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Canadian market reaction to dividend omission and resumption announcements

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Canadian market reaction to dividend omission and resumption announcements

L'Heureux, Julie (2000) Canadian market reaction to dividend omission and resumption announcements. Masters thesis, Concordia University.

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Abstract

This study examines share price reaction and changes in beta and trading activity surrounding announcements of dividend omissions and resumptions made by Canadian corporations. Significant negative abnormal returns are identified for a three-day announcement period. No significant shift in beta is found. The abnormal returns are not related to corporate size or to the size of the dividend changes. Dividend omission announcements generate changes in trading value. When the dividend omission sample is split into two subgroups according to the subsequent dividend policies of the corporations, the market model CAR are comparable and insignificantly different from each other. Dividend resumption announcements are not followed by significant changes in share price, beta or trading activity. All reported findings are robust to various estimation biases.

Divisions:Concordia University > John Molson School of Business
Item Type:Thesis (Masters)
Authors:L'Heureux, Julie
Pagination:v, 51 leaves ; 29 cm.
Institution:Concordia University
Degree Name:Theses (M.Sc.Admin.)
Program:John Molson School of Business
Date:2000
Thesis Supervisor(s):Kryzanowski, Lawrence D
ID Code:1041
Deposited By:Concordia University Libraries
Deposited On:27 Aug 2009 13:16
Last Modified:08 Dec 2010 10:18
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