Paper Title
The Effect Of Dividend Announcements On Stock Prices In Capital Market Of Bangladesh: The Case Of Dhaka Stock Exchange

Abstract
This study analyzes the effect of different types of dividend announcements on the stock prices in Dhaka Stock Exchange during both bullish market in 2010 and bearish market in 2011. The different types of dividends are cash dividend, stock dividend, and combination of cash and stock dividend. The study empirically examines the abnormal returns in the prices of stocks listed with Dhaka Stock Exchange occurringas a result of cash dividend announcements only, stock dividend announcements only and combined cash and stock dividend announcements during 2010 and 2011 using conventional event study approach especially market adjusted model. The study concluded that there are significant negative abnormal returns in stock prices as a result of cash dividend announcements, but no significant abnormal returns in stock prices in response to stock dividend announcements, and combined cash and stock dividend announcements during both bullish market in 2010 and bearish market in 2011.