The information content of cash dividend announcements in a unique environment

Khamis H. Al-Yahyaee*, Toan M. Pham, Terry S. Walter

*المؤلف المقابل لهذا العمل

نتاج البحث: المساهمة في مجلةمراجعة النظراء

71 اقتباسات (Scopus)

ملخص

Due to its distinctive institutional background, Oman offers a valuable opportunity to examine stock price reactions to dividend announcements. In Oman, (1) there are no taxes on dividends and capital gains, (2) there is a high concentration of share ownership, (3) there is low corporate transparency, and (4) firms frequently change their dividends. Our results show that announcements of dividend increases are associated with increased stock prices, while announcements of dividend decreases cause decreases in stock prices. Firms that do not change their dividends experience insignificant negative returns. These results contradict tax-based signaling models, which argue that higher taxes on dividends relative to capital gains are a necessary condition for dividends to be informative.

اللغة الأصليةEnglish
الصفحات (من إلى)606-612
عدد الصفحات7
دوريةJournal of Banking and Finance
مستوى الصوت35
رقم الإصدار3
المعرِّفات الرقمية للأشياء
حالة النشرPublished - مارس 2011

ASJC Scopus subject areas

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