Access the full text.
Sign up today, get DeepDyve free for 14 days.
D. Collins, Edward Maydew, Ira Weiss (1997)
Changes in the value-relevance of earnings and book values over the past forty yearsJournal of Accounting and Economics, 24
J. Shoven, Laurie Simon (1987)
Share Repurchases and Acquisitions: an Analysis of Which Firms ParticipateSPGMI: Compustat Fundamentals (Topic)
Monica Banyi, Edward Dyl, Kathleen Kahle (2008)
Errors in Estimating Share RepurchasesCorporate Finance: Capital Structure & Payout Policies
George Fenn, Nellie Liang (2000)
Corporate Payout Policy and Managerial Stock IncentivesBoard of Governors of the Federal Reserve System Research Series
L. Brooks, Dale Buckmaster (1976)
FURTHER EVIDENCE OF THE TIME SERIES PROPERTIES OF ACCOUNTING INCOMEJournal of Finance, 31
G Grullon, R Michaely (2002)
Dividends, share repurchases, and the substitution hypothesisJournal of Finance, 57
Alon Brav, Campbell Harvey, J. Graham, Roni Michaely (2003)
Payout Policy in the 21st CenturyPublic Economics eJournal
Daniel Bens, Venky Nagar, Douglas Skinner, M. Wong (2003)
Employee Stock Options, EPS Dilution, and Stock RepurchasesJournal of Accounting and Economics, 36
Gustavo Grullon, Roni Michaely (2000)
Dividends, Share Repurchases, and the Substitution HypothesisSamuel Curtis Johnson Graduate School of Management at Cornell University Research Paper Series
DJ Skinner (2008)
The evolving relation between earnings, dividends, and stock repurchasesJournal of Financial Economics, 87
M Jagannathan, CP Stevens, MS Weisbach (2000)
Financial flexibility and the choice between dividends and stock repurchasesJournal of Financial Economics, 57
(1973)
Relevant papers include Watts
Shuping Chen, T. Shevlin, Y. Tong (2005)
Does the Pricing of Financial Reporting Quality Change Around Dividend Changes?Monetary Economics
S. Penman (1983)
The Predictive Content of Earnings Forecasts and DividendsJournal of Finance, 38
P. Joos, G. Plesko (2004)
Valuing Loss FirmsS&P Global Market Intelligence Research Paper Series
Carla Hayn (1995)
The information content of lossesJournal of Accounting and Economics, 20
R. Freeman, James Ohlson, S. Penman (1982)
Book Rate-Of-Return And Prediction Of Earnings Changes - An Empirical-InvestigationJournal of Accounting Research, 20
E. Fama, James MacBeth (1973)
Risk, Return, and Equilibrium: Empirical TestsJournal of Political Economy, 81
H. DeAngelo, L. Deangelo, Douglas Skinner (1999)
Special Dividends and the Evolution of Dividend SignalingCorporate Finance and Organizations eJournal
L. Brown, Jerry Han (2000)
Do Stock Prices Fully Reflect the Implications of Current Earnings for Future Earnings for Ar1 Firms?Financial Accounting eJournal
G Grullon, R Michaely, S Benartzi, RH Thaler (2005)
Dividend changes do not signal changes in future profitabilityJournal of Business, 78
R. Watts (2003)
Conservatism in Accounting - Part I: Explanations and ImplicationsAuditing
Sudipta Basu (1997)
The conservatism principle and the asymmetric timeliness of earningsJournal of Accounting and Economics, 24
(2005)
Dividend taxes and corporate behavior: Evidence from the 2003 dividend
Douglas Skinner (2006)
The Evolving Relation between Earnings, Dividends, and Stock RepurchasesChicago Booth: Accounting Research Center Research Paper Series
F. Black, Myron Scholes (1974)
The effects of dividend yield and dividend policy on common stock prices and returnsJournal of Financial Economics, 1
Terry Marsh, R. Merton, M. Librarfl
Working Paper Alfred P. Sloan School of Management Dividend Behavior for the Aggregate Stock Market Dividend Behavior for the Aggregate Stock Market Dividend Behavior for the Aggregate Stock Market*"^
EF Fama, KR French (2001)
Disappearing dividends: Changing firm characteristics or lower propensity to pay?Journal of Financial Economics, 60
Joan Farre-Mensa, Roni Michaely, Martin Schmalz (2002)
Payout PolicyHarvard Business School: Entrepreneurial Management Unit Working Paper Series
R Leftwich, ME Zmijewski (1994)
Contemporaneous announcements of earnings and dividendsJournal of Accounting Auditing and Finance, 9
R Michaely, R Thaler, KL Womack (1995)
Price reactions to dividend initiations and omissions: Overreaction or drift?Journal of Finance, 50
John Wilson, Charles Jones (2002)
An Analysis of the S&P 500 Index and Cowles's Extensions: Price Indexes and Stock Returns, 1870-1999The Journal of Business, 75
Merton Miller (1977)
DEBT AND TAXESJournal of Finance, 32
M. Bradshaw, Matthew Moberg, Richard Sloan (2000)
Gaap Versus the Street: An Empirical Assessment of Two Alternative Definitions of EarningsFinancial Accounting
D. Ikenberry, Theo Vermaelen (1996)
The Option to Repurchase StockFinancial Management, 25
R Ball, A Robin, J Wu (2003)
Incentives versus standards: Properties of accounting income in four East Asian Countries, and implications for acceptance of IASJournal of Accounting and Economics, 36
K. Sivakumar, Gregory Waymire (1993)
The Information-Content Of Earnings In A Discretionary Reporting Environment - Evidence From Nyse Industrials, 1905-10Journal of Accounting Research, 31
Roni Michaely, R. Thaler, Kent Womack (1994)
Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?Corporate Finance: Capital Structure & Payout Policies
(2005)
Do dividends indicate honesty? The relation between dividends
K. Rainbow (1974)
The information content of dividends
H. DeAngelo, L. Deangelo, Douglas Skinner (1996)
Reversal of fortune dividend signaling and the disappearance of sustained earnings growthJournal of Financial Economics, 40
(2004)
Earnings quality. The Research Foundation of
Dan Givoly, Carla Hayn (2000)
The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?Journal of Accounting and Economics, 29
R. Leftwich, M. Zmijewski (1994)
Contemporaneous Announcements of Dividends and EarningsJournal of Accounting, Auditing & Finance, 9
S Chen, T Shevlin, YH Tong (2007)
Does the pricing of financial reporting quality change around dividend changes?Journal of Accounting Research, 45
John Grahama, Campbell Harveya, Roni Michaelyc (2005)
Payout policy in the 21 st century
Gustavo Grullon, Roni Michaely, B. Swaminathan (2002)
Are Dividend Changes a Sign of Firm MaturityThe Journal of Business, 75
Jan Barton, Gregory Waymire (2003)
Investor Protection Under Unregulated Financial ReportingCorporate Finance: Governance
H. DeAngelo, L. Deangelo, Douglas Skinner (2002)
Are Dividends Disappearing? Dividend Concentration and the Consolidation of EarningsUSC Marshall School of Business Research Paper Series
(2008)
Evidence from NYSE industrials, 1905–1910
PR Joos, GA Plesko (2005)
Valuing loss firmsThe Accounting Review, 80
Merton Miller, Kevin Rock (1985)
Dividend Policy under Asymmetric InformationJournal of Finance, 40
R. Ball, Ashok Robin, Joanna Wu (2000)
Incentives Versus Standards: Properties of Accounting Income in Four East Asian Countries, and Implications for Acceptance of IASChicago Booth Research Paper Series
Merton Miller (1986)
Behavioral Rationality in Finance: The Case of DividendsThe Journal of Business, 59
W. David (1983)
Asquith, Paul, and Mullins, Jr. , The Impact of Initiating Dividend Payments on Shareholders’ Wealth, Journal of Business 1, ., 56
E. Fama, K. French (2000)
Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?MIT Sloan School of Management Working Paper Series
J. Aharony, Itzhak Swary (1980)
Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical AnalysisJournal of Finance, 35
R. Ball, R. Watts (1972)
SOME TIME SERIES PROPERTIES OF ACCOUNTING INCOMEJournal of Finance, 27
H. DeAngelo, L. Deangelo, Douglas Skinner (2009)
Corporate Payout PolicyMicroeconomics: Asymmetric & Private Information eJournal
B. Maris (2000)
Forecasting Profitability and EarningsCfa Digest, 30
James Hamilton (1994)
Time Series AnalysisStatistics for Environmental Science and Management
C. Stephens, Murali Jagannathan, M. Weisbach (1999)
Financial Flexibility and the Choice between Dividends and Stock RepurchasesS&P Global Market Intelligence Research Paper Series
S. Penman (2001)
Financial Statement Analysis and Security Valuation
J. Lewellen, S. Kothari, Jerold Warner (2003)
Stock Returns, Aggregate Earnings Surprises, and Behavioral FinanceS&P Global Market Intelligence Research Paper Series
John Wald, M. Long (2007)
The Effect of State Laws on Capital StructureJournal of Financial Economics, 83
S. Benartzi, Roni Michaely, R. Thaler (1997)
Do Changes in Dividends Signal the Future or the PastJournal of Finance, 52
(2007)
earnings? The Accounting
S. Penman, Theodore Sougiannis (1996)
The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity ValuationThe Accounting Review, 72
Roger Kormendi, Paul Zarowin (1996)
Dividend policy and permanence of earningsReview of Accounting Studies, 1
(2003)
Restoring trust: Report to the Hon
Merton Miller, F. Modigliani (1961)
DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARESThe Journal of Business, 34
EF Fama, KR French (2004)
New lists: Fundamentals and survival ratesJournal of Financial Economics, 73
L Bagwell, J Shoven (1988)
Corporate takeovers: Causes and consequences
H DeAngelo, LE DeAngelo, DJ Skinner (2004)
Are dividends disappearing? Dividend concentration and the consolidation of earningsJournal of Financial Economics, 72
April Klein (2005)
Fundamentals of Accounting LossesSPGMI: Compustat Fundamentals (Topic)
Scott Richardson, Richard Sloan, Mark Soliman, A. Tuna (2005)
Accrual Reliability, Earnings Persistence and Stock PricesCorporate Finance: Capital Structure & Payout Policies
W. Guay, J. Harford (2000)
The Cash-Flow Permanence and Information Content of Dividend Increases Versus RepurchasesJournal of Financial Economics, 57
MT Bradshaw, RG Sloan (2002)
GAAP versus the street: An empirical assessment of two alternative definitions of earningsJournal of Accounting Research, 40
F. Magiera (2005)
New Lists: Fundamentals and Survival RatesCfa Digest, 35
H. DeAngelo, L. Deangelo, Douglas Skinner (1992)
Dividends and LossesJournal of Finance, 47
E. Fama, Harvey Babiak (1968)
Dividend Policy: An Empirical AnalysisJournal of the American Statistical Association, 63
J. Lintner (1956)
DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES, 46
Doron Nissim, Amir Ziv (2001)
Dividend Changes and Future ProfitabilityJournal of Finance, 56
PM Healy, KG Palepu (1988)
Earnings information conveyed by dividend initiations and omissionsJournal of Financial Economics, 21
Richard Sloan (1998)
Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future EarningsThe Accounting Review, 71
P. Asquith, D. Mullins (1983)
The Impact of Initiating Dividend Payments on Shareholders' WealthThe Journal of Business, 56
D. Burgstahler, J. Jiambalvo, T. Shevlin (2002)
Do Stock Prices Fully Reflect the Implications of Special Items for Future EarningsJournal of Accounting Research, 40
SA Richardson, RG Sloan, MT Soliman, I Tuna (2005)
Accrual reliability, earnings persistence, and stock pricesJournal of Accounting and Economics, 39
Gustavo Grullon, Roni Michaely, S. Benartzi, R. Thaler (2003)
Dividend Changes Do Not Signal Changes in Future ProfitabilityCorporate Finance: Capital Structure & Payout Policies eJournal
Over the past 30 years, there have been significant changes in the distribution of earnings—cross-sectional variation has increased, with increasing left skewness—as well as in corporate payout policy, with many fewer firms paying dividends and the emergence of stock repurchases. We investigate whether the informativeness of payout policy with respect to earnings quality changes over this period. We find that the reported earnings of dividend-paying firms are more persistent than those of other firms and that this relation is remarkably stable over time. We also find that dividend payers are less likely to report losses and those losses that they do report tend to be transitory losses driven by special items. These results do not hold as strongly for stock repurchases, consistent with them representing less of a commitment than dividends.
Review of Accounting Studies – Springer Journals
Published: Sep 25, 2009
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.