Underreaction to Dividend Reductions and Omissions?
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-announceme...
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| Veröffentlicht in: | The Journal of finance (New York) 2008-04, Vol.63 (2), p.987-1020 |
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| container_issue | 2 |
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| container_title | The Journal of finance (New York) |
| container_volume | 63 |
| creator | LIU, YI SZEWCZYK, SAMUEL H. ZANTOUT, ZAHER |
| description | 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. |
| doi_str_mv | 10.1111/j.1540-6261.2008.01337.x |
| format | Article |
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| identifier | ISSN: 0022-1082 |
| ispartof | The Journal of finance (New York), 2008-04, Vol.63 (2), p.987-1020 |
| issn | 0022-1082 1540-6261 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_36896172 |
| source | Wiley Online Library Journals Frontfile Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Abnormal returns Cash Common stock Dividends Estimation methods Financial information Financial performance Financial research Market value Percentage change Price formation Statistical significance Stock dividends Stock prices Studies |
| title | Underreaction to Dividend Reductions and Omissions? |
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