search query: @indexterm Dividend policy / total: 136
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| Author: | Richardson, G. Sefcik, S. E. Thompson, R. |
| Title: | A test of dividend irrelevance using volume reactions to a change in dividend policy. (!TRADING VOLUME) |
| Journal: | Journal of Financial Economics
1986 : DEC, VOL. 17:2, p. 313-333 |
| Index terms: | DIVIDEND POLICY |
| Language: | eng |
| Abstract: | The implication of clientele theories is investigated that changes in dividend policy should result in a marked increase in trading volume as shareholder clienteles change. The empirical investigations are based on 192 firms announcing their first cash dividend. Both an increase in trading volume and firm value around the announcement date are documented.Results suggest that volume increases primarily in response to the signal about future earnings contained in the dividend. Clientele adjustment are small. |
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