Reaction of Stock Prices to Dividend Announcements and Market Efficiency in Pakistan

dc.contributor.author	Muhammad Akbar
dc.contributor.author	Humayun Habib Baig
dc.date.accessioned	2014-08-15T04:20:31Z
dc.date.available	2014-08-15T04:20:31Z
dc.date.issued	2010-06
dc.identifier.citation	The Lahore Journal of Economics Volume 15, No.1	en_US
dc.identifier.issn	1811-5438
dc.identifier.uri	http://121.52.153.179/Volume.html
dc.identifier.uri	http://hdl.handle.net/123456789/5734
dc.description	PP.23 ;ill	en_US
dc.description.abstract	This study tests the semi-strong form of market efficiency by investigating the reaction of stock prices to dividend announcements. It analyzes cash, stock, and simultaneous cash and stock dividend announcements of 79 companies listed on the Karachi Stock Exchange from July 2004 to June 2007. Abnormal returns from the market model are evaluated for statistical significance using the t-test and Wilcoxon Signed Rank Test. The findings suggest negligible abnormal returns for cash dividend announcements. However, the average abnormal and cumulative average abnormal returns for stock and simultaneous cash and stock dividend announcements are mostly positive and statistically significant	en_US
dc.language.iso	en	en_US
dc.publisher	© The Lahore School of Economics	en_US
dc.subject	Stock prices	en_US
dc.subject	market efficiency	en_US
dc.subject	dividend announcements	en_US
dc.title	Reaction of Stock Prices to Dividend Announcements and Market Efficiency in Pakistan	en_US
dc.type	Article	en_US