A Test of the Relative Pricing Effects of Dividends and Earnings: Evidence from Simultaneous Announcements in Japan
A Test of the Relative Pricing Effects of Dividends and Earnings: Evidence from Simultaneous Announcements in Japan
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股息和收益相对定价效应的检验：来自日本同步公告的证据
DOI：
10.1111/0022-1082.00245
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发表时间：
2000
影响因子：
8
通讯作者：
Robert S. Harris
中科院分区：
文献类型：
--
作者：
R. M. Conroy;Kenneth M. Eades;Robert S. Harris
我们通过利用日本的独特设置来研究股息和收益公告的定价效应，在这种情况下，经理们同时宣布本年度的股息和收益以及对明年的股息和收益的预测。将意外定义为与分析师预测的偏差，我们发现股价反应受到收益意外的显著影响，尤其是管理层对明年收益的预测。股息的信息含量是边际的，仅限于明年股息的公告。与莫迪利亚尼和米勒的股息无关命题一致，当前的股息意外对日本股价没有实质性影响。版权所有美国金融协会2000年。
We study the pricing effects of dividend and earnings announcements by taking advantage of the unique setting in Japan where managers simultaneously announce the current year's dividends and earnings as well as forecasts of next year's dividends and earnings. Defining surprises as deviations from analysts' forecasts, we find that share price reactions are significantly affected by earnings surprises, especially management forecasts of next year's earnings. The information content of dividends is marginal and is restricted to announcements of next year's dividends. Consistent with Modigliani and Miller's dividend irrelevance proposition, current dividend surprises have no material impact on stock prices in Japan. Copyright The American Finance Association 2000.