Articlegreen1996

Interim dividend cuts and omissions in the UK

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

Abstract

Abstract UK firms that cut or omit interim dividends during the period 1986–1993 are studied. Price reactions to cuts and omissions were found to be significantly negative and stronger for initial reductions. Future earnings variables were found to be predictable from interim dividend reductions. Gearing, company size and interim earnings change variables were found to have explanatory power for the decision to determine whether to cut or omit an interim dividend.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1985Does the Stock Market Overreact?1985Using daily stock returns 1961Dividend Policy, Growth, and the Valuation of Shares 1985Dividend Policy under Asymmetric Information 1984Two Agency-Cost Explanations of Dividends 1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy 1979Risk measurement when shares are subject to infrequent trading

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2004Signalling power of special dividends in an imputation environment

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