Real estate investment trust (REIT) dividend policies and the effects of dividend announcements during the 2008-2009 liquidity crisis are examined. The multinomial logit results indicate that REITs with higher market leverage or lower market-to-book ratio are more likely to cut dividends, suspend dividends, or pay optional stock dividends. These findings imply that mitigating going concern risk is an important reason why REITs adjust dividend policies during the crisis and support the “dividend catering” theory that investors' demand for dividends affects dividend policies. corporate dividends. This was examined by William G. Hardin (2012) in his article REIT Dividend Policies and Dividend Announcement Effects. Furthermore, REITs that cut or suspend dividends experience positive cumulative abnormal returns during the post-announcement period after controlling for the potential influence of concurrent funds from deal announcements. The positive market response in the post-announcement period supports the idea that dividend decisions convey information to investors and is also consistent with the broad catering theory of dividend policy. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Apostolos Dasas (2009) studied in his article the market reaction to cash dividend announcements for the period 2000-2004 using data from the Athens Stock Exchange. The paper examines both the stock price and trading volume response to dividend announcements. Despite this neutralized information and fiscal environment, a significant market reaction to dividend change announcements has been documented, supporting the “information content of dividends” hypothesis. ,, KDI Perera (2011) vol.8, Eighth International Conference on Business Management, This article examines the early work of Bandara (2001) and compares it with the recent work of Bandara and Perera (2010) in order to understand possible changes regarding market response to dividend announcements. The time period of the study is from 1993 to 2008 to study the stock price reaction to dividend announcements and to measure the information content of dividend announcements in Sri Lanka. The results confirm a significant difference between the Sri Lankan market and other developed markets. significant abnormal returns around the day of the dividend announcement. The results show significant characteristics between the two periods. Both overall samples support the information content of the dividend hypothesis. This study confirms that the significant anticipatory response to dividend announcements one week before the event and the price adjustment process were improved according to the latest study. Furthermore, the delayed market response is also significant and shows the behavior of market followers due to information asymmetry or lack of access to take advantage of new information. Further delay in response to non-response would be due to lack of capital market education; or in other words financial literacy. Finally, both studies confirm that the overall samples are not consistent with the semi-strong form of the efficient market hypothesis (EMH). Stock Price Reaction to Dividend Announcements and Market Efficiency in Pakistan (2010) This study tests the semi-strong form of market efficiency by studying the stock price reactionstocks to dividend announcements. Analyzes cash, equity, and simultaneous cash and stock dividend announcements of 79 companies listed on the Karachi Stock Exchange from July 2004 to June 2007. Abnormal returns from the market model are evaluated for statistical significance using the t-test Wilcoxon signed grade. . The results suggest negligible abnormal returns for cash dividend announcements. However, the average abnormal and cumulative average abnormal stock returns and simultaneous cash and stock dividend announcements are mostly positive and statistically significant. This study is based on samples of dividend-paying companies listed on the National Stock Exchange, which found that investors do not obtain value from the announcement of dividends. In fact, shareholders gained little value in the period between 15 days before the dividend announcement and 15 days after the announcement. The lower yield may be partially offset by the current dividend yield. This study also indicates that dividend payments do not convey any useful information to the investment community, which needs to be further analyzed. IMPACT OF DIVIDEND POLICY ON SHAREHOLDER VALUE: A STUDY OF INDIAN CORPORATE This study has empirically tested agency cost theory, Lintner model, dividend signaling and smoothing effects using a framework of various econometric models. FMCG companies score high on dividend stability and consistency as lagged dividend and PAT are important factors governing dividend payout. The quality of cash flows, which is the measure of the liquidity of the company and the size of the company, has been found to be irrelevant in determining the distribution of dividends. Future growth and expansion opportunities are found to be negatively related to the dividend payout ratio. The more growth and investment opportunities available to the company, the lower the incentive to pay dividends while retaining a larger share of profits. The regression results also reveal a negative and significant relationship with retained earnings and capital expenditures during the current year, which is in accordance with the existing literature. A company that prefers to retain profits to finance capital expenditures with internal resources pays fewer dividends than a company that finances capital expenditures from external sources. The more profits a company retains, the lower the dividend it pays out. (Hierarchical order hypothesis). The results are robust as the conclusions are the same for both an analysis of the raw data on anomalous returns and for the FGLS regressions controlling for possible confounding factors. These findings are consistent with the information content of the dividend hypothesis and have important implications for event studies where clustering is problematic. The results of this study support the initial hypothesis that investor expectations, and therefore the amount of information conveyed by dividend change announcements, vary with respect to market phase. The differences between market phases are significant for both dividend increase announcements (good news) and dividend decrease announcements (bad news). Furthermore, the conclusions are the same for both statistical tests and cross-sectional regressions. The confounding influence of market phase on dividend change announcements has clear implications for research design in dividend studies, especially where clustering is problematic. AND.