Valuation Effects of Greek Stock Dividend Distributions
分析雅典证券交易所上市公司发放股票股利在公告日和除息日的价格反应，发现异常收益不显著，但公告后交易量显著下降，为不同制度环境下的股利估值效应提供了新证据。
This study analyses the price reaction to stock dividend distributions by firms listed on the Athens Stock Exchange on both the announcement and the ex‐dividend day. It also analyses earnings per share, dividends per share and trading volume in the pre‐ and post‐announcement periods. The findings show statistically insignificant abnormal returns on both the announcement and the ex‐dividend day. The analysis does not reveal any significant change in earnings per share and dividends per share, but it does reveal a significant decline in the market‐adjusted trading volume in the post dividend period. The findings, based on a different institutional environment, expand the empirical evidence on the value effects of stock dividends.