Dividend announcement and the value of sentiment analysis

Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Kondratenko, Anna; Lozano Reina, Gabriel

Publication:
Dividend announcement and the value of sentiment analysis

dc.contributor.author	Álvarez Díez, Susana
dc.contributor.author	Baixauli Soler, Juan Samuel
dc.contributor.author	Kondratenko, Anna
dc.contributor.author	Lozano Reina, Gabriel
dc.contributor.department	Organización de Empresas y Finanzas
dc.contributor.other	Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas	es
dc.date.accessioned	2024-03-18T11:14:38Z
dc.date.available	2024-03-18T11:14:38Z
dc.date.issued	2024-02-26
dc.description	© 2024. The authors. This document is made available under the CC-BY-NC 4.0 license http://creativecommons.org/licenses/by-nc /4.0/ This document is the accepted version of a published work that appeared in final form in Journal of Management Analytics. To access the final work, see DOI: https://doi.org/10.1080/23270012.2024.2306929	es
dc.description.abstract	Payout policy constitutes one of the most important corporate financial decisions since dividends are essential factors in determining a firm’s value. A dividend announcement generates a market signal which translates into changes in stock returns, impacting short-term price fluctuations and producing abnormal returns. The sample consists of 394 companies listed on the S&P500 index, from which 1574 dividend announcements and 7222 news items are derived during the years 2022–2023. News pieces are obtained from 58 specialized sources, and ChatGPT is used to automate the sentiment extracted from them. Using sentiment analysis, this paper shows the key role played by sentiments derived from financial news posted just after dividend announcements in predicting market reaction and helping investors to select optimal investment strategies. This paper contributes to the current literature, highlighting the influence that sentiments have on determining stock market returns.	es
dc.format	application/pdf	es
dc.format.extent	31	es
dc.identifier.citation	Journal of Management Analytics, Vol. 11 No. 2, pp. 161-181, 2024
dc.identifier.doi	https://doi.org/10.1080/23270012.2024.2306929
dc.identifier.issn	Print: 2327-0012
dc.identifier.issn	Electronic: 2327-0039
dc.identifier.uri	http://hdl.handle.net/10201/140283
dc.language	eng	es
dc.publisher	Taylor & Francis Group	es
dc.relation	This work was supported by the Fundación Cajamurcia.	es
dc.relation.publisherversion	https://www.tandfonline.com/doi/full/10.1080/23270012.2024.2306929?src=	es
dc.rights	info:eu-repo/semantics/openAccess	es
dc.rights	Atribución-NoComercial 4.0 Internacional	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc/4.0/	*
dc.subject	Payout policy	es
dc.subject	Dividend announcement	es
dc.subject	Sentiment analysis	es
dc.subject	Financial news	es
dc.subject	Market reaction	es
dc.subject	Investment strategies	es
dc.title	Dividend announcement and the value of sentiment analysis	es
dc.type	info:eu-repo/semantics/article	es
dspace.entity.type	Publication	es