MARKET REACTION TO DIVIDEND ANNOUNCEMENTS: ANALYSIS AT NAIROBI SECURITIES EXCHANGE

The Effect of Firm-specific Factors on the Market Reaction to Dividend Change Announcements: New Evidence from Europe

The dividend policy is one of the most debated topics in the finance literature. According to the dividend signalling hypothesis, which has motivated a significant amount of theoretical and empirical research, dividend change announcements trigger share returns because they convey information about management’s assessment on firms’ future prospects. Consequently, a dividend increase (decrease) ...

How dividend announcements affect stock prices

Essays on Investors’ Trading Policy around Interim Earnings Announcements in a Thinly Traded Securities Market

This study consists introductory survey and three essays where investors’ trading responses to interim earnings announcements are studied using Finnish data. The essays are individual papers, but their topics are closely connected since they address the trading response from different angles. The essays progress from an aggregated to a more detailed examination. The first essay was conducted on...

Competitive Intelligence Practices And Performance Of Firms Listed On The Nairobi Securities Exchange, Kenya

Performance is critical for every listed firm, as it enhances shareholder’s value and capability to generate earnings from invested capital. Some of the firms listed on the Nairobi Securities Exchange (NSE) have been performing poorly as indicated by the rising number of firms issuing profit warnings. The competitive business environment is continuously working to drive down the rate of return ...

News announcements, market activity and volatility in the euro/dollar foreign exchange market

We study the impact of nine categories of scheduled and unscheduled news announcements on the euro/ dollar return volatility. We highlight and analyze the pre-announcement, contemporaneous and postannouncement reactions. Using high-frequency intraday data and within the framework of ARCH-type models, we show that volatility increases in the pre-announcement periods, particularly before schedule...