TY - JOUR
T1 - The intra-industry impact of special dividend announcements: Contagion versus competition
AU - Balachandran, Balasingham
AU - Faff, Robert
AU - Nguyen, Tuan Anh
PY - 2004/10
Y1 - 2004/10
N2 - This study examines the industry wide impact of special dividend announcements for a sample of Australian companies. With regard to the own-impact of announcers, industrial firms react significantly stronger than announcers of financial and resources firms. With regard to the cross-impact on non-announcers within the same sub-industry grouping, resources firms react positively while financial firms react negatively. No detectable price reaction was found for non-announcers of industrial non-financial firms. As such, evidence presented in this paper generally provides support for the 'contagion' hypothesis for resources firms and the 'competitive shift' hypothesis for financial firms.
AB - This study examines the industry wide impact of special dividend announcements for a sample of Australian companies. With regard to the own-impact of announcers, industrial firms react significantly stronger than announcers of financial and resources firms. With regard to the cross-impact on non-announcers within the same sub-industry grouping, resources firms react positively while financial firms react negatively. No detectable price reaction was found for non-announcers of industrial non-financial firms. As such, evidence presented in this paper generally provides support for the 'contagion' hypothesis for resources firms and the 'competitive shift' hypothesis for financial firms.
UR - http://www.scopus.com/inward/record.url?scp=4043154441&partnerID=8YFLogxK
U2 - 10.1016/j.mulfin.2004.02.002
DO - 10.1016/j.mulfin.2004.02.002
M3 - Article
AN - SCOPUS:4043154441
SN - 1042-444X
VL - 14
SP - 369
EP - 385
JO - Journal of Multinational Financial Management
JF - Journal of Multinational Financial Management
IS - 4-5
ER -