Article1977

Dividend Changes, Earnings Reports, And Share Prices: Some Australian Findings

Philip R. Brown · Frank Finn · Phillip Hancock

52 citations0/0 files storedAustralian Journal of Management

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

Australian companies typically announce profit figures and dividend payouts at the same time. During the 60's and early 70's, profit and dividend changes were positively correlated, and were associated with significant share price changes, after abstracting from market effects. When profit and dividend reports gave conflicting signals, share prices tended to decline.

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References

1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*1970Efficient Capital Markets: A Review of Theory and Empirical Work 1961Dividend Policy, Growth, and the Valuation of Shares 1968An Empirical Evaluation of Accounting Income Numbers 1969The Adjustment of Stock Prices to New Information 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES 2003The Adjustment of Stock Prices to New Information 1968Dividend Policy: An Empirical Analysis

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1978Anomalies in relationships between securities' yields and yield-surrogates 1977Share Capitalization Changes, Information, And the Australian Equity Market 1987Financial Ratios: the Prediction of Corporate ‘Success’ and Failure 2000The accuracy of management dividend forecasts in Australia 1979Dividends and the Value of the Firm: Evidence from the Australian Equity Market 1989Announcement effects and market efficiency in a thin market: An empirical application to the Singapore equity market

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