Tests of Dividend Signalling Using the Marsh-Merton Model: A Generalized Friction Approach
In this article, we propose a generalized friction model to test the information effect of dividends. The proposed model resolves the problem of dividend stickiness in the time-series data and provides a more reliable estimate for the relation between unexpected changes in dividends and earnings. Un...
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Main Authors: | , |
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Format: | text |
Language: | English |
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Institutional Knowledge at Singapore Management University
1994
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Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/806 |
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Institution: | Singapore Management University |
Language: | English |