Tests of Dividend Signalling Using the Marsh-Merton Model: A Generalized Friction Approach

• المؤلفون الرئيسيون: WU, Chunchi, Kao, C.
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 1994
• الموضوعات: Business
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/806

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...