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- Title
An Examination of Investor Behavior during Periods of Large Dividend Changes.
- Authors
Dielman, Terry E.; Oppenheimer, Henry R.
- Abstract
The article examines the correlation between announcements by firms of changes in dividends and stockholder reaction reflected in changes in stock prices. Using historic data from 1969-1977, the authors look for investor reactions to dividend change announcements of greater than 25 percent. The authors use a random coefficient regression to analyze their data and compare their results with more traditional findings of residual analysis for best fit. Among their conclusions, it was found that stocks had abnormal returns on both the day of such dividend announcements, as well as the day after such announcements.
- Subjects
STOCK prices; DIVIDENDS; FINANCIAL market reaction; CORPORATE finance; DIVIDEND yield; CORPORATE profits; EARNINGS per share
- Publication
Journal of Financial & Quantitative Analysis, 1984, Vol 19, Issue 2, p197
- ISSN
0022-1090
- Publication type
Article
- DOI
10.2307/2330898