Dividend Announcements Reconsidered - Dividend Changes versus Dividend Surprises

Research, Preprint OPEN
Andres, Christian; Betzer, André; van den Bongard, Inga; Haesner, Christian; Thiessen, Erik;
(2012)
  • Publisher: Cologne: University of Cologne, Centre for Financial Research (CFR)
  • Subject: Ownership Structure | Deutschland | Dividende | Börsenkurs | G35 | Dividend Announcements,Market Efficiency,Ownership Structure,Agency Theory | G34 | Agency Theory | Dividend Announcements, Market Efficiency, Ownership Structure, Agency Theory | Dividend Announcements | Ankündigungseffekt | Schätzung | Market Efficiency | Signalling
    • jel: jel:G34 | jel:G35
      ddc: ddc:330

This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the difference between the actual div... View more
  • References (39)
    39 references, page 1 of 4

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