title: The Russian Market Reaction to Dividend Surprises: An Empirical Study
metadata.name: dc.contributor.author
metadata.value: Berezinets, Irina V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Bulatova, Liliia A.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Ilina, Yulia B.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Smirnov, Marat V.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2016-08-08T09:25:11Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2016-08-08T09:25:11Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2016-06
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/2544
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The article investigates reaction of the Russian stock market to dividend announcements in the
  period 2010–2014. In the study the problem is examined from dividend “surprises” perspective.
  The idea behind this approach is that market participants’ dividend expectations are assumed to
  be built on the basis of publicly available analysts’ forecasts. As a proxy for dividend surprise
  the difference between the announced dividends and the consensus analyst forecast is used. No
  studies with the use of the dividend “surprises” model in the context of Russian market were
  conducted before, thus, the present research contributes to the testing of the signaling theory
  of dividends on the Russian stock market. The research was conducted using event study methodology
  on the sample of 40 Russian public companies, which regularly pay yearly dividends. Obtained results of the study provide grounds to make conclusions about the fact that Russian
  market on average reacts negatively to both good and bad dividend surprises. The research
  confirms conclusions, which were drawn in the previous “naïve” studies of the Russian market
  reaction to dividend announcements. In the research results are discussed from the perspective
  of market efficiency, investors’ expectations and their corresponding behaviour, as well as from
  the view of Russian market state in the period of study.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: This study was supported by St. Petersburg State University, research project No 16.23.1847.2015.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Russian Management Journal;Vol. 14; Issue 2
metadata.lang: -
metadata.name: dc.subject
metadata.value: dividend surprise
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: stock market
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: Russia
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: event study
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: The Russian Market Reaction to Dividend Surprises: An Empirical Study
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 1_2_029_048_Березинец_набело.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/2544/1/1_2_029_048_%d0%91%d0%b5%d1%80%d0%b5%d0%b7%d0%b8%d0%bd%d0%b5%d1%86_%d0%bd%d0%b0%d0%b1%d0%b5%d0%bb%d0%be.pdf
resources.format: Adobe PDF
resources.size: 211,6 kB