Chinese companies report year-end earnings and dividends simultaneously, so when the two sets of news are in conflict, the relative importance of earnings versus dividends can be disentangled. Chinese dividend announcements take precedence over earnings news, as revealed by Cumulative Absolute...

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...