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(PDF) Investor anticipation and the stock price reaction to dividend initiations and omissions
<!DOCTYPE html> <html > <head> <meta charset="utf-8"> <meta rel="search" type="application/opensearchdescription+xml" href="/open_search.xml" title="Academia.edu"> <meta content="width=device-width, initial-scale=1" name="viewport"> <meta name="google-site-verification" content="bKJMBZA7E43xhDOopFZkssMMkBRjvYERV-NaN4R6mrs"> <meta name="csrf-param" content="authenticity_token" /> <meta name="csrf-token" content="aKvqBMu7QvDMG9h4GdKMLZ8MY_aft_7wzu63e-Xdjd9E19TLjFuUx1Hv5O7oMdSE0uwjGNqVPzdQOqdWDFiBBg" /> <meta name="citation_title" content="Investor anticipation and the stock price reaction to dividend initiations and omissions" /> <meta name="citation_publication_date" content="2018/01/01" /> <meta name="citation_author" content="Cal Muckley" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:url" content="https://www.academia.edu/84711054/Investor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions" /> <meta name="twitter:title" content="Investor anticipation and the stock price reaction to dividend initiations and omissions" /> <meta name="twitter:description" content="In this paper, we assess investors’ anticipation of dividend initiations and omissions, and the extent to which investor anticipation about the likelihood of these events can influence their subsequent stock price reactions. We find a negative and" /> <meta name="twitter:image" content="https://0.academia-photos.com/44611892/162381896/152141999/s200_cal.muckley.png" /> <meta property="fb:app_id" content="2369844204" /> <meta property="og:type" content="article" /> <meta property="og:url" content="https://www.academia.edu/84711054/Investor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions" /> <meta property="og:title" content="Investor anticipation and the stock price reaction to dividend initiations and omissions" /> <meta property="og:image" content="http://a.academia-assets.com/images/open-graph-icons/fb-paper.gif" /> <meta property="og:description" content="In this paper, we assess investors’ anticipation of dividend initiations and omissions, and the extent to which investor anticipation about the likelihood of these events can influence their subsequent stock price reactions. We find a negative and" /> <meta property="article:author" content="https://independent.academia.edu/CMuckley" /> <meta name="description" content="In this paper, we assess investors’ anticipation of dividend initiations and omissions, and the extent to which investor anticipation about the likelihood of these events can influence their subsequent stock price reactions. We find a negative and" /> <title>(PDF) Investor anticipation and the stock price reaction to dividend initiations and omissions</title> <link rel="canonical" href="https://www.academia.edu/84711054/Investor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions" /> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "single_work", 'action': "show", 'controller_action': 'single_work#show', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script> var $controller_name = 'single_work'; var $action_name = "show"; var $rails_env = 'production'; var $app_rev = 'cfbcd5ad7de5f6f6584833b1615b3d6604830c9e'; var $domain = 'academia.edu'; var $app_host = "academia.edu"; var $asset_host = "academia-assets.com"; var $start_time = new Date().getTime(); var $recaptcha_key = "6LdxlRMTAAAAADnu_zyLhLg0YF9uACwz78shpjJB"; var $recaptcha_invisible_key = "6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj"; var $disableClientRecordHit = false; </script> <script> window.require = { config: function() { return function() {} } } </script> <script> window.Aedu = window.Aedu || {}; window.Aedu.hit_data = null; window.Aedu.serverRenderTime = new Date(1740624551000); window.Aedu.timeDifference = new Date().getTime() - 1740624551000; </script> <script type="application/ld+json">{"@context":"https://schema.org","@type":"ScholarlyArticle","abstract":"In this paper, we assess investors’ anticipation of dividend initiations and omissions, and the extent to which investor anticipation about the likelihood of these events can influence their subsequent stock price reactions. We find a negative and statistically significant relationship between the degree of investor anticipation and the magnitude of the announcement-period abnormal returns for dividend initiating and omitting firms. Turning to the post-announcement drift, we find that the long-run price effect for dividend initiations is confined to the year following the announcement. Furthermore, we find no long-run price effects for dividend omissions, suggesting that investors are, on average, less surprised by dividend omissions relative to initiations. We also find that controlling for contemporaneous changes in the matching covariates is sufficient to explain the one-year price effect for dividend initiations. Keywords— Dividend initiations, dividend omissions, information co...","author":[{"@context":"https://schema.org","@type":"Person","name":"Cal Muckley","url":"https://independent.academia.edu/CMuckley"}],"contributor":[],"dateCreated":"2022-08-14","datePublished":"2018-01-01","headline":"Investor anticipation and the stock price reaction to dividend initiations and omissions","image":"https://attachments.academia-assets.com/89638582/thumbnails/1.jpg","inLanguage":"en","keywords":[],"publisher":{"@context":"https://schema.org","@type":"Organization","name":null},"sourceOrganization":[{"@context":"https://schema.org","@type":"EducationalOrganization","name":null}],"thumbnailUrl":"https://attachments.academia-assets.com/89638582/thumbnails/1.jpg","url":"https://www.academia.edu/84711054/Investor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions"}</script><style type="text/css">@media(max-width: 567px){:root{--token-mode: Rebrand;--dropshadow: 0 2px 4px 0 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"https://www.academia.edu/login?post_login_redirect_url=https%3A%2F%2Fwww.academia.edu%2F84711054%2FInvestor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions%3Fshow_translation%3Dtrue"; window.loswp.previewableAttachments = [{"id":89638582,"identifier":"Attachment_89638582","shouldShowBulkDownload":false}]; window.loswp.shouldDetectTimezone = true; window.loswp.shouldShowBulkDownload = true; window.loswp.showSignupCaptcha = false window.loswp.willEdgeCache = false; window.loswp.work = {"work":{"id":84711054,"created_at":"2022-08-14T08:48:33.078-07:00","from_world_paper_id":212510461,"updated_at":"2022-08-14T09:11:11.575-07:00","_data":{"abstract":"In this paper, we assess investors’ anticipation of dividend initiations and omissions, and the extent to which investor anticipation about the likelihood of these events can influence their subsequent stock price reactions. We find a negative and statistically significant relationship between the degree of investor anticipation and the magnitude of the announcement-period abnormal returns for dividend initiating and omitting firms. Turning to the post-announcement drift, we find that the long-run price effect for dividend initiations is confined to the year following the announcement. Furthermore, we find no long-run price effects for dividend omissions, suggesting that investors are, on average, less surprised by dividend omissions relative to initiations. We also find that controlling for contemporaneous changes in the matching covariates is sufficient to explain the one-year price effect for dividend initiations. Keywords— Dividend initiations, dividend omissions, information co...","publication_date":"2018,,"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Investor anticipation and the stock price reaction to dividend initiations and omissions","broadcastable":false,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [44611892]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "control"; window.loswp.useOptimizedScribd4genScript = false; window.loginModal = {}; window.loginModal.appleClientId = 'edu.academia.applesignon'; window.userInChina = "false";</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":89638582,"attachmentType":"pdf"}"><img alt="First page of “Investor anticipation and the stock price reaction to dividend initiations and omissions”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/89638582/mini_magick20220814-1-5v9ebc.png?1660492206" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/images/single_work_splash/adobe_icon.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">Investor anticipation and the stock price reaction to dividend initiations and omissions</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="44611892" href="https://independent.academia.edu/CMuckley"><img alt="Profile image of Cal Muckley" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/44611892/162381896/152141999/s65_cal.muckley.png" />Cal Muckley</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2018</p><div class="ds-work-card--work-metadata"><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">visibility</span><p class="ds2-5-body-sm" id="work-metadata-view-count">…</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span><p class="ds2-5-body-sm">30 pages</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">link</span><p class="ds2-5-body-sm">1 file</p></div></div><script>(async () => { const workId = 84711054; 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if (!viewCountBody) { throw new Error('Failed to find work views element'); } viewCountBody.textContent = `${commaizedViewCount} views`; } catch (error) { // Remove the whole views element if there was some issue parsing. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); throw new Error(`Failed to parse view count: ${viewCount}`, error); } }; // If the DOM is still loading, wait for it to be ready before updating the view count. if (document.readyState === "loading") { document.addEventListener('DOMContentLoaded', () => { updateViewCount(viewCount); }); // Otherwise, just update it immediately. } else { updateViewCount(viewCount); } })();</script></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md">In this paper, we assess investors’ anticipation of dividend initiations and omissions, and the extent to which investor anticipation about the likelihood of these events can influence their subsequent stock price reactions. We find a negative and statistically significant relationship between the degree of investor anticipation and the magnitude of the announcement-period abnormal returns for dividend initiating and omitting firms. Turning to the post-announcement drift, we find that the long-run price effect for dividend initiations is confined to the year following the announcement. Furthermore, we find no long-run price effects for dividend omissions, suggesting that investors are, on average, less surprised by dividend omissions relative to initiations. We also find that controlling for contemporaneous changes in the matching covariates is sufficient to explain the one-year price effect for dividend initiations. Keywords— Dividend initiations, dividend omissions, information co...</p><div class="ds-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":89638582,"attachmentType":"pdf","workUrl":"https://www.academia.edu/84711054/Investor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions"}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":89638582,"attachmentType":"pdf","workUrl":"https://www.academia.edu/84711054/Investor_anticipation_and_the_stock_price_reaction_to_dividend_initiations_and_omissions"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div><div class="ds-signup-banner-trigger-container"><div class="ds-signup-banner-trigger ds-signup-banner-trigger-premium-marketing"></div></div><div class="ds-signup-banner ds-signup-banner-premium-marketing"><div id="ds-signup-banner-close-button"><button class="ds2-5-button ds2-5-button--secondary ds2-5-button--inverse"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">close</span></button></div><div class="premium-banner-content" data-impression-entity-id="84711054" data-impression-entity-type="2" data-impression-source="premium-banner-desktop"><div class="left"><img src="//a.academia-assets.com/images/academia-logo-capital-white.svg" /><span>Get access to the world's latest research</span></div><div class="right"><div class="card free"><div class="header">Free</div><div class="feature-list"><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Download one paper at a time</span></div><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Save papers to bookmarks</span></div><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Basic search</span></div></div><button class="ds2-5-button ds2-5-button--secondary ds2-5-button--small ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"premium-banner-desktop-free"}">Sign up for free</button></div><div class="card premium"><div class="pill">Recommended</div><div class="header premium">Premium</div><div class="feature-list"><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Get highly curated PDF packages</span></div><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Track your impact with Mentions</span></div><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Access advanced search filters</span></div><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Support Academia’s mission</span></div><div class="feature"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">check</span><span>Create your personal website</span></div></div><button class="ds2-5-button ds2-5-button--small ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"premium-banner-desktop-upgrade","submitText":"Try Premium for $1"}">Try Premium for $1</button></div></div></div></div><script>(() => { // Set up signup banner show/hide behavior: // 1. 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We find a negative and statistically significant relationship between the degree of investor anticipation and the magnitude of the announcementperiod abnormal returns for dividend initiating and omitting firms. Using Propensityscore matching to obtain counterfactual firms that are equally likely from the investors’ perspective to initiate or omit dividend payouts, we estimate the valuation effects of dividend initiations and omissions. We find no reliable evidence of long-run abnormal returns in the three years following dividend initiations and omissions, but robust evidence of pre-announcement abnormal returns. These abnormal returns are, in the case of omissions, negatively related to announcement-period and post-announcement abnormal returns, suggesting that event-related ...</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Investor anticipation of dividend initiations and omissions-Do investors really underreact?","attachmentId":89638569,"attachmentType":"pdf","work_url":"https://www.academia.edu/84711051/Investor_anticipation_of_dividend_initiations_and_omissions_Do_investors_really_underreact","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/84711051/Investor_anticipation_of_dividend_initiations_and_omissions_Do_investors_really_underreact"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="64833691" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/64833691/Dividend_omissions_and_stock_market_rationality">Dividend omissions and stock market rationality</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="150273431" href="https://pennstate.academia.edu/JWoolridge">J Woolridge</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Business Finance & …, 1991</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Dividend omissions and stock market rationality","attachmentId":76684361,"attachmentType":"pdf","work_url":"https://www.academia.edu/64833691/Dividend_omissions_and_stock_market_rationality","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/64833691/Dividend_omissions_and_stock_market_rationality"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="2" data-entity-id="6237537" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/6237537/Investment_opportunities_and_dividend_omissions">Investment opportunities and dividend omissions</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="9585669" href="https://tue.academia.edu/hoangminh">hoang minh</a></div><p class="ds-related-work--abstract ds2-5-body-sm">This study examines the market's reaction to dividend omission announcements and finds that if dividends are skipped to preserve cash for good investments, investors do not necessarily regard the omission as negative information. Markets penalize firms for dividend omissions only in the absence of a good stream of investments. In addition, the positive relation between investment opportunity and abnormal stock returns around the announcements is stronger when the level of information asymmetry between management and the rest of the market participants is low. Additional tests reveal that good omitters overcome underperformance faster in the post period. Overall, the results suggest that financial markets interpret differently the information conveyed in the announcement of dividend omission depending on the firm's future prospects.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Investment opportunities and dividend omissions","attachmentId":33100886,"attachmentType":"pdf","work_url":"https://www.academia.edu/6237537/Investment_opportunities_and_dividend_omissions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/6237537/Investment_opportunities_and_dividend_omissions"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="3" data-entity-id="60732051" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/60732051/Underreaction_to_Dividend_Reductions_and_Omissions">Underreaction to Dividend Reductions and Omissions?</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="59183639" href="https://independent.academia.edu/SamuelSzewczyk">Samuel Szewczyk</a></div><p class="ds-related-work--metadata ds2-5-body-xs">The Journal of Finance, 2008</p><p class="ds-related-work--abstract ds2-5-body-sm">Using a sample of 2,337 cash dividend reduction or omission announcements over the 1927 to 1999 period, this study reports significant negative post-announcement long-term abnormal returns, which last 1 year only. However, this long-term abnormal performance is driven by the post-earnings-announcement drift. After controlling for the earnings performance and the skewness of buy-and-hold abnormal returns, there is no compelling evidence of a post-dividend-reduction or post-dividend-omission price drift.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Underreaction to Dividend Reductions and Omissions?","attachmentId":74042789,"attachmentType":"pdf","work_url":"https://www.academia.edu/60732051/Underreaction_to_Dividend_Reductions_and_Omissions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/60732051/Underreaction_to_Dividend_Reductions_and_Omissions"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="4" data-entity-id="109557158" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/109557158/The_informational_content_of_the_timing_of_dividend_announcements">The informational content of the timing of dividend announcements</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="47002580" href="https://independent.academia.edu/UriLoewenstein">Uri Loewenstein</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Financial Economics, 1986</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper contains a test of a new aspect of the informational content of dividends: namely. is there information in the timing of the announcements? The empirical evidence indicates that the market expects 'bad news' to be delivered late and that these expectations are confirmed. Mean excess returns of stock prices around late announcements are, depending on the assumed returns generating process, either significantly negative or insignificant while significantly positive around the entire population of announcements. Moreover, the proportion and magnitude of dividend reductions associated with late announcements are significantly larger than in the complete universe of announcements.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The informational content of the timing of dividend announcements","attachmentId":107646291,"attachmentType":"pdf","work_url":"https://www.academia.edu/109557158/The_informational_content_of_the_timing_of_dividend_announcements","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/109557158/The_informational_content_of_the_timing_of_dividend_announcements"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="5" data-entity-id="10386963" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/10386963/Dividend_Announcements_Reconsidered_Dividend_Changes_versus_Dividend_Surprises">Dividend Announcements Reconsidered: Dividend Changes versus Dividend Surprises</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="25543140" href="https://independent.academia.edu/christianandres9">christian andres</a></div><p class="ds-related-work--metadata ds2-5-body-xs">SSRN Electronic Journal, 2000</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Dividend Announcements Reconsidered: Dividend Changes versus Dividend Surprises","attachmentId":47417554,"attachmentType":"pdf","work_url":"https://www.academia.edu/10386963/Dividend_Announcements_Reconsidered_Dividend_Changes_versus_Dividend_Surprises","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/10386963/Dividend_Announcements_Reconsidered_Dividend_Changes_versus_Dividend_Surprises"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="6" data-entity-id="25758815" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/25758815/Share_Price_Reaction_to_Dividend_Announcements_Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market">Share Price Reaction to Dividend Announcements Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="30198468" href="https://independent.academia.edu/AjbaJounal">ASIAN JOURNAL OF BUSINESS AND ACCOUNTING (AJBA)</a></div><p class="ds-related-work--abstract ds2-5-body-sm">This study examines the market reactions to dividend announcements and the interaction with earnings announcements in the Malaysian stock market. Data was obtained for a sample of one thousand and eighty eight (1088) dividend announcements from firms whose shares were traded on the Malaysian stock exchange from 2004 to 2008. Abnormal returns were calculated using the market model. The results are partially consistent with the dividend information signalling hypothesis. There are positive abnormal returns related to dividend increase and dividend unchanged announcements, but insignificant for dividend decrease announcements. Combining dividend announcements with earnings announcements that take place well before dividend announcements, we find that both earnings and dividends exert their influence independently on share prices.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Share Price Reaction to Dividend Announcements Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market","attachmentId":46115278,"attachmentType":"pdf","work_url":"https://www.academia.edu/25758815/Share_Price_Reaction_to_Dividend_Announcements_Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/25758815/Share_Price_Reaction_to_Dividend_Announcements_Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="45519641" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/45519641/_Preparing_the_Equity_Market_for_Adverse_Corporate_Events_Theory_and_Evidence_from_Firms_Cutting_Dividends">“Preparing” the Equity Market for Adverse Corporate Events: Theory and Evidence from Firms Cutting Dividends</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="34716975" href="https://independent.academia.edu/KoseJohn">Kose John</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2007</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper presents the first theoretical as well as the first empirical analysis of the choice of firms between preparing and not preparing the equity market in advance of a possible dividend cut. In our model, a firm has assets in place that will generate an intermediate cash flow, and a growth opportunity. Firm insiders have private information not only about the probability of their firm realizing a high intermediate cash flow, but also about the net present value of its growth opportunity. We characterize the firm insiders' equilibrium choice between preparing and not preparing the market, as well as their decision regarding whether or not to cut the firm's dividend (subsequent to the realization of the firm's intermediate cash flow). In equilibrium, firms in temporary financial difficulties but good long-term growth prospects are more likely to prepare the market in advance of dividend cuts, while those with permanently declining earnings are less likely to prepare the market. Our analysis generates several testable predictions. First, the abnormal stock returns of firms preparing the market for a dividend cut will be negative on the market preparation day. Second, the abnormal stock returns upon the announcement of a dividend cut will be less negative for prepared compared to non-prepared dividend cutting firms. Third, the long-run operating, dividend payment, and stock return performance of prepared dividend cutting firms will be better than that of non-prepared dividend cutting firms. Finally, firms with lower current profitability but higher long-term growth opportunities are more likely to prepare the market prior to dividend cuts. We use a hand-collected sample of dividend cutting firms that allows us to distinguish between prepared and non-prepared dividend cutting firms. The results of our empirical analysis support the above predictions of our theory.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"“Preparing” the Equity Market for Adverse Corporate Events: Theory and Evidence from Firms Cutting Dividends","attachmentId":66007133,"attachmentType":"pdf","work_url":"https://www.academia.edu/45519641/_Preparing_the_Equity_Market_for_Adverse_Corporate_Events_Theory_and_Evidence_from_Firms_Cutting_Dividends","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/45519641/_Preparing_the_Equity_Market_for_Adverse_Corporate_Events_Theory_and_Evidence_from_Firms_Cutting_Dividends"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="66655737" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/66655737/Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market">Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="32007304" href="https://malaya.academia.edu/MansorIsa">Mansor Isa</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2010</p><p class="ds-related-work--abstract ds2-5-body-sm">This study examines the market reactions to dividend announcements andthe interaction with earnings announcements in the Malaysian stock market.Data was obtained for a sample of one thousand and eighty eight (1088)dividend announcements from firms whose shares were traded on theMalaysian stock exchange from 2004 to 2008. Abnormal returns werecalculated using the market model. The results are partially consistentwith the dividend information signalling hypothesis. There are positiveabnormal returns related to dividend increase and dividend unchangedannouncements, but insignificant for dividend decrease announcements.Combining dividend announcements with earnings announcements thattake place well before dividend announcements, we find that both earningsand dividends exert their influence independently on share prices.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Share Price Reaction to Dividend Announcements and the Interaction with Earnings Announcements in the Malaysian Stock Market","attachmentId":77761890,"attachmentType":"pdf","work_url":"https://www.academia.edu/66655737/Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/66655737/Share_Price_Reaction_to_Dividend_Announcements_and_the_Interaction_with_Earnings_Announcements_in_the_Malaysian_Stock_Market"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="26651026" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/26651026/Information_Revelation_through_Dividend_Initiations">Information Revelation through Dividend Initiations</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="464599" href="https://bu.academia.edu/JohnThornton">John Thornton</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2000</p><p class="ds-related-work--abstract ds2-5-body-sm">We examine the relation between the market reaction to the announcement of dividend initiations and the degree of information asymmetry between firm insiders and the market. We hypothesize that in firms with high information asymmetry it is harder to anticipate events such as a dividend initiation. Therefore the magnitude of the announcement response should be greater for firms with high information asymmetry.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Information Revelation through Dividend Initiations","attachmentId":46940076,"attachmentType":"pdf","work_url":"https://www.academia.edu/26651026/Information_Revelation_through_Dividend_Initiations","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/26651026/Information_Revelation_through_Dividend_Initiations"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":89638582,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":89638582,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_89638582" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. 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The case of omitted dividends</a><div class="ds-related-work--metadata"><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="40342166" href="https://iastate.academia.edu/ArnoldCowan">Arnold R Cowan</a><span>, </span><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="40544298" href="https://independent.academia.edu/RajivSant">Rajiv Sant</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Banking & Finance, 1994</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Do dividends signal earnings? 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