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Losses, Dividend Reductions, and Market Reaction Associated with Past Earnings and Dividends Patterns

Charitou, Andreas - 2010

This paper examines investors' reactions to dividend reductions or omissions conditional on past earnings and dividend … reaction for firms with long patterns of past earnings and dividend payouts is significantly more negative than for firms with …. First, consistent with DeAngelo, DeAngelo, and Skinner (1992), a loss following a long stream of earnings and dividend …

Persistent link: https://www.econbiz.de/10013139380

Dividend Initiations, Information Content and Informed Trading in the Options Market

Balachandran, Balasingham - 2016

We find that informed trading in the option market prior to dividend initiation is negatively related to announcement … runup, and higher option liquidity. We also find improvements in stock liquidity following dividend initiation. The … to the relative size of the dividend initiation payment and preannouncement option trading. We further find positive …

Persistent link: https://www.econbiz.de/10013003299

Dividend Increases and Initiations and Default Risk in Equity Returns

Charitou, Andreas; Lambertides, Neophytos; Theodoulou, … - 2010

firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, we find reduction in … explains the dividend payment decision and the positive market reaction around dividend increases and initiations. Further … following dividend increases and initiations …

Persistent link: https://www.econbiz.de/10014192535

Operational Risk and Equity Prices

Shafer, Michael - 2018

We use an empirical model to categorize firms into portfolios based on operational risk. Using these portfolios, we show that a strategy of buying firms in the highest decile of operational risk and shorting firms in the lowest decile of operational risk earned a positive but insignificant...

Persistent link: https://www.econbiz.de/10012940363

When Are Investment Projects in the Same Risk Class?

Johnstone, David - 2015

If two investments have the same payoff covariance with the market but one has higher expected payoff, which asset according to the CAPM has most risk? One answer is that as far as risk goes the two assets are the same, because they have the same covariance with the market. The correct answer,...

Persistent link: https://www.econbiz.de/10013018978

Dividend policy and reputation

Gillet, Roland; Lapointe, Marc-André; Raimbourg, Philippe - In: Journal of business finance & accounting : JBFA 35 (2008) 3/4, pp. 516-540

Persistent link: https://www.econbiz.de/10003715178

Ultimate control, expropriation and dividend payments : a reputation management perspective

Li, Wilson X. B.; He, Tina T.; Tang, Gordon Y. N. - In: Journal of general management 40 (2014/15) 2, pp. 67-85

Persistent link: https://www.econbiz.de/10010519172

Are firms in "boring" industries worth less?

Chen, Jia; Hou, Kewei; Stulz, René M. - 2015

Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability...

Persistent link: https://www.econbiz.de/10010531875

The Effect of Voluntary Disclosure on Firm Risk and Firm Value : Evidence from Management Earnings Forecasts

Foerster, Stephen R. - 2013

This study investigates whether the voluntary disclosure of management earnings forecasts influences investors' assessment of firm risk and firm value. We find a significant negative relationship between the issuance of management earnings forecasts and a variety of measures of firm risk...

Persistent link: https://www.econbiz.de/10013088706

Algorithmic Trading and Firm Value

Hatch, Brian C. - 2019

Using data from 2002 to 2013, we examine the impact of algorithmic trading on firm value. The results show that algorithmic trading generates net benefits for firm value through impacting stock liquidity, idiosyncratic volatility, and idiosyncratic skewness, and firms benefit more from...

Persistent link: https://www.econbiz.de/10012904949