Chen, Sheng-Syan; Fu, Kuei-Chin - In: Review of Pacific Basin Financial Markets and Policies … 14 (2011) 03, pp. 563-600
This paper measures unexpected dividend changes in testing the free cash flow and information/signaling hypotheses using the Bar–Yosef/Sarig method. The empirical findings reveal the following: (i) The association between announcement period abnormal returns and the cash level is significantly...