If investors perceive dividend changes as providing signals about specific firms' future prospects, it can be argued that the magnitude of stock price reactions to dividend change announcements will vary with the relative importance of the firms' specific information in their return dynamics. We...

We analyse interactions of simultaneous shifts in comprehensive balance sheet items annually and identify common (latent) factors, which are consistent across years. Five factors are interpreted to reflect five major decisions in businesses: Financial Flexibility, Short-term Credit, Long-term...