Wysokość pieniężnych wypłat dywidendy a kształtowanie się kursu giełdowego akcji spółek w pierwszym dniu notowań „bez dywidendy”
Amount of cash dividend paymentsand the “ex-dividend” day return’s formation

Summary/Abstract: The main objective of this paper is to present the results of empirical studies on the reaction of the capital market on the decisions of the distribution of the net profit for the last financial year of the companies listed on the Warsaw Stock Exchange depending on the amount of cash dividend payments. The theoretical part of this paper provides an overview of literature search on the formation of market share price on the “ex-dividend” day, as well as presents and briefly characterizes the most important determinants of changes of the market share price on that date. The empirical part of this article presents the results of research on the impact of amount of cash dividend payments on “ex-dividend” day return.

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