We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine … interaction effect.The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other … more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice …

This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of … dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, we find that … the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut. Consistent with the signalling …

We propose and implement a new test of the dividend signaling hypothesis that is designed to discriminate between … dividend signaling and other theories that would account for the apparent existence of a dividend preference. Our test refines … the use of data on stock price responses to dividend announcements. In particular, we study the effect of dividend …

firm shifts its dividend risk to the upside, which amplifies the overvaluation and explains the premium. Second, we argue … market through a higher share price, but is inefficient from the perspective of dividend value …

This paper examines the empirical relation between stock returns and dividend yields. Several equilibrium pricing …

, with a given dividend process, one of the processes of the expected return, the stock volatility, or the price-dividend … the dynamics of the expected return and the price-dividend ratio. By parameterizing one or more of expected returns …

We empirically decompose the S&P 500's dividend yield into (1) a rational forecast of long-run real dividend growth, (2 …) the subjectively expected risk premium, and (3) residual mispricing attributed to the market's forecast of dividend growth …