Repositorio Institucional Universidad EAFIT ::Examinando por Materia "DIVIDENDOS

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Evaluación de la eficiencia del mercado accionario colombiano frente al período exdividendo. Un análisis empírico en Python
(Universidad EAFIT, 2025) Agudelo Quintero, Laura Carolina; Cardona Llano, Juan Felipe
The ex-dividend period generates a price adjustment that directly impacts investor returns. These variations depend on the timing of the market price measurement, whether before or after the ex-dividend date. Although in theory, the stock price should decrease by an amount equivalent to the dividend paid, this adjustment does not always occur proportionally. Therefore, this research aims to analyze and model the price behavior of three stocks in the Colombian stock market using statistical tools in Python, by means of historical information on the common stock prices of Bancolombia S.A., Ecopetrol S.A., and Grupo de Inversiones Suramericana S.A., along with dividend payment dates, in order to perform a comparative measurement of returns before and after the ex-dividend period. The objective is to identify potential abnormal returns that allow for an evaluation of the stock market's efficiency. This analysis is based on the efficient markets hypothesis in its semi-strong form, which states that financial asset prices immediately reflect all publicly available information, as suggested by the theoretical approach developed by Eugene Fama.