AVRUPA BAĞLAMINDA TEMETTÜ DEĞİŞİKLİKLERİNİN TERS PİYASA REAKSİYONU

Yıl 2014, , 1 - 30, 28.06.2014

Elisabete S. Vieira

https://doi.org/10.29228/mjes.91

Öz

Bu çalışma, piyasanın neden bazı durumlarda temettü artışlarına (azalış)
negatif (pozitif) reaksiyon gösterdiğini temettü değişim duyurularına ters piyasa
reaksiyonu gösteren üç Avrupa pazarı örneğinde açıklamaktadır. Sonuçlar 3 ülke
bağlamında farklılaşmaktadır. Küçük ülke verisi olan Portekiz’de, temettü değişim
duyurularına ters piyasa reaksiyonu gösterilmesinin nedeni piyasanın temettü
değişimi duyuruları aracılığıyla firmalar tarafından verilen sinyali
algılamamasıdır. Ayrıca, sonuçlar İngiltere piyasası için “ters sinyalleşme
etkisi”nin açıklanmasında belli bir başarılı göstermiştir. Son olarak, sonuçlar İngiltere’deki yatırımcıların Portekiz ya da Fransa ile kıyaslandığında gelecekteki
temettü bazlı getiriyi daha iyi tahmin ettiğini ortaya koymaktadır

Anahtar Kelimeler

Nakit Temettü, Sinyal Hipotezi, Ters Piyasa Reaksiyonu

AVRUPA BAĞLAMINDA TEMETTÜ DEĞİŞİKLİKLERİNİN TERS PİYASA REAKSİYONU

Öz

This study tries to understand why the market sometimes reacts negatively/positively to dividend increases/decreases, showing an inverse market reaction to dividend change announcements; using samples from three European markets (Portuguese, French and British). The results are different across these three countries. Data from a small country, Portugal, suggests that the inverse market reaction to dividend change announcements takes place because the market does not understand the signal given by firms through dividend-change announcements. For the UK market, the results have some success in explaining the inverse signalling effects. Finally, the results suggest that in the UK investors can better predict future earnings based on dividends than in Portugal or France

Anahtar Kelimeler

Cash Dividends, Signalling Hypothesis, Inverse Market Reaction

Kaynakça

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