-prepared dividend cutters and test the implications of two alternative theories: the “signaling through market preparation” theory and … the “stock return volatility reduction” theory. We document several important differences between prepared and non …-prepared dividend cutters. Overall, our empirical results are consistent with the signaling theory …

This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the … difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …

. -- Dividend Announcements ; Market Efficiency ; Ownership Structure ; Agency Theory …This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the …

This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the … difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …

. The valuation theory gives many clues for interpretation of dividend changes. At the start of literature review, the …This article measures the reaction of marginal investors to announcement of surprise dividend increase. However, the … dividend irrelevance (to investment decision) assumption is met. This assumption holds up-to-date valuation procedures leading …

of both slight recovery and persisting uncertainty. Results about the dividend yield confirm the hypotheses whilst the …

This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the … difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …

-run mean of the aggregate dividend-price ratio, most notably since the 1970s. Adjusting the dividend–price ratio for such … changes resolves several issues with respect to the predictability of stock market returns: The adjusted dividend-price ratio …

We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax …-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our … empirical results indicate that ex-date prices decline, on average, by the amount of the dividend. We do not find a significant …

Although it has often been studied in finance research, the relationship between dividend yields and stock returns … three or five years, they may establish a dividend reputation, which could affect this relationship. The author found firms … returns, firms with foreign holdings of more than 5%, and firms with more concentrated ownership build dividend reputations …