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Tytuł pozycji:

Stock price reactions to stock dividend announcements: A case from a sluggish economic period.

Tytuł :
Stock price reactions to stock dividend announcements: A case from a sluggish economic period.
Autorzy :
Khanal, Aditya R.
Mishra, Ashok K.
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Temat :
STOCK prices
GREAT Recession, 2008-2013
FINANCIAL crises -- United States
ECONOMIC activity
ECONOMIC indicators
Źródło :
North American Journal of Economics & Finance. Nov2017, Vol. 42, p338-345. 8p.
Czasopismo naukowe
The 2007 financial crisis and the Great Recession that followed resulted in a loss of confidence among investors, and regaining their full trust and confidence has been a challenge for companies. Although economic growth has been volatile throughout the postwar World War II period, recent growth (2008–2015) has been remarkably weaker than in the previous low-growth period (1974–1995). The 2006–2015 period is often characterized by sluggish economic growth. This study investigates stock price reactions to stock dividend announcements, 30 days before and after the announcement dates, of publicly traded companies in the period 2006–2012. We use an event study methodology for 460 events and daily stock price data for companies in the CRSP historical data set. The study shows a significant reaction in stock prices around the event date. On average, stock prices reacted positively to stock dividend announcements. However, compared to previous findings of abnormal returns (5.9%), results from this study show small abnormal returns (about 1.81%) attributable to stock dividend announcements that are cumulative of the announcement day and up to 3-day post-announcement days. Our estimates are even lower than the 2.01% stock price reaction obtained in the 1987–1996 period. [ABSTRACT FROM AUTHOR]
Copyright of North American Journal of Economics & Finance is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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