haku: @indexterm REPUTATION / yhteensä: 135
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| Tekijä: | Brucato, P. Jr. Smith, D. |
| Otsikko: | An analysis of the role of firm reputation in the market's reaction to corporate dividends |
| Lehti: | Quarterly Review of Economics and Finance
1997 : FALL, VOL. 37:3, p. 647-666 |
| Asiasana: | ROLES COMPANIES REPUTATION |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the dynamic behavior of stock prices in response to dividend changes. Firms are hypothesized to develop "reputations" based on the effectiveness with which they signal future earnings through dividend changes. Corporate reputation for reliable signalling is found to be an important determinant of the market's response to a dividend increase, even after controlling for the size of the increase, payout ratio, and earnings predictability. Moreover, results indicate that the strength of the stock price response to dividends is related to the firms' dividend payout ratio. |
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