Abstract:

This work seeks to investigate the behavior and rationality of investors in Brazil. For this, it tests the behavior of stock prices on the day of Ex-dividends or Ex-interest, due to the price of the previous Ex-day (Ex-1). The sample consists of 144 events and was built with shares that made up the dividend index of the Brazilian stock exchange in all portfolios launched during the years 2018 and 2019. The results show that of the 144 events analyzed, 27% of the records presented the share price on the Ex-dividend date higher than the price registered on the previous date (Ex-1), when the share was entitled to receive the announced dividends. These findings are useful for the scientific literature that investigates finance by bringing empirical evidence about the behavior of Brazilian investors, as well as for portfolio managers and other economic agents.

Keywords:

Dividends, Ex-Date, Dividend Index, Brazilian stocks.

JEL Classification:

E44, G11, G12, G14.

How to Cite:

Djalma Otávio Moreaux Nunes, Sérgio Jurandyr Machado, Mathias Schneid Tessmann and Alexandre Vasconcelos Lima. Does the Ex-dividend Date Impact Price Variations in the Brazilian Stock Market?. [ref]: vol.22.2024. available at: https://refpress.org/ref-vol22-a29/