Empirical Studies on Dividend Policy of Japanese Firms from the Perspective of Corroboration Effects

点击翻译按钮获取中文摘要

I analyzed empirically the influence of dividend policy of Japanese firms on stock pricing from the perspective of corroboration effect. Firstly, I found evidence of both the existence and the persistence of corroboration effect in the Japanese market for the announcement of management forecasts revisions and time series properties of earnings and/or dividends. Secondly, I found new evidence that the dividends' life-cycle theory is not be accepted by both the managers of Japanese firms and the Japanese market, and I showed that the evidence can be explained using the concept of "corroboration effect."