Dividends distribution of Chinese listed companies is irregular, and the level of dividends can’t match that of earnings persistence. This paper empirically investigates the relationship between dividends distribution, including payout policy and level of cash dividends, and earnings persistence. Different from current literature, this paper is the first to investigate the relationship between ...

One of the most important concepts in financial statement analysis and evaluation is conservatism. Thus recognition of the factors which influence conservatism can considerably help the investor in managing the selection of more conservative assets properly and avoiding the untrue exposure of financial statements. This research is about to consider the relation of effective factors on organizat...

This study provides new insight into the market’s allocation of dividend-related and capital gains-based returns on common stock around earnings announcement surprises. To the extent that investors’ cash flow forecasts are revised as earnings surprises occur, Americus Trust prime and score returns reflect changes in respective future dividends and capital gains. About 70% of the value gain from...

The current study aims to investigate the relationship between stock liquidity risk and financial information quality criteria (i.e. the timely dividends announcement, accruals quality and the percentage of profitability prediction error) of companies listed on the Tehran Stock Exchange. For this purpose, 148 cases of data from listed companies, collected from 2007 to 2012, were employed in ord...

one of the most important concepts in financial statement analysis and evaluation is conservatism. thus recognition of the factors which influence conservatism can considerably help the investor in managing the selection of more conservative assets properly and avoiding the untrue exposure of financial statements. this research is about to consider the relation of effective factors on organizat...

The valuation of dividend imputation credits is a currently unresolved issue facing managers, investors and regulators in the Australian market. This thesis builds upon Officer’s (1994) cost of capital, under imputation, framework by seeking to identify the value of imputation credits implied by option prices. It extends the existing imputation literature by using widely traded common stock opt...

to achieve the optimal model for capital asset pricing has always been a central issue in studies of the financial field. in this study we consider fama and french three-factor model augmented by the pastor and stambaugh (2003) liquidity risk factor. unlike most previous studies in this model, stock level beta is allowed to vary with firm-level size and book-to-market value. to verify the above...

This paper develops and tests a dynamic, sequential equilibrium model of corporate cash payout policy that endogenizes a firm's dividend initiation decision, and its extreme reluctance to subsequently cut dividends in a sequential equilibrium. After payment of dividends, all excess cash is disgorged via stock repurchases that elicit no price reactions. The theoretical model generates results co...