Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/147627
Title: INVESTIGATION OF SINGAPORE STOCK MARKET REACTIONS TO EARNINGS AND DIVIDEND ANNOUNCEMENTS
Authors: LE LAN ANH
Issue Date: 2012
Citation: LE LAN ANH (2012). INVESTIGATION OF SINGAPORE STOCK MARKET REACTIONS TO EARNINGS AND DIVIDEND ANNOUNCEMENTS. ScholarBank@NUS Repository.
Abstract: This thesis investigates Singapore stock market reactions to earnings and dividend announcements. Analyses are done on earnings, dividend levels and changes. As expected, market reacts positively to earnings and dividend information (level and change) in the (-1,+1) period; however, there is market reversal to earnings level/change and dividend change in post-announcement periods. Market responds strongest to dividend levels and persist the positive reaction until three months after the announcement. It is evident that corroboration effect between earnings and dividend information exists in Singapore. Consistency between earnings and dividend news has positive impact on the earnings and dividend response coefficients1. Interestingly, Singapore market fixates on dividends information rather than earnings information. Different from studies in US market, dividend in Singapore can signal future earnings. However, while firm size has limited explanatory power, corporate governance can help explain market relative reliance on earnings and dividend information.
URI: http://scholarbank.nus.edu.sg/handle/10635/147627
Appears in Collections:Bachelor's Theses (Restricted)

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