Conroy, Robert M.; Eades, Kenneth M.; Harris, Robert S. - In: Journal of Finance 55 (2000) 3, pp. 1199-1227
We study the pricing effects of dividend and earnings announcements by taking advantage of the unique setting in Japan where managers simultaneously announce the current year's dividends and earnings as well as forecasts of next year's dividends and earnings. Defining surprises as deviations...