The Analysis of Market Reaction on Dividend Announcements of Russian Companies

GSOM emerging Markets Conference: Business and Government Perspectives ISBN 978-5-9924-0084-7

10 Pages Posted: 20 Oct 2014

See all articles by Galina Berdnikova

Galina Berdnikova

National Research University Higher School of Economics

Elena Rogova

National Research University Higher School of Economics

Date Written: August 19, 2014

Abstract

The paper is aimed at examining the market reaction on announcements about dividend payments of Russian companies. Though there are numerous papers devoted to this problem, their results are controversial, and they are rather related to developed markets than to developing economies. The understanding of signals that dividend announcements give companies’ shareholders and potential investors is important because it helps to improve the quality of investment and financial decisions.

The peculiarity of this paper is that different sectors of economy are analyzed separately. The difference in reaction in different sectors of economy is revealed. The research is based on the event study methodology. The data sample consists of 115 announcements of Russian public companies for the period of 2009-2013.

Keywords: Dividend payments, dividend policy, market reaction, event study analysis

JEL Classification: G35

Suggested Citation

Berdnikova, Galina and Rogova, Elena, The Analysis of Market Reaction on Dividend Announcements of Russian Companies (August 19, 2014). GSOM emerging Markets Conference: Business and Government Perspectives ISBN 978-5-9924-0084-7, Available at SSRN: https://ssrn.com/abstract=2511873

Galina Berdnikova

National Research University Higher School of Economics ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

Elena Rogova (Contact Author)

National Research University Higher School of Economics ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

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