A Re-Examination of the Market's Reaction to Quarterly Dividend Change Announcement
Ibrahim, Adel Nematallah Naguib
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https://hdl.handle.net/2142/87152
Description
Title
A Re-Examination of the Market's Reaction to Quarterly Dividend Change Announcement
Author(s)
Ibrahim, Adel Nematallah Naguib
Issue Date
2002
Doctoral Committee Chair(s)
Sougiannis, Theodore
Department of Study
Accountancy
Discipline
Accountancy
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Language
eng
Abstract
The results indicate that the market distinguishes between the following dividend changes: (1) dividend increases that convey favorable information about the firm's future profitability, (2) dividend increases that convey unfavorable information about the firm's future profitability, (3) dividend decreases that convey favorable information about the firm's future profitability, (4) dividend decreases that convey unfavorable information about the firm's future profitability. The results also indicate that market's classification for these dividend changes depends mainly on the size of the firm and the price-to-book ratio at the time of the dividend change announcement.
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