Benartzi, Shlomo; Michaely, Roni; Thaler, Richard H - In: Journal of Finance 52 (1997) 3, pp. 1007-34
Many dividend theories imply that changes in dividends have information content about the future earnings of the firm. The authors investigate this implication and find only limited support for it. Firms that increase dividends in year 0 have experienced significant earnings increases in years...