Previous studies find that stock price reactions to dividend announcements are positively related to dividend yield …, consistent with the dividend-clientele hypothesis. In this paper, we argue that this yield-related clientele effect can be … samples constructed to mitigate the dividend estimation biases, we find that dividend yield has no additional power beyond the …

Literature suggests that dividend has no impact on shareholders value in the absence of taxes and market imperfections …, funds for future investment will decrease and dividend may not increase in the future. Moreover, when dividend is taxable … market value after the dividend announcement, although the lost value is recovered from the cash dividend received, and they …

modified version of the Dechow et al. (2008) earnings persistence model, the relation between dividend and stock repurchase …

Evidence is scarce and inconclusive on the announcement effect of dividend changes on bondholders due to poor quality … abnormal bond returns over a three-day event window surrounding an increased (omitted) dividend announcement are positive … (negative) and statistically significant. Consistent with the signaling hypothesis, the bond market reaction to the dividend …

quantifies the effect of suspensions on growth in aggregate dividends. Our estimates show that dividend suspensions had a large … impact on expected future dividend growth and also helped predict the sharp declines observed in broader measures of economic … as were firms with the largest negative stock returns prior to the dividend announcement date. While firms that suspended …

This paper investigates the information content (signalling) of dividend announcements by firms listed on the Karachi … dividend signal with a capital gains tax effect since a capital gains tax was introduced in Pakistan from 2010 onward. The … findings show that no significant unexpected returns can be earned on the announcement date by trading on dividend news in …

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 …

drives investors' investment decision-making process. This study examines the effect of dividend announcement on stock …

This paper studies the impact of exogenous export demand shocks on firms’ dividend policy using firm specific real …

This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major … market response to positive dividend surprises is more pronounced under the full imputation system, where dividends are … observed decline in the dividend response coefficient is synchronized with the 2001 tax reform and hence attributable to the …