DIVIDEND ANNOUNCEMENT SECURITY PERFORMANCE AND CAPITAL MARKET EFFICIENCY, THE NIGERIA PERSPECTIVE

DIVIDEND ANNOUNCEMENT SECURITY PERFORMANCE AND CAPITAL MARKET EFFICIENCY, THE NIGERIA PERSPECTIVE

PROPOSAL: The main purpose of conducting this research is to ex ray the effect of dividend announcement on security prices in order to determine whether the Nigeria capital market is efficient and at what form of its efficiency. Many searchers have attempted to determine the efficiency from of Nigeria capital market. Empirical results observed from their research has tended to suggest that the efficiency  from of Nigeria capital market is weak and others, in the semi- strong form. However very jew have attempted to analyze the effect of dividend announcement do have impact on stock priles. This observation to the best of my knowledge have not been reasonable or scientifically studied in Nigeria. Considering the act that Nigeria capital market. Is under development assessing relevant information was discover pain staking there were no easy reliable published data on divided  announcement as it is prevent in other advanced economic like USA limited period of time and unavailability of appropriate research facilities contribute  their quota as hindrance to this research work. But base on the jew available relevant data, decision was made to address this research work on a small sample size and upon securities on the first tier market so that to give dividend announcement in information starting from the ones previously announced. This information will affect the stock prices spontaneously. And at the this research will equally lends credence to the observation that Nigeria capital market is efficient in the semi strong form.

TABLE OF CONTENT

Chapter 1:       Introduction

1. Background of the Problem
2. Statement of the Problem
3. Objectives of the Research
4. Research Questions
5. Statement of Hypothesis
6. Scope  of the study and Its Delimitation
7. Organization of the Report

Chapter 2:  Literature Review

1. Evolution of the Nigeria Capital Market.
2. Major Participation’s in the Nigerian Capital Market
   1. The Central Bank of Nigeria
   2. Development Finance Institutions
   3. Issuing Houses
   4. Stock broking firms
   5. Securities and Exchange Commission
   6. Stock Exchange
   7. Share Registrars
   8. Commercial Banks
   9. Insurance companies and Pensims / Provident funds
3. Dividend
   1. Forms of Dividend
   2. Factors influencing Dividend Policy
   3. Stability of Dividend
   4. Relationship between Dividend and Share prices
   5. Information content of Dividends
   6. Random Walk Theory of Share Price Movements
   7. Random Walk and an Efficient Stock Market
   8. Varying Degrees Efficiency
   9. Week form Tests or Weak form of Efficiency
   10. Semi-strong form Tests and semi-strong Efficiency
   11. Strong form Tests and Strong Form Efficiency
   12. Implications of Efficient Market Hypothesis
   13. Empirical Studies of Capital Market Efficiency in Nigeria
   14. Dividend Announcement and Capital Market Efficiency.

Chapter 3:  Research Methodology

1. research Design
2. Sources of Primary & Secondary Data
3. Population & Sample
4. Data Collection Techniques
5. Data Analysis Technique
6. Hypothesis Test Statistic
7. Limitation of Research Methodology

Chapter 4:  Analysis and Presentation of Data.

DIVIDEND ANNOUNCEMENT SECURITY PERFORMANCE AND CAPITAL MARKET EFFICIENCY, THE NIGERIA PERSPECTIVE