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Title: Joint effects of interim dividend and earnings announcements in Greece
Authors: Dasilas, Apostolos
Lyroudi, Katerina
Ginoglou, Demetrios
Type: Article
Subjects: FRASCATI::Social sciences::Economics and Business::Finance
Issue Date: 2008
Source: Studies in Economics and Finance
Volume: 25
Issue: 4
First Page: 212
Last Page: 232
Abstract: Purpose The purpose of this paper is to empirically investigate stock price and trading volume reactions to simultaneous interim dividend and earnings announcements by the Greek firms listed on the Athens stock exchange (ASE). Design/methodology/approach Classical event study methodology was employed to examine the share price and trading volume reaction to interim dividends and earnings announcements. Findings Results confirm the signaling hypothesis which predicts positive market reaction to the joint dividend and earnings announcements. However, the magnitude of the price reaction initiated by the final dividend announcement seems to be higher than the one by the interim dividend announcement. Research limitations/implications The observations are not many, although the whole population was included, since there are no data available prior to 1998. Practical implications The findings are useful to researchers, practitioners and investors who have an interest in firms listed on the ASE for their proper strategic decision making. Originality/value For the first time, the stock price and trading volume behaviour of firms listed on the ASE around contemporaneous dividend and earnings announcement dates is examined.
ISSN: 1086-7376
Other Identifiers: 10.1108/10867370810918128
Appears in Collections:Department of Applied Informatics

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