TY - JOUR
T1 - The ex-date impact of special dividend announcements : a note
AU - Balachandran, Balasingham
AU - Faff, Robert
AU - Nguyen, Tuan Anh
PY - 2008
Y1 - 2008
N2 - This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.
AB - This study examines the impact of special dividend announcements for a sample of Australian companies on the ex date of the special dividend. This study documents that the drop-off ratio is significantly greater for special dividends that participate in DRPs than non-DRPs. Further, it reveals that the drop-off ratio is greater for resources firms than for financial and industrial firms. Finally, a cross-sectional regression model reveals that the drop in price on the ex-date is significantly related to the announcement period price reaction, DRPs versus non-DRPs, size of the company, and special dividend per share.
KW - Australia
KW - dividends
UR - http://handle.uws.edu.au:8081/1959.7/uws:32037
U2 - 10.1016/j.irfa.2006.08.002
DO - 10.1016/j.irfa.2006.08.002
M3 - Article
SN - 1057-5219
VL - 17
SP - 635
EP - 643
JO - International Review of Financial Analysis
JF - International Review of Financial Analysis
IS - 3
ER -