TAILIEUCHUNG - Stock price reaction to cash dividend announcements in Vietnam

This study attempts to investigate the stock price reaction to dividend announcements using data of Vietnamese listed firms on Hochiminh Stock Exchange (HOSE). Standard event study methodology has been employed on a sample of 198 cash dividend announcements made in 2011. | 74 Nguyen Xuan Truong et al. / Journal of Economic Development 24(2) 74-89 Stock price reaction to cash dividend announcements in Vietnam NGUYEN XUAN TRUONG Hanoi University – truongnx@ DAO MAI HUONG Hanoi University – NGUYEN THI VAN ANH Hanoi University – ntva1279@ ARTICLE INFO ABSTRACT Article history: This study attempts to investigate the stock price reaction to dividend announcements using data of Vietnamese listed firms on Hochiminh Stock Exchange (HOSE). Standard event study methodology has been employed on a sample of 198 cash dividend announcements made in 2011. The results show that stock prices react significantly and positively to the announcements of cash dividends, including both dividend increasing and dividend decreasing events. It is also plausible that cumulative abnormal returns exhibit an increasing trend before announcement yet a decreasing trend after announcement dates. More specifically, we find positively significant cumulative abnormal returns of around on announcement dates; other larger windows also demonstrate positive abnormal returns of around . In addition, cash dividends have different effects on share prices of firms from different industries. These results support the signaling hypothesis and are also consistent with prior findings of empirical research done on more developed markets, . the US and the UK. Received: Sep. 17, 2015 Received in revised form: Sep. 16, 2016 Accepted: Mar. 31, 2017 Keywords: Dividend announcement Price reaction Event study Nguyen Xuan Truong et al. / Journal of Economic Development 24(2) 74-89 75 1. Introduction Numerous studies have been conducted in the area of market reaction to dividend announcements in many developed markets such as the US, the UK, and Australia. Researchers found evidence to support the hypothesis that dividend announcement s do convey information on the future prospects of firms (., Miller & .

• Kinh tế học
• Stock price
• Dividend announcement
• Price reaction
• Event study
• Hochiminh stock exchange
• Impact of Demonetization
• Public sector banks stock price volatility
• Stock price data
• Public sectors banks in India
• Stock Price Volatility and Bombay Stock Exchange
• Exchange rate
• Oil price
• Nonlinear model
• Stock price in Nigeria
• Asymmetric effect of oil price
• Oil price shocks
• Stock market returns
• G7 stock markets
• Oil price and stock market
• US stock market returns
• Behavioral finance
• Large price changes
• Stock price reversals
• Volatility expectations
• Stock returns following large price moves
• VIX index
• Dissertation abstract Accounting
• Information of exchange rate differences
• Financial statements on the stock price
• Non fianancal joint stock companies listed
• Vietnam’s stock market
• Volume weighted average price
• Price impact
• Stock returns
• Stock returns with price impact
• Institutional investors
• Ho Chi Minh City Stock Exchange
• Hanoi Stock Exchange
• Stock price synchronicity
• Stock price informativeness
• Informational efficiency
• A complete guide to volume price analysis
• Volume price analysis
• Stock market
• Electronic Ticker
• Volume price analysis examples
• Credit line
• Stock price crash risk
• Principle agent problem
• Evidence from China
• Information and communication technology
• Empirical mode decomposition
• Theta method for forecasting daily stock price
• Forecasting stock price
• Intrinsic mode functions
• A mathematician plays the stock market
• Diversifying stock portfolios
• Connectedness and chaotic price movements
• Chaotic price movements
• Volume spread analysis
• Stock price manipulation
• Professional traders
• Stock exchange
• World economy
• Macroeconomic policies
• Price to earnings
• Price to book value
• Market sensitivity to index
• Tehran Stock Exchange
• Book to market equity ratio
• Energy price commodity price
• Gold price
• Stock return
• Granger causality
• Vector autoregressive
• Fluctuation limit
• Stock price risks in Vietnam
• GARCH model
• Market risks
• Stock dependent demand
• EPLS model
• Production rate
• Economic production lot size model
• Oil prices
• Crude oil price
• Emerging markets
• Indian stock market
• Corporate dividend payout policy
• Stock price volatility
• Dividend payout ratio
• Pakistan Stock Exchange
• Leverage and Assets Growth
• Emerging economy
• Stock market of developing economies
• Doctoral thesis summary
• Research on the stock prices
• The stock prices synchronicityof listed companies
• Vietnam stock market
• Share price volatility
• Summary of PHD thesis
• The impact of monetary policy on the stock market
• Stock price and market liquidity
• The stock market
• The development of the stock market
• Trading volume
• Emerging stock market
• Price volume relationship
• Granger causality tests
• Stock market volatility
• Aggregate stock price level
• Generalised Autoregressive Conditional Heteroscedasticity
• Case of aggregate stock price
• ASSET IMPAIRMENTS
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• internship reports
• project course
• graduate thesis