search query: @author Ofer, A. R. / total: 10
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| Author: | Ofer, A. R. Siegel, D. R. |
| Title: | Corporate financial policy, information, and market expectations : An empirical investigation of dividends. |
| Journal: | Journal of Finance
1987 : SEP, VOL. 42:4, p. 889-911 |
| Index terms: | FINANCIAL POLICY CAPITAL MARKETS COMPANY PERFORMANCE DIVIDENDS |
| Language: | eng |
| Abstract: | A relationship is documented between announcements of unexpected changes in financial policy and unexpected changes in performance of the firm. Using a new methodology that combines analysis of stock price movements and earnings forecast data, evidence is provided that analysts revise their earnings forecast following the announcement of an unexpected dividend change by an amount positively related to the size of the unexpected dividend change. It is argued that these revisions are positively related to the change in equity value surrounding the announcement. |
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