Dividend Changes And The Persistence of Past Earnings Changes  

Oleh:

Koch, Adam S. ; Sun, Amy X.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 5 (Oct. 2004), page 2093-2116.
Topik: PERSISTENCE; studies; dividends; earnings; investment policy; perceptions; changes
Fulltext: p 2093.pdf (134.89KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We examine whether the market interprets changes in dividends as a signal about the persistence of past earnings changes. Prior to observing this signal, investors may believe that past earnings changes are not necessarily indicative of future earnings levels. We empirically investigate whether a change in dividends alters investors' assessments about the valuation implications of past earnings. Results confirm the hypothesis that changes in dividends cause investors to revise their expectations about the persistence of past earnings changes. This effect varies predictably with the magnitude of the dividend change and the sign of the past earnings change.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali