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Empirical Evidence on Dividends as a Signal of Firm Value
16 references·16 citing·26 second hopsampled
Empirical Evidence on Dividends as a Signal of Firm Value (1982)Empirical Evidence on Dividends as a Sign…The relationship between return and market value of common stocks (1981)The relationship between retu…Misspecification of capital asset pricing (1981)Misspecification of capital a…Day of the Week Effects and Asset Returns (1981)Day of the Week Effects and A…Stock returns and the weekend effect (1980)Stock returns and the weekend…Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis (1980)Quarterly Dividend and Earnin…Measuring security price performance (1980)Measuring security price perf…An Empirical Investigation of the Arbitrage Pricing Theory (1980)An Empirical Investigation of…Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy (1979)Imperfect Information, Divide…The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Determination of Financia…INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)INFORMATIONAL ASYMMETRIES, FI…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Job Market Signaling (1973)Job Market SignalingThe Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Market for "Lemons": Qual…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)DISTRIBUTION OF INCOMES OF CO…Innovation or dividend payout: Evidence from China (2020)Innovation or dividend payout…Dividends and financial health: Evidence from U.S. bank holding companies (2020)Dividends and financial healt…Dividend initiations, increases and idiosyncratic volatility (2016)Dividend initiations, increas…Bond and stock market response to unexpected dividend changes (2014)Bond and stock market respons…Market signaling with grades (2013)Market signaling with gradesThe Dividend Initiation Decision of Newly Public Firms: Some Evidence on Signaling with Dividends (2012)The Dividend Initiation Decis…Effect of Dividend on Stock Price in Emerging Stock Market: A Study on the Listed Private Commercial Banks in DSE (2010)Effect of Dividend on Stock P…Macroeconomic determinants of Malaysian stock market (2009)Macroeconomic determinants of…Disentangling the Dividend Information in Splits: A Decomposition Using Conditional Event-Study Methods (2001)Disentangling the Dividend In…Insider ownership and signals: evidence from stock split announcement effects (1998)Insider ownership and signals…Dividend Policy and Corporate Performance (1996)Dividend Policy and Corporate…Bank Dividend Policy as a Signal of Bank Quality (1995)Bank Dividend Policy as a Sig…DIVIDENDS, UNCERTAINTY, AND UNDERWRITING COSTS UNDER ASYMMETRIC INFORMATION (1990)DIVIDENDS, UNCERTAINTY, AND U…THE IMPACT OF UNEXPECTED EARNINGS AND DIVIDENDS ON ABNORMAL RETURNS TO EQUITY (1989)THE IMPACT OF UNEXPECTED EARN…Stock‐market reaction to growth‐induced dividend cuts: Are investors myopic? (1989)Stock‐market reaction to grow…Market rationality and dividend announcements (1985)Market rationality and divide…An Empirical Evaluation of Accounting Income Numbers (1968)The Adjustment of Stock Prices to New Information (1969)Using daily stock returns (1985)Event Studies in Economics and Finance (1997)Introductory Econometrics for Finance (2008)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (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)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Capital Market Equilibrium with Restricted Borrowing (1972)A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory (1977)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)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)The Capital Structure Puzzle (1984)Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information (1976)Varieties of Capitalism (2001)Signaling Theory: A Review and Assessment (2010)The Pricing of Options and Corporate Liabilities (1973)Determinants of corporate borrowing (1977)Law and Finance (1998)Financial Intermediation and Delegated Monitoring (1984)The Evolution of Cooperation (1981)The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation (1991)
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References

  • 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism22,977 cited
  • 1973Job Market Signaling16,329 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1977The Determination of Financial Structure: The Incentive-Signalling Approach4,163 cited
  • 1977INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION4,056 cited
  • 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES3,426 cited
  • 1980Measuring security price performance3,330 cited
  • 1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy2,809 cited
  • 1980Stock returns and the weekend effect1,997 cited
  • 1981Misspecification of capital asset pricing1,286 cited
  • 1980An Empirical Investigation of the Arbitrage Pricing Theory1,249 cited
  • 1981Day of the Week Effects and Asset Returns1,173 cited

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Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis
1,137 cited

Cited by

  • 2009Macroeconomic determinants of Malaysian stock market138 cited
  • 1985Market rationality and dividend announcements136 cited
  • 2001Disentangling the Dividend Information in Splits: A Decomposition Using Conditional Event-Study Methods90 cited
  • 2013Market signaling with grades87 cited
  • 1990DIVIDENDS, UNCERTAINTY, AND UNDERWRITING COSTS UNDER ASYMMETRIC INFORMATION69 cited
  • 2010Effect of Dividend on Stock Price in Emerging Stock Market: A Study on the Listed Private Commercial Banks in DSE64 cited
  • 2012The Dividend Initiation Decision of Newly Public Firms: Some Evidence on Signaling with Dividends63 cited
  • 2020Innovation or dividend payout: Evidence from China56 cited
  • 1996Dividend Policy and Corporate Performance54 cited
  • 2016Dividend initiations, increases and idiosyncratic volatility49 cited
  • 1995Bank Dividend Policy as a Signal of Bank Quality46 cited
  • 1989Stock‐market reaction to growth‐induced dividend cuts: Are investors myopic?43 cited
  • 2020Dividends and financial health: Evidence from U.S. bank holding companies38 cited
  • 1998Insider ownership and signals: evidence from stock split announcement effects33 cited
  • 2014Bond and stock market response to unexpected dividend changes32 cited
  • 1989THE IMPACT OF UNEXPECTED EARNINGS AND DIVIDENDS ON ABNORMAL RETURNS TO EQUITY32 cited