Dividend changes and future profitability

• 成果类型: Article
• 署名作者: Nissim, D; Ziv, A
• 署名单位: Columbia University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00400
• 发表日期: 2001
• 页码: 2111-2133
• 关键词: information-content; earnings; returns; POLICY

摘要

We investigate the relation between dividend changes and future profitability, measured in terms of either future earnings or future abnormal earnings. Supporting the information content of dividends hypothesis, we find that dividend changes provide information about the level of profitability in subsequent years, incremental to market and accounting data. We also document that dividend changes are positively related to earnings changes in each of the two years after the dividend change.