Earticle

초록

영어

In the U.S., dividends are paid quarterly, semiannually, or annually. Why do most dividendpaying firms pay dividends quarterly? We test explanations related to information signaling and agency costs, but neither explanations pan out. We also test whether managers are catering to shareholder demand for frequent dividends, but find no evidence of it. We then conduct an event study to see how the market reacts to dividend frequency-change announcements. When a firm announces an increase in its dividend-payout frequency, we find positive abnormal announcement returns. Further analysis suggests dividend frequency-increasing announcements signal an increase in future dividends, but not future earnings.

목차

Abstract
 I. Data
  A. Summary Statistics
 II. Regression Tests
  A. Identifying Determinants of Dividend-Payout Frequency
  B. Regression Results
 III. Catering Tests
  A. Brief Discussion of Catering Results
 IV. Event Study Tests
  A. Regressing CARs on Firm-Specific Variables
  B. So What Do the Abnormal Announcement Returns Reveal?
 V. Before-and-After Analysis
 VI. Why a Puzzle?
 VII. Conclusion
 References
 Endnotes
 Table

저자

• Suk Hi kim [ College of Business Administration University of Detroit Mercy 4001 W. McNichols Road ]
• Kenneth A. Kim [ State University of New York at Buffalo School of Management ]
• Takeshi Nishikawa [ St. Johns University Tobin College of Business ]

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• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330