find the following: (1) Both dividend changes and repurchase announcements signal changes in cash-flow volatility (in …-rate news, nor the level of cash-flow news, nor total stock return volatility change following dividend changes. We conclude …

is valuable. We find that company type, buyback duration, and management motivation are all valuable signalling elements … for traditional determinants such as economic undervaluation, information signalling and lack of growth opportunities. We … deterioration, rather than being due to any continued signalling benefit …

The dividend signaling hypothesis means that dividend change announcements send signals to the market about its … large-cap stocks. The sample was tested for dividend change announcement, and the sample was divided into large, medium, and … used to calculate the abnormal returns on the dividend announcement day. We found that dividends send signals to the market …

If investors perceive dividend changes as providing signals about specific firms' future prospects, it can be argued … that the magnitude of stock price reactions to dividend change announcements will vary with the relative importance of the … firms' specific information in their return dynamics. We find that price reactions to dividend announcements are …