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The Information Content of Dividend Initiations: Additional Evidence
2 references·16 citing·43 second hop
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Evidence from Returns to Insider Trades (2006)Dividend behaviour and smoothing new evidence from Jordanian panel data (2009)Investigating Causal Relations by Econometric Models and Cross-Spectral Methods (2010)Determinants of dividend payout of construction companies: a panel data analysis (2018)Agency costs of free cash flow, corporate finance, and takeovers (1996)Econometric Analysis of Cross Section and Panel Data (2001)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Creating the aspired intelligent assessment systems for teaching materials (2011)MCDM Methodologies and Applications: A Literature Review from 1999 to 2009 (2011)Multicriteria Decision Aid/Analysis in Finance (2016)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)A multi-criteria framework for comparing dividend pay capabilities: Evidence from Indian FMCG and consumer durable sector (2022)Dividend policy and performance of listed firms on Ghana stock exchange (2022)Investment Decision and Firm Value: Moderating Effects of Corporate Social Responsibility and Profitability of Non-Financial Sector Companies on the Indonesia Stock Exchange (2023)Market Efficiency, Long-Term Returns, and Behavioral Finance (1997)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Capital markets research in accounting (2001)A Study of the Environmental Disclosure Practices of Australian Corporations (1996)The public disclosure of environmental performance information—a dual test of media agenda setting theory and legitimacy theory (1998)Are Selling, General, and Administrative Costs “Sticky”? (2003)The Information Content of Dividend Surprises: Evidence from Germany (2013)Market reactions to dividends announcements and payouts. Empirical evidence from the Warsaw Stock Exchange (2017)Stock market reaction to cash dividends: evidence from the Nigerian stock market (2019)
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References

  • 2007Financial statement analysis1,022 cited
  • 1973The Information Content of Dividends643 cited

Cited by

  • 1999The Information Content of Dividend and Capital Structure Policies90 cited
  • 2008Combined MCDM techniques for exploring stock selection based on Gordon model82 cited
  • 2001Discrete Dividend Policy with Permanent Earnings75 cited
  • 1999The Cash Flow Permanence and Information Content of Dividend Increases vs. Repurchases65 cited
  • 2012The Dividend Initiation Decision of Newly Public Firms: Some Evidence on Signaling with Dividends63 cited
  • 2020Impact of dividend policy on corporate value: Experiment in Vietnam58 cited
  • 2008Dividends, earnings volatility and information58 cited
  • 2003Stock market reactions to dividend announcements: Empirical evidence from the Austrian stock market58 cited
  • 2016Dividend initiations, increases and idiosyncratic volatility49 cited
  • 2017Impact of Cash Dividend Announcements: Evidence from the Indian Manufacturing Companies42 cited
  • 2017Signaling Versus Free Cash Flow Theory: What Does Earnings Management Reveal About Dividend Initiation?41 cited
  • 2002Investment and dividends under irreversibility and financial constraints40 cited

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2017
The effect of family business professionalization on dividend payout
40 cited
  • 2008THE FINANCIAL FACTORS INFLUENCING CASH DIVIDEND POLICY: A SAMPLE OF U.S. MANUFACTURING COMPANIES37 cited
  • 2004On the Timing of Dividend Initiations32 cited
  • 2015Market power and dividend policy28 cited