von Eije, Henk; Goyal, Abhinav; Muckley, Cal B. - In: Journal of Econometrics 183 (2014) 2, pp. 222-229
We study the influence on firm risks of NASDAQ and NYSE firm payout initiations and omissions. These payout events can … estimate the effect of the information content of actual initiations and omissions on firm risks. We find consistent … significant declines in total, aggregate systematic, and idiosyncratic firm risks after cash dividend initiations and increases …