Firm's Dividend Policy and the Behavior of Stock Prices (Dividend Initiation)

Student: Kryuchkov Daniil

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2020

This work studies the effect of dividend initiation (omission) on the market value of companies in the Russian stock market during 1999 -2019. The literature review provides research results for developed and emerging markets related to assessing the impact of dividend payments on stock behavior. The methodology of research includes conducting event-study analysis for various types of events (dividend initiation, including interim dividends; dividend omission, including interim dividends; re-initiation of dividends; re-omission of dividends). In addition, the influence of various factors on the market reaction is examined. The study proposes new factors to describe the market reaction to various types of events.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses