Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
10481550 | Pacific-Basin Finance Journal | 2005 | 19 Pages |
Abstract
This paper examines the relationship between dividend adjustments, and subsequent operating performance and long-term stock returns for a large sample of Japanese firms. Its most distinct contribution is to take into account the conditions under which the adjustments take place using a predictive model of dividend changes. A more significant association between dividend changes and subsequent earnings is obtained. Risk-adjusted returns at long horizons are shown to be consistent with the predicted change in earnings.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Kimie Harada, Pascal Nguyen,