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首页> 外文期刊>Research Journal of Finance and Accounting >The Effect of Dividend Announcement on Share Price Changes for Companies listed at Nairobi Securities Exchange, Kenya
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The Effect of Dividend Announcement on Share Price Changes for Companies listed at Nairobi Securities Exchange, Kenya

机译：股息公告对肯尼亚内罗毕证券交易所上市公司股价变动的影响

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The study sought to determine the nature of relationship between Dividend per Share and Share Price Changes, and the rate at which Share Prices reflect Dividend Announcement information for stocks traded at the Nairobi Securities Exchange. The target population was all the 57 companies listed at the Nairobi Securities Exchange as at 31 st December, 2010. Purposive sampling was used to select a sample of four companies. The event study methodology was used to determine the effect of Dividend Announcement on Share Prices. Market Adjusted Abnormal Returns (MAAR) and Cumulative Abnormal Returns (CAR) around the event day were calculated using the Market Adjusted Abnormal Return model. Secondary data was obtained from Nairobi Securities Exchange. Correlation and t-statistic were used in data analysis.The study found negative relationship between Dividend Announcements and Share Price changes in companies quoted at Nairobi Securities Exchange. The study establishes the basis for the companies’ management to formulate their dividend policy and also provides information to investors to make right judgment in interpreting dividend announced by companies quoted at Nairobi Securities Exchange. Key Words: Dividends, Share price
机译：该研究试图确定每股股息与股价变化之间关系的性质，以及股价反映内罗毕证券交易所交易股票的股息公告信息的比率。目标人群是截至2010年12月31日在内罗毕证券交易所上市的57家公司。我们采用目的抽样选择了四家公司的样本。事件研究方法用于确定股息公告对股价的影响。使用“市场调整后的异常收益模型”来计算活动当天的市场调整后的异常收益（MAAR）和累积异常收益（CAR）。二级数据来自内罗毕证券交易所。数据分析使用了相关性和t统计量。研究发现，在内罗毕证券交易所上市的公司的股息公告和股价变化之间存在负相关关系。该研究为公司管理层制定其股息政策奠定了基础，并且还为投资者提供了信息，以正确解释在内罗毕证券交易所所引用公司宣布的股息。关键词：股利，股价

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