The main goal of this paper is to investigate the impact of dividend payments on common stock prices using a panel of listed firms in Tunis Stock Exchange for a period from 2000 to 2008. Our empirical investigations reveal that Tunisian investors reward firms paying cash dividends. This result is very interesting because it begs the question on the intention of Tunisian managers to pay dividend when investors put a stock price premium on payers as the catering theory suggests.