Journal of CENTRUM Cathedra. Vol. 05, Issue 01

URI permanente para esta colecciónhttp://54.81.141.168/handle/123456789/194732

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JCC Volume 5 - Issue 1 - 2012
  • Researching Multilevel Phenomena: The Case of Collaborative Advantage in Strategic Management Foss, Nicolai J; Nielsen, Bo Bernhard; 1
  • Marketing Capabilities Development in Small and Medium Enterprises: Implications for Performance Santos-Vijande, Leticia; Sanzo-Pérez, María; Trespalacios Gutiérrez, Juan; Rodríguez, Nuria; 2
  • Assessing Knowledge Assets in Technology-Intensive Firms: Proposing a Model of Intellectual Capital Martín-de Castro, Gregorio; Verde, Miriam Delgado; 3
  • Recession and Family Firm Performance: An Assessment of Small U.K. Family-Owned Hotels Chaston, Ian; 4
  • Option Pricing Models with HF Data: An Application of the Black Model to the WIG20 Index Kokoszczynski, Ryszard; Sakowski, Paweł; Ślepaczuk, Robert; 5
  • An Application of GARCH Models in Detecting Systematic Bias in Options Pricing and Determining Arbitrage in Options Dash, Mihir; Dagha, Jay H; Sharma, Pooja; Singhal, Rashmi; 6
  • The Ex-Dividend Day Anomaly in the Spanish Stock Market Garcia-Blandon, Josep; Martinez-Blasco, Monica; 7
  • Labor Productivity in Peru: 1997-2007 Tello, Mario D; 8

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    Autorsearch.filters.applied.operator.equals: search.filters.author.Garcia-Blandon, Josep

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      The Ex-Dividend Day Anomaly in the Spanish Stock Market
      (Pontificia Universidad Católica del Perú. CENTRUM, 2012) Garcia-Blandon, Josep; Martinez-Blasco, Monica
      The purpose of this paper was to investigate the behavior of stock returns and trading volumes around ex-dividend dates in the Spanish stock market, using event study methodology. Clear consensus is evident in the literature about the fact that stock prices fall by less than the dividend paid on ex-dividend days. This behavior indicates a preference for capital gains over dividends, generally explained in terms of tax advantages. Contrary to the existing consensus, the results of this study did not reflect significant abnormal returns on ex-dividend days. The finding is consistent with the fact that nowadays Spain taxes dividends and capital gains at the same rate. In addition, abnormally high trading volumes are apparent around ex-dividend dates, especially for high-yield stocks.