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Signalling with Dividends?: Signalling with Dividends? New Evidence from Europe - Couverture souple

Vieira, Elisabete

 
9783639217049: Signalling with Dividends?: Signalling with Dividends? New Evidence from Europe
Couverture souple
ISBN 10 : 3639217047 ISBN 13 : 9783639217049
Editeur : VDM Verlag Dr. Müller, 2009

Synopsis

The dividend policy is one of the most debated topics in the finance literature. The information content of dividends has motivated a significant amount of theoretical and empirical research. After accounting for non-linearity in the mean reversion process, our global results do not give support to the assumption that dividend change announcements are positively related with future earnings changes. Nevertheless, we found some evidence, especially in the UK market, of the window dressing phenomenon and the maturity hypothesis. We introduce a new approach to investigate the relationship between the market reaction to dividend changes and future earnings changes with the purpose of understanding why the market sometimes reacts negatively (positively) to dividend increases (decreases). Moreover, we try to identify firm-specific factors that contribute in explaining the adverse market reaction to dividend change announcements. The evidence suggests that firms with a negative market reaction to dividend increase announcements have, on average, higher size, lower earnings growth rate and lower debt to equity ratios.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

The dividend policy is one of the most debated topics in the finance literature. The information content of dividends has motivated a significant amount of theoretical and empirical research. After accounting for non-linearity in the mean reversion process, our global results do not give support to the assumption that dividend change announcements are positively related with future earnings changes. Nevertheless, we found some evidence, especially in the UK market, of the window dressing phenomenon and the maturity hypothesis. We introduce a new approach to investigate the relationship between the market reaction to dividend changes and future earnings changes with the purpose of understanding why the market sometimes reacts negatively (positively) to dividend increases (decreases). Moreover, we try to identify firm-specific factors that contribute in explaining the adverse market reaction to dividend change announcements. The evidence suggests that firms with a negative market reaction to dividend increase announcements have, on average, higher size, lower earnings growth rate and lower debt to equity ratios.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
VDM Verlag Dr. Müller
Date d'édition
2009
Langue
anglais
ISBN 10 
3639217047
ISBN 13 
9783639217049
Reliure
Broché
Nombre de pages
368
Coordonnées du fabricant
non disponible
Personne responsable
non disponible