This diploma thesis deals with analysis of the stock price behavior around ex-dividend day, focusing on the European capital market. The theoretic part is aimed at summarizing of hypotheses and effects affecting the amount of the stock price in comparison with an amount of dividend during last 50 years. In the practical part, there is firstly described a methodology of testing, later the 3 main hypotheses are determined, that are finally tested on a sample of 220 European companies listed on twelve stock exchanges, including the Prague stock exchange. The aim will be to determine the validity of hypotheses on the sample as a whole as well as on some selected stock exchanges in the period between 2006 and 2010, the influence of the payment of dividend on share price, but also the potential impact of financial crisis. Furthermore, the possibility of arbitrage opportunities will be evaluated, which could be incurred on some stock exchanges or individual shares, as well as stability, efficiency and predictability of individual capital markets.
| Identifer | oai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:116407 |
| Date | January 2011 |
| Creators | Kučera, Martin |
| Contributors | Křížek, Tomáš, Kolman, Marek |
| Publisher | Vysoká škola ekonomická v Praze |
| Source Sets | Czech ETDs |
| Language | Czech |
| Detected Language | English |
| Type | info:eu-repo/semantics/masterThesis |
| Rights | info:eu-repo/semantics/restrictedAccess |
Page generated in 0.0011 seconds