Does Ex-dividend Day Significantly Affect Norwegian Stock Performance?
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This study analyses the effect of ex-dividend day on Norwegian stock performance. Previous research of different theories and from different markets are obtained to clarify the topic and give us the tools to answer the thesis statement. Three research questions are stated, giving more depth to the analysis conducted. 1. Does the ex-dividend day affect stock performance depending on industry sector? 2. Is the size of the firms' market value relevant? 3. Is there a significant difference in stock performance before and after 2006? Through an event study the data is processed in three different segments; by sectors, levels of market value and periods before and after 2006. The findings revealed no overall significance that ex-dividend day affects stock performance in the Norwegian stock market. A scenario analysis is conducted to control the sensitivity of the results, and the overall output supports our conclusion.
Master's thesis in Applied finance