We present evidence that stock returns, at the market and individual stock level, can be predicted by the timing of uninformed investor cashflows that are known in advance. A core prediction of standard asset pricing models and the efficient market hypothesis is that such flows should not...

We document an asset-pricing anomaly whereby companies have positive abnormal returns in months when a dividend is predicted. Abnormal returns in predicted dividend months are high relative to other companies, and relative to dividend-paying companies in months without a predicted dividend,...