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Discussion: Empirical Evidence on Dividends as a Signal of Firm Value

Published online by Cambridge University Press:  06 April 2009

James A. Brickley
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Extract

The major objective of Ken Eades' paper is to provide new insights into the role of dividend changes as information signaling devices. Eades argues that the traditional notion of the “information content of dividends” is based more on conjecture than on a well-specified economic model. Eades suggests that without a well-specified model, we are limited significantly in producing testable hypotheses about dividend signaling. Therefore, Eades extends the dividend signaling model of Bhattacharya [2] and provides statistical tests of the resulting hypotheses.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 17 , Issue 4 , November 1982 , pp. 501 - 502
Copyright
Copyright © School of Business Administration, University of Washington 1982

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References

[1]Aharony, J., and Swary, I.. “Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis.” Journal of Financex (03 1980), pp. 1–12.Google Scholar
[2]Bhattacharya, S. “Imperfect Information, Dividend Policy, and ‘The Bird in the Hand’ Fallacy.” Bell Journal of Economics (Spring 1979), pp. 259–270.CrossRefGoogle Scholar