Hobbs, J.; Schneller, M. I. - In: Applied Financial Economics 22 (2012) 17, pp. 1395-1408
We examine the ‘disappearing dividends’ era documented by Fama and French (2001) with respect to the traditional theory of signalling, wherein the positive signal is one of high future cash flows and continued payments. We report several new findings. First, during the disappearing dividends...