| Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence 2014 Edition Contributor(s): Müller, Christian (Author) |
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ISBN: 3658044721 ISBN-13: 9783658044725 Publisher: Springer Gabler OUR PRICE: $52.24 Product Type: Paperback Published: December 2013 |
| Additional Information |
| BISAC Categories: - Business & Economics | Accounting - Managerial - Business & Economics | Management Science - Business & Economics | Finance - General |
| Dewey: 650 |
| Series: Quantitatives Controlling |
| Physical Information: 0.38" H x 5.83" W x 8.27" (0.49 lbs) 137 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: The stylized facts that firms pay and investors react to dividends disregard dividend neutrality. Taking on the perspective that informational asymmetries are the central determinant for dividend value relevance, Christian M ller assumes that firm's dividend decision conveys useful information to investors. He shows that investors use dividend changes to revise their a priori expectations about the persistence of a current earnings change. While his theoretical and empirical analyses generally imply that dividend changes constitute informative, but imperfect information signals, he further identifies situations in which they are substantial to investors. Christian M ller's research comprehensively examines the informational role of dividend policy and provides new insights to the corresponding Bayesian investor learning process. |