Earnings expectations and the relative information content of dividend and earnings announcements

被引：1
|
作者：
Best R.J. [1 ]
Best R.W. [2 ]
机构：
[1] Harmon College of Business Administration, Central Missouri State University, Warrensburg
[2] Department of Accounting and Finance, Richards College of Business, State University of West Georgia, Carrollton
来源：
Journal of Economics and Finance | 2000年 / 24卷 / 3期
关键词：
Earning Forecast; Earning Announcement; Earning Surprise; Forecast Revision; Earning Expectation;
D O I：
10.1007/BF02752605
中图分类号：
学科分类号：
摘要：
Recent studies of financial analysts' earnings forecast revisions following dividend announcements suggest that dividends convey information regarding a firm's future prospects. In this study, we extend the analysis by explicitly controlling for earnings information released during the forecast revision measurement period. Our results suggest that earnings forecast revisions previously attributed to dividend announcements are driven primarily by earnings surprise. At best, dividends appear to serve a corroborative role.
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页码：232 / 245
页数：13
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