search query: @indexterm Financial theory / total: 142
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| Author: | Grullon, G. Michaely, R. Swaminathan, B. |
| Title: | Are dividend changes a sign of firm maturity? |
| Journal: | Journal of Business
2002 : JUL, VOL. 75:3, p. 387-424 |
| Index terms: | Financial theory Investments |
| Language: | eng |
| Abstract: | Firms that increase (decrease) dividends experience a significant decline (increase) in their systematic risk. The dividend increasing firms do not increase their capital expenditure and experience a decline in profitability in the years after the dividend change. The positive market reaction to a dividend increae is significantly related to the subsequent decline in systematic risk. |
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