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Joint effects of interim dividend and earnings announcements in Greece

Author

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  • Apostolos Dasilas
  • Katerina Lyroudi
  • Demetrios Ginoglou

Abstract

Purpose - The purpose of this paper is to empirically investigate stock price and trading volume reactions to simultaneous interim dividend and earnings announcements by the Greek firms listed on the Athens stock exchange (ASE). Design/methodology/approach - Classical event study methodology was employed to examine the share price and trading volume reaction to interim dividends and earnings announcements. Findings - Results confirm the signaling hypothesis which predicts positive market reaction to the joint dividend and earnings announcements. However, the magnitude of the price reaction initiated by the final dividend announcement seems to be higher than the one by the interim dividend announcement. Research limitations/implications - The observations are not many, although the whole population was included, since there are no data available prior to 1998. Practical implications - The findings are useful to researchers, practitioners and investors who have an interest in firms listed on the ASE for their proper strategic decision making. Originality/value - For the first time, the stock price and trading volume behaviour of firms listed on the ASE around contemporaneous dividend and earnings announcement dates is examined.

Suggested Citation

  • Apostolos Dasilas & Katerina Lyroudi & Demetrios Ginoglou, 2008. "Joint effects of interim dividend and earnings announcements in Greece," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 25(4), pages 212-232, October.
    • Handle: RePEc:eme:sefpps:v:25:y:2008:i:4:p:212-232
    DOI: 10.1108/10867370810918128
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    Citations

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    Cited by:

    1. Cappa, Francesco & Collevecchio, Francesca & Oriani, Raffaele & Peruffo, Enzo, 2022. "Banks responding to the digital surge through Open Innovation: Stock market performance effects of M&As with fintech firms," Journal of Economics and Business, Elsevier, vol. 121(C).
    2. Burak Pirgaip & Mehmet Berktay Akyüz, 2020. "To Be Rated or To Be Indexed: Corporate Governance Rating Experience in Borsa Istanbul," Istanbul Business Research, Istanbul University Business School, vol. 49(2), pages 271-300, November.
    3. Sadaf Anwar & Shveta Singh & P. K. Jain, 2017. "Impact of Cash Dividend Announcements: Evidence from the Indian Manufacturing Companies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 16(1), pages 29-60, April.
    4. Eleni Gkeka & Kosmas Kosmidis & Georgios Simitsis, 2018. "The value relevance of dividend announcement: An empirical study of the Greek Stock Market," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 11(2), pages 44-50, September.
    5. Kumar, Satish, 2017. "New evidence on stock market reaction to dividend announcements in India," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 327-337.
    6. Umar Sahi, 2018. "Perceptions Of Professional Investors In Pakistan On The Usefulness Of Quarterly Reports ," Malaysian E Commerce Journal (MECJ), Zibeline International Publishing, vol. 2(1), pages 1-5, January.
    7. T. Tran X. & T. Nguyen P. & T. Pham M. & Т. Тран Х. & Т. Нгуен П. & Т. Пхам М., 2016. "Средняя степень эффективности рынка: реакция рынка на сообщения о дивидендах и доходах на бирже ценных бумаг во Вьетнаме // Semi-strong form efficiency: Market reaction to dividend and earnings announ," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 4(3), pages 53-67.

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