This study aims at examining if abnormal returns have existed on theSwedish stock market surrounding the ex-Dividend period between the years2002 and 2006. The ex-Dividend period that is studied is the ex-Dividend dayplus the following five days. The stocks that have been studied are the thirtymost traded stocks which together constitute the index OMXS30.Furthermore, the study investigates if the size of the Dividend has an effecton the size of the abnormal returns.Previously performed studies on both the Swedish stock market and foreignstock markets have shown that abnormal returns exist during the ex-Dividendperiod. However, the results from these studies are not unambiguous, why itis interesting to follow up these studies with a new study.The method used for investigating the existence of abnormal returns aroundthe ex-Dividend period has taken its starting point in the previouslyperformed studies. However, some changes have been made in order tocalculate for differences in risk between different stocks (using beta) whichhas been neglected in the previous studies.The results of our study are that abnormal returns have existed for four outof six days in the ex-Dividend period when calculating a mean value over allfive years.

This paper studies the option market?s implied Dividend as a predictor of future equity market returns. We introduce this variable in the simple total return framework and discuss some complications of using it as a proxy for the expected Dividend. We construct some regressions using the price-Dividend ratio and the implied Dividend growth, and test them on six years worth of data on the EURO STOXX 50-index. The main result is that implied Dividend growth exhibits some forecastability over two-year horizons, but that the dataset is too short to draw any definitive conclusions about long-horizon forecastability.

I uppsatsen undersökts ex-Dividend fenomenets förankring på den svenska aktiemarknaden. Syftet med uppsatsen är att observera eventuella skillnader mellan det utdelade värdet och aktiekursförändringen dagen efter utdelningsrätten skiljts från aktien samt hur eventuell överavkastning i sådana fall kan förklaras. I en kvantitativ undersökning analyseras den svenska aktiemarknaden mellan åren 1996-2003. Slutsatsen i denna uppsats blir att det statistisk sätt inte går att påvisa någon överavkastning kring ex-Dividend dagen på den svenska aktiemarknaden. Den svenska marknaden visar istället tydliga bevis på en mellanstark form av effektivitet..

Denna studie har undersökt huruvida det är möjligt att på Nasdaq OMX Stockholm generera systematiska överavkastningar i samband med att aktier börjar handlas exklusive rätt till utdelningar. Samtliga utdelningstillfällen har undersökts under perioden 2007-2011 vilket givit en total observationsmängd på 699 stycken tillfällen. Genom att ha tagit hänsyn till eventuella marknadsfluktueringar och vikta dessa med bolagets unika risk, i form av betatal, har resultaten även justerats för normalavkastningar under den undersökta dagen. Resultaten från Large Cap, Mid Cap samt Small Cap har sedan jämförts. Resultaten visar att överavkastningar är möjliga under dagen då aktien slutar handlas inklusive utdelning, samt att effekten är större för de mindre bolagen..

The relationship between Dividend policy and investment is a controversial area and the relationship between these two may differ depending on the company's priorities. The study examines this more closely by studying Dividend policy's impact on investment and how it differs depending on the company?s market capitalization. The study is based on companies listed on the OMX Stockholm within the segments Large Cap and Small Cap, during the period between 2003-2012. Secondary data was obtained from each company's annual reports where relevant data was used to operationalized into measurable variables.

This is a study to see the relationship between earnings per share and Dividends during a period of both boom and depression. The study will focus on companies listed on Stockholm stock exchange and see if they follow theories from the past and if the Dividend is smooth over times with a fluctuant economy. To see this we had this problem:Is it a relationship between earnings per share and Dividend during a fluctuant economy, also if there is a difference between the different Caps on Stockholm stock exchange?We studied 163 stocks of the 293 listed stock on Stockholm stock exchange during a period of 8 years. The study is focused on the time period between year 2005 and year 2012.

Uppsatsen undersöker aktiepriset sista dagen med rätten till utdelning (cum Dividend dagen) samt första dagen utan rätten till utdelning (ex-Dividend dagen) och om aktiepriset faller med samma summa som utdelningen på ex-Dividend dagen (en aktie köps exkl. rätten till utdelning). Det gör det möjligt att bedöma huruvida marknaden är effektiv eller inte på ex-Dividend dagen, det vill säga om marknaden uppvisar en onormal avkastning på och kring ex-Dividend dagen. Vi har jämfört vår undersökning med tidigare betydelsefulla studier, där bland andra Elton & Gruber och Lakonishok och Vermaelens studier behandlas, samt en svensk avhandling av Kerstin Claesson. Vårt datamaterial består av alla bolag som var noterade på Stockholmbörsens A- och O-lista mellan åren 2001 och 2005.

Resultaten visar på att abnormal earnings model är en mertillförlitlig modell i förhållande till Dividend growth model. Dettafrämst då abnormal earnings model grundar sig på mer tillgängliginformation samt att tillväxträntan i Dividend growth model harkonstaterats vara orealistiskt hög. Analytikers prognoser tenderaratt vara optimistiska i början av undersökningsperioden 2000-2002. Perioden 2003-2007 präglas mer av pessimistiskavinstprognoser. Marknadens riskpremie fluktuerar mindre underperioden 2005-2007, vilket kan förklaras utav införandet av IFRSår 2005..

The aim with this study is to investigate the market reactions to announcements of special Dividends and redemptions in Sweden and thus if these announcements can signal information. This study is an event study, where the event is the day of the announcement of a suggestion regarding issuance of special Dividends or redemptions. The abnormal returns were estimated for two samples with the market adjusted returns model, one including special Dividend announcing firms and the other redemption announcing firms. The signalling hypothesis and the hypothesis of a tax induced clientele effect are the most important hypotheses for this study. The efficient market hypothesis is another theoretical base that may explain the market reactions to the studied announcements, especially the pre-announcement activities that may occur.

Jag undersöker aktiekurser i samband med utdelning i syfte att få reda på om aktiepriserna har fallit mindre i Sverige jämfört med Finland samt om aktiepriserna i dessa länder påverkats av kortsiktiga investerare. Studien omfattar data från små börsbolag i Stockholms- och Helsingforsbörserna under åren 2002-2004. Jag använder den så kallade ex-Dividend-dag-metoden för att mäta det relativa aktieprisfallet samt regressionsmodellen för att studera kortsiktiga investerares påverkan på aktiepriserna under utdelningsperioden.Resultaten visar att det relativa aktieprisfallet var högre bland de finska aktierna under studiens tidsram, vilket sannolikt berodde på frånvaron av utdelningsskatten i Finland. De kortsiktiga investerarna verkar inte påverka den svenska aktiemarknaden och endast svagt stöd fås för deras påverkan på de finska aktiepriserna..

This thesis studies the stock price reaction around 68 announcements of special Dividends and share redemptions on the Swedish stock market between the years of 2003 and 2007. We show that for the Swedish private investor, the tax effect of a share redemption is lower than that of a special Dividend. Moreover, a share redemption could be interpreted as a signal of undervaluation. These two factors lead us to assume that the stock market would react more positively in connection to the announcement of a share redemption. We test this hypothesis through an analysis of the risk-adjusted abnormal return for the observations in the sample.

Question:"Does the market possess perfect information as the efficient market hypothesis says?""Is there any significant relationship between the abnormal stock return on the ex ? day and the Dividend?" Purpose: The purpose of this study is to enlighten and find understanding about stock return versus Dividend on the ex ? day and try to figure out if abnormal returns occur on the portfolio during Dividends.Methodology:The study was based in a quantitative nature and was derived with an event study and a hypothesis testing. The authors investigated the thirty most traded shares on the Stockholm stock exchange during a period of five years (2005 ? 2009). They were analyzed during a total of nine days; the estimation window was set to sixty days.

Background: Theoretical, it?s been questioned why Dividends exists in companies based upon the fact that there is a separation between ownership and control. According to the agency theoretical perception, Dividends is used as a manner to unify the interest of this separation, which in turn lower the agency cost, and increase the efficiency of companies.Purpose: The aim of this master thesis is to scrutinize and analyse the association between Swedish firms? owner structure and owner types and their inclination to Dividend.Method: We attack the problem with a hypothetical-deductive research method by using the existence of a universal theory, the agency theory. From our theoretical framework we propose a set of hypotheses.

The purpose of our essay is to find out if there are any strategies for profit transactions in a group. To realise our purpose we conducted two case studies with interviews. But we can not draw any general conclusions.To conduct the research we had to build a theory. In this theory we found motives to do profit transactions and how to do it. We also thought that there had to be some conflicts between the motives and the manager´s interests.In our analysis we found that financing the Dividend was a strong reason to make profit transactions between companies in the group.

This paper investigates the relationship between Dividends and institutional and foreign ownership in Swedish firms. We use a dataset which covers the Swedish stock market over the period 1999-2009. The institutional ownership is defined as mutual funds, pension funds and insurance companies and these are analysed separately. The study confirms the expected positive relationship between the level of institutional investors in a firm and the size of Dividends. We also confirm? the expected negative relationship between foreign investors and the size of Dividends paid by Swedish firms.