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Book Cover
E-book
Author Müller, Christian, author

Title Confirming dividend changes and the non-monotonic investor revision of earnings persistence / Christian Müller ; with a foreword by Carsten Homburg
Published Wiesbaden : Springer Gabler, 2014

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Description 1 online resource (xxv, 137 pages) : illustrations
Series Quantitatives Controlling
Gabler research. Quantitatives controlling.
Contents The Dividend Irrelevance Theorem and Competing Dividend Theories -- The Incremental Importance of Dividend Changes in Signaling Earnings Persistence -- A Theoretical Analysis -- Dividend Changes Conveying Earnings Persistence Conditional on Past Time-Series Persistence -- An Empirical Analysis -- The Incremental Importance of Confirming Dividend Changes in Signaling Earnings Persistence Conditional on Earnings Quality -- Concluding Remarks
Summary The stylized facts that firms pay and investors react to dividends disregard dividend neutrality. Taking on the perspective that informational asymmetries are the central determinant for dividend value relevance, Christian Müller assumes that firm's dividend decision conveys useful information to investors. He shows that investors use dividend changes to revise their a priori expectations about the persistence of a current earnings change. While his theoretical and empirical analyses generally imply that dividend changes constitute informative, but imperfect information signals, he further identifies situations in which they are substantial to investors. Christian Müller's research comprehensively examines the informational role of dividend policy and provides new insights to the corresponding Bayesian investor learning process
Notes Ph. D. University of Cologne 2013
Bibliography Includes bibliographical references
Notes Foreword in German
Online resource; title from PDF title page (SpringerLink, viewed January 6, 2014)
Subject Dividends -- Accounting.
BUSINESS & ECONOMICS -- Finance.
Science économique.
Affaires.
Dividends -- Accounting
Genre/Form doctoral dissertations.
masters theses.
theses.
dissertations.
Academic theses
Academic theses.
Thèses et écrits académiques.
Form Electronic book
ISBN 9783658044732
365804473X