بررسي واكنش سهام داران بر اثر اعلان سود نقدي هر سهم در شرايط ركود و رونق در بورس اوراق بهادار تهران

Stockholder Reaction of Dividend Announcement During a Boom and a Recession in Tehran Stock Exchange

This study examines the short time price effect of dividend announcements during a boom and a recession in Tehran Stock Exchange. The data used in this study is collected from TSE between the period of 1382-1383, when it was a boom and the period of 1384- 1385 when it was a recession. The empirical results show that the abnormal returns of dividend announcements during the recession were positive and during the boom were negative and the results from the overall samples state that the abnormal returns during the recession were positively slightly higher than during the boom. This paper is mostly in line with the theory that investors respect dividends more during bad times than good times.