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Dividend Changes and the Informativeness of Annual Earnings Reports
|Issue Date:||2017-11-15 14:54:34 (UTC+8)|
In a sequential release setting, this study examines the common belief that dividend changes preempt or diminish the informativeness of subsequent earnings reports. When a dividend change gives a signal which conflicts with the change in earnings of the preceding year, the market expectations regarding the upcoming annual earnings may become more diverse. As a result, the annual earnings report following the dividend change should become more informative. The results of this study confirm this possibility. Earnings reports, therefore, are capable of clarifying the confusion in the market regarding the upcoming earnings that is caused by certain dividend changes.
|Relation:||會計評論, 28, 167-185|
|Appears in Collections:||[會計評論] 期刊論文|
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