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(PDF) Information Content in Dividend Announcements, a Test of Market Efficiency in Malaysian Market
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Data is gathered for a sample of 356 dividend announcement made by 138 firms pined in the main market between the years 2008 to 2011. The results show that the market reacts positively to dividend increasing stocks but no significant react to the constant dividend or the decreasing group of dividend announcements. It was also observed from the information in a day prior to the announcement day that there is a probable leakage of information by the excess access to the insider information of the firms.","publication_date":"2012,,","publication_name":"International Business Research","grobid_abstract_attachment_id":"95584548"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Information Content in Dividend Announcements, a Test of Market Efficiency in Malaysian Market","broadcastable":false,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [177573782]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "full_page_mobile_sutd_modal"; window.loswp.useOptimizedScribd4genScript = false; window.loginModal = {}; window.loginModal.appleClientId = 'edu.academia.applesignon'; window.userInChina = "false";</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":95584548,"attachmentType":"pdf"}"><img alt="First page of “Information Content in Dividend Announcements, a Test of Market Efficiency in Malaysian Market”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/95584548/mini_magick20221211-1-tdssp3.png?1670775027" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/images/single_work_splash/adobe_icon.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">Information Content in Dividend Announcements, a Test of Market Efficiency in Malaysian Market</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="177573782" href="https://uitm.academia.edu/ProfDrMohdHassanMohdOsman"><img alt="Profile image of Prof. Dr. Mohd Hassan Mohd Osman" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/177573782/85710037/74363028/s65_prof._dr._mohd_hassan.mohd_osman.png" />Prof. Dr. Mohd Hassan Mohd Osman</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2012, International Business Research</p><div class="ds-work-card--work-metadata"><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">visibility</span><p class="ds2-5-body-sm" id="work-metadata-view-count">…</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span><p class="ds2-5-body-sm">8 pages</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">link</span><p class="ds2-5-body-sm">1 file</p></div></div><script>(async () => { const workId = 92625222; 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if (!viewCountBody) { throw new Error('Failed to find work views element'); } viewCountBody.textContent = `${commaizedViewCount} views`; } catch (error) { // Remove the whole views element if there was some issue parsing. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); throw new Error(`Failed to parse view count: ${viewCount}`, error); } }; // If the DOM is still loading, wait for it to be ready before updating the view count. if (document.readyState === "loading") { document.addEventListener('DOMContentLoaded', () => { updateViewCount(viewCount); }); // Otherwise, just update it immediately. } else { updateViewCount(viewCount); } })();</script></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">This study investigates the market reaction to the changes in dividend announcements at the Malaysia stock exchange formally called Bursa Malaysia. Data is gathered for a sample of 356 dividend announcement made by 138 firms pined in the main market between the years 2008 to 2011. The results show that the market reacts positively to dividend increasing stocks but no significant react to the constant dividend or the decreasing group of dividend announcements. It was also observed from the information in a day prior to the announcement day that there is a probable leakage of information by the excess access to the insider information of the firms.</p><div class="ds-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":95584548,"attachmentType":"pdf","workUrl":"https://www.academia.edu/92625222/Information_Content_in_Dividend_Announcements_a_Test_of_Market_Efficiency_in_Malaysian_Market"}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":95584548,"attachmentType":"pdf","workUrl":"https://www.academia.edu/92625222/Information_Content_in_Dividend_Announcements_a_Test_of_Market_Efficiency_in_Malaysian_Market"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div><div class="ds-signup-banner-trigger-container"><div class="ds-signup-banner-trigger ds-signup-banner-trigger-control"></div></div><div class="ds-signup-banner ds-signup-banner-control"><div id="ds-signup-banner-close-button"><button class="ds2-5-button ds2-5-button--secondary ds2-5-button--inverse"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">close</span></button></div><div class="ds-signup-banner-ctas" data-impression-entity-id="92625222" data-impression-entity-type="2" data-impression-source="signup-banner"><img src="//a.academia-assets.com/images/academia-logo-capital-white.svg" /><h4 class="ds2-5-heading-serif-sm">Sign up for access to the world's latest research</h4><button class="ds2-5-button ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"signup-banner"}">Sign up for free<span class="material-symbols-outlined" style="font-size: 20px" translate="no">arrow_forward</span></button></div><div class="ds-signup-banner-divider"></div><div class="ds-signup-banner-reasons"><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Get notified about relevant papers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Save papers to use in your research</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Join the discussion with peers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Track your impact</span></div></div></div><script>(() => { // Set up signup banner show/hide behavior: // 1. 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Data is gathered for a sample of 356 dividend announcement made by 138 firms pined in the main market between the years 2008 to 2011. The results show that the market reacts positively to dividend increasing stocks but no significant react to the constant dividend or the decreasing group of dividend announcements. It was also observed from the information in a day prior to the announcement day that there is a probable leakage of information by the excess access to the insider information of the firms.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Information Content in Dividend Announcements, a Test of Market","attachmentId":31407223,"attachmentType":"pdf","work_url":"https://www.academia.edu/3728687/Information_Content_in_Dividend_Announcements_a_Test_of_Market","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/3728687/Information_Content_in_Dividend_Announcements_a_Test_of_Market"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="66655737" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/66655737/Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market">Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="32007304" href="https://malaya.academia.edu/MansorIsa">Mansor Isa</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2010</p><p class="ds-related-work--abstract ds2-5-body-sm">This study examines the market reactions to dividend announcements andthe interaction with earnings announcements in the Malaysian stock market.Data was obtained for a sample of one thousand and eighty eight (1088)dividend announcements from firms whose shares were traded on theMalaysian stock exchange from 2004 to 2008. Abnormal returns werecalculated using the market model. The results are partially consistentwith the dividend information signalling hypothesis. There are positiveabnormal returns related to dividend increase and dividend unchangedannouncements, but insignificant for dividend decrease announcements.Combining dividend announcements with earnings announcements thattake place well before dividend announcements, we find that both earningsand dividends exert their influence independently on share prices.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market","attachmentId":77761890,"attachmentType":"pdf","work_url":"https://www.academia.edu/66655737/Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/66655737/Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="2" data-entity-id="25758815" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/25758815/Share_Price_Reaction_to_Dividend_Announcements_Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market">Share Price Reaction to Dividend Announcements Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="30198468" href="https://independent.academia.edu/AjbaJounal">ASIAN JOURNAL OF BUSINESS AND ACCOUNTING (AJBA)</a></div><p class="ds-related-work--abstract ds2-5-body-sm">This study examines the market reactions to dividend announcements and the interaction with earnings announcements in the Malaysian stock market. Data was obtained for a sample of one thousand and eighty eight (1088) dividend announcements from firms whose shares were traded on the Malaysian stock exchange from 2004 to 2008. Abnormal returns were calculated using the market model. The results are partially consistent with the dividend information signalling hypothesis. There are positive abnormal returns related to dividend increase and dividend unchanged announcements, but insignificant for dividend decrease announcements. Combining dividend announcements with earnings announcements that take place well before dividend announcements, we find that both earnings and dividends exert their influence independently on share prices.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Share Price Reaction to Dividend Announcements Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market","attachmentId":46115278,"attachmentType":"pdf","work_url":"https://www.academia.edu/25758815/Share_Price_Reaction_to_Dividend_Announcements_Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/25758815/Share_Price_Reaction_to_Dividend_Announcements_Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="3" data-entity-id="97377047" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/97377047/The_Effect_of_Dividend_Announcements_on_Stock_Returns_for_Companies_Listed_on_the_Main_Board_of_the_Kuala_Lumpur_Stock_Exchange">The Effect of Dividend Announcements on Stock Returns for Companies Listed on the Main Board of the Kuala Lumpur Stock Exchange</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="245460768" href="https://independent.academia.edu/ProfDrYusnidahIbrahim">Prof. Dr. Yusnidah Ibrahim</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Malaysian Management Journal, 2020</p><p class="ds-related-work--abstract ds2-5-body-sm">Stock market reactions to the announcements of final dividend increases, decreases and no changes are empirically analyzed in an emerging market environment. A standard event study methodology is adopted to examine the price reactions of 120 listed companies surrounding sixty days of the announcement dates. Although prior studies in developed countries postulate that dividend decreases are associated with negative abnormal returns, such a reaction was not found in the Malaysian capital market. The evidence nevertheless shows that dividend increases lead to positive abnormal returns, supporting the Information Content Hypothesis, Jensen :s Free Cash Flow Hypothesis and Agency Cost Theory. As for the no change dividend announcements, no clear pattern of cumulative average abnormal returns could be observed.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The Effect of Dividend Announcements on Stock Returns for Companies Listed on the Main Board of the Kuala Lumpur Stock Exchange","attachmentId":99015835,"attachmentType":"pdf","work_url":"https://www.academia.edu/97377047/The_Effect_of_Dividend_Announcements_on_Stock_Returns_for_Companies_Listed_on_the_Main_Board_of_the_Kuala_Lumpur_Stock_Exchange","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/97377047/The_Effect_of_Dividend_Announcements_on_Stock_Returns_for_Companies_Listed_on_the_Main_Board_of_the_Kuala_Lumpur_Stock_Exchange"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="4" data-entity-id="48364439" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/48364439/The_information_content_of_cash_dividend_announcements_in_a_unique_environment">The information content of cash dividend announcements in a unique environment</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="25800886" href="https://independent.academia.edu/TerryWalter">Terry Walter</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Banking & Finance, 2011</p><p class="ds-related-work--abstract ds2-5-body-sm">Due to its distinctive institutional background, Oman offers a valuable opportunity to examine stock price reactions to dividend announcements. In Oman, (1) there are no taxes on dividends and capital gains, (2) there is a high concentration of share ownership, (3) there is low corporate transparency, and (4) firms frequently change their dividends. Our results show that announcements of dividend increases are associated with increased stock prices, while announcements of dividend decreases cause decreases in stock prices. Firms that do not change their dividends experience insignificant negative returns. These results contradict tax-based signaling models, which argue that higher taxes on dividends relative to capital gains are a necessary condition for dividends to be informative.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The information content of cash dividend announcements in a unique environment","attachmentId":67016109,"attachmentType":"pdf","work_url":"https://www.academia.edu/48364439/The_information_content_of_cash_dividend_announcements_in_a_unique_environment","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/48364439/The_information_content_of_cash_dividend_announcements_in_a_unique_environment"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="5" data-entity-id="76210483" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/76210483/Information_Content_Of_Dividend_Announcements_An_Investigation_Of_The_Indian_Stock_Market">Information Content Of Dividend Announcements: An Investigation Of The Indian Stock Market</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="66683" href="https://cavehill-uwi.academia.edu/JustinRobinson">Justin Robinson</a></div><p class="ds-related-work--metadata ds2-5-body-xs">International Business & Economics Research Journal (IBER), 2011</p><p class="ds-related-work--abstract ds2-5-body-sm">According to the dividend information content hypothesis, dividend changes trigger stock returns because they reflect changes in managements assessment of a firms future profitability. This hypothesis has motivated a considerable amount of theoretical and empirical research. The general procedure used in prior research begins with classifying the dividend change announcement into either favorable or unfavorable. Dividend policy of companies operating in the emerging markets is very different from the widely accepted dividend policies operating in the developed countries. The purpose of this research is to examine the information content of dividend announcements and price movements in the emerging Indian stock market. The paper investigates the information content and market reaction to dividend announcements using data from the developing Indian market. We focus on the information content of dividend policies through the share price reaction of 82 companies in India that are listed...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Information Content Of Dividend Announcements: An Investigation Of The Indian Stock Market","attachmentId":83964238,"attachmentType":"pdf","work_url":"https://www.academia.edu/76210483/Information_Content_Of_Dividend_Announcements_An_Investigation_Of_The_Indian_Stock_Market","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/76210483/Information_Content_Of_Dividend_Announcements_An_Investigation_Of_The_Indian_Stock_Market"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="6" data-entity-id="69495151" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/69495151/An_Analysis_of_the_Significance_of_Information_Content_in_Dividend_Announcements_The_Case_in_Indonesia">An Analysis of the Significance of Information Content in Dividend Announcements: The Case in Indonesia</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="208862864" href="https://independent.academia.edu/bandibandi30">bandi bandi</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Corporate Ownership and Control, 2014</p><p class="ds-related-work--abstract ds2-5-body-sm">This research aims at examining the significance of the information content in dividend announcements, using the Indonesian context. The sample of this research consists of dividend announcements during 2006 – 2012 periods. The result of this research shows that the market reacts positively to the dividend increase announcements. Investors perceive that a dividend increase is good news, thus they react positively. Indonesian investor react negatively to the dividend decrease announcement. A dividend decrease is bad news, thus they react negatively. On the other hand, investors do not react to the no-change dividend announcement. These results show that dividend announcements in Indonesia contain significant information for the investors.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"An Analysis of the Significance of Information Content in Dividend Announcements: The Case in Indonesia","attachmentId":79571106,"attachmentType":"pdf","work_url":"https://www.academia.edu/69495151/An_Analysis_of_the_Significance_of_Information_Content_in_Dividend_Announcements_The_Case_in_Indonesia","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/69495151/An_Analysis_of_the_Significance_of_Information_Content_in_Dividend_Announcements_The_Case_in_Indonesia"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="21674342" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/21674342/An_Empirical_Examination_of_Informational_Content_of_the_Dividend_Announcements_in_Sri_Lankan_Share_Market_Journal_of_Multidisciplinary_Studies_of_Central_Bank_of_Sri_Lanka">An Empirical Examination of Informational Content of the Dividend Announcements in Sri Lankan Share Market - Journal of Multidisciplinary Studies of Central Bank of Sri Lanka</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="32091741" href="https://sjp.academia.edu/ProfHareendraDissabandara">Prof. Hareendra Dissabandara</a></div><p class="ds-related-work--abstract ds2-5-body-sm">This research paper examines the informational content of dividend announcements and tests the semi-strong form of market efficiency in the Sri Lankan share market. This study attempts to answer the research question of: How does the Sri Lankan share market respond to dividend announcements? This issue is examined using an overall sample of 100 events relating to listed companies covering the period from January 2000 to December 2008. The Standard Event Study Methodology (ESM) is adopted in order to carry out the study. The study finds a considerable informational content of dividend hypothesis. The results show significant characteristics between the emerging Sri Lankan and other developed capital markets. Further the evidence finds that considerable anticipation before the event date and prices adjust even after the event date. However, the evidence is not consistent with the semi-strong form Efficient Market Hypothesis (EMH).</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"An Empirical Examination of Informational Content of the Dividend Announcements in Sri Lankan Share Market - Journal of Multidisciplinary Studies of Central Bank of Sri Lanka","attachmentId":42356479,"attachmentType":"pdf","work_url":"https://www.academia.edu/21674342/An_Empirical_Examination_of_Informational_Content_of_the_Dividend_Announcements_in_Sri_Lankan_Share_Market_Journal_of_Multidisciplinary_Studies_of_Central_Bank_of_Sri_Lanka","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/21674342/An_Empirical_Examination_of_Informational_Content_of_the_Dividend_Announcements_in_Sri_Lankan_Share_Market_Journal_of_Multidisciplinary_Studies_of_Central_Bank_of_Sri_Lanka"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="109557158" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/109557158/The_informational_content_of_the_timing_of_dividend_announcements">The informational content of the timing of dividend announcements</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="47002580" href="https://independent.academia.edu/UriLoewenstein">Uri Loewenstein</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Financial Economics, 1986</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper contains a test of a new aspect of the informational content of dividends: namely. is there information in the timing of the announcements? The empirical evidence indicates that the market expects 'bad news' to be delivered late and that these expectations are confirmed. Mean excess returns of stock prices around late announcements are, depending on the assumed returns generating process, either significantly negative or insignificant while significantly positive around the entire population of announcements. Moreover, the proportion and magnitude of dividend reductions associated with late announcements are significantly larger than in the complete universe of announcements.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The informational content of the timing of dividend announcements","attachmentId":107646291,"attachmentType":"pdf","work_url":"https://www.academia.edu/109557158/The_informational_content_of_the_timing_of_dividend_announcements","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/109557158/The_informational_content_of_the_timing_of_dividend_announcements"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="97556673" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/97556673/Information_content_of_dividend_changes_cash_flow_signalling_dividend_clientele_and_free_cash_flow_hypotheses_Norhayati_Mohamed_et_al_">Information content of dividend changes : cash flow signalling, dividend clientele and free cash flow hypotheses / Norhayati Mohamed … [et al.]</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="229722854" href="https://independent.academia.edu/NorhayatiMohamed18">Norhayati Mohamed</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2006</p><p class="ds-related-work--abstract ds2-5-body-sm">The study aims to identify the type of information that firms are trying to convey when they change dividend. The first step is to test the relationship between unexpected dividend changes and stock prices by employing the event study methodology. The next step is to evaluate the information content of dividend changes in the context of three hypotheses: the cashflow signaling hypothesis, the dividend clientele hypothesis and the free cashflow hypothesis. Past explanation to the effect of dividend changes on stock prices is that firms are signalling their current and/or future cashflow of the firm, or known as the cashflow signalling hypothesis. Later studies have incorporated other explanations, which are the dividend clientele hypothesis and the free cash flow hypothesis. Regression analysis is applied to study the wealth effect of dividend changes on stock prices and to test for the three hypotheses. The effect of firm size on the relationship between dividend changes and stock p...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Information content of dividend changes : cash flow signalling, dividend clientele and free cash flow hypotheses / Norhayati Mohamed … [et al.]","attachmentId":99145907,"attachmentType":"pdf","work_url":"https://www.academia.edu/97556673/Information_content_of_dividend_changes_cash_flow_signalling_dividend_clientele_and_free_cash_flow_hypotheses_Norhayati_Mohamed_et_al_","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/97556673/Information_content_of_dividend_changes_cash_flow_signalling_dividend_clientele_and_free_cash_flow_hypotheses_Norhayati_Mohamed_et_al_"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":95584548,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":95584548,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_95584548" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. 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class="ds-related-work--container js-related-work-sidebar-card" data-collection-position="3" data-entity-id="95998105" data-sort-order="default"><a class="ds-related-work--title js-related-work-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/95998105/The_impact_of_dividend_announcements_on_share_price_and_trading_volume">The impact of dividend announcements on share price and trading volume</a><div class="ds-related-work--metadata"><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="25995080" href="https://mdx.academia.edu/RazazFelimban">Razaz Felimban</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Economic Studies, 2018</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The impact of dividend announcements on share price and trading 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