Stock price reaction to cash dividend announcements in Vietnam
This study attempts to investigate the stock price reaction to divi-dend announcements using data of Vietnamese listed firms on Hochiminh Stock Exchange (HOSE). Standard event study meth-odology has been employed on a sample of 198 cash dividend an-nouncements made in 2011. The results show that sto...
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University of Economics Ho Chi Minh City
2023
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oai:scholar.dlu.edu.vn:DLU123456789-1155412023-03-08T03:56:56Z Stock price reaction to cash dividend announcements in Vietnam Nguyen, Xuan Truong Dao, Mai Huong Nguyen, Thi Van Anh This study attempts to investigate the stock price reaction to divi-dend announcements using data of Vietnamese listed firms on Hochiminh Stock Exchange (HOSE). Standard event study meth-odology has been employed on a sample of 198 cash dividend an-nouncements made in 2011. The results show that stock prices react significantly and positively to the announcements of cash dividends, including both dividend increasing and dividend decreasing events. It is also plausible that cumulative abnormal returns exhibit an in-creasing trend before announcement yet a decreasing trend after announcement dates. More specifically, we find positively signifi-cant cumulative abnormal returns of around 1.03% on announce-ment dates; other larger windows also demonstrate positive abnor-mal returns of around 1.3%. In addition, cash dividends have differ-ent effects on share prices of firms from different industries. These results support the signaling hypothesis and are also consistent with prior findings of empirical research done on more developed mar-kets, i.e. the US and the UK. 2023-03-08T03:56:56Z 2023-03-08T03:56:56Z 2017 Article 2615-9112 http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=566f3a9f-55ad-47db-bae0-04685ac407e4 http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115541 10.24311/jabes/2017.24.2.01 en Journal of Asian Business and Economic Studies, Volume 24, Issue 02; p. 74-89 application/pdf University of Economics Ho Chi Minh City |
| institution |
Thư viện Trường Đại học Đà Lạt |
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Thư viện số |
| language |
English |
| description |
This study attempts to investigate the stock price reaction to divi-dend announcements using data of Vietnamese listed firms on Hochiminh Stock Exchange (HOSE). Standard event study meth-odology has been employed on a sample of 198 cash dividend an-nouncements made in 2011. The results show that stock prices react significantly and positively to the announcements of cash dividends, including both dividend increasing and dividend decreasing events. It is also plausible that cumulative abnormal returns exhibit an in-creasing trend before announcement yet a decreasing trend after announcement dates. More specifically, we find positively signifi-cant cumulative abnormal returns of around 1.03% on announce-ment dates; other larger windows also demonstrate positive abnor-mal returns of around 1.3%. In addition, cash dividends have differ-ent effects on share prices of firms from different industries. These results support the signaling hypothesis and are also consistent with prior findings of empirical research done on more developed mar-kets, i.e. the US and the UK. |
| format |
Article |
| author |
Nguyen, Xuan Truong Dao, Mai Huong Nguyen, Thi Van Anh |
| spellingShingle |
Nguyen, Xuan Truong Dao, Mai Huong Nguyen, Thi Van Anh Stock price reaction to cash dividend announcements in Vietnam |
| author_facet |
Nguyen, Xuan Truong Dao, Mai Huong Nguyen, Thi Van Anh |
| author_sort |
Nguyen, Xuan Truong |
| title |
Stock price reaction to cash dividend announcements in Vietnam |
| title_short |
Stock price reaction to cash dividend announcements in Vietnam |
| title_full |
Stock price reaction to cash dividend announcements in Vietnam |
| title_fullStr |
Stock price reaction to cash dividend announcements in Vietnam |
| title_full_unstemmed |
Stock price reaction to cash dividend announcements in Vietnam |
| title_sort |
stock price reaction to cash dividend announcements in vietnam |
| publisher |
University of Economics Ho Chi Minh City |
| publishDate |
2023 |
| url |
http://jabes.ueh.edu.vn/Home/SearchArticle?article_Id=566f3a9f-55ad-47db-bae0-04685ac407e4 http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115541 |
| _version_ |
1765278099784597504 |