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Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era

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  • Amin, Abu S.
  • Dutta, Shantanu
  • Saadi, Samir
  • Vora, Premal P.

Abstract

We examine the role of institutional investors' investment horizon on the information content associated with dividend announcement surprises in the “dividend-reappearance era”. We find that the presence of institutional investors negatively affects the announcement period cumulative abnormal return (CAR), which suggests that institutional investors reduce information content of dividend announcements. This result is primarily driven by the fact that institutional investors, especially the not-short-horizon investors, do not prefer dividend surprises – which leads to lower announcement period CAR. We do not find support for institutional investors' informed trading argument. Our study reveals that in order to understand the dynamics between institutional ownership and information content of dividend announcements, it is important to differentiate the institutional investors' investment horizons.

Suggested Citation

  • Amin, Abu S. & Dutta, Shantanu & Saadi, Samir & Vora, Premal P., 2015. "Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 152-170.
    • Handle: RePEc:eee:corfin:v:31:y:2015:i:c:p:152-170
    DOI: 10.1016/j.jcorpfin.2015.02.002
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    9. Berezinets, I.V. & Bulatova, L.A. & Ilina, Y. B. & Smirnov, M.V., 2016. "How stock market reacts to dividend surprises: Russian and Indian experience," Working Papers 6437, Graduate School of Management, St. Petersburg State University.
    10. Ali Bayat & Marc Goergen & Panagiotis Koutroumpis & Xingjie Wei, 2022. "Between Scylla and Charybdis: CEO Political Ideology, Dividends and Downsizing During the Pandemic," Working Papers 936, Queen Mary University of London, School of Economics and Finance.
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    12. Ping Wei & Xiaodan Mao & Xiaohong Chen, 2020. "Institutional investors' attention to environmental information, trading strategies, and market impacts: Evidence from China," Business Strategy and the Environment, Wiley Blackwell, vol. 29(2), pages 566-591, February.
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    More about this item

    Keywords

    Dividend announcements; Information content; Institutional investors' investment horizon;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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