Do Dividend Announcements Affect The Stock Prices in The Greek Stock Market?

Athanasios Vazakidis () and Stergios Athianos ()
Additional contact information
Athanasios Vazakidis: Department of Applied Informatics, University of Macedonia, 156 Egnatia st, P.O Box 1591, 540 06, Thessaloniki, Greece
Stergios Athianos: Department of Accounting, TEI of Serres, 156 Egnatia st, P.O Box 1591, 540 06, Thessaloniki, Greece

International Journal of Business and Economic Sciences Applied Research (IJBESAR), 2010, vol. 3, issue 2, 57-77

Abstract: This paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by a sample of firms listed at the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 for a fixed period 2004-2008. It also provides analytical information about the Greek Stock Market and the regulations underlying it, which have been taken into account in the present thesis. Moreover, previous studies of important academic scholars are presented and discussed, in order for the reader to attain the appropriate theoretical knowledge about the examined issue. Finally, significant abnormal activity is documented throughout the multiple event-windows that are employed and therefore, the null hypothesis, which supports the irrelevance theory as introduced by Miller and Modigliani (1961), is rejected.

Keywords: Dividend announcements; abnormal activity; signalling effect (search for similar items in EconPapers)
JEL-codes: G14 G30 G35 (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://ijbesar.af.duth.gr/docs/volume3_issue2/div_announcements.pdf (application/pdf)
https://ijbesar.af.duth.gr/volume3_issue2.php (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tei:journl:v:3:y:2010:i:2:p:57-77

Access Statistics for this article

International Journal of Business and Economic Sciences Applied Research (IJBESAR) is currently edited by Christos Grose and Persefoni Polychronidou

More articles in International Journal of Business and Economic Sciences Applied Research (IJBESAR) from Democritus University of Thrace (DUTH), Kavala Campus, Greece Contact information at EDIRC.
Bibliographic data for series maintained by Kostas Stergidis ().