The Impact of Dividend Initiation on the Earnings Announcements and Returns Volatility
The Impact of Dividend Initiation on the Earnings Announcements and Returns Volatility
复制标题
派息对盈利公告和回报波动的影响
DOI：
10.1086/296458
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发表时间：
1989
期刊：
影响因子：
--
通讯作者：
P. Venkatesh
中科院分区：
文献类型：
--
作者：
P. Venkatesh
这篇文章提供了一些证据的经验后果，启动股息。首先，它的文件，季度盈利公告的信息含量降低后，引入现金股利。这表明，股息和收益是部分“信息替代品”。“第二个发现是，每日总回报的波动性在开始分红后下降，而这种下降大部分归因于公司特定波动性的下降。一个可能的原因是，在股息后时期，投资者对其他“信息信号”的重视程度较低（相对于股息前时期），因此，观察到的波动性可能较低。版权所有1989年由芝加哥大学。
This article provides some evidence on the empirical consequences of initiating dividends. First, it documents that the information content of quarterly earnings announcements decreases after the introduction of cash dividends. This suggests that dividends and earnings are partial "information substitutes." The second finding is that the volatility of total daily returns decreases after the initiation of dividends and that most of this decrease is attributable to a decrease in the firm-specific volatility. A possible reason for this is that, in the postdividend period, investors place less weight (relative to the predividend period) on other "information signals" and, hence, observed volatility may be lower. Copyright 1989 by the University of Chicago.