LIU, YI; SZEWCZYK, SAMUEL H.; ZANTOUT, ZAHER - In: Journal of Finance 63 (2008) 2, pp. 987-1020
Using a sample of 2,337 cash dividend reduction or omission announcements over the 1927 to 1999 period, this study reports significant negative post-announcement long-term abnormal returns, which last 1 year only. However, this long-term abnormal performance is driven by the...