Daniel, Naveen D.; Denis, David J.; Naveen, Lalitha - In: Journal of Accounting and Economics 45 (2008) 1, pp. 2-26
Dividend-paying firms tend to manage earnings upward when their earnings would otherwise fall short of expected dividend levels. This behavior is evident only in firms with positive debt and is more aggressive prior to the Sarbanes-Oxley Act, subsequent to the 2003 dividend tax cut, in...
