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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Information Content of Dividend Payments in Economic Crisis |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 50 |
| Date | 2021 |
| Abstract Text | Dividends are a frequently used instrument for companies to distribute profits. The odigliani-Miller propositions state that under their assumptions this does not influence share value. Dividend clientele and signalling models are two different types of models that deal with problems in the assumptions of Miller and Mogdiliani. Economic crisis introduces additional volatility, which is used to examine the abnormal returns around dividend announcement and payout. The thesis finds that on both dates there are positive abnormal returns that become larger when dividends are increased and paid out in crisis, which indicates that dividends are used as a signalling device. |
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