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Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange
Includes bibliographical references.
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| Main Author: | |
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
| Published: |
Department of Finance and Tax
2015
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| _version_ | 1867613189008523264 |
|---|---|
| access_status_str | Open Access |
| author | Mu, Lin |
| author2 | Smith, Colin |
| author_browse | Mu, Lin Smith, Colin |
| author_facet | Smith, Colin Mu, Lin |
| author_sort | Mu, Lin |
| collection | Thesis |
| description | Includes bibliographical references. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/11578 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:11.035Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2015 |
| publishDateRange | 2015 |
| publishDateSort | 2015 |
| publisher | Department of Finance and Tax |
| publisherStr | Department of Finance and Tax |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/11578 Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange Mu, Lin Smith, Colin Financial Management Includes bibliographical references. This research paper examines stock price reactions to the changes in cash dividend payments for mature companies listed on the Johannesburg Stock Exchange (JSE). Prior South African research studies have employed the Market Model and Mean-Adjusted Return Model of event study to estimate "normal return" of the companies listed on the JSE. This study has employed the Market-Adjusted Return Model and short event window (-5, +5) to test the effect of dividend changes. The empirical results are based on 48 samples of mature companies with regular half yearly cash dividend records during the 2000- 2004 period. Using 4741 dividend change observations, it was found that the stock price reactions to increase announcements were greater than those for decrease announcements over the entire event days. It was further found that the stronger positive market reactions were associated with those announcements of larger percentage increases in dividends. These results lead to support the existence of the Dividend Signalling Hypothesis. 2015-01-06T12:13:13Z 2015-01-06T12:13:13Z 2006 Master Thesis Masters MCom http://hdl.handle.net/11427/11578 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial Management Mu, Lin Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange |
| thesis_degree_str | Master's |
| title | Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange |
| title_full | Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange |
| title_fullStr | Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange |
| title_full_unstemmed | Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange |
| title_short | Stock price reactions to dividend changes : evidence from the Johannesburg Stock Exchange |
| title_sort | stock price reactions to dividend changes evidence from the johannesburg stock exchange |
| topic | Financial Management |
| url | http://hdl.handle.net/11427/11578 |
| work_keys_str_mv | AT mulin stockpricereactionstodividendchangesevidencefromthejohannesburgstockexchange |