Journal article
Underreaction to dividend reductions and omissions?
The Journal of finance (New York), v 63(2), pp 987-1020
01 Apr 2008
Abstract
Using a sample of 2,337 cash dividend reduction or omission announcements over the 1927 to 1999 period, this study reports significant negative post-announcement long-term abnormal returns, which last 1 year only. However, this long-term abnormal performance is driven by the post-earnings-announcement drift. After controlling for the earnings performance and the skewness of buy-and-hold abnormal returns, there is no compelling evidence of a post-dividend-reduction or post-dividend-omission price drift.
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Details
- Title
- Underreaction to dividend reductions and omissions?
- Creators
- Yi Liu - Univ N Texas, Denton, TX 76203 USASamuel H. Szewczyk - Drexel UniversityZaher Zantout - Rider Univ, Lawrenceville, NJ 08648 USA
- Publication Details
- The Journal of finance (New York), v 63(2), pp 987-1020
- Publisher
- Wiley
- Number of pages
- 34
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:000254606700014
- Scopus ID
- 2-s2.0-41649121871
- Other Identifier
- 991019167720604721
InCites Highlights
Data related to this publication, from InCites Benchmarking & Analytics tool:
- Collaboration types
- Domestic collaboration
- Web of Science research areas
- Business, Finance
- Economics