This paper investigates the impact of the coronavirus disease 2019 pandemic on investors' trading behaviors around ex-dividend dates in Europe. The sudden decrease in the number of companies paying dividends reduced the opportunities to capture dividends. Thus, the firms that maintained dividend payments during the pandemic attracted more interest than before. This led to a doubling in the magnitude of stock return patterns usually observed around ex-dividend days. Our evidence indicates that dividend-seeking investors are likely to be the main driver of the price patterns observed around ex-dividend dates.

中文翻译：

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在 COVID-19 大流行期间追逐红利

本文调查了 2019 年冠状病毒病大流行对欧洲除息日前后投资者交易行为的影响。支付股息的公司数量突然减少，减少了获得股息的机会。因此，在大流行期间维持股息支付的公司比以前吸引了更多的兴趣。这导致通常在除息日前后观察到的股票回报模式的幅度翻了一番。我们的证据表明，寻求股息的投资者可能是除息日前后观察到的价格模式的主要驱动力。