Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence

Name: Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence
Author: Christian Müller

Paperback Engels 2013 2014e druk 9783658044725

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Samenvatting

The stylized facts that firms pay and investors react to dividends disregard dividend neutrality. Taking on the perspective that informational asymmetries are the central determinant for dividend value relevance, Christian Müller assumes that firm’s dividend decision conveys useful information to investors. He shows that investors use dividend changes to revise their a priori expectations about the persistence of a current earnings change. While his theoretical and empirical analyses generally imply that dividend changes constitute informative, but imperfect information signals, he further identifies situations in which they are substantial to investors. Christian Müller’s research comprehensively examines the informational role of dividend policy and provides new insights to the corresponding Bayesian investor learning process.

Specificaties

ISBN13:9783658044725

Taal:Engels

Bindwijze:paperback

Aantal pagina's:137

Uitgever:Springer Fachmedien Wiesbaden

Druk:2014

Hoofdrubriek:Financieel management, Financieel management

Serie:Quantitatives Controlling

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Inhoudsopgave

Dividend Irrelevance and Competing Dividend Theories.- Incremental Importance of Dividend Changes in Signaling Earnings Persistence – Theoretical and Empirical Analysis.- Measuring A Priori Investor Knowledge about Earnings Persistence.