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 …

We analyze a firm's choice between dividend payments and stock repurchases under heterogeneous beliefs and the … of its equity, choose between paying out its cash available through a dividend payment or a stock repurchase, as well as …. Finally, we develop a number of new results characterizing a firm's long-run stock returns following dividend payments and …

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 …

. Dividend-paying firms show less evidence of earnings management. Furthermore, nondividend payers changed earnings announcement … behavior more than dividend payers following the Sarbanes-Oxley Act, a law that increased financial disclosures …

-to-one basis. This result is sometimes known as dividend displacement. Nonetheless, dividend displacement tends to be rejected by … models is the cause of the rejection of dividend displacement for regular or total dividends. Our results suggest that this … various empirical results suggests that the results concerning dividend displacement when lagged market value is included in …

examine the effect of this asymmetric cost behavior on a firm's dividend policy. Given investors' aversion to dividend cuts … because they are less able to sustain any higher level of dividend payouts in the future. We find evidence consistent with … dividend payouts is driven by resource adjustment costs. Our paper sheds new light on the determinants of dividend policy and …

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 five-year ahead earnings, incremental to earnings releases after the dividend …