Dividend Puzzle on Bulgarian Stock Exchange - Opportunity for an Abnormal Risk-adjusted Returns

• Published in: Економічний вісник Донбасу
• Date: 2014
• Main Author: Pavlov, Ts.L.
• Format: Article
• Language: English
• Published: Інститут економіки промисловості НАН України 2014
• Subjects: Finance
• Online Access: https://nasplib.isofts.kiev.ua/handle/123456789/87632
• Journal Title: Digital Library of Periodicals of National Academy of Sciences of Ukraine
• Cite this: Dividend Puzzle on Bulgarian Stock Exchange - Opportunity for an Abnormal Risk-adjusted Returns / Ts.L. Pavlov. // Економічний вісник Донбасу. — 2014. — № 4(38). — С. 121-125. — Бібліогр.: 38 назв. — англ.

The present paper examines the gap between the leading theoretical formulations about the optimal dividend policy and empirical data on the companies and investor’s behaviour known in the academic literature as “dividend puzzle”. The existence of this phenomenon and its impact on share prices are ex...