This paper uses cointegration and causality tests to study the temporal behavior of dividends and earnings at the individual firm level. We find that, for a sample of 143 non-utility firms, approximately one-fifth of the firms exhibits a temporal relationship between dividends and earnings that...

A wealth transfer from bondholders to stockholders is one of several hypotheses used to explain stockholder gains on the announcement of a spin-off. However, previous empirical research has not found systematic evidence supporting the wealth expropriation hypothesis. Using a larger sample with...

The stock market in Thailand experienced several apparent boom and bust cycles in recent years, which raises the question of whether equity prices in Thailand reflect their fundamental values. This paper examines whether the Thai equity market was characterized by rational expectations bubbles...