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Dividend changes and stock price informativeness

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  • De Cesari, Amedeo
  • Huang-Meier, Winifred

Abstract

We investigate how private information in stock prices impacts quarterly dividend changes. We find that the positive relationship between past returns and current dividend changes strengthens when returns convey more private information. This finding is robust to the use of several price informativeness measures and the inclusion of managerial private information and stock overvaluation measures. Managers seem to learn new information from stock prices that they use when deciding on their dividend policy. This study highlights private information in stock prices as an important determinant of dividend policy and contributes to the literature on the real effects of financial markets.

Suggested Citation

  • De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    • Handle: RePEc:eee:corfin:v:35:y:2015:i:c:p:1-17
    DOI: 10.1016/j.jcorpfin.2015.08.004
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    More about this item

    Keywords

    Dividend changes; Stock price informativeness; Stock returns;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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