This paper aims to examine if firms listed on Nasdaq Stockholm with dividend exposure yield higher risk-adjusted returns than firms without dividend exposure. Using a data set consisting of observations between 2000-2017 we test the difference in mean risk-adjusted return, measured by the Sharpe ratio, between securities with different levels of dividend exposure. We divide our sample into portfolios, categorized in the first stage independently of investment style, size and book-to-market ratio, and in the second stage on dividend exposure, that are regrouped annually. We measure the performance in terms of the geometric mean monthly returns, the risk as standard deviation of returns and the risk-adjusted performance measured with the Sharpe ratio. Following our empirical study, we find indications of a value effect in the Swedish capital market and draw upon three main conclusions. First, for all but one portfolio, the risk decreases with an increased degree of dividend exposure. Second, securities with high-dividend exposure tend to yield higher risk-adjusted returns relative to securities with no-dividend exposure. Third, the effect of dividend exposure on risk-adjusted performance appears to be most significant on mid firms and growth firms

This study investigates the relationship between corporate sustainability and dividend policy in the Nordic countries. In the field of finance, the importance of corporate sustainability is growing, particularly in the Nordic countries, which excel in global sustainability rankings. In response to this occurrence many firms are increasingly incorporating sustainability into their operations, which in turn might affect the strategic decisions of these firms. One of these is the dividend policy decision. Dividend policy in the form of cash dividends is a central concept in finance and is affected by conservation of capital and time value of money. The purpose of this study is to clarify the relationship between sustainability and dividend policy, which the authors have done by including different theoretical arguments. These are grounded in the agency theory, the signaling theory and the stakeholder theory. Previous research such as Benlemlih (2019) has examined the relationship between sustainability and dividends, but not in the same regional setting. ESG is used as a proxy for sustainability, while two proxies are used for dividend policy; dividend payout ratio and dividend yield. Through a quantitative approach information is collected on the ESG score and dividend data using the Thomson Reuters Eikon database and then analyzed using regression analysis. The data spans over 10 years (2008-2018) and covers 117 firms with available ESG and dividend payout data.  The findings indicate that there is a significant relationship between the ESG score and the dividend payout ratio of Nordic firms, while the dividend yield has no relationship with the ESG score. As both measurements had positive coefficients, the authors determined that there is a positive relationship between sustainability and dividend policy. Based on the findings, the excess liquidity hypothesis was dismissed, while the authors concluded that there was support for and against the overinvesting hypothesis and the signaling hypothesis. The authors believe one possible explanation for these mixed results could be due to the regional setting, as it differs from the settings of previous studies. By illustrating the relationship between corporate sustainability and dividend policy, this study could be of interest to large and medium sized firms in the Nordic countries that use business strategies involving ESG practices or consider implementing such strategies. Similarly, it could be used by investors that use ESG-screening as a decision criterion when investing.

本研究主要探討股利宣告與公司股價間之關係。在觀測股利政策對股價影響時，必須注意的是股利宣告是否為投資者所完全預期，若是，則股利宣告日之股價反應已非股利影響所致；反之，若投資人無法預期公司股利之宣告，則在宣告日的股價反應，應可解釋為投資者在考慮對其財富之影響並綜合其預期效果後，對股利政策所作出的真實反應。 　　本研究為淨化及觀測股利政策對公司價值真正影響，藉由篩檢樣本方式，試圖找出非預期股利之宣告效果；依據此研究目的，選出兩組樣本： (1)首次股利組：上市以前三年皆未發放現金股利，於上市後首次宣告現金股利之公司及上市後長達六年以上未發放現金股利，首次發放現金股利的公司，(2)後續股利組：上市以前三年皆發放現金股利，於上市後首次發放現金股利之公司，進行相關實證工作獲得以下四點結果： 　　一、市場上對於首次股利宣告之資訊，有效率地利用並立即反應於事件日的股價上，符合半強式效率市場假說；而後續股利則未符合。 　　二、就事件日（董事會決議之次日，即刊載於報紙當日）之股票平均異常報酬率而言，首次股利組其事件日之股票平均異常報酬率達統計上顯著性，而後續股利組，則未達統計顯著性。而且，兩組之股票平均異常報酬率具顯著差異。 　　三、就股利預期模式而言，一般投資者對首次利似乎無所預期或存在較少預期，而後續股利似乎存在著某種程度的預期。 　　四、首次宣告股利之公司，其宣告日所屬年度之盈餘皆大於前一年、前二年之盈餘，但未達統計上之顯著水準。

The issue of dividends and what role it plays, has been the subject of discussion for decades. The main reason for this is that the chosen dividend policy for a company affects several different stakeholders, with shareholders being the most affected party. Determining dividend policy is influenced by multiple factors such as capital structure, potential stakeholder signaling and corporate culture concerning payouts. This study will investigate how the relationship between firm performance and stock price is affected by the level of dividends a firm pays. To explore this relationship, the authors will conduct a correlation and regression analysis that is performed on data collected on middle and large capitalization firms listed on the Stockholm stock exchange. The chosen time frame for this study is year 2007-2017. Several variables are included in the regression model in order to explore a potential relationship.  The findings of this study indicate that the stock price of high dividend yield firms are more dependent on financial performance compared to low dividend yield firms. However, an overall positive correlation is found between financial performance and stock price for both samples.

Submitted by Haroudo Xavier Filho (haroudo.xavierfo@ufpe.br) on 2016-03-02T17:20:52Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Tese Kécia_ok.pdf: 2529280 bytes, checksum: 617f3e37322ea7246d7014e03f5c6932 (MD5) / Made available in DSpace on 2016-03-02T17:20:52Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Tese Kécia_ok.pdf: 2529280 bytes, checksum: 617f3e37322ea7246d7014e03f5c6932 (MD5) Previous issue date: 2015-05-27 / Este estudo teve como objetivo investigar os fatores relacionados ao pagamento de dividendos e de payout incremental das empresas brasileiras listadas na Bolsa de Valores de São Paulo (BM&FBovespa) no período de 2002 a 2013. O payout pago foi calculado com base no lucro líquido ajustado, com dados coletados nas atas das assembleias e nas Demonstrações das Mutações do Patrimônio Líquido. O Payout incremental corresponde ao valor efetivamente distribuído pelas empresas além do que é estabelecido nos estatuto social. Os dados referentes às proxies dos fatores de pagamento de dividendos foram coletados na base de dados Economatica® e na página eletrônica da Comissão de Valores Mobiliários. A amostra final foi composta por uma diversidade de 287 empresas, distribuídas nos anos estudados, variando entre 144 empresas em 2002 a 285 em 2013. Os dados foram organizados em painel desbalanceado, e foram realizadas regressões logit com efeitos aleatórios. A principal conclusão foi de que existe maior probabilidade de que as empresas com maior rentabilidade, proporção de caixa, concentração acionária e as pertencentes a algum nível diferenciado de governança, distribuam payout incremental, e as que possuem maior oportunidade de crescimento sejam menos prováveis de pagar payout incremental, o que pode ser relacionado à possibilidade de elas reterem mais recursos para novos projetos, favorecendo o enriquecimento dos acionistas. / This study investigated the factors related to the payment of dividends and incremental payout of Brazilian companies listed on the São Paulo Stock Exchange (BM & FBovespa) from 2002 to 2013. The paid payout was calculated based on adjusted net income, with data collected in the protocol of assembly and the Statement of Changes in Shareholders' Equity. The incremental Payout corresponds to the amount actually distributed by companies beyond what is established in the bylaws. Data for proxies of dividend payment factors were collected at Economatica® database and on the website of the Comissão de Valores Mobiliários. The final sample consisted of a range of 287 companies distributed in the years studied and ranging from 144 companies in 2002 and 285 in 2013. The data were organized and carried out unbalanced panel logit regression with random effects. The main conclusion was that there is greater likelihood that companies with higher profitability, ratio of cash, ownership concentration and belonging to a differentiated level of governance, distribute incremental payout and those with greater growth opportunities are less likely to pay payout incremental, which may be related to the possibility of they retain more resources for new projects, favoring the enrichment of shareholders

This thesis deals with the issue of dividend taxation in the European Union. Dividends are subject to double taxation, which constitutes an obstacle to the single internal market. To remove this obstacle the Parent -- Subsidiary Directive 90/435/EEC was adopted (hereinafter "Directive"). In the thesis I described the implementation in selected European Union countries and the issues that contributed to a better functioning of the internal market and whether there are further obstacles it the internal market. I mentioned also the current harmonization steps of the institutions of the European Union. Comparative analysis of the tax treatment of selected Member States showed that there are still situations in which national legislation can come into conflict with the Directive. However, I found by calculating the effective tax rate on dividends paid from the Czech Republic to selected countries that the implementation of the Directive has contributed to a better functioning of the internal market.

This thesis explains how ETF (Exchange Traded Fund) works and contains a comparative analysis of selected mutual funds (distributed in Czech Republic) net returns with comparable ETF funds investing into same equity category -- USA, World, European and emerging markets equities. The objective of the thesis is to find out if ETF funds can offer better net returns to the investor than common mutual funds.

This master thesis focuses on shares of companies who pay out dividends therefore dividend stocks. Shares from Czech stock market RM-SYSTÉM are anaylzed from publicly available data and portfolio is subsequently created from them.

Abstract The relationship between dividend buying and stock volatility is the subject of our research. It focuses on all the listed companies on the Swedish stock market, with a particular emphasis on dividend buying and the impact of stock volatility on the underlying stocks of the indices in our sample. As a result of the problem being discussed, the following research question was posed: What is the relationship between dividend buying and stock volatility? From this question, we investigate the impact of dividend buying on the 'dividend – stock volatility' and contribute to this body of knowledge. We want to see if the average stock volatility between the announcement day and the record date indicates dividend buying compared to the average monthly/weekly volatility during the fiscal year. We applied a theoretical framework that is based mostly on financial and behavioral theories in addressing dividends, stock returns, stock volatility, dividend buying, and the relationship between them. Based on the theories we built up two hypotheses and followed deduction approach and quantitative research strategy for our research paper. The data source for this research study is the Thompson Reuters Eikon Database. Applying the screener function, we obtained all the dividend paying Swedish Public Companies for 5 years. In total they were 226. We carried out a multivariate multiple regression using 5-year historical securities price data from the Swedish stock market. Our variables were Beta and Standard Deviation of prices as dependent variables and dividend yields as the independent variable. We also checked the respective companies' debt-equity ratio and market caps. After controlling the variables market cap and debt-equity ratio, the results were significant for 2013, 2015, 2016, and 2017 but insignificant for 2014. However, there was a significant negative correlation between dividend yield and beta in all years. This yields an inconclusive result that necessitates further research. As a result, we conclude that dividend buying (dividend yield), and stock volatility have a negative relationship when considering both standard deviation and beta as indicators of volatility. This study's findings partially support evidence from Baskin's (1989) research study, which found a significant positive relationship between stock price volatility and dividend yield. Furthermore, the findings of the study back up Allen and Rachim's (1996) results, which revealed that stock price volatility and dividend yield are unrelated. According to the findings of this research study, the dividend yield has the greatest impact on stock price volatility, as measured by standard deviation, i.e., the unsystematic risk among predictor variables.

The objective of this research is to analyse if there is a negative relationship between dividend policy and stock price volatility in the German stock market.  The data that was collected for this research consists of the 30 biggest companies listed on the German stock exchange Deutscher Aktienindex known as DAX 30 for the period 2000-2020. Fixed effect model estimated by panel data was applied to find the results of this research. The findings showed that the main variables of dividend policy (dividend yield and payout ratio) were negatively significant correlated with stock price volatility which provides evidence for our hypothesis. The results showed that the control variable earnings volatility had a positive significant relationship with stock price volatility. However, asset growth resulted in an insignificant relationship but the rest of the control variables such as leverage, market value and free float percentage showed a significant negative relationship with stock price volatility.