The Effect of Dividends on Stock Prices Evidence from the Finnish Stock Market

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dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorKeloharju, Matti
dc.contributor.authorTuominen, Valtteri
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2025-05-25T16:04:00Z
dc.date.available2025-05-25T16:04:00Z
dc.date.issued2025
dc.description.abstractIn this thesis I examine the ex-dividend price behavior of stocks listed in the Helsinki Stock Exchange between 2015 and 2024. Using an event study approach, I find that on average, the stock prices decline by 74% of the dividend amount. This underreaction is consistent with previous studies, supporting the idea that different tax treatments across investor types influence the price movement. Furthermore, I examine whether domestic household investors can profit from short-term trading around the ex-dividend date. The results indicate that such profits are possible, even after transaction costs.en
dc.format.extent22
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/135780
dc.identifier.urnURN:NBN:fi:aalto-202505254043
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keyworddividendsen
dc.subject.keywordex-dividend premiumen
dc.subject.keywordprice drop ratioen
dc.subject.keywordosinkofi
dc.titleThe Effect of Dividends on Stock Prices Evidence from the Finnish Stock Marketen
dc.titleOsinkojen vaikutus osakkeiden hintoihin Suomessafi
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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