Security Returns during Ex-Dividend Period

Khamis Al Yahyaee ()
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Khamis Al Yahyaee: Sultan Qaboos University
Authors registered in the RePEc Author Service: Khamis Hamed Al-Yahyaee ()

No 2203795, Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences

Abstract: This paper examines the stock dividend ex-day effect on the Muscat Securities Market (MSM), which is of interest because several of the market microstructure explanations for the ex-day effect can be ruled out. We find that there are positive abnormal returns on Omani stock dividend ex-days. We also find that firms distributing stock dividends have higher stock prices than firms that are in the same industries but do not distribute stock dividends. In addition, we find that the positive abnormal returns are positively related to stock price increases in the pre-announcement period and to stock dividend percentages. These evidences suggest that stock dividends in Oman might be used to reduce stock prices.

Keywords: Stock dividends; Bid-ask effect; Market microstructure (search for similar items in EconPapers)
JEL-codes: G14 G30 (search for similar items in EconPapers)
Pages: 1 page
Date: 2015-09
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Published in Proceedings of the Proceedings of the 4th Economics & Finance Conference, London, Sep 2015, pages 3-3

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iefpro:2203795

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