Confirming dividend changes and the non-monotonic investor revision of earnings persistence [electronic resource] / Christian Müller ; with a foreword by Carsten Homburg.

9783658044732 electronic book
365804473X electronic book
9783658044725

Wiesbaden : Springer Gabler, 2014.

English

Foreword in German.

1 online resource (xxv, 137 pages) : illustrations.

10.1007/978-3-658-04473-2 doi

HG4028.D5

332.63/221

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.

Ph.D. University of Cologne 2013.

Includes bibliographical references.

Access limited to authorized users.

Description based on online resource; title from PDF title page (SpringerLink, viewed January 6, 2014).

Gabler research. Quantitatives controlling.

Online Resources > Ebooks
All Resources