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| Author: | Del Brio, E.B. Miguel, A. |
| Title: | Dividends and market signalling: an analysis of corporate insider trading |
| Journal: | European Financial Management
2010 : JUN, VOL. 16:3, p. 480-497 |
| Index terms: | dividend announcements insider trading cash flow earnings markets Europe |
| Freeterms: | information-based signalling theory of dividends signalling theory testing multiple-signal theory companies |
| Language: | eng |
| Abstract: | The article analyzes and tests the multiple-signal theory of dividends of John and Lang (1991)in the context of a European market. The author suggests that standpoints in following: i. investors are more sensitive to insider trading signals than to signalled changes in existing dividends. ii. investors are more sensitive to insider trading signals than to signalled changes in existing dividends. It is offers an innovative exploration of the role of earnings announcements in market reaction to the dividend signal. |
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