Yes. We show that dividend changes contain information about highly persistent changes in future economic income. Three methodological differences lead us to different conclusions from the extant literature: (i) we use an “event window approach” to cleanly delineate earnings after dividend...

We show analysts’ own earnings forecasts predict error in their own forecasts of earnings at other horizons, which we argue provides a measure of the extent to which analysts inefficiently use information. We construct our measure by exploiting two sources of variation in analysts’...

We show analysts’ own earnings forecasts predict error in their own forecasts of earnings at other horizons, which we argue provides a measure of the extent to which analysts inefficiently use information. We construct our measure by exploiting two sources of variation in analysts’...

We provide empirical evidence that the level of the dividend signals long-horizon future earnings and that the earnings information embedded in the dividend has implications for expected returns. From an earnings information perspective, we show the level of the dividend is associated with up to...

We identify a novel bias in analyst forecasts, after revision bias, which we identify by examining an analyst's reports after his final earnings forecast of the quarter. We document that (i) qualitative predictions from the text of reports, (ii) share price target revisions, and (iii) revisions...

In frictionless markets dividends are irrelevant to firm value (Miller and Modigliani 1961), but in practice we propose that they affect valuation and stewardship, roles traditionally filled by accounting information. Using a variety of econometric methods to control for differences between...

We examine whether dividends serve as substitutes or complements to accounting information in firm valuation. Consistent with dividends substituting for earnings information, we find that dividend paying firms have 11%–15% lower earnings response coefficients (ERCs) than non-payers. We find...