MỐI LIÊN HỆ GIỮA THAY ĐỔI CỔ TỨC VÀ LỢI TỨC BẤT THƯỜNG CỦA CỔ PHIẾU TRÊN THỊ TRƯỜNG CHỨNG KHOÁN

Abstract

Information is very important for all participants in the stock market since it influences the decisionmaking processes based on widely disseminated or specific information. Changes in dividends (increase or decrease) paid to shareholders are valuable pieces of information, deliberately signaling the current income and future prospects of a company. Abnormal stock returns occur when the market recognizes that changes in dividends will have a positive (or negative) impact
on a company’s future cash flow, leading to an increase (or decrease) in stock prices. This article analyzes the relationship between dividend changes and abnormal stock returns, providing policy implications for various
participants in the stock market.