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 …

We investigate a consumption-based present value relation that is a function of future dividend growth. Using data on … aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend … growth make an important contribution to fluctuations in the U.S. stock market, despite the failure of the dividend …

(using short-term a discrete event). After a firm has declared a dividend (i.e., after the news release), but in the few days … that precede the payment date, an investor in the traded equity owns a claim to the dividend cash plus the remaining firm … equity within the corporate shell. After the payment date, the shell contains only the dividend-sans-cash firm equity. The …

explanation for the heretofore puzzling finding that, following the unprecedented 2003 reduction in dividend tax rates, non-dividend …-paying firms outperformed dividend-paying firms. Not surprisingly, we find that non-dividend-paying firms are more financial … constrained than dividend-paying firms are. When a firm's financial constraint and dividend choice are jointly considered, we find …

dividend yield is typically viewed as a reflection of either changing risk, related to the business cycle, or irrational … mispricing. Extending the work on asset allocation and dividend yield by Kandel and Stambaugh (1996) to accommodate variation in …

dividend yield in real terms was slightly in excess of is 5% per annum, while the long-term price growth was near zero. The … company's unique full-payout dividend policy allows us to estimate an asset pricing model with fundamentally persistent …

less risky in equilibrium. The model also replicates the failure of the unconditional CAPM in pricing the cross section of …