The Declining Information Content of Dividend Announcements and the Effect of Institutional Holdings

We propose an explanation for the "disappearing dividend" phenomenon: the decline in the information content of dividend announcements. This reduces the propensity of firms to pay or increase dividends, since dividends are costly.(...)

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Year of publication:	2003-05-01
Authors:	Amihud, Yakov ; Li, Kefei
Publisher:	Salomon Center <New York, NY>
Subject:	Dividende \| dividend \| Informationseffizienz \| Bekanntmachung \| dividend signaling \| Informationsgehalt \| Entropy law \| Institutioneller Anleger \| institutional investor

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Extent:	277504 bytes 51 p. application/pdf
Series:	NYU Salomon Center for the Study of Financial Institutions - Publications Arbeitspapier - NYU Salomon Center for the Study of Financial Institutions - Corporate Governance; S-CG-02-12
Type of publication:	Book / Working Paper
Language:	English
Classification:	G20 - Financial Institutions and Services. General ; G32 - Financing Policy; Capital and Ownership Structure ; G35 - Payout Policy ; Corporate finance and investment policy. Other aspects ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005846644