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Do Dividend Flows Affect Stock Returns?

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  • Joakim Kvamvold
  • Snorre Lindset

Abstract

We examine price impacts from dividend flows. Event†study estimates show that stocks experience abnormal returns on the dividend distribution day. Results also show a spillover effect to non†dividend†paying stocks that are likely to be part of the same benchmark portfolio as the dividend†paying stocks. Regression results indicate that the effect is dependent on the ownership share by professional investors. The temporary nature of the effect on returns is in line with the literature's demand†driven price pressure hypothesis.

Suggested Citation

  • Joakim Kvamvold & Snorre Lindset, 2018. "Do Dividend Flows Affect Stock Returns?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 41(1), pages 149-174, March.
    • Handle: RePEc:bla:jfnres:v:41:y:2018:i:1:p:149-174
    DOI: 10.1111/jfir.12142
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    Cited by:

    1. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    2. Saeed Md. Abdullah & Simon Zaby, 2021. "Seasoned Equity Offerings and Differences in Share-Price Impact by Firm Categories," IJFS, MDPI, vol. 9(3), pages 1-10, July.

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