information-sensitive depositors (institutional investors) are targets of dividend signaling by banks. We use a unique database of … firms and individuals, which are potential targets of dividend signaling. We also exploit the features of the Brazilian … dividend-signaling. Finally, we find a negative relationship between dividends and the capital adequacy ratio, which indicates …

We investigate how private information in stock prices impacts quarterly dividend changes. We find that the positive … relationship between past returns and current dividend changes strengthens when returns convey more private information. This … dividend policy. This study highlights private information in stock prices as an important determinant of dividend policy and …

This study tests the signaling theory of dividends by investigating the stock price reaction to dividend announcements … results indicate significant abnormal stock returns are associated with announcements of dividend changes. The results are … robust to alternative models of dividend expectations, after controlling for the impact of earnings announcements, and are …

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 examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between … managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information … lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends …

We examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between … managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information … lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends …

This paper examines the relationship between previous dividend payment policy and the cumulative abnormal return around … non-dividend firms or with no change in dividend payment than to those of dividend paying or changing in dividend payment … firms. We also provide evidence that dividend activities mitigate the effect of information asymmetry caused by ownership …

This paper examines a firm's dividend reduction timing relative to other dividend reductions in the same industry. It … tests if the timing of dividend cuts is informative in firm valuation. The findings suggest that during periods of less … necessary dividend reductions to take advantage of such opportunities. When external financing is more accessible, firms with …

for dividend catering has been weak. Using aggregate data on real earnings per share and payout ratios, long time series … a VECM approach), we find evidence on dividend signaling as well as the stickiness of dividends. However, we also find …

We examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between … managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information … lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends …