Kane, Alex
[Verfasser:in]
;
Marcus, Alan J.
[Sonstige Person, Familie und Körperschaft];
Lee, Young Ki
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
Earnings and Dividend Announcements is there a Corroboration Effect?
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, December 1983
Erschienen in:NBER working paper series ; no. w1248
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w1248
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files
Beschreibung:
We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine whether investors evaluate the two announcements in relation to each other.We find that there is a statistically significant interaction effect.The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other announcement. This evidence suggests the existence of a corroborative relationship between the two announcements. Investors give more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice versa