Issue: 2005/Vol.15/No.1, Pages 25-41
EFFECT OF DIVIDEND AND REPURCHASE ANNOUNCEMENTS ON THE POLISH STOCK MARKET
Cite as: H. Gurgul, P. Majdosz. Effect of dividend and repurchase announcements on the Polish stock market. Operations Research and Decisions 2005: 15(1), 25-41.
The main aim of this paper is to explore the information content of dividend and buy back announcements. Using daily data from the Warsaw Stock Exchange, we investigate the reaction of stock prices of the announcing firms as well as the industry rivals to the announcement issue. The regression analysis is carried out to explain the differences in magnitude of valuation effects across rivals.
Keywords: dividend announcements, repurchase announcements, event study, Polish stock market