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Do liquidity induced changes in aggregate dividends signal aggregate future earnings growth?

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  • Christi Wann

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  • D. Long

    ()

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    File URL: http://hdl.handle.net/10.1007/s12197-007-9020-4
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Economics and Finance.

    Volume (Year): 33 (2009)
    Issue (Month): 1 (January)
    Pages: 1-12

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    Handle: RePEc:spr:jecfin:v:33:y:2009:i:1:p:1-12

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    Web page: http://link.springer.de/link/service/journals/120857/index.htm

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    Related research

    Keywords: Dividends; Signaling; Excess cash; Ratchet effect; G35; G14;

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    References

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    1. Benartzi, Shlomo & Michaely, Roni & Thaler, Richard H, 1997. " Do Changes in Dividends Signal the Future or the Past?," Journal of Finance, American Finance Association, American Finance Association, vol. 52(3), pages 1007-34, July.
    2. Michaely, Roni & Thaler, Richard H & Womack, Kent L, 1995. " Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?," Journal of Finance, American Finance Association, American Finance Association, vol. 50(2), pages 573-608, June.
    3. Gustavo Grullon & Roni Michaely & Bhaskaran Swaminathan, 2002. "Are Dividend Changes a Sign of Firm Maturity?," The Journal of Business, University of Chicago Press, vol. 75(3), pages 387-424, July.
    4. Brandon Julio & David L. Ikenberry, 2004. "Reappearing Dividends," Journal of Applied Corporate Finance, Morgan Stanley, vol. 16(4), pages 89-100.
    5. Doron Nissim, 2001. "Dividend Changes and Future Profitability," Journal of Finance, American Finance Association, American Finance Association, vol. 56(6), pages 2111-2133, December.
    6. Eugene F. Fama & Kenneth R. French, . "Forecasting Profitability and Earnings," CRSP working papers 456, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    7. Asquith, Paul & Mullins, David W, Jr, 1983. "The Impact of Initiating Dividend Payments on Shareholders' Wealth," The Journal of Business, University of Chicago Press, vol. 56(1), pages 77-96, January.
    8. Shirvani, Hassan & Wilbratte, Barry, 1997. "An Empirical Investigation of Asymmetric Behavior in Corporate Dividend Policy," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 35(4), pages 847-57, October.
    9. Tim Opler & Lee Pinkowitz & Rene Stulz & Rohan Williamson, 1997. "The Determinants and Implications of Corporate Cash Holdings," NBER Working Papers 6234, National Bureau of Economic Research, Inc.
    10. Andrew W. Lo, A. Craig MacKinlay, 1988. "Stock Market Prices do not Follow Random Walks: Evidence from a Simple Specification Test," Review of Financial Studies, Society for Financial Studies, vol. 1(1), pages 41-66.
    11. Terry A. Marsh and Robert C. Merton., 1986. "Dividend Behavior for the Aggregate Stock Market," Research Program in Finance Working Papers, University of California at Berkeley 163, University of California at Berkeley.
    12. Healy, Paul M. & Palepu, Krishna G., 1988. "Earnings information conveyed by dividend initiations and omissions," Journal of Financial Economics, Elsevier, Elsevier, vol. 21(2), pages 149-175, September.
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