Do changes in dividends signal the future or the past?

Journal of Finance

Volumn 52, Issue 3, 1997, Pages 1007-1034

  Benaetzi, Shlomo ^a   Michaely, Roni ^a   Thaler, Richard ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0011296488     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.2307/2329514     Document Type: Article

References (30)

1. Aharony, Joseph, and Itzhak Swary, 1980, Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis, Journal of Finance 35, 1-12.
2. Aharony, Josef, and Amihud Dotan, 1994, Regular dividend announcements and future unexpected earnings: An empirical analysis, Financial Review 29, 125-151.
3. Asquith, Paul, and David W. Mullins, Jr., 1983, The impact of initiating dividend payments on shareholders' wealth, Journal of Business 56, 77-96.
4. Bajaj, Mukesh, and Anand Vijh, 1990, Dividend clienteles and the information content of dividend changes, Journal of Financial Economics 26, 193-219.
5. Bhattacharya, Sudipto, 1979, Imperfect information, dividend policy, and "the bird in the hand" fallacy, Bell Journal of Economics 10, 259-270.
6. Bernheim, Doug, 1991, Tax policy and the dividend puzzle, Rand Journal of Economics 22, 455-476.
7. Brealey, Richard A., Stewart C. Myers, 1996, Principles of Corporate Finance, 5th ed. (McGraw-Hill, New York).
8. Brickley, James, 1983, Shareholders wealth, information signaling, and the specially designated dividend: An empirical study, Journal of Financial Economics 12, 187-209.
9. Charest, Guy, 1978, Dividend information, stock returns and market efficiency, II, Journal of Financial Economics 6, 297-330.
10. DeAngelo, Harry, Linda DeAngelo, and Douglas Skinner, 1996, Reversal of fortune: Dividend policy and the disappearance of sustained earnings growth, Journal of Financial Economics 40, 341-371.
11. DeAngelo, Harry, Linda DeAngelo, and Douglas Skinner, 1992, Dividends and losses, Journal of Finance 47, 1837-1863.
12. Fama, Eugene F., and Harvey Babiak, 1968, Dividend policy of individual firms: An empirical analysis, Journal of the American Statistical Association 63, 1132-1161.
13. Foster, George, 1977, Quarterly accounting data: Time series properties and predictive ability results, Accounting Review 52, 1-21.
14. Gonedes, Nicholas J., 1978, Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items, Journal of Accounting Research 16, 26-79.
15. Healy, Paul M., and Krishna G. Palepu, 1988, Earnings information conveyed by dividend initiations and omissions, Journal of Financial Economics 21, 149-176.
16. Ikenberry, David, Josef Lakonishok, and Theo Vermaelen, 1995, Market underreaction to open market share repurchases, Journal of Financial Economics 39, 181-208.
17. John, Kose, and Joseph Williams, 1985, Dividends, dilution, and taxes: A signaling equilibrium, Journal of Finance 40, 1053-1070.
18. Kalay, Avner, and Uri Loewenstein, 1986, The information content of the timing of dividend announcements, Journal of Financial Economics 16, 373-388.
19. Lintner, John, 1956, Distribution of incomes of corporations among dividends, retained earnings, and taxes, American Economic Review 46, 97-113.
20. Michaely, Roni, Richard H. Thaler, and Kent Womack, 1995, Price reactions to dividend initiations and omissions: Overreaction or drift? Journal of Finance 50, 573-608.
21. Michaely, Roni, and Jean-Luc Vila, 1996, Trading volume with private valuations: Evidence from the ex-dividend day, Review of Financial Studies 9, 471-510.
22. Miller, Merton, and Franco Modigliani, 1961, Dividend policy, growth, and the valuation of shares, Journal of Business 34, 411-433.
23. Miller, Merton, and Kevin Rock, 1985, Dividend policy under asymmetric information, Journal of Finance 40, 1031-1051.
24. Miller, Merton, 1987, The information content of dividends, in J. Bossons, R. Dornbush, and S. Fischer, Eds.: Macroeconomics: Essays in Honor of Franco Modigliani (MIT press: Cambridge, Mass.) 37-61.
25. Ofer, Aharon R., and Daniel R. Siegel, 1987, Corporate financial policy, information, and market expectations: An empirical investigation of dividends, Journal of Finance 42, 889-911.
26. Ofer, Aharon R., and Anjan V. Thakor, 1987, A theory of stock price responses to alternative corporate cash disbursement methods: Stock repurchases and dividends, Journal of Finance 42, 365-394.
27. Ou, Jane, and Stephen Penman, 1989, Financial statement analysis and the prediction of stock returns, Journal of Accounting and Economics 11, 295-329.
28. Penman, Stephen H., 1983, The predictive content of earnings forecasts and dividends, Journal of Finance 38, 1181-1199.
29. Watts, Ross, 1973, The information content of dividends, Journal of Business 46, 191-211.
30. Yoon, Pyung S., and Laura Starks, 1995, Signaling, investment opportunities, and dividend announcements, Review of Financial Studies, 8, 995-1018.