Realizacja długoterminowych stóp zwrotu z inwestycji w akcje spółek regularnie wypłacających dywidendę
Achieving Long-term Stock Returns on Shares Regularly Paying Out Dividend
Author(s): Aleksandra Pieloch-BabiarzSubject(s): Economy, Financial Markets
Published by: Wydawnictwo Naukowe Uniwersytetu Marii Curie-Sklodowskiej
Keywords: regular dividend pay-outs; abnormal returns; dividend initiation and continuation
Summary/Abstract: The aim of this paper is to identify and characterize the relationship between conducting regular dividend payments and shaping the market value of the company within 10 years from the dividend initiation. The research hypothesis states that the longer time of regular dividend pay-outs, the higher abnormal rates of return. Empirical research shows that buy-and-hold abnormal return (BHAR) calculated for companies regularly paying out dividend is higher than the buy-and-hold abnormal return from the WIG index, and that along with an increase in the number of years of regular dividend payments BHAR increases.
Journal: Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia
- Issue Year: LII/2018
- Issue No: 3
- Page Range: 115-125
- Page Count: 11
- Language: Polish