The ex-date impact of special dividend announcements: A note

Balasingham Balachandran; Robert Faff; Tuan Anh Nguyen

doi:10.1016/j.irfa.2006.08.002

The ex-date impact of special dividend announcements: A note

Balasingham Balachandran
, Robert Faff^*
, Tuan Anh Nguyen

^*Corresponding author for this work

Research output: Contribution to journal › Article › Research › peer-review

3 Citations (Scopus)

Abstract

This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.

Original language	English
Pages (from-to)	635-643
Number of pages	9
Journal	International Review of Financial Analysis
Volume	17
Issue number	3
DOIs	https://doi.org/10.1016/j.irfa.2006.08.002
Publication status	Published - Jun 2008
Externally published	Yes

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10.1016/j.irfa.2006.08.002

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abstract = "This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.",

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AB - This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.

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The ex-date impact of special dividend announcements: A note

Abstract

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