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When dividends speak: a comparative study of how tech and industrial markets listen differently
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This thesis explores differing impacts of dividend signaling theory on U.S. firms' stock prices in the
technological and industrial sectors from 2010–2020. It examines abnormal returns around dividend
initiations and omissions across various event windows, to assess short- and long-term market
reactions. Results show that, in the tech sector, dividend initiations yield positive abnormal returns,
while omissions have negative effects. Comparatively, in the industrial sector, omissions produce
stronger negative reactions, whereas announcements show minimal impact, consistent with the
Efficient Market Hypothesis. These cross-sectoral differences arise from contrasting investor
profiles, and contribute with valuable insights to investors, managers, and policymakers.
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Event study Comparative analysis Technological sector Industrials sector Dividend pPolicy