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Efficient Market Tests of the Informational Content of Dividend Announcements: Critique and Extension
12 references·16 citing·38 second hop
Efficient Market Tests of the Informational Content of Dividend Announcements: Critique and Extension (1981)Efficient Market Tests of the Information…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…Stock Prices and the Publication of Second-Hand Information (1978)Stock Prices and the Publicat…Dividend information, stock returns and market efficiency-II (1978)Dividend information, stock r…Corporate Signaling, External Accounting, and Capital Market Equilibrium: Evidence on Dividends, Income, and Extraordinary Items (1978)Corporate Signaling, External…The Impact of Dividend and Earnings Announcements: A Reconciliation (1976)The Impact of Dividend and Ea…On the Informational Content of Dividends (1976)On the Informational Content …COMPETITIVE INFORMATION IN THE STOCK MARKET: AN EMPIRICAL STUDY OF EARNINGS, DIVIDENDS AND ANALYSTS' FORECASTS* (1976)COMPETITIVE INFORMATION IN TH…The Information Content of Dividends (1973)The Information Content of Di…DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY (1972)DIVIDEND ANNOUNCEMENTS, SECUR…Dividend Policy: An Empirical Analysis (1968)Dividend Policy: An Empirical…DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)DISTRIBUTION OF INCOMES OF CO…Determinants and consequences of shareholder proposals: The cases of board election, charter amendment, and profit disposal (2017)Determinants and consequences…Bond and stock market response to unexpected dividend changes (2014)Bond and stock market respons…Dividend Announcement and Firm Value: A Test of Semi Strong Form of Efficiency at the Nairobi Stock Exchange (2011)Dividend Announcement and Fir…FACTORS AFFECTING DIVIDEND POLICY: EMPIRICAL EVIDENCE OF IRAN (2010)FACTORS AFFECTING DIVIDEND PO…A survey of management views on dividend policy in Iranian firms (2009)A survey of management views …Public announcement induced market reactions on Baltic stock exchanges (2008)Public announcement induced m…Dividend-Driven Trading Strategies: Evidence from the Warsaw Stock Exchange (2007)Dividend-Driven Trading Strat…Determinants of Dividend Policy: The Case of Kuwait (2003)Determinants of Dividend Poli…The share price reaction on the Johannesburg Stock Exchange for special (extra) dividend announcements (1998)The share price reaction on t…An analysis of the role of firm reputation in the market's reaction to corporate dividends (1997)An analysis of the role of fi…The Information Content of Quarterly Dividend Changes (1995)The Information Content of Qu…DIVIDEND INITIATION ANNOUNCEMENT EFFECTS AND THE FIRM'S INFORMATION ENVIRONMENT (1995)DIVIDEND INITIATION ANNOUNCEM…THE IMPACT OF UNEXPECTED EARNINGS AND DIVIDENDS ON ABNORMAL RETURNS TO EQUITY (1989)THE IMPACT OF UNEXPECTED EARN…A Financial Profile of the Dividend Initiating Firm (1987)A Financial Profile of the Di…STOCK DIVIDENDS AS SIGNALS (1983)STOCK DIVIDENDS AS SIGNALSAUSTRALIAN CORPORATE DIVIDEND POLICY: EMPIRICAL EVIDENCE (1982)AUSTRALIAN CORPORATE DIVIDEND…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)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)The Behavior of Stock-Market Prices (1965)The value line enigma (1965–1978) (1982)The variation of certain speculative prices (1997)Customer Satisfaction, Analyst Stock Recommendations, and Firm Value (2010)Stock Returns after Major Price Shocks: The Impact of Information (2011)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Risk, Return, and Equilibrium: Empirical Tests (1973)Shareholder wealth, information signaling and the specially designated dividend (1983)Insider Trading around Dividend Announcements: Theory and Evidence (1991)The cost of capital, corporation finance and the theory of investment (2008)Event studies: A methodology review (2010)Dividend Policy, Growth, and the Valuation of Shares (1961)The capital asset pricing model: Some empirical tests (1972)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)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)Rational Expectations and the Theory of Price Movements (1961)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends (1987)The incremental information content of cash-flow components (1990)Reengineering Nonprofit Financial Accountability: Toward a More Reliable Foundation for Regulation (2003)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)Market rationality and dividend announcements (1985)The stock market reaction to dividend announcements (1996)The stock-market reaction to dividend cuts and omissions by commercial banks (1996)The Capital Structure Puzzle (1984)
this work references cited by second hop

References

  • 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES3,426 cited
  • 1980Measuring security price performance3,330 cited
  • 1980Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis1,137 cited
  • 1968Dividend Policy: An Empirical Analysis933 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
  • 1978Stock Prices and the Publication of Second-Hand Information279 cited
  • 1978Corporate Signaling, External Accounting, and Capital Market Equilibrium: Evidence on Dividends, Income, and Extraordinary Items274 cited
  • 1976On the Informational Content of Dividends113 cited
  • 1976The Impact of Dividend and Earnings Announcements: A Reconciliation97 cited
  • 1976COMPETITIVE INFORMATION IN THE STOCK MARKET: AN EMPIRICAL STUDY OF EARNINGS, DIVIDENDS AND ANALYSTS' FORECASTS*92 cited

Cited by

  • 1983STOCK DIVIDENDS AS SIGNALS44 cited
  • 1982AUSTRALIAN CORPORATE DIVIDEND POLICY: EMPIRICAL EVIDENCE42 cited
  • 2014

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Bond and stock market response to unexpected dividend changes
32 cited
  • 1989THE IMPACT OF UNEXPECTED EARNINGS AND DIVIDENDS ON ABNORMAL RETURNS TO EQUITY32 cited
  • 1995DIVIDEND INITIATION ANNOUNCEMENT EFFECTS AND THE FIRM'S INFORMATION ENVIRONMENT29 cited
  • 1995The Information Content of Quarterly Dividend Changes27 cited
  • 2009A survey of management views on dividend policy in Iranian firms25 cited
  • 1997An analysis of the role of firm reputation in the market's reaction to corporate dividends23 cited
  • 1998The share price reaction on the Johannesburg Stock Exchange for special (extra) dividend announcements22 cited
  • 2010FACTORS AFFECTING DIVIDEND POLICY: EMPIRICAL EVIDENCE OF IRAN21 cited
  • 2008Public announcement induced market reactions on Baltic stock exchanges21 cited
  • 2007Dividend-Driven Trading Strategies: Evidence from the Warsaw Stock Exchange21 cited
  • 2003Determinants of Dividend Policy: The Case of Kuwait20 cited
  • 1987A Financial Profile of the Dividend Initiating Firm19 cited
  • 2011Dividend Announcement and Firm Value: A Test of Semi Strong Form of Efficiency at the Nairobi Stock Exchange19 cited
  • 2017Determinants and consequences of shareholder proposals: The cases of board election, charter amendment, and profit disposal17 cited