This study investigates if the results distribution policy is capable of changing the price of a company's shares. The objective of this work is to discuss the impact that paying dividends has on the share price on the ex dividend date of mature and expanding companies; it also considers the effect that the type of share (ordinary or preference) has on the results. To do so the panel data methodology was adopted, which segmented the sample from Kohonen's self-organizing maps. The results reveal that the short term strategy of buying shares on the last with dividend date and selling on the first ex-dividend date and collecting the dividends is capable of producing capital losses that are up to four times larger than the net gain from the dividends that are received.
Dividends; mature companies; expanding companies; study of events; Kohonen Maps
