图书名称：Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence
作者：Christian Müller
出版社：Springer
页数：137
出版时间：2014
语言：English
格式：pdf
内容简介：
The stylized facts that firms pay and investors react to dividends disregard dividend neutrality. Taking on the perspective that informational asymmetries are the central determinant for dividend value relevance, Christian Müller assumes that firm’s dividend decision conveys useful information to investors. He shows that investors use dividend changes to revise their a priori expectations about the persistence of a current earnings change. While his theoretical and empirical analyses generally imply that dividend changes constitute informative, but imperfect information signals, he further identifies situations in which they are substantial to investors. Christian Müller’s research comprehensively examines the informational role of dividend policy and provides new insights to the corresponding Bayesian investor learning process.

Table of Content

Front Matter I-XXV
1、Introduction 1-7
2、The Dividend Irrelevance Theorem and Competing DividendTheories 9-42
3、The Incremental Importance of Dividend Changes in Signaling EarningsPersistence – A Theoretical Analysis 43-70
4、Dividend Changes Conveying Earnings Persistence Conditional on PastTime-Series Persistence – An Empirical Analysis 71-103
5、 The Incremental Importance of Confirming Dividend Changes inSignaling Earnings Persistence Conditional on Earnings Quality105-116
6、Concluding Remarks 117-122
7、Appendix 123-126
Back Matter 127-137

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