What does dividend stickiness signal? Evidence from future earnings
碩士 === 國立交通大學 === 財務金融研究所 === 106 === In this study, we develop a firm-year level measure for dividend stickiness. We try to examine the information content of dividend stickiness using data form publicly listed-firms in U.S.. Our empirical result show a positive relationship between a stickier divi...
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Format: | Others |
Language: | en_US |
Published: |
2018
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Online Access: | http://ndltd.ncl.edu.tw/handle/7p566g |
Summary: | 碩士 === 國立交通大學 === 財務金融研究所 === 106 === In this study, we develop a firm-year level measure for dividend stickiness. We try to examine the information content of dividend stickiness using data form publicly listed-firms in U.S.. Our empirical result show a positive relationship between a stickier dividend policy and earnings persistence, earnings growth and price multiple on earnings. Our finding is robust after controlling the signaling effect of dividend, and is consistent with the explanation of signaling theory.
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