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IMPACT OF SPECIAL DIVIDEND ANNOUNCEMENTS ON FINNISH STOCK MARKET

Liukko, Matias (2020-02-19)

 
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Liukko, Matias
19.02.2020
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe202002195974
Tiivistelmä
The study examines the effect of special dividend announcements in Finnish stock markets. The effect is analysed in different event windows. The data is divided into different groups by industry and dividend yields. The study tries to give supporting evidence to the existing literature of special dividends. The data consists of 90 special dividend announcements from January 2010 to September 2019 in Finnish stock markets. The study applies event-study methodology to examine how investors interpret the new information.

According to previous studies special dividend announcements have a positive stock price reaction in the U.S. markets. This study finds positive abnormal returns around the special dividend announcements. The stock price reaction seems to be short-term and the study does not find strong evidence of long-term effects.

The study suggests that consumer and industrial firms have a positive stock price reaction, while technology firms have negative price reaction and financial firms none. The study finds that the announcements that results in high dividend yields have the largest impact on the stock markets. The study finds supporting evidence to information asymmetry. The announcements seem to signal market participations, which try to interpret the new information.
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