THE IMPACT OF DIVIDEND POLICY AND EARNINGS ON STOCK PRICES OF NIGERIA BANKS

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