I know that the fiscal year in USA from 1 October till 30 September.

I'd like to know: is whether there a dependence between a declaration date and an end of fiscal year? I think this dependence should be have impact on a stopping time (early exercise) of american-style options.

In some countries the companies are decrarate an amount of dividends from February till July, and the payout of dividends happens 4-6 months later in one payment.

  • $\begingroup$ It is true that "The United States federal government's fiscal year is the 12-month period ending on 30 September of that year, having begun on 1 October of the previous calendar year." But US companies do not necessarily follow this fiscal year. $\endgroup$
    – nbbo2
    Nov 29, 2016 at 13:59

1 Answer 1


What do you mean by annotation date, there is a declaration(announcement) date, ex-date, record date but I've never heard of an annotation date. Dividends are not decided always at the fiscal year end, in some countries they are approved by the shareholders general meeting which can happen at any time during the year, some companies pay quarterly, others annually, etc..

I don't think there is a systematic link between the declaration/ex date of dividends and the fiscal year, as the rules and payment period vary wildly from one country to another.

Some examples :

  • France, Germany, traditionally paid in April-May but this has been slowly changing recently with more semi-annual payments, (fiscal year from Jan to Dec)

  • Japan, big waves of dividends ex-dates at quarter ends (24 dec, 24 mar, etc., most of it in September end), but the amount can change between the ex-date and the payment date which can be 2 to 3 months later (fiscal year end in march) so you need to double guess the estimate...

  • Taiwan, China, dividend period in the summer with fiscal year end in December

  • US, no particular dividend season

So from these examples you could deduce that dividend ex-date season is usually 3 to 6 months after fiscal year end, when there is a dividend season.

  • $\begingroup$ thanks for the answer, it is my trouble I could not correctly specified the term. I think the declaration (announcement) date is actually what I'm looking for. $\endgroup$
    – Nick
    Nov 30, 2016 at 3:53

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