Analyst Dividend Forecasts and Their Usefulness to Investors

ABSTRACT In contrast to the disappearing dividends view prevalent in literature, we document extensive dividend payments by firms and significant variability within across 16 countries during 2000–2013. We predict that within-firm increases investor demand for forward-looking information, analysts respond producing informative forecasts. find analyst forecasts are available most dividend-paying more with higher of dividends. Analyst accurate than alternative proxies based on extrapolations past Finally, (1) incrementally useful investors beyond information other fundamentals, such as earnings cash flow forecasts, (2) help interpret quality, (3) associated investors' portfolio allocation decisions. Data Availability: from public sources cited text.