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Market Responses to Dividend Increases and Changes in Payout Ratios
12 references·16 citing·42 second hop
Market Responses to Dividend Increases and Changes in Payout Ratios (1983)Market Responses to Dividend Increases an…Earnings and Dividend Announcements: Is There a Corroboration Effect? (1984)Earnings and Dividend Announc…Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis (1980)Quarterly Dividend and Earnin…The effect of personal taxes and dividends on capital asset prices (1979)The effect of personal taxes …Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy (1979)Imperfect Information, Divide…Dividends and taxes (1978)Dividends and taxesDividend information, stock returns and market efficiency-II (1978)Dividend information, stock r…Estimating betas from nonsynchronous data (1977)Estimating betas from nonsync…The effects of dividend yield and dividend policy on common stock prices and returns (1974)The effects of dividend yield…The Information Content of Dividends (1973)The Information Content of Di…DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY (1972)DIVIDEND ANNOUNCEMENTS, SECUR…Marginal Stockholder Tax Rates and the Clientele Effect (1970)Marginal Stockholder Tax Rate…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …Hot-Stove Effects: The Impact of CEO Past Corporate Experiences on Dividend Policy (2021)Hot-Stove Effects: The Impact…Stock market reaction to cash dividends: evidence from the Nigerian stock market (2019)Stock market reaction to cash…Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps (2012)Determinants of Dividend Payo…Dividend signaling under economic adversity: Evidence from the London Stock Exchange (2011)Dividend signaling under econ…The Announcement Effect of Cash Dividend Changes on Share Prices: An Empirical Analysis of China (2009)The Announcement Effect of Ca…Joint effects of interim dividend and earnings announcements in Greece (2008)Joint effects of interim divi…Evidence on the Irish stock market's reaction to dividend announcements (2006)Evidence on the Irish stock m…Anomalous evidence in dividend announcement effect (2006)Anomalous evidence in dividen…Stock Price Reaction to Dividend Increases in the Hotel and Restaurant Sector (1999)Stock Price Reaction to Divid…A tax motivation for smoothing dividends (1997)A tax motivation for smoothin…Dividend Policy and Corporate Performance (1996)Dividend Policy and Corporate…Fractional ownership and underpricing: signals of IPO firm value? (1993)Fractional ownership and unde…Dividend Policy and Signaling by Insurance Companies (1993)Dividend Policy and Signaling…Stock‐market reaction to growth‐induced dividend cuts: Are investors myopic? (1989)Stock‐market reaction to grow…EVIDENCE OF A RELATION BETWEEN STOCK PRICE REACTIONS AROUND CASH DIVIDEND CHANGES AND YIELDS (1988)EVIDENCE OF A RELATION BETWEE…Earnings and Dividend Announcements is there a Corroboration Effect? (1983)Earnings and Dividend Announc…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)The investment opportunity set and corporate financing, dividend, and compensation policies (1992)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)Risk, Return, and Equilibrium: Empirical Tests (1973)Fundamentals and Stock Returns in Japan (1991)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Liquidity and stock returns: An alternative test (1998)An Empirical Evaluation of Accounting Income Numbers (1968)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)The valuation effects of stock splits and stock dividends (1984)The cash-flow permanence and information content of dividend increases versus repurchases (2000)Dividend Changes and Future Profitability (2001)A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973)An Intertemporal Capital Asset Pricing Model (1973)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)Job Market Signaling (1973)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Some anomalous evidence regarding market efficiency (1978)Efficient Capital Markets: II (1991)Is Information Risk a Determinant of Asset Returns? (2002)The Investment, Financing, and Valuation of the Corporation (1963)A Theory of Dividends Based on Tax Clienteles (2000)Exchange Rates and Fundamentals (2005)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Behavior of Stock-Market Prices (1965)The Pricing of Options and Corporate Liabilities (1973)Determinants of corporate borrowing (1977)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)Corporate research and development expenditures and share value (1990)Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift? (1995)The relationship between return and market value of common stocks (1981)Asset pricing and the bid-ask spread (1986)Investor Sentiment and the Cross‐Section of Stock Returns (2006)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)
this work references cited by second hop

References

  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy2,809 cited
  • 1977Estimating betas from nonsynchronous data2,751 cited
  • 1979The effect of personal taxes and dividends on capital asset prices1,212 cited
  • 1980Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis1,137 cited
  • 1974The effects of dividend yield and dividend policy on common stock prices and returns1,002 cited
  • 1970Marginal Stockholder Tax Rates and the Clientele Effect892 cited
  • 1978Dividends and taxes760 cited
  • 1972DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY690 cited
  • 1973The Information Content of Dividends643 cited
  • 1978Dividend information, stock returns and market efficiency-II412 cited
  • 1984Earnings and Dividend Announcements: Is There a Corroboration Effect?199 cited

Cited by

  • 2006Evidence on the Irish stock market's reaction to dividend announcements60 cited
  • 2011Dividend signaling under economic adversity: Evidence from the London Stock Exchange56 cited
  • 1996Dividend Policy and Corporate Performance

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54 cited
  • 2006Anomalous evidence in dividend announcement effect45 cited
  • 2009The Announcement Effect of Cash Dividend Changes on Share Prices: An Empirical Analysis of China45 cited
  • 1993Dividend Policy and Signaling by Insurance Companies45 cited
  • 1993Fractional ownership and underpricing: signals of IPO firm value?43 cited
  • 1989Stock‐market reaction to growth‐induced dividend cuts: Are investors myopic?43 cited
  • 1983Earnings and Dividend Announcements is there a Corroboration Effect?39 cited
  • 2019Stock market reaction to cash dividends: evidence from the Nigerian stock market34 cited
  • 2021Hot-Stove Effects: The Impact of CEO Past Corporate Experiences on Dividend Policy34 cited
  • 1997A tax motivation for smoothing dividends31 cited
  • 1999Stock Price Reaction to Dividend Increases in the Hotel and Restaurant Sector30 cited
  • 2012Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps28 cited
  • 1988EVIDENCE OF A RELATION BETWEEN STOCK PRICE REACTIONS AROUND CASH DIVIDEND CHANGES AND YIELDS27 cited
  • 2008Joint effects of interim dividend and earnings announcements in Greece25 cited