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

Balasingham Balachandran, Robert William Faff and Tuan Anh Nguyen

International Review of Financial Analysis, 2008, vol. 17, issue 3, pages 635-643

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.

Date: 2008

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Persistent link: http://EconPapers.repec.org/RePEc:eee:finana:v:17:y:2008:i:3:p:635-643

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