Price Reactions to Dividend Announcements on the Nigerian Stock Market PDF Download

Author: Olatundun Janet Adelegan
Publisher:
ISBN: 9789966778444
Category : Nigeria
Languages : en
Pages : 32

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Author: John Okey Onoh
Publisher:
ISBN:
Category :
Languages : en
Pages : 21

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The study applies simple regression model to know the impact of dividend on share prices using software packages such as E-views and MS-Excel 2007 model in investigating to find out if the Nigerian stock market reacts efficiently to dividend announcements in terms of price adjustments. In capturing reactions around the 3-day, 21-day and 61-day windows before and after the announcements, the study considered the level of the speed of adjustment of share prices to the announcement of dividend payments. In so doing earnings and dividend announcements are found to concurrently announced unlike in developed capital markets. Since the studies indicate a drift in share prices 30 days after announcements The CERs for the 3-day, 21-day and 60-day event windows are positive and statistically significant for dividend announcements. This shows that the Nigerian Stock Market does not react efficiently to dividend announcements in terms of prices adjustments and also does not adjust to announced changes in dividend policies by the Nigerian companies. Overall, this provides evidence that the Nigerian stock market is not semi-strong efficient, that dividend policy matters and that share prices do react to dividend announcements. The findings support semi-strong market inefficiencies found by Olowe (1998) and Oludoyi (1999) from stock splits and earnings announcements, respectively.

Author: Friday Kennedy Ozo
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Pyemo Afego
Publisher:
ISBN:
Category :
Languages : en
Pages :

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The author examines the stock market reaction to annual earnings information releases using data for a sample of firms on the Nigerian Stock Exchange. Using the event study method, the author found that the magnitude of the cumulative abnormal returns is dominated by significant reactions 20 days before the earnings release date, which suggests that a portion of the market reaction may be due to private acquisition and, possibly, abuse of information by insiders. The persistent downward drift of the cumulative abnormal returns, 20 days after the announcement, is inconsistent with the efficient markets hypothesis.

Author: Joan Onyinyechi Njoku
Publisher: GRIN Verlag
ISBN: 3346567745
Category : Business & Economics
Languages : en
Pages : 91

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Master's Thesis from the year 2021 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 75.0, University of Nigeria (faculty of business administration), course: accountancy, language: English, abstract: The study examined the effect of dividend policy on the market value of 24 listed insurance companies using empirical evidence from Nigeria. Objectives of the study is to examine the effect of dividend per share (Dps), dividend pay-out ratio (Dpor), and dividend yield (Dy) on market value per share (Mvps), Net asset per share (Naps) and firm age. Hypotheses of the study were stated in line with the objectives. Data were obtained from financial statements of 10 Insurance firms listed in the floor of the Nigerian stock exchange. The panel data covering a period of eight years from 2011 to 2018 were used. The regression model took the form of the Fixed Effects Model, Random Effects Model, and the Pooled Ordinary Least Square (POLS) model in order to establish the most appropriate regression with the highest explanatory power that is better suited to the data set employed in the study.

Author: Alex Uwajeh
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 79

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This book is for the modern investor that wants to be in control of their financial future. Building Wealth with Dividend Stocks in the Nigerian Stock Market is a gem...packed with wise, down-to-earth advice for investors. This is a must read for anyone interested in buying Nigerian stocks. Other Available Books: *The Power of Positive Affirmations: Each Day a New Beginning *Bitcoin and Digital Currency for Beginners: The Basic Little Guide. *Investing in Gold and Silver Bullion - The Ultimate Safe Haven Investments. *The Dividend Millionaire: Investing for Income and Winning in the Stock Market. *Economic Crisis: Surviving Global Currency Collapse - Safeguard Your Financial Future with Silver and Gold. *Passionate about Stock Investing: The Quick Guide to Investing in the Stock Market. *Guide to Investing in the Nigerian Stock Market. *Precious Metals Investing For Beginners: The Quick Guide to Platinum and Palladium. *Child Millionaire: Stock Market Investing for Beginners - How to Build Wealth the Smart Way for Your Child - The Basic Little Guide. *Taming the Tongue: The Power of Spoken Words. *Business and Money: 4-Book Complete Collection Boxed Set For Beginners

Author: Morrison Jostus Turakpe
Publisher:
ISBN:
Category :
Languages : en
Pages : 15

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In the world of investment, making a good decision could be equated to making good profit, and this has led to the issue around dividend policy which has attracted the attentions of investors and researchers over the years. This study investigated the impact of dividend policy on investors' preferences on Nigeria's capital market. Specifically, the study investigated the relationship between dividend per share, dividend yield, earnings per share and share price as measures for dividend policy, with equity ratio as a measure for investors preferences. Using quasi experimental design, secondary data were sourced from NSE closure of register and the financial reports of 12 firms listed on the Nigerian Stock Exchange for the period 2009-2019. Four hypotheses on the relationship between dividend per share, dividend yield, earnings per share and share price with equity ratio, were tested using the OLS regression analysis. The study found that all the independent variables except share price are negatively and insignificantly related to equity ratio. Nevertheless, the independent variables have combined positive and significant relationship with equity ratio. Therefore, it is concluded that dividend policy impacts on investor's preferences but not without some other external effects. It is therefore recommended that firms should pay attention to their dividend policy especially share price; give detailed information on their dividend policy through their annual report; and investors should look beyond share price to observe other dividend policy variables that may give them information on the future of the stock of interest.

Author: Dennis O. Odife
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 152

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This book sets out in simple form the workings of the capital, market and the brokerage industry. The first part is devoted to a descriptive analysis of the corporate structure and types of financial instruments, equity and debt securities, and so on. In the second part of the book the author managed to receive something of the intellectual approach to his subject, reminiscent of his days as a university lecturer, but amply demonstrates his total understanding of workings of the marketplace.

Author: Ghada Abbas
Publisher:
ISBN:
Category :
Languages : en
Pages : 10

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According to the signaling theory, dividend announcements are usually considered as a signal to the investors, about firm's future performance, that results in stock prices changes. This study attempts to investigate the stock prices response to dividend announcement in the Damascus Securities Exchange. The purpose of the study is to identify whether there are any significant abnormal returns around the public announcement of dividend. An event study methodology is used for an event window of forty days surrounding the announcement day. Research results indicate that most average abnormal returns are statistically insignificant, whereas the cumulative average abnormal returns are statistically significant for the whole event window. The downward drift of the cumulative average abnormal returns six days after the announcement suggests that prices don't adjust immediately to dividend information. The stock reactions appear within post-event window gradually in response to the dividends announcement.

Author:
Publisher:
ISBN:
Category : Africa
Languages : en
Pages : 116

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