Dividend rate and variation in share prices: an exploration into their inter-relationship by R. H. Dholakia and Ramesh Bhat (Working Paper, No. 1986/638) Dholakia, R. H.

By: Dholakia, R. H
Material type: TextTextPublisher: Ahmedabad Indian Institute of Management 1986Description: 18 p.Subject(s): Dividend | Share prices | Securities market - IndiaDDC classification: WP 1986 (638) Summary: Return and risk are the two acknowledged characteristics affecting investment decision of investors in securities market. The literature on the relationship between these two characteristics provides ample evidence about the inter dependencies between them. The present study takes a view that risk should not be considered a one dimensional variable. An attempt has therefore been made in the present paper to decompose this characteristic into risk in dividend and uncertainty in capital gains. Two alternative explanations for the nature of their inter dependencies have been proposed. The study uses a sample of 269 companies and provides cross-section - one period analysis of dividend and share price variables. The empirical evidence supports the hypothesized relationships between the two dimensions of risk.
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Return and risk are the two acknowledged characteristics affecting investment decision of investors in securities market. The literature on the relationship between these two characteristics provides ample evidence about the inter dependencies between them. The present study takes a view that risk should not be considered a one dimensional variable. An attempt has therefore been made in the present paper to decompose this characteristic into risk in dividend and uncertainty in capital gains. Two alternative explanations for the nature of their inter dependencies have been proposed. The study uses a sample of 269 companies and provides cross-section - one period analysis of dividend and share price variables. The empirical evidence supports the hypothesized relationships between the two dimensions of risk.

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