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Do Changes in Dividends Signal the Future or the Past?

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Author Info
SHLOMO BENARTZI
RONI MICHAELY
RICHARD THALER

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Abstract

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Publisher Info
Paper provided by Center for Research in Security Prices, Graduate School of Business, University of Chicago in its series CRSP working papers with number 455.

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Date of creation: Jun 1997
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Handle: RePEc:wop:chispw:455

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  1. Taeyoon Sung & Daehwan Kim & Ludwig Chincarini, 2006. "Corporate scandals and the market response of dividend payout changes," Applied Financial Economics, Taylor and Francis Journals, vol. 16(7), pages 535-549, April. [Downloadable!] (restricted)
  2. T. McCluskey & B. M. Burton & D. M. Power & C. D. Sinclair, 2006. "Evidence on the Irish stock market's reaction to dividend announcements," Applied Financial Economics, Taylor and Francis Journals, vol. 16(8), pages 617-628, May. [Downloadable!] (restricted)
  3. Nam, Jouahn & Wang, Jun & Zhang, Ge, 2004. "The impact of the dividend tax cut and managerial stock holdings on corporate dividend policy," Working Papers 2004-09, University of New Orleans, Department of Economics and Finance. [Downloadable!]
  4. Ashoka Mody & Alexander Lehmann, 2004. "International Dividend Repatriations," IMF Working Papers 04/5, International Monetary Fund. [Downloadable!]
  5. Louis Cheng & Hung-Gay Fung & Tak Leung, 2007. "Information effects of dividends: Evidence from the Hong Kong market," Review of Quantitative Finance and Accounting, Springer, vol. 28(1), pages 23-54, January. [Downloadable!] (restricted)
  6. Malcolm Baker & Jeffrey Wurgler, 2003. "A Catering Theory of Dividends," NBER Working Papers 9542, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Braggion, F. & Moore, L., 2008. "Dividend Policies in an Unregulated Market: The London Stock Exchange 1895-1905," Discussion Paper 2008-83, Tilburg University, Center for Economic Research. [Downloadable!]
  8. Jacob Boudoukh & Roni Michaely & Matthew Richardson & Michael Roberts, 2004. "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing," NBER Working Papers 10651, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  9. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro. [Downloadable!]
  10. Jan Bena & Jan Hanousek, 2008. "Rent Extraction by Large Shareholders: Evidence Using Dividend Policy in the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 58(03-04), pages 106-130, May. [Downloadable!]
    Other versions:
  11. Joos, Peter & Plesko, George, 2004. "Costly Dividend Signaling: The Case of Loss Firms with Negative Cash Flows," Working papers Costly Dividend Signaling, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  12. Qiang Li & Hua Sun & Seow Ong, 2006. "REIT Splits and Dividend Changes: Tests of Signaling and Information Substitutability," The Journal of Real Estate Finance and Economics, Springer, vol. 33(2), pages 127-150, September. [Downloadable!] (restricted)
  13. Mihir A. Desai & C. Fritz Foley & James R. Hines Jr., 2002. "Dividend Policy inside the Firm," NBER Working Papers 8698, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  15. Luís Krug Pacheco & Clara Raposo, 2009. "The Capital And Cash Flow Sources And Uses Of Initial Stock Repurchase Firms," Documentos de Trabalho em Gestão (Working Papers in Management) 07, Faculdade de Economia e Gestão, Universidade Católica Portuguesa (Porto). [Downloadable!]
  16. Neves, Elisabete & Pindado, Julio & Torre, Chabela de la, 2006. "Dividends: New evidence on the catering theory," Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". 2006-14, Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Di. [Downloadable!]
  17. Renneboog, L.D.R. & Trojanowski, Grzegorz, 2005. "Patterns in payout policy and payout channel choice of UK firms in the 1990s," Discussion Paper 22, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  18. Luís Krug Pacheco & Clara Raposo, 2009. "On The Timing Of Initial Stock Repurchases," Documentos de Trabalho em Gestão (Working Papers in Management) 06, Faculdade de Economia e Gestão, Universidade Católica Portuguesa (Porto). [Downloadable!]
  19. Christi Wann & D. Long, 2009. "Do liquidity induced changes in aggregate dividends signal aggregate future earnings growth?," Journal of Economics and Finance, Springer, vol. 33(1), pages 1-12, January. [Downloadable!] (restricted)
  20. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer, vol. 20(2), pages 153-183, June. [Downloadable!] (restricted)
  21. Harry DeAngelo & Linda DeAngelo & Rene Stulz, 2004. "Dividend Policy, Agency Costs, and Earned Equity," NBER Working Papers 10599, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  22. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2004. "Dividend Policy, Agency Costs, and Earned Equity," Working Paper Series 2004-10, Ohio State University, Charles A. Dice Center for Research in Financial Economics. [Downloadable!]
  23. Ivo Welch, 2002. "Columbus' Egg: The Real Determinant of Capital Structure," NBER Working Papers 8782, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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