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window.loswp.willEdgeCache = false; window.loswp.work = {"work":{"id":116331406,"created_at":"2024-03-17T04:32:14.891-07:00","from_world_paper_id":251526850,"updated_at":"2025-02-01T20:33:44.631-08:00","_data":{"publisher":"Social Science Electronic Publishing","ai_title_tag":"Trading Response to Dividend Increases","grobid_abstract":"We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the announcement than those in the common stock market. Our results are consistent with the implications of Heiner's model of behavior under uncertainty, which suggest that investors who face a more complicated environment respond more slowly to new information. Participants in the preferred stock market face a more complicated environment because they have to determine the source of financing of the dividend increase, which can either increase or decrease the value of these securities. In contrast, regardless of how it is financed, a dividend increase has an unambiguous positive effect on the value of common shares. Therefore, the participants in the common stock market do not need to make the additional determination that preferred shareholders do, and, thus, need less time to analyze the information.","publication_date":"2014,10,22","publication_name":"Social Science Research Network","grobid_abstract_attachment_id":"112492393"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements","broadcastable":false,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [42727831]; 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":112492393,"attachmentType":"pdf"}"><img alt="First page of “Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/112492393/mini_magick20240317-1-llh8mb.png?1710675226" /><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">Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements</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="42727831" href="https://independent.academia.edu/IrajFooladi"><img alt="Profile image of Iraj Fooladi" class="ds-work-card--author-avatar" src="//a.academia-assets.com/images/s65_no_pic.png" />Iraj Fooladi</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2014, Social Science Research Network</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">18 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 = 116331406; const worksViewsPath = "/v0/works/views?subdomain_param=api&work_ids%5B%5D=116331406"; const getWorkViews = async (workId) => { const response = await fetch(worksViewsPath); if (!response.ok) { throw new Error('Failed to load work views'); } const data = await response.json(); return data.views[workId]; }; // Get the view count for the work - we send this immediately rather than waiting for // the DOM to load, so it can be available as soon as possible (but without holding up // the backend or other resource requests, because it's a bit expensive and not critical). const viewCount = await getWorkViews(workId); const updateViewCount = (viewCount) => { try { const viewCountNumber = parseInt(viewCount, 10); if (viewCountNumber === 0) { // Remove the whole views element if there are zero views. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); return; } const commaizedViewCount = viewCountNumber.toLocaleString(); const viewCountBody = document.getElementById('work-metadata-view-count'); 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">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the announcement than those in the common stock market. Our results are consistent with the implications of Heiner's model of behavior under uncertainty, which suggest that investors who face a more complicated environment respond more slowly to new information. Participants in the preferred stock market face a more complicated environment because they have to determine the source of financing of the dividend increase, which can either increase or decrease the value of these securities. In contrast, regardless of how it is financed, a dividend increase has an unambiguous positive effect on the value of common shares. Therefore, the participants in the common stock market do not need to make the additional determination that preferred shareholders do, and, thus, need less time to analyze the information.</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":112492393,"attachmentType":"pdf","workUrl":"https://www.academia.edu/116331406/Complexity_of_Information_and_Trading_Behavior_The_Case_of_Dividend_Increase_Announcements"}">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":112492393,"attachmentType":"pdf","workUrl":"https://www.academia.edu/116331406/Complexity_of_Information_and_Trading_Behavior_The_Case_of_Dividend_Increase_Announcements"}"><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-control"></div></div><div class="ds-signup-banner ds-signup-banner-control"><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="ds-signup-banner-ctas" data-impression-entity-id="116331406" data-impression-entity-type="2" data-impression-source="signup-banner"><img src="//a.academia-assets.com/images/academia-logo-capital-white.svg" /><h4 class="ds2-5-heading-serif-sm">Sign up for access to the world's latest research</h4><button class="ds2-5-button ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"signup-banner"}">Sign up for free<span class="material-symbols-outlined" style="font-size: 20px" translate="no">arrow_forward</span></button></div><div class="ds-signup-banner-divider"></div><div class="ds-signup-banner-reasons"><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Get notified about relevant papers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Save papers to use in your research</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Join the discussion with peers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Track your impact</span></div></div></div><script>(() => { // Set up signup banner show/hide behavior: // 1. 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We find that experienced traders are better at internalizing ambiguity than inexperienced subjects. No significant differences are observed in the ambiguity versus control treatments regarding prices, price volatility and volumes for experienced subjects. However, relative to the control, prices are higher, volatility greater and trading unsophisticated for inexperienced subjects in the ambiguity treatment. Price changes are consistent with news revelation regardless of subject experience and the degree of ambiguity. Further, we do not find under or over price reactions to news. Regardless of experience, market reaction to news moves in line with fundamentals.</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":"Reaction to public information in asset markets: does ambiguity matter","attachmentId":33016951,"attachmentType":"pdf","work_url":"https://www.academia.edu/6108790/Reaction_to_public_information_in_asset_markets_does_ambiguity_matter","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/6108790/Reaction_to_public_information_in_asset_markets_does_ambiguity_matter"><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="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="2" data-entity-id="8144907" 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/8144907/Information_asymmetry_surrounding_earnings_and_dividend_announcements_An_intra_day_analysis">Information asymmetry surrounding earnings and dividend announcements: An intra-day analysis</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="15871535" href="https://independent.academia.edu/PeterVerhoeven">Peter Verhoeven</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Mathematics and Computers in Simulation, 2005</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper uses high frequency data to evaluate whether information asymmetry in the market is reduced as a result of corporate earnings and dividend announcements. Changes in the level of information asymmetry due to the announcements are proxied by the rate of change in trading volume, bid-ask spread, cumulative abnormal returns, and order imbalance. Our results show support for an information asymmetry reduction due to the release of corporate earnings and dividend for all proxies of information asymmetry except for trading volume. Cross-sectional analysis shows that firm size and forecast errors are the two main explanatory variables for the change in 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 asymmetry surrounding earnings and dividend announcements: An intra-day analysis","attachmentId":34585223,"attachmentType":"pdf","work_url":"https://www.academia.edu/8144907/Information_asymmetry_surrounding_earnings_and_dividend_announcements_An_intra_day_analysis","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/8144907/Information_asymmetry_surrounding_earnings_and_dividend_announcements_An_intra_day_analysis"><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="6108796" 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/6108796/Reaction_to_Public_Information_in_Markets_How_Much_Does_Ambiguity_Matter">Reaction to Public Information in Markets: How Much Does Ambiguity Matter</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="9236071" href="https://independent.academia.edu/BriceCorgnet">Brice Corgnet</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2011</p><p class="ds-related-work--abstract ds2-5-body-sm">In real world situations the fundamental value of an asset is ambiguous. Recent theory has incorporated ambiguity in the dividend process and the information observed by investors, and studied its effect on asset prices. In this paper we experimentally study trader reaction to ambiguity when dividend information is revealed sequentially. Price changes are consistent with news revelation regarding the dividend regardless of subject experience and the degree of ambiguity. Further, there is no under or over price reactions to news. Regardless of experience, market reaction to news moves in line with fundamentals. Also, no significant differences are observed in the control versus ambiguity treatments regarding prices, price volatility and volumes for experienced subjects. Our results indicate that the role of ambiguity aversion in explaining financial anomalies is limited.</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":"Reaction to Public Information in Markets: How Much Does Ambiguity Matter","attachmentId":33016949,"attachmentType":"pdf","work_url":"https://www.academia.edu/6108796/Reaction_to_Public_Information_in_Markets_How_Much_Does_Ambiguity_Matter","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/6108796/Reaction_to_Public_Information_in_Markets_How_Much_Does_Ambiguity_Matter"><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="81516762" 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/81516762/The_intraday_speed_of_adjustment_of_stock_prices_to_earnings_and_dividend_announcements">The intraday speed of adjustment of stock prices to earnings and 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="213132615" href="https://independent.academia.edu/JamesPatell">James Patell</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Financial Economics, 1984</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper examines the effects of Broad Tape news releases of earnings and dividend announcements on three aspects of intraday stock price behavior: mean returns, return variance, and serial correlation in consecutive price changes. The initial price reaction is evident in the first pair of price changes following the release (i.e., within a few minutes, at most). The returns earned by simple trading rules dissipate within five to ten minutes, although significant returns are detected in the overnight period and at the opening of trading on the next day. Disturbances in the variance and serial correlation persist for several hours and extend into the following trading day, As a class, dividend announcements induce much less activity than do earnings, although the response to dividend changes is comparable to the earnings announcement effect.</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 intraday speed of adjustment of stock prices to earnings and dividend announcements","attachmentId":87533608,"attachmentType":"pdf","work_url":"https://www.academia.edu/81516762/The_intraday_speed_of_adjustment_of_stock_prices_to_earnings_and_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/81516762/The_intraday_speed_of_adjustment_of_stock_prices_to_earnings_and_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="3728687" 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/3728687/Information_Content_in_Dividend_Announcements_a_Test_of_Market">Information Content in Dividend Announcements, a Test of 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="4567694" href="https://teknologimalaysia.academia.edu/ShAli">Sh Ali</a></div><p class="ds-related-work--abstract ds2-5-body-sm">This study investigates the market reaction to the changes in dividend announcements at the Malaysia stock exchange formally called Bursa Malaysia. Data is gathered for a sample of 356 dividend announcement made by 138 firms pined in the main market between the years 2008 to 2011. The results show that the market reacts positively to dividend increasing stocks but no significant react to the constant dividend or the decreasing group of dividend announcements. It was also observed from the information in a day prior to the announcement day that there is a probable leakage of information by the excess access to the insider information of the firms.</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 Content in Dividend Announcements, a Test of Market","attachmentId":31407223,"attachmentType":"pdf","work_url":"https://www.academia.edu/3728687/Information_Content_in_Dividend_Announcements_a_Test_of_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/3728687/Information_Content_in_Dividend_Announcements_a_Test_of_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="6" data-entity-id="11931031" 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/11931031/The_relationship_between_uncertainty_and_the_market_reaction_to_information_How_is_it_influenced_by_market_and_stock_specific_characteristics">The relationship between uncertainty and the market reaction to information: How is it influenced by market and stock-specific characteristics?</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="9944184" href="https://independent.academia.edu/RonBird1">Ron Bird</a><span>, </span><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="29548678" href="https://independent.academia.edu/KrishnaReddy71">Krishna Reddy</a></div><p class="ds-related-work--abstract ds2-5-body-sm">Numerous empirical studies dating back to have investigated how markets react to the receipt of new information. However, it is only recently that authors have focussed on differentiating between, and learning from, how investors react to good and bad news. In this paper we find that investors swing between being optimistic and being pessimistic in their interpretation of the new information driven by not only the prevailing market uncertainty and sentiment but also by a significant number of firm-specific characteristics. Pessimism prevails when uncertainty is high, sentiment is weak and the information is being disseminated by companies that are lowly-valued, have high risk, are thinly traded and/or are small cap stocks. However, investors swing to being optimistic when one reverses some or all of these factors. The conclusion that we draw is that risk, uncertainty and the attitude of investors combine to determine how the markets react to new information and this flows through to asset valuations.</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 relationship between uncertainty and the market reaction to information: How is it influenced by market and stock-specific characteristics?","attachmentId":46431422,"attachmentType":"pdf","work_url":"https://www.academia.edu/11931031/The_relationship_between_uncertainty_and_the_market_reaction_to_information_How_is_it_influenced_by_market_and_stock_specific_characteristics","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/11931031/The_relationship_between_uncertainty_and_the_market_reaction_to_information_How_is_it_influenced_by_market_and_stock_specific_characteristics"><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="113224191" 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/113224191/The_Effect_of_Information_Releases_on_the_Pricing_and_Timing_of_Equity_Issues_Theory_and_Evidence">The Effect of Information Releases on the Pricing and Timing of Equity Issues: Theory and Evidence</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="38480267" href="https://mit.academia.edu/DeborahLucas">Deborah Lucas</a></div><p class="ds-related-work--metadata ds2-5-body-xs">RePEc: Research Papers in Economics, 1988</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper develops a formal model of the timing and pricing of new equity issues, assuming that managers are better informed than new investors about the quality of the firm. Firms will prefer to issue equity when the market is most informed about the quality of the firm. This implies that equity issues tend to follow information releases, such as earnings announcements. The model also predicts a relation between the timing and pricing of equity issues. The price drop at the time of the equity issue announcement should increase in the time since the last information release, and the price drop at issue should increase with the time since the last information release or issue announcement. We teat the predictions of the theory on a sample of NYSE, AMEX and OTC firms who issued equity over the period 1978-1983. We find evidence that there is a clustering of equity issues following earnings announcements and annual reports, and also that the price drop at the time of the equity issue is increasing in the time since the announcement of the issue.</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 Effect of Information Releases on the Pricing and Timing of Equity Issues: Theory and Evidence","attachmentId":110239934,"attachmentType":"pdf","work_url":"https://www.academia.edu/113224191/The_Effect_of_Information_Releases_on_the_Pricing_and_Timing_of_Equity_Issues_Theory_and_Evidence","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/113224191/The_Effect_of_Information_Releases_on_the_Pricing_and_Timing_of_Equity_Issues_Theory_and_Evidence"><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="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 class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="48364439" 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/48364439/The_information_content_of_cash_dividend_announcements_in_a_unique_environment">The information content of cash dividend announcements in a unique environment</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="25800886" href="https://independent.academia.edu/TerryWalter">Terry Walter</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Banking & Finance, 2011</p><p class="ds-related-work--abstract ds2-5-body-sm">Due to its distinctive institutional background, Oman offers a valuable opportunity to examine stock price reactions to dividend announcements. In Oman, (1) there are no taxes on dividends and capital gains, (2) there is a high concentration of share ownership, (3) there is low corporate transparency, and (4) firms frequently change their dividends. Our results show that announcements of dividend increases are associated with increased stock prices, while announcements of dividend decreases cause decreases in stock prices. Firms that do not change their dividends experience insignificant negative returns. These results contradict tax-based signaling models, which argue that higher taxes on dividends relative to capital gains are a necessary condition for dividends to be informative.</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 information content of cash dividend announcements in a unique environment","attachmentId":67016109,"attachmentType":"pdf","work_url":"https://www.academia.edu/48364439/The_information_content_of_cash_dividend_announcements_in_a_unique_environment","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/48364439/The_information_content_of_cash_dividend_announcements_in_a_unique_environment"><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":112492393,"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":112492393,"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_112492393" 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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