Denna studies syfte är att testa om det finns ett statistiskt samband mellan det nominella aktiepriset och ex-dagseffekten på Nasdaq OMX Stockholm. Ett tydligt samband skulle därmed vara ett ytterligare motiv till företagens beslut om genomförandet av aktiesplit för att revidera aktiens nominella pris. Studiens hypotes lyder därför att det finns ett negativt samband mellan det nominella aktiepriset och ex-dagseffekten, som visats i tidigare studie på den amerikanska börsen NYSE. Studien har genomförts i positivistisk tradition genom statistiska analyser och tester för att klargöra ett eventuellt samband mellan den beroende variabeln ex-dagseffekten och den oberoende variabeln nominella priset. All empirisk data har hämtats från databasen Thomson Reuter Datastream, sammanställts i Excel kalkylblad, analyserats i statistikprogrammet MiniTab och redovisats i två uppsättningar. Studiens resultat visar inget samband mellan det nominella priset och ex-dagseffekten under perioden 2011 till 2015. Nollhypotesen kan inte förkastas och resultaten indikerar försumbar korrelation och förklaringsgrad genom regression. Resultatet är annorlunda från en tidigare studie som konstaterat ett tydligt samband mellan samma variabler på börsen i USA. Det teoretiska bidraget består främst av besvarandet av studiens syfte där det nominella prisets betydelse ter sig annorlunda på den svenska marknaden mot den amerikanska. Det praktiska bidraget från studien ger företagsledare för börsnoterade bolag samt fondbolag och aktörer på den finansiella marknaden en utökad kunskap om rådande förhållanden på marknaden för att förbättra beslutsunderlaget vid eventuella aktiesplittar eller investeringar. Som förslag till fortsatt forskning uppmuntras det att undersöka huruvida det nominella prisets betydelse skiljer sig mellan olika marknader. Förslagsvis kan framtida studier mäta effektiviteten på stockholmsbörsen på dagen för aktiesplit som också i teorin är en mätbar händelse på de finansiella marknaderna under rätt förutsättningar. / The aim of this study is to test for a correlated connection between the nominal stockprice and the price-drop-to-dividend ratio on the Swedish stock market Nasdaq OMX Stockholm. A strong correlated connection would be another motive for company managers to implement a stock split to reduce the nominal stock price. Therefore the hypothesis of the study is that there is a negative correlation between the two variables, just as shown in a recent study on the American stockmarket NYSE. This study has been computed with a positivistic approach through statistical tests and analysis to discover an eventual correlated connection between the dependent variable price-drop-to-dividend ratio and the independent variable nominal price. All empirical data was collected from Thomson Reuter Datastream, compiled in Excel worksheet, analyzed with statistical software MiniTab and presented in two sets of data. The result of this study shows no correlated connection between the nominal stock price and the pricedrop-to-dividend ratio during the period of 2011 to 2015. The null hypothesis can not be rejected and the results of the analysis indicate negligible correlation and coefficient of determination through regression, regardless which sets of data observed. The result is different to a recent study which has shown a significant correlated connection between the same two variables on the American stock market NYSE. The theoretical contribution comprises foremost of answering the aim of the study where the nominal prices impact acts differently on the Swedish stock market compared to the American. Also a presenting of the mean value of price-fall-to-dividend ratio for the period examined is a theoretical contribution. The practical contribution from this study give managers for listed companies along with fund managers and operators on the financial markets an increased knowledge about current influences on the market which improves their ability to make decisions about stock split and future investments. For future studies we suggest to do more research on how the impact of nominal prices differ among markets. Tentatively future research can measure the stockholm market efficiency on the day of stocksplit which according to theory is another measureable event on the financial markets under the right circumstances.

為瞭解上市公司股利政策改變，由股票股利變更為發放現金股利政策之初次宣告效果，本研究以蒐集台灣證券交易所掛牌上市之公司，於2001年1月至2005年12月間，股利政策有變動且首次宣告發放現金股利之資訊電子類股公司，且宣告日前至少有150個交易日資料之公司，共計71個研究樣本。利用事件研究法之市場模式為計算模型，並以一般化之自我相關異質條件變異數模式，分析檢定事件宣告所造成之異常報酬。 本研究以事件研究法，將董事會宣告發放現金股利宣告為事件日（t=0），t=-150~t=-31共120天為估計期，t=-30~t=30共61日為事件期，利用樣本公司之日股價資料，分析異常報酬率。分析方式除針對事件期各日之平均異常報酬率分析外，另開立五個事件窗口，探討各窗口之累積異常報酬率是否顯著，藉以分析事件影響效果。另股利政策改為發放現金股利宣告時，針對當年度與前一年度之股利發放變化程度不同及事件宣告年度市場多、空頭景氣等因素，將樣本分類並分析檢定，在不同條件下之異常報酬率是有否仍顯著。經實證分析，獲得以下結論： 一、公司改變股利政策，由股票股利變更為現金股利的首次宣告事件，對投資人而言，具有公司對未來投資機會認知的資訊內涵。 二、公司改變股利政策由股票股利變更為發放現金股利之首次宣告，投資人對此政策反應抱持正面看法，股價會有兩波上漲趨勢，第二波會有顯著異於零之正異常報酬率。 三、公司改變股利政策，由股票股利變更為現金股利之首次宣告，當年度總發放股利與前一年度比較，股利發放變動大小會影響宣告時市場投資人之投資意願，投資人會隨減少發放股利量而延緩對此政策之正面買進股票反應，事件日後10日內股價會有一波正異常報酬反應。

[pt] O Prêmio de Risco do mercado acionário, infelizmente, não possui uma definição universalmente aceita. O material já publicado sobre o tema Prêmio de Risco do mercado acionário é muito vasto e abrangente, abordando desde análises ex- post sobre dados históricos (com diversos períodos amostrais, intervalos de observação, fatores de ajuste e em diversos países) até estimativas do prêmio ex-ante através dos mais variados modelos baseados em variáveis tais como aversão a risco, crescimento do consumo, dados contábeis e dividend yield, entre outros. O objetivo desta dissertação será analisarmos uma condensação das várias abordagens utilizadas, seus resultados e contribuições. Frente as significativas diferenças encontradas ao se computar o prêmio de risco, é fundamental o usuário da estimativa do prêmio de risco saber claramente qual a definição usada na estimativa e por que tal definição seria apropriada para seu propósito particular. No final dessa dissertação realizaremos uma estimativa do prêmio de risco no Brasil com base em um estudo de 1993 realizado pela McKinsey e Company, Inc. / [en] Unfortunately, there is no universally accepted definition of the Equity Risk Premium. Available material on the theme are very broad and deep, ranging from ex-post analysis on historical data -with distinct samples in different time periods- to ex-ante estimates of the equity premium making use of several models based in variables such as risk aversion, consumption growth, accounting data and dividend yield, among others. The objective of this paper will be to analyze a compilation of several approaches taken, their results and contributions. In face of the significant differences presented when computing the equity premium, it is key for the investor who will make use of the equity premium estimate to know clearly which definition of the premium he will be using and why is that definition appropriate for his particular purpose. In the final chapter we will estimate the equity risk premium in Brazil based on a study developed in 1993 by McKinsey and Company, Inc.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-04-10T13:19:30Z No. of bitstreams: 1 Milton Lanzarini Pagini.pdf: 515097 bytes, checksum: db2105af9eb3ad071abbc4bea3b09e40 (MD5) / Made available in DSpace on 2015-04-10T13:19:30Z (GMT). No. of bitstreams: 1 Milton Lanzarini Pagini.pdf: 515097 bytes, checksum: db2105af9eb3ad071abbc4bea3b09e40 (MD5) Previous issue date: 2013-07-24 / Nenhuma / A presente dissertação objetivou analisar quais são os fatores de natureza financeira determinantes da constituição da reserva de lucros a realizar (RLR) pelas empresas listadas na BM&FBOVESPA. A constituição dessa reserva, além de ser opcional, representa uma retenção de parte do lucro líquido do exercício não realizado financeiramente e guarda estreita relação com a estrutura de capital e a política de dividendos. Dessa forma, as pesquisas abrangeram a teoria internacional sobre estrutura de capital e política de dividendos e, principalmente, estudos empíricos realizados no âmbito de empresas brasileiras sobre política de dividendos. Com base nos dados das demonstrações financeiras dos anos de 2010 e 2011 dessas empresas, foi obtida uma amostra de 170 observações, das quais 27 se referem a empresas que constituíram a RLR em questão, e 143 que não a constituíram. A partir da teoria e dos estudos empíricos relacionados à estrutura de capital e política de dividendos, foram estabelecidos oito índices econômico-financeiros com potencial impacto na constituição da RLR. Utilizando a regressão logística, foram testados vários modelos, dos quais resultou a equação composta pelas variáveis explicativas ROA (Retorno sobre o Ativo), ICJ (Índice de Cobertura de Juros) e IREP (Índice de Realização da Equivalência Patrimonial), todas significantes ao nível de 5%. Ficou evidenciado que as variáveis dessa equação representam os fatores financeiros com maior poder preditivo da probabilidade de constituição da RLR. A variável ROA, que mede a rentabilidade da empresa, apresentou coeficiente positivo e, portanto, de acordo com o modelo, quanto maior o seu valor, maior a chance de a empresa constituir a RLR. Tomando por base, contudo, os resultados de estudos empíricos brasileiros, para os quais a rentabilidade tem uma relação positiva com a distribuição de dividendos, a expectativa era de uma relação negativa entre ROA e a RLR, já que quanto maior a distribuição de dividendos (e maior ROA, a rentabilidade), menor a chance de ser constituída a RLR. Este resultado sugere que, particularmente no que tange à RLR, o nível de distribuição de lucros não exerce influência na sua constituição, o que merece ser investigado. O coeficiente da variável IREP, por sua vez, se apresentou negativo, confirmando, portanto, a expectativa inicial, já que IREP mede a capacidade de geração de caixa, via realização financeira do resultado positivo de equivalência patrimonial de investimentos permanentes. Finalmente, a baixa contribuição da variável ICJ para o resultado final do poder preditivo do modelo sugere a necessidade de realização de testes mais amplos para esta variável. / This thesis aims to analyze what financial factors are determinants to establish the RLR (reserve for unearned revenue) by companies listed on the BM & FBOVESPA. This reserve, besides being optional, represents a withholding of unearned net profit and it is closely related to capital structure and dividend policy. Thus, this research covers international theory about capital structure and dividend policy and mostly empirical studies within Brazilian companies on dividend policy. Based on the available data of these companies in their financial statements for years 2010 and 2011, we obtained a sample of 170 observations, for which establishing the reserve was optional. Of these, 27 opted to do so and 143 did not. From the available academic references and collected data, we established eight financial indexes with potential impact on the establishment of a RLR. With the use of logistic regression, we tested several models, resulting in the equation including the explanatory variables ROA (return over assets), ICJ (interest coverage ratio) and IREP (equity realization ratio), all significant at the 5% level. Thus, it was evident that the variables of this equation represent the financial factors with the highest forecasting capability of establishing the RLR. The variable ROA, which measures the profitability of the company, presented a positive coefficient, and therefore, according to the model, the higher the value, the greater the chance the company establishes the reserve. However, based on the results of empirical studies in Brazil, for which profitability has a positive relationship with distribution of dividends, we expected a negative relationship between ROA and reserves, since higher dividend distribution (and higher ROA, profitability), results in a lower chance of establishing the reserve. This result suggests that, particularly with respect to the RLR, the level of profit distribution does not influence its establishment, which merits further investigation. The coefficient of the IREP variable was negative, thereby confirming the initial expectation, since IREP measures the ability to generate cash, via financial realization of assets by recognition of profits arising from equity income from investment to meet dividend obligations on profits of the same nature. Finally, the low contribution of variable ICJ of the model ́s forecasting capability suggests conducting further tests for this variable.

Made available in DSpace on 2016-03-15T19:25:39Z (GMT). No. of bitstreams: 1 Jose Roberto Neves.pdf: 1692057 bytes, checksum: 1c05273fdce25b1f9e76a01c967c3542 (MD5) Previous issue date: 2011-02-16 / The dividend policy is essential for companies as it is related to investing and financing decisions. In addition, companies pay significant amounts as dividends. Moreover, despite the development of various theories and the accomplishment of numerous empirical results, there is no consensus on what is achieved. Stimulated by these factors, this paper seeks to study the relationship between dividend policy of firms and information asymmetries in the Brazilian capital market, or in other words, empirically verify the adherence of signaling theory in the Brazilian market. Furthermore, it sought to validate the classical determinants of dividend policy (size, growth potential, profitability and risk). To conduct this study, it was used four different measures to evaluate the dividend policy of firms, related to the decisions on to pay dividends or not, how much to pay, to initiate the payment and to increase the amount paid. We used two statistical methods: panel data with fixed effect and regression with LOGIT model for binary variable. The sample of companies has involved those which are listed on the BOVESPA and the data used encompassed the period from 2000 to 2009. The results show that profitability is the most important dividend determinant, indicating that more profitable firms pay more dividends. The "market-to-book" ratio proved to be a significant factor in determining the amount of dividend paid and is related more to profitability than the company's growth potential, since this indicator can take on the dual meanings. The risk is significant and negatively related to companies' decision to pay dividends or not. On the other hand, the results do not support the signaling theory of dividends. / A política de dividendos é fundamental para as empresas, pois ela relaciona-se com as suas decisões de investimento e de financiamento. Além disso, as empresas pagam valores expressivos a título de dividendos. No entanto, apesar da elaboração de diversas teorias e da realização de inúmeros resultados empíricos, ainda não há consenso nos resultados alcançados. Estimulada por estes fatores, esta dissertação buscou estudar a relação entre a política de dividendos das empresas e a assimetria de informação no mercado de capitais brasileiro, ou, em outras palavras, verificar empiricamente a aderência da teoria de sinalização no mercado brasileiro. Adicionalmente, buscou-se validar os determinantes clássicos da política de dividendos (tamanho, potencial de crescimento, rentabilidade e risco). Para a realização desse estudo, foram utilizadas quatro diferentes medidas para avaliar a política de dividendos das empresas, relacionadas com as decisões de pagar ou não dividendos, de quanto pagar, de iniciar ou não o pagamento e de aumentar o valor pago. Foram utilizados dois métodos estatísticos: painel de dados com efeito fixo e regressão com o modelo LOGIT para variável binária. A amostra de empresas envolveu as listadas na BOVESPA e os dados considerados englobaram o período de 2000 a 2009. Os resultados mostram que a rentabilidade das empresas é o determinante mais relevante, apontando que empresas mais rentáveis pagam mais dividendos. A relação market-to-book mostrou-se um determinante significativo na determinação do montante de dividentos pagos, estando relacionado mais à rentabilidade da empresa do que ao potencial de crescimento, uma vez que esta relação pode assumir este duplo significado. O risco é relevante, e negativamente relacionado, para a decisão das empresas de pagar ou não dividendos. Por outro lado, não foi encontrado suporte para a teoria de sinalização de dividendos.

本論文研究目的，在針對國內上市公司，建立一套股利發放模式，找出影響現金股利與股票股利發放之重要因素，並根據其因素之一：營業利益成長率，探討其與現金股利之關係，以作為分類之依據，來測試現金股利顧客效果，但若關係不顯著，不適合作為分類之標準，則將深入探討產業間發放現金股利之屬性，決定出分類標準，對現金股利顧客效果進行測試。 　　根據上述研究目的，建立出三大假說，所抽樣之樣本為在台灣證券交易所上市之股票，其研究期間自民國七十九年至八十三年，經篩選後有效樣本共103家。在研究方法上，對於影響股利發放模式之重要因素淬取，採用複迴歸模式中之順向選擇法，利用相關分析探討成長機會與現金股利之關係，而關於產業間發放現金股利之現象，採用無母數變異數分析加以檢定，至於現金股利顧客效果之測試，則以Elton&Cuber（1977）之模式為主。 　　實證結果發現：影響股利發放模式之兩大重要因素為股利平穩性及每股盈餘；而成長機會與現金股利之關係為負相關，但並不顯著；產業間發放現金股利有明顯不同，利用Duncan多重分類法可分為三群；在現金股利顧客效果實證結果為在民國七十九年停徵證券交易利得稅，本研究從高現金股利發放群與中現金股利發放群進行測試，所得之結論為國內上市公司並不存在現金股利顧客效果。 　　在建議方面：建議上市公司建立一套健全股利發放政策及對於股利政策因素之考慮，應從多個構面決定，以求得公司最佳股利政策；對於投資者，建議投資時所考慮之構面應增加；而證券交易所得稅停徵所引起之爭議，建議政府機關作更審慎之評估。

Although much research on corporate dividend policy exists, the evidence is far from conclusive. Understanding how dividend taxes affect firm-level decisions is crucial to evaluating dividend imputation credits which provide shareholder-level tax credits for dividends received or decreased shareholder-level dividend tax rates, which reduce the double taxation of dividends. Using changes in New Zealand and Australia’s tax regimes, this dissertation provides new evidence on the relationship between tax incentives for R&D investment and dividend payment. The results show that the theory that the tension between R&D investment and dividend payment decreases when a country previously not offering tax incentives for R&D investment or dividend payout, implements one, does not hold using New Zealand firms. Further, New Zealand dividend-paying firms with higher marginal tax rates behave in the manner predicted for firms moving from a tax regime offering a tax incentive for R&D investment to a tax regime offering tax incentives for both R&D investment and dividend payment. The results using Australian data, demonstrate that that the tension between R&D investment and dividend payment increases when a country previously offering only a tax incentives for R&D investment, offers one for both R&D investment and dividend payment. This result is driven by firms with high marginal tax rates. These findings demonstrate that the relationship between tax incentives for R&D investment and dividend payment varies according to firm marginal tax rates and typical dividend payment policies. It also reiterates the importance of considering firms’ abilities to use R&D tax incentives, via their marginal tax rates, when contemplating the effects a shareholder-level dividend tax decrease will have on R&D investment. This dissertation also provides new insight into the corporate dividend policy views. The results support the double taxation and tax irrelevance views in dividend-paying firms operating in a tax regime with dividend imputation and capital gains taxes. By documenting a significant decrease in R&D investment after a change in dividend taxes, this dissertation also highlights a void in the current corporate dividend policy views and shows the need for the inclusion of R&D investment.

BAKGRUND: Investerare har försökt slå marknaden så länge kapitalmarknader har funnits. En investeringsstrategi som använts är ”Dogs of the Dow”. Investeringsstrategin bygger på att investera i de bolagen med högst utdelningsandel. Vedertagna ekonomiska teorier förespråkar även att investeringar i stabila utdelningsbolag ger möjlighet att generera riskjusterad överavkastning. Det finns idag motstridiga bevis från olika aktiemarknader huruvida det går att skapa riskjusterad överavkastning genom placeringar i högutdelande bolag. SYFTE: Syftet med studien är att undersöka om det går att skapa högre riskjusterad avkastning än SIX Return Index (.SIXRX) genom att placera i de aktierna med högst direktavkastning på Stockholmsbörsen. Vidare syftar studien att undersöka både huruvida ”Dogs of the Dow”- strategin och en investeringsstrategi i stabila utdelningsbolag kan generera riskjusterad överavkastning jämfört med index på Stockholmsbörsen. GENOMFÖRANDE: Det skapas två portföljstrategier där den ena utgår från ”Dogs of the Dow” och den andra utgår från placeringar i stabila utdelningsaktier. Studien är en kvantitativ undersökning där data samlas in från välrenommerade databaser. Portföljerna innehåller tio bolag som rebalanseras varje år för att sedan justeras för risk och transaktionskostnader. SLUTSATS: Studien presenterar inga bevis för att det går att skapa riskjusterad överavkastning med utgångspunkt i ”Dogs of the Dow”-strategin på Stockholmsbörsen. Däremot visar studien att det med hjälp av placeringar i stabila utdelningsbolag går att skapa riskjusterad överavkastning på Stockholmsbörsen men utan statistiskt signifikans. / BACKGROUND: Investors have been trying to beat the market for as long as capital markets have existed. An investment strategy used to outperform the market is “Dogs of the Dow”. The investment strategy is based on investing in the companies with the highest dividend yield. Economic theories argue that investments in companies with stable dividend payouts are able to create risk-adjusted excess returns. There are contradictory evidence from different markets whether it is possible to earn risk-adjusted excess return through high-yield investments. PURPOSE: The purpose of the study is to investigate whether it is possible to earn higher risk- adjusted returns than the SIX Return Index (.SIXRX) through investing in the highest dividend yield companies on the Stockholm Stock Exchange. The study aims to investigate whether the “Dogs of the Dow” strategy and an investment strategy in companies with stable dividend payouts can generate risk-adjusted excess return compared to the SIX Return Index. COMPLETION: There are two portfolio strategies, one of which is based on ”Dogs of the Dow” and the other is based on investments in companies with stable dividend payouts. The quantitative study collects data from reputable databases. The portfolios contain ten companies that are rebalanced each year and the returns are adjusted for risk and transaction costs. CONCLUSION: The study presents no evidence that it is possible to earn risk-adjusted excess return with the “Dogs of the Dow” strategy on the Stockholm Stock Exchange. However, the study shows that investments in companies with stable dividend payouts can earn risk-adjusted excess return on the Stockholm Stock Exchange but without statistical significance.

Sammanfattning Titel: Har ett företags utdelningspolicy någon betydelse?   Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi.   Författare: Pontus Kindlund och Andreas Wallgren   Handledare: Catherine Lions   Datum: 2018–01   Syfte: Tidigare forskning undersöker oftast utdelningspolicyns betydelse för investerarna. Därför har vi valt att se det från företagens perspektiv genom att undersöka hur ett företags utdelningspolicy påverkar företagets genomsnittliga kapitalkostnad.   Metod: Studien har en kvantitativ metod med hypotesprövningar och en deduktiv ansats där datan är inhämtad från Thompson Reuters Datastream. Regressionsanalyser har sedan utförts för att studera sambandet mellan företagens utdelningspolicy och företagens genomsnittliga kapitalkostnader.   Resultat och slutsats: Studiens resultat visar att det inte finns några omfattande samband mellan företagens utdelningspolicy och företagens genomsnittliga kapitalkostnader. Vår studie är därför i linje med studien från Modigliani och Miller (1961) angående utdelningspolicyns irrelevans.   Examensarbetets bidrag: Studiens resultat bidrar med kunskap som kan vara till nytta för företagsledningar som utarbetar företagens utdelningspolicy, eftersom oavsett val av utdelningspolicy kan det inte förväntas ha en signifikant påverkan på företagens genomsnittliga kapitalkostnad.   Förslag till fortsatt forskning: Då vår studie inte har tagit hänsyn till företagens investeringsmöjligheter så kvarstår det att även ta hänsyn till detta för att undersöka utdelningspolicyns påverkan på den genomsnittliga kapitalkostnaden.   Nyckelord: Utdelningspolicy, Genomsnittlig kapitalkostnad, Signalteori, Utdelningspolicyns irrelevans, Trade-off-teori / Abstract Title: Does a company’s dividend policy matter?   Level: Student thesis, final assignment for Bachelor Degree in Business Administration.   Author: Pontus Kindlund and Andreas Wallgren   Supervisor: Catherine Lions   Date: 2018–01   Aim: Previous research usually explores the importance of the dividend policy for investors. Therefore, we have chosen to see it from the corporate perspective by investigating how a company's dividend policy affects the company's weighted average cost of capital.   Method: The study has a deductive approach and a quantitative method of hypothesis testing and where the data is obtained from Thompson Reuters Datastream. Regression analysis has then been conducted to study the relationship between the dividend policy and the companies’ weighted average cost of capital.   Result & Conclusions: The study's results show that there is no general correlation between the company's dividend policy and the company's weighted average cost of capital. Our study is in line with the study by Modigliani and Miller (1961) regarding the irrelevance of the dividend policy.   Contribution of the thesis: The results of the study contribute to creating knowledge that may be useful to business executives who prepare the company's dividend policy, since any choice of dividend policy should not be expected to have a significant impact on the weighted average cost of capital.   Suggestions for future research: As our study has not taken into account the companies' investment opportunities, it remains to take this into consideration to investigate the impact of the dividend policy on the weighted average cost of capital.   Key words: Dividend policy, Weighted average cost of capital, Signaling theory, The irrelevance of a dividend policy, Trade-off theory

La première rédaction enquête sur la politique de dividende récemment établie sur le marché boursier vietnamien et expérimente les périodes condensées de forte croissance et chute brutale avec une approche en deux étapes. Les résultats de la recherche montrent : (1) Les investisseurs sont d’avantage expropriés dans les entreprises dont la part de détention d’actions des initiés est plus élevée ; (2) Les investisseurs tendent à percevoir le versement de plus faibles dividendes comme un signal relatif à la rentabilité espérée dès lors que l’asymétrie d’information est réduite ; (3) Les investisseurs dans les entreprises contrôlées par l’Etat sont plus enclins à recevoir des dividendes que celles qui ne le sont pas. La seconde rédaction pose que le marché vietnamien des actions est un laboratoire prometteur pour enquêter sur le comportement des cours de marché le jour du Exdividende. Les résultats des recherches suggèrent que les investisseurs du marché boursiervietnamien sont indifférents à l’écart dans l’application de taxe sur les revenus des dividendes. Ils cherchent à capter des dividendes s’ils trouvent des opportunités de profit. Par conséquent, les investisseurs achètent des actions le jour du Cum-dividende et les vendent le Ex-dividende pour exploiter les opportunités de profit générées par le paiement de dividendes. La dernière rédaction examine les effets des droits des actionnaires et des créanciers sur la politique de dividende lorsqueles frais de représentation des actionnaires et des créances tendent à augmenter. Ses découvertes indiquent que les actionnaires et les créanciers sont plus souvent expropriés et l’augmentation des expropriations des créanciers (actionnaires) est plus élevée si les actionnaires (créanciers) sont fortement protégées par la réglementation. / The first essay investigates dividend policy in Vietnamese stock market which is newly established and experiences short booming and crashing periods with a two-step approach. The research findings show: (1) investors are expropriated more in firms with higher insider ownership; (2) Investors tend to receive smaller dividends paid as a signal of expected profitability when information asymmetry is lower; (3) investors in state-controlled firms are more likely to receive dividends than those in non-state-controlled firms. The second essay posits that Vietnamese stock market is a promising laboratory to investigate stock price behavior on ex-dividend day. The research results imply that investors in Vietnamese stock market is indifferent to the difference in tax treatment of capital gains to dividends, they try to capture dividends if they find profit opportunities. Therefore, investors buy stocks on the cum-dividend day and sell them on the exdividend to exploit profit opportunities created by dividend payment. The third essay examines the effects of shareholder rights and creditor rights on dividend policy when agency costs of shareholders and creditors tend to increase. Its findings indicate that are more expropriated and theincrease in the expropriation of creditors (shareholders) is higher if shareholders (creditors) are protected strongly by law.