Goddard, John; McMillan, David G.; Wilson, John O.S. - In: Managerial Finance 32 (2006) 6, pp. 493-504
Purpose – We test for the validity of the smoothing and signalling hypotheses of dividend determination. Design/methodology/approach – Using a VAR framework we examine the dynamic behaviour of share prices, dividends and earnings for 137 UK manufacturing and service companies, observed over...