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Study of special dividend announcements: Finnish evidence

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.author Liira, Antti
dc.date.accessioned 2016-08-16T11:35:44Z
dc.date.available 2016-08-16T11:35:44Z
dc.date.issued 2013
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/21300
dc.description.abstract PURPOSE OF THE STUDY: This Master's Thesis objects to expand the existing literature related to signalling through special dividend announcements using evidence from Finnish special dividend announcements during 2000 - July 2011. METHODOLOGY AND DATA: The paper examines the significance of average abnormal returns gained by the shareholders of a company announcing payment of special dividend using event study methodology. The data consists of 65 special dividend announcement during the period of January 2000 - July 2011 by companies listed on the Helsinki Stock Exchange (until year 2008) or NASDAQ OMX Helsinki (from 2008 onwards). Companies declaring special dividends were initially identified from the Kauppalehti online service that provides dates and amounts of dividend payments for Helsinki-listed companies. Also, Thomson One -database was used to cross-check the payments and dates. MAIN FINDINGS: In my study, I find that statistically significant abnormal returns occur during the special dividend announcements. In addition, I find that on average the cumulative average abnormal return during the event window of 21 days is close to the size of the special dividend. en
dc.format.extent 63
dc.language.iso en en
dc.title Study of special dividend announcements: Finnish evidence en
dc.type G2 Pro gradu, diplomityö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.contributor.department Department of Finance en
dc.subject.keyword Special dividend
dc.subject.keyword dividend signalling
dc.identifier.urn URN:NBN:fi:aalto-201609083514
dc.type.dcmitype text en
dc.programme.major Rahoitus fi
dc.programme.major Finance en
dc.type.ontasot Pro gradu tutkielma fi
dc.type.ontasot Master's thesis en
dc.subject.helecon rahoitus
dc.subject.helecon financing
dc.subject.helecon pörssiyhtiöt
dc.subject.helecon exchange-listed companies
dc.subject.helecon osakemarkkinat
dc.subject.helecon stock markets
dc.subject.helecon kurssivaihtelut
dc.subject.helecon volatility
dc.subject.helecon osingot
dc.subject.helecon dividends
dc.ethesisid 14478
dc.date.dateaccepted 2013-12-02
dc.location P1 I
local.aalto.openaccess no
local.aalto.idthes 14478

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