IDEAS home Printed from
   My bibliography  Save this article

The Impact of Dividend Events on Stock Returns: Findings on Companies Listed on the Bucharest Stock Exchange


  • Hanaan Yaseen
  • Ruxandra Trifan


This study investigates market reactions to different dividend events by analyzing abnormal returns. Based on a database of 45 companies listed on Bucharest Stock Exchange, for the period of 2011-2016, we found that the Declaration Date, Ex-Dividend Date and Record Date could have significant influence on stock returns in Romania. Using an event window of 41 days around the dividend announcement, we find evidence that shareholders react as a response to new information regarding dividend policy. However, further research should be performed in order to see the exact market reaction when the company decides to increase, decrease or keep the same level of dividends. Using the event study methodology, we find evidence that dividend events influence significantly the returns after the event, and only for some cases, they affect the returns before the event.

Suggested Citation

  • Hanaan Yaseen & Ruxandra Trifan, 2019. "The Impact of Dividend Events on Stock Returns: Findings on Companies Listed on the Bucharest Stock Exchange," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 11(2), pages 59-78, December.
  • Handle: RePEc:rfb:journl:v:11:y:2019:i:2:p:59-78

    Download full text from publisher

    File URL:
    File Function: Full text
    Download Restriction: no

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rfb:journl:v:11:y:2019:i:2:p:59-78. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Tatu Lucian). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.