The Influence of the News about Dividend Announcements on the Stock Prices (Based on the Example of Oil and Gas Industry of Developing Countries)

Student: Suchkov Vasiliy

Educational Programme: Financial Markets and Financial Institutions (Master)

Final Grade: 8

Year of Graduation: 2020

In the paper influence of dividend news on short-term dynamics of oil and gas stocks from developing countries is studied. The sample includes data on 26 companies from 11 countries. The research is based on event-study methodology, which is extended by regression model. It was discovered that dividend news has a significant influence on shareholders’ welfare. Investors show stronger reaction to “good” news about interim dividends and for “bad” news about final dividends. At the same time, the movements in world oil prices don’t play an important role. The dynamics of US equity market, payout ratio and multiplier EV/EBITDA also have a significant influence on stock performance.

Full text (added May 24, 2020)

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