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| Tekijä: | Peterson, S. |
| Otsikko: | Some experimental evidence of the efficiency of dividend signaling in resolving information asymmetries |
| Lehti: | Journal of Economic Behavior and Organization
1996 : MAY, VOL. 29:3, p. 373-388 |
| Asiasana: | ECONOMICS DIVIDENDS INFORMATION |
| Kieli: | eng |
| Tiivistelmä: | An experimental market has managers of two firms making investment and dividend decisions to maximize firm value. Dividends are paid to shareholders who trade in the shares of both firms. In a separate control group, dividend and investment decisions are made exogenously to maximize the informational content of the dividend signal. Compared to the control groups dividend surprises do not reflect the information contained in earning shocks; firms with low rates of return on investment underinvest, losing earnings power. |
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