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Complex Systems and Complexity Science >

2024 , Vol. 21 >Issue 4: 73 - 80

DOI: https://doi.org/10.13306/j.1672-3813.2024.04.012

Research Papers

Analysis on the Influence of Dividend Volatility on the Evolution Characteristics of Stock Price

  • GUO Zhanbing ,
  • ZHANG Panpan ,
  • MA Yufan ,
  • GUO Zhanbing ,
  • ZHANG Panpan ,
  • MA Yufan
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  • School of Economics and Management, Hebei University of Technology, Tianjin 300401, China

Received date: 2023-02-12

  Revised date: 2023-04-16

  Online published: 2025-01-03

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Abstract

To explore the impacts of dividend volatility on the evolution characteristics of stock prices, this paper constructs a heterogeneous investor model, and analyzes this model through theoretical derivation, numerical simulation and empirical testing. The main research conclusions include: The state of stock price evolution is sensitive to the learning intensity of the trend investors. When the learning intensity is low, the stock price would converge to its basic value. When a certain threshold is exceeded, the stock price deviates from its basic value and shows a new equilibrium. With the further increase of learning intensity, the stock price will show a closed-loop cyclic solution. There is also a threshold for the dividend volatility. The impacts of dividend volatility on the volatility of stock price are in the opposite direction on two sides of this threshold.

Key words： dividend fluctuation; the evolution characteristics of stock price; time-varying risk aversion; dynamic financial system

Cite this article

GUO Zhanbing , ZHANG Panpan , MA Yufan , GUO Zhanbing , ZHANG Panpan , MA Yufan . Analysis on the Influence of Dividend Volatility on the Evolution Characteristics of Stock Price[J]. Complex Systems and Complexity Science, 2024 , 21(4) : 73 -80 . DOI: 10.13306/j.1672-3813.2024.04.012

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