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Chasing dividends during the COVID-19 pandemic

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Abstract

This paper investigates the impact of the COVID-19 pandemic on the trading behavior of investors around ex-dividend dates in Europe. The sudden decrease in the number of companies paying dividends reduced the opportunities to capture dividends. The firms that have maintained dividend payments during the pandemic thus attracted more interest than before. This led to a doubling in the magnitude of stock return patterns usually observed around ex-dividend days. Our evidence indicates that dividend-seeking investors are likely to be the main driver of the price patterns observed around ex-dividend dates.

Suggested Citation

  • Eugster, Nicolas & Ducret, Romain & Isakov, Dusan & Weisskopf, Jean-Philippe, 2020. "Chasing dividends during the COVID-19 pandemic," FSES Working Papers 520, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    • Handle: RePEc:fri:fribow:fribow00520
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    File URL: https://doc.rero.ch/record/329576/files/WP_SES_520.pdf
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    2. Nur Amiera Hamizan & Nor Adriana Atikah Satar & Nur Hazimah Amran & Wahida Ahmad, 2025. "Dividend Policy of the Plantation Sector: Evidence from Shariah and Non-Shariah Compliant Firms in Malaysia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(15), pages 1262-1275, November.

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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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