The Christmas effect-Special dividend announcements

Beladi, H, Chao, C and Hu, M 2016, 'The Christmas effect-Special dividend announcements', International Review of Financial Analysis, vol. 43, pp. 15-30.


Document type: Journal Article
Collection: Journal Articles

Title The Christmas effect-Special dividend announcements
Author(s) Beladi, H
Chao, C
Hu, M
Year 2016
Journal name International Review of Financial Analysis
Volume number 43
Start page 15
End page 30
Total pages 16
Publisher Elsevier BV
Abstract This paper examines the Halloween effect in special dividend announcements. We find that firms are more likely to announce special dividends at the end of a year, especially in the months of November and December. There is a Halloween effect in the announcements, but more importantly, there is a Christmas effect in the propensity and abnormal returns of special dividends. This paper provides initial evidence on the Christmas effect of special dividend payments. It links monthly effects in stock returns and corporate events to explain the likelihood of the occurrence of special dividend announcements. The results of this paper shed light on why corporate events are more likely to occur in some periods, but less likely to occur in others.
Subject Accounting, Auditing and Accountability not elsewhere classified
Keyword(s) Special dividends
The Christmas effect
The Halloween effect
DOI - identifier 10.1016/j.irfa.2015.10.004
Copyright notice © 2015 Elsevier Inc. All rights reserved.
ISSN 1057-5219
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