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Type of publication: research article
Type of publication (PDB): Straipsnis kitose duomenų bazėse / Article in other databases (S4)
Field of Science: Ekonomika / Economics (S004)
Author(s): Legenzova, Renata;Jurakovaitė, Otilija;Galinskaitė, Agnė
Title: The analysis of dividend announcement impact on stock prices of Baltic companies
Is part of: Central European business review. Prague : University of Economics, 2017, Vol. 6, iss. 1
Extent: p. 61-75
Date: 2017
Note: ISSN 1805-4862 (Online)
Keywords: Stock prices;Dividend announcements;Market efficiency;Baltic States
Abstract: The paper is aimed to analyze and evaluate the dividend announcement impact on stock prices of companies listed on the NASDAQ OMX Baltic market during 2010–2015. The analysis was performed using the market model event study analysis and calculating AARs based on 3 strategies, which assume that investors buy shares 30 days prior to the dividend announcement and sell them either 1, 3 or 7 days after the dividend announcement. During the research period, dividends were paid by 40 out of 72 companies listed on the NASDAQ OMX Baltic. A total of 168 dividend announcements have been made and analyzed in this paper. The results of the research revealed that within the analyzed event windows, positive AARs exist; however, they are not statistically significant. Positive AARs obtained 3 or 7 days after the dividend announcement imply that stock prices do not drop shortly after the dividend announcement, which would indicate weak NASDAQ OMX Baltic market efficiency
Affiliation(s): Ekonomikos ir vadybos fakultetas
Finansų katedra
Vytauto Didžiojo universitetas
Appears in Collections:Universiteto mokslo publikacijos / University Research Publications

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