This paper examines a firm's dividend reduction timing relative to other dividend reductions in the same industry. A … model is proposed where the timing of dividend cuts signal true firm value. It is suggested that during periods of less … make necessary dividend reductions, to take advantage of such opportunities. When external financing is more available …

-listing events, we find that firms reach a new equilibrium dividend policy after a shift in the level of shareholder protection and … the direction of the dividend adjustment depends on the pre-cross-listing locus of control. Exchange-traded cross …-listings can afford to decrease dividend payouts as they substitute dividends with better corporate governance. However, dividend …

Dividend reductions have long been considered a "last resort" action for firm managers. Managerial reluctance to reduce … dividends emanates from the view that dividend drops signal managerial pessimism regarding future earnings. Contrary to … expectations, studies show that earnings rebound significantly following a dividend reduction; yet investors react negatively to …

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

-averse to dividend cuts. We apply our framework to study how firm's characteristics and manager's incentives affect payout … less likely to pay dividends. Third, there is a clientele effect that is investors' preferences impact the dividend policy …. We show that if firm's investors are less sensitive to dividend cuts then the firm is less likely to pay dividends …

infrequent stock dividend distributors have higher post-distribution operating performance relative to frequent distributors. We … also find that the illiquidity measure is significantly related to the announcement effect only for frequent stock dividend …

driven by dividend smoothing. Thus, the empirical tests of dividend signaling theory might be misspecified …This paper uses a dynamic partial equilibrium model to explain a puzzle of dividend smoothing. In contrast to the … Modigliani–Miller theory, I show that firm value depends on payout policy. The analysis implies that firms with more stable …

driven by dividend smoothing. Thus, the empirical tests of dividend signaling theory might be misspecified …This paper uses a dynamic partial equilibrium model to explain a puzzle of dividend smoothing. In contrast to the … Modigliani-Miller theory, I show that firm value depends on payout policy. The analysis implies that firms with more stable …

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 …