منابع مشابه
Income Smoothing, Investor Reaction and Earnings Persistence
The main objective of this study was to investigate the effect of income smoothing on investors reaction to Earnings Persistence of companies listed on the Stock Exchange in Tehran. The population of the study was companies listed on the Stock Exchange in Tehran, the sample size due to screening method and after removing outliers is equal to 118 companies. In this study, earnings persistence an...
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The relative predictability of returns and dividends is a central issue because it forms the paradigm to interpret asset price variation. A little studied question is how dividend smoothing, as a choice of corporate policy, affects predictability. We show that even if dividends are supposed to be predictable without smoothing, dividend smoothing can bury this predictability. Because aggregate d...
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The existing literature on law and finance generally assumes that firms are passive recipients of the influence of investor protections on their ability to raise external financing. In this paper, we empirically identify a commitment mechanism, i.e., dividend payouts, which firms use to establish a reputation for better treatment of outside shareholders in order to compensate for country-level ...
متن کاملFounding Family Ownership and Dividend Smoothing
This paper examines the relation between ownership structure and dividend smoothing by comparing the degree of dividend smoothing engaged in by family and non-family firms. We expect family firms to exhibit less dividend smoothing behaviour than non-family firms due to lower agency conflicts and less information asymmetry experienced by family firms. Based on a sample of S&P 500 firms from 1997...
متن کاملEx-Dividend Prices and Investor Trades: Evidence from Taiwan
Based upon an examination of 987 ex-dividend events that took place on the Taiwan Stock Exchange between January 1992 and December 2006, we find that differential taxes are an important factor in terms of their effects on share prices and the behavior of investors around the ex-dividend day. Ex-day price drop ratio increases with the average investor’s preference for dividend relative to capita...
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ژورنال
عنوان ژورنال: Zagreb International Review of Economics and Business
سال: 2019
ISSN: 1849-1162
DOI: 10.2478/zireb-2019-0020