haku: @indexterm Dividends / yhteensä: 268
viite: 45 / 268
| Tekijä: | Nayak, S. Prabhala, N. R. |
| Otsikko: | Disentangling the Dividend Information in Splits: A Decomposition Using Conditional Event-Study Methods |
| Lehti: | Review of Financial Studies
2001 : WINTER, VOL. 14:4, p. 1083-1116 |
| Asiasana: | DIVIDENDS INFORMATION FINANCE |
| Kieli: | eng |
| Tiivistelmä: | While folklore in finance holds that split valuation effects are due to dividend increases associated with splits, little is known about magnitudes of dividend and nondividend components of split announcement effects. The authors find that splits and dividends are indeed informational substitutes, a notion the authors characterize more precisely, but a significant portion of split valuation effects, 46% according to the authors' estimates, cannot be attributed to dividend information in splits. The authors' techniques extend the literature on conditional event-study methods and the authors illustrate their practical value in testing hypotheses and analyzing data not amenable to analysis by standard procedures. |
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