Kosedag, Arman; Qian, Jinhu - In: The International Journal of Business and Finance Research 3 (2009) 1, pp. 47-57
Previous studies find that stock price reactions to dividend announcements are positively related to dividend yield, consistent with the dividend-clientele hypothesis. In this paper, we argue that this yield-related clientele effect can be attributed to estimation biases in using preannouncement...