Evidence is scarce and inconclusive on the announcement effect of dividend changes on bondholders due to poor quality and availability of bond price data. This paper fills this gap using daily bond transaction data from the over-the-counter market. Most of my results are more consistent with the...

This study investigates odd lot trading, both odd lot trades and odd lot orders, around quarterly earnings announcements to determine whether or not odd lot traders are informed regarding the information contained in earnings announcements. We find that pre-announcement odd lot order imbalances...