Dividend puzzle on Bulgarian stock Exchange - opportunity for an abnormal risk-adjusted returns

Pavlov Ts. L.
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Pavlov Ts. L.: D. A. Tsenov Academy of Economics

Економічний вісник Донбасу Экономический вестник Донбасса, 2014, issue 4 (38), 121-126

Abstract: The present paper examines the gap between the leading theoretical formulations about the optimal dividend policy and empirical data on the companies and investor’s behaviour known in the academic literature as “dividend puzzle”. The existence of this phenomenon and its impact on share prices are explored. The aim of the study is to establish whether it is possible risk-adapted high-yield to be realized through dividend investing. Empirical results show that the yield on the actively or passively managed portfolio of high-dividend-yield shares outperforms the main index of Bulgarian Stock Exchange -Sofia.

Keywords: ГОЛОВОЛОМКА ДИВіДЕНДУ; ПОЛіТИКА ДИВіДЕНДУ; ВКЛАДЕННЯ ДИВіДЕНДУ; РИНКОВА ЕФЕКТИВНіСТЬ; ТЕОРіЯ ПЕРСПЕКТИВИ; РИНКИ КАПіТАЛУ; DIVIDEND PUZZLE; DIVIDEND POLICY; DIVIDEND INVESTING; MARKET EFFICIENCY; PROSPECT THEORY; CAPITAL MARKETS; ГОЛОВОЛОМКА ДИВИДЕНДА; ПОЛИТИКА ДИВИДЕНДА; ВЛОЖЕНИЕ ДИВИДЕНДА; РЫНОЧНАЯ ЭФФЕКТИВНОСТЬ; ТЕОРИЯ ПЕРСПЕКТИВЫ; РЫНКИ КАПИТАЛА (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:scn:032263:16394129

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