econometric methods to control for differences between dividend paying and non-dividend paying firms, we show weaker price and … volume reactions to earnings announcements (EAs) for payers, consistent with investors using dividend information as a … (higher) for dividend payers relative to non-payers, consistent with managers responding to the decreased attention to …

. 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 more substitution when the dividend provides a stronger signal of … permanent earnings: when the firm is less likely to cut the dividend, when the firm is likely to fund the dividend out of …

dividend announcements. When dividend changes confirm preceding earnings changes, our model predicts inverse u-shaped investor … revisions conditional on the prior expectations for noisy dividend signals. As the dividend signal becomes more informative our … perfectly informative dividend signals. When dividend changes contradict preceding earnings changes, our model predicts u …

show that auditors charge lower fees to dividend-paying clients than to non-dividend-paying clients and the average fee … dividend firms; and dividend payouts mitigate the positive relation between earnings manipulation risk and audit fees. Our … by showing that auditors reflect the earnings quality information content of firms' dividend policies in their pricing …

International Financial Reporting Standards (IFRS), we investigate whether and how dividend payouts based on unrealized revaluation … earnings affect a firm's default risk. Our results indicate that in the era of fair value accounting, whether the dividend …

dividend announcements. When dividend changes confirm preceding earnings changes, our model predicts inverse u-shaped investor … revisions conditional on the prior expectations for noisy dividend signals. As the dividend signal becomes more informative our … perfectly informative dividend signals. When dividend changes contradict preceding earnings changes, our model predicts u …

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining … the effect of management forecasting ability. Although prior studies have examined the relationship between dividend … changes and future earnings, the empirical evidence is mixed. The belief that dividend changes have implications for future …

.e., where dividends have limited or no signaling implications) and varies in a predictable manner with dividend payouts and cost …