The Clientele Effect in the Brazilian Market: Are Investors Irrational?
| Autor: | Jairo Laser Procianoy, Rodrigo dos Santos Verdi |
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| Jazyk: | English<br />Portuguese |
| Rok vydání: | 2003 |
| Předmět: | |
| Zdroj: | Revista Brasileira de Finanças, Vol 1, Iss 2, Pp 217-242 (2003) |
| Druh dokumentu: | article |
| ISSN: | 1679-0731 1984-5146 |
| Popis: | This work tests the dividend clientele effect in the Brazilian stock market between 1989 and 1993, a period during which there no dividends taxes varied between zero and 25% according to shareholders group. From a sample of 693 events studied, 47% showed first ex-dividend day stock price higher than in the previous day. These findings were against theoretical predictions and investors attitudes may be considered irrational because they were paying more for ex-dividend shares than for cum-dividend ones. Sample segmentation by year showed no difference. Financial institutions and first group stock yield had lower abnormal returns than other. Positive abnormal returns of 1,4% in the first ex-dividend day was found, 0,1% significant. Five days abnormal returns following last cum-dividends day study showed that stock prices increased and returned to the original price few days later. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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