Dividend Changes and Stock Price Informativeness
نویسندگان
چکیده
منابع مشابه
Stock Price Sensitivity to Dividend Changes
This paper examines the stock price sensitivity to dividend changes. The Dividend Signaling, the Free-Cash-Flow, the Maturity and the Catering Hypotheses all predict an average positive (negative) reaction to announcement of a dividend increase (decrease). However, these hypotheses have different cross-sectional predictions. This paper documents that the positive stock price response to dividen...
متن کاملCredit Rating Changes, Information Acquisition and Stock Price Informativeness
How do rating changes affect investor behavior and price informativeness? In a model with endogenous information acquisition and investors with limited attention, we show that the returns to information and the informativeness of the price system increase after a downgrade, but should not experience a significant change after an upgrade. Using a sample of U.S. publicly traded firms that experie...
متن کاملInnovation strategies and stock price informativeness
This paper models the interactions among technological innovation, product market competition and information leakage via the stock market. There are two rms who compete in a product market and have an opportunity to invest in a risky technology either early on as a leader or later once stock prices reveal the value of the technology. Information leakage thus introduces an option of waiting, w...
متن کاملPrice Informativeness and Investment Sensitivity to Stock Price
The article shows that two measures of the amount of private information in stock price—price nonsynchronicity and probability of informed trading (PIN)—have a strong positive effect on the sensitivity of corporate investment to stock price. Moreover, the effect is robust to the inclusion of controls for managerial information and for other information-related variables. The results suggest tha...
متن کاملStock Price Informativeness, Cross-Listings and Investment Decisions
Stock Price Informativeness, Cross-Listings and Investment Decisions We show that a cross-listing allows a rm to make better investment decisions because it enhances stock price informativeness. This theory of cross-listings yield several predictions. In particular, it implies that the sensitivity of investment to stock prices should be larger for cross-listed rms. Moreover, the increase in v...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2383924