Is Negative Dividend News Good for the Stock Price?

Last week there were several companies that cut or suspended their dividend payments. As part of my studies to uncover market inefficiencies pertaining to dividend stocks I am measuring the performance of those dividend suspenders or cutters. As part of my sample I am measuring stocks which trade at least several hundred thousand shares per day. I am also measuring the decline or advance based off the opening price for the day on which the dividend cut or suspension was announced. This would be the price at which an ordinary dividend investor could have traded stocks after learning the news.