The company's unique full-payout dividend policy allows us to estimate an asset pricing model with fundamentally persistent dividends and a time-varying risk correction. The model is not rejected by the data. Variations in expected future dividends are found to explain between one-sixth and...

Using textual data extracted from a large variety of news sources, we build an aggregate news signal taking into account the tone and tense of various news statements about a given firm. We test the informational content of this signal and examine how news about events happening in different...