An Examination of the Behaviour of Stock Prices on Ex-Dividend Day - Obiora James, Paul
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The study adopted the ex-post facto design. Yearly panel data, quantitative technique, and judgemental sampling technique were used. The study focused on commercial banks that have shown proven evidence of consistent payment of cash dividends. The mathematical tool was used to determine the RPR, MAPR, RPD, MAPD, and MAAR respectively. It was documented that stock price drop / fall more than the dividend amount on the ex-dividend day, thereby creating an abnormal return to short term traders. Also, there exists a strong positive association between ex-div days and dividends and cum-div days.…mehr

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Produktbeschreibung
The study adopted the ex-post facto design. Yearly panel data, quantitative technique, and judgemental sampling technique were used. The study focused on commercial banks that have shown proven evidence of consistent payment of cash dividends. The mathematical tool was used to determine the RPR, MAPR, RPD, MAPD, and MAAR respectively. It was documented that stock price drop / fall more than the dividend amount on the ex-dividend day, thereby creating an abnormal return to short term traders. Also, there exists a strong positive association between ex-div days and dividends and cum-div days. The impact of the economic recession is adverse on stock prices, and this creates downward pressure/ shock on share prices as unstable investors rush to sell their stock ex- or cum-div. We, therefore, suggest that investors should convert their investment into more risk-free securities like gold, government bond, treasury bills, etc.
Autorenporträt
Mr. Paul, Obiora James holds an MSc and PGD, in Banking and Finance, both from the University of Nigeria, Nsukka. Likewise an HND and OND in Banking and Finance both from the Institute of Management and Technology, Enugu. He is an Associate Member of the Chartered Institute of Bankers of Nigeria. He is also a Licensed Teacher.