Μερισματική πολιτική - μια ανάλυση εταιριών του Χρηματιστηρίου Αξιών της Γερμανίας & της Αμερικής
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Keywords
Μερίσματα ; Μερισματική πολιτική ; Ποσοστό διανεμόμενων κερδών ; Θεωρία του κύκλου ζωής ; Μοντέλο του Lintner ; Μετοχές ; Ομόλογα ; Καταθέσεις ; Αποδοτικό σύνορο ; Θεωρία κεφαλαιαγοράς ; Θεωρία χαρτοφυλακίου ; Κίνδυνος ; S&P 500 ; CDAX ; CAPM ; MarkowitzAbstract
The purpose of this research is to study the dividend policy of the countries of Germany and the US and whether this can be predicted. We analyze both the overall market of each country using the S&P 500 Index for the US market and the CDAX Index for the German market, as well as the sub-sectors that are included in each market. Our sample consists of 180 S&P 500 companies and 44 CDAX index companies. The main limitation of this research is the sample size, especially regarding the CDAX index. Our results have shown that the dividend per share is increasing as the capitalization of the company increases, according to the bibliography. Furthermore, the dividend is statistically different depending on the industry, in most cases. Finally, a strong positive correlation of dividends from the previous period with current dividend shares and earnings per share for the current period was estimated.