows that, whereas bond market investors understand the impact of inflation on discount rates, stock market investors do not account for the impact of inflation on future earnings growth (Chordia et al, 2005, p.554).

Suggested Citation

  • Jabłoński Bartłomiej Łukasz, 2013. "The Influence of Inflation on the Real Value of Paid Out Dividends on the Warsaw Stock Exchange in the Years 2000–2012," Scientific Annals of Economics and Business, Sciendo, vol. 60(2), pages 1-14, December.
    • Handle: RePEc:vrs:aicuec:v:60:y:2013:i:2:p:14:n:4
    DOI: 10.2478/aicue-2013-0021
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    References listed on IDEAS

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    1. Modigliani, Franco, 1982. "Debt, Dividend Policy, Taxes, Inflation and Market Valuation," Journal of Finance, American Finance Association, vol. 37(2), pages 255-273, May.
    2. Tarun Chordia & Lakshmanan Shivakumar, 2005. "Inflation Illusion and Post‐Earnings‐Announcement Drift," Journal of Accounting Research, Wiley Blackwell, vol. 43(4), pages 521-556, September.
    3. Selin Sayek, 2009. "Foreign Direct Investment and Inflation," Southern Economic Journal, John Wiley & Sons, vol. 76(2), pages 319-443, October.
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