Grullon, Gustavo; Michaely, Roni; Swaminathan, Bhaskaran - In: The Journal of Business 75 (2002) 3, pp. 387-424
Firms that increase (decrease) dividends experience a significant decline (increase) in their systematic risk. The dividend-increasing firms do not increase their capital expenditure and experience a decline in profitability in the years after the dividend change. The positive market reaction to...