THE IMPACT OF DIVIDEND POLICY AND EARNINGS ON STOCK PRICES OF NIGERIA BANKS
TABLE OF CONTENTS
Title Page – – – – – – i
Declaration – – – – – – ii
Approval Page – – – – – – iii
Dedication – – – – – – iv
Acknowledgement – – – – – – v
List of Tables – – – – – – ix
Abstract – – – – – – x
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study – – – – – 1
1.2 Statement of Problem – – – – – 4
1.3 Objectives of the Study – – – – – 5
1.4 Research Questions – – – – – 6
1.5 Research Hypotheses – – – – – 6
1.6 Scope of the Study – – – – – 6
1.7 Significance of the Study – – – – – 7
References
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Dividend Policies And Earnings – – – – 10
2.2 Types of Dividends – – – – – 17
2.3 Methods of Dividend Payment – – – – 18
2.4 Dividend Announcements and Stock Returns – – 19
2.5 Dividend Policy and Asymmetric Information – – 21
2.6 Stock Prices and Dividend Announcements – – – 23
2.7 Stock Prices, Dividends And Semi-Strong Market Efficiency 25
2.8 Stock Splits on Price And Liquidity – – – – 26
2.9 Corporate Dividend Policy Determinants – – – 27
2.10 Shareholders Earnings (EPS) and the Firm – – – 29
References
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Design – – – – – 40
3.2 Nature and Sources of Data – – – – – 40
3.3 Population and Sample Size – – – – – 40
3.4 Model Specification – – – – – 41
3.5 Model Justification – – – – – 42
3.6 Description of Research Variables – – – – – 43
3.6.1 Dependent Variable – – – – – 43
3.6.2 Independent Variables – – – – – 43
3.6.3 Control Variables – – – – – 44
3.7 Techniques of Analysis – – – – – 44
References
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation of Data – – – – – 47
4.2. Test of Hypotheses – – – – – 50
4.2.1 Test of Hypothesis One – – – – – 50
4.2.2 Test of Hypothesis Two – – – – – 51
4.2.3 Test of Hypothesis Three – – – – – 53
4.3 Comparaism Of Results with Objectives – – – – 54
4.3.1 Objective One: To determine the impact of dividend yield on stock
prices of Nigerian banks – – – – – 54
4.3.2 Objective Two: To determine the impact of earnings yield on stock
prices of Nigerian banks – – – – – 55
4.3.3 Objective Three: To determine the impact of dividend payout ratio
on stock prices of Nigeria banks. – – – – – 55
Reference
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings – – – – – 59
5.2 Conclusion – – – – – 59
5.3 Recommendations – – – – – 60
5.4 Contributions to Knowledge – – – – – 61
Bibliography