haku: @author Womack, K. / yhteensä: 2
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| Tekijä: | Michaely, R. Thaler, R. Womack, K. |
| Otsikko: | Price reactions to dividend initiations and omissions: overreaction or drift? |
| Lehti: | Journal of Finance
1995 : JUN, VOL. 50:2, p. 573-608 |
| Asiasana: | FINANCE PRICES DIVIDENDS |
| Kieli: | eng |
| Tiivistelmä: | This article investigates market reactions to initiations and omissions of cash dividend payments. Consistent with prior literature the authors find that the magnitude of short-run price reactions to omissions are greater than for initiations. In the year following the announcements, prices continue to drift in the same direction, though the drift following omissions is stronger and more robust. This post-dividend initiation/omission price drift is distinct from and more pronounced than that following earnings surprises. |
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