The Ex-Dividend Day Stock Price Behavior in the Athens Stock Exchange

16 Pages Posted: 18 Jun 2001

See all articles by Nickolaos G. Travlos

Nickolaos G. Travlos

ALBA Graduate Business School; University of Surrey

Nikolaos T. Milonas

National and Kapodistrian University of Athens - Faculty of Economics; Cardiff University Business School

Date Written: June 10, 2001

Abstract

This paper analyzes the ex-dividend day stock price behavior in the Athens Stock Exchange (ASE) over the period 1994-1999. This market is chosen because neither dividends nor capital gains are taxed and the ASE is not associated with the microstructure effects analyzed in prior studies. Our findings show that on the ex-dividend day, stock prices fall by less than the dividend paid. These findings cannot be attributed to tax effects. Although our evidence might be attributed to microstructure effects, we argue that the particular microstructure effects identified by prior studies may not be the determinant factors.

Keywords: Dividends, Ex-dividend day, Dividend puzzle

JEL Classification: G12; G35

Suggested Citation

Travlos, Nickolaos G. and Travlos, Nickolaos G. and Milonas, Nikolaos T., The Ex-Dividend Day Stock Price Behavior in the Athens Stock Exchange (June 10, 2001). Available at SSRN: https://ssrn.com/abstract=274080 or http://dx.doi.org/10.2139/ssrn.274080

Nickolaos G. Travlos (Contact Author)

ALBA Graduate Business School ( email )

Athinas Ave. & 2A Areos Str.
Vouliagmeni 166 71, Athens
Greece

HOME PAGE: http://www.alba.edu.gr

University of Surrey ( email )

Guildford
Guildford, Surrey GU2 5XH
United Kingdom

Nikolaos T. Milonas

National and Kapodistrian University of Athens - Faculty of Economics ( email )

8 Pesmazoglou street
GR-10559 Athens
Greece

Cardiff University Business School

Aberconway Building
Colum Drive
Cardiff, CF10 3EU
United Kingdom

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
903
Abstract Views
4,859
rank
36,109
PlumX Metrics