Quantitatives Controlling

Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence

Authors: Mueller, Christian

  • ​Publication in the field of economic sciences

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eBook $69.99
price for USA (gross)
  • ISBN 978-3-658-04473-2
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $89.99
price for USA
  • ISBN 978-3-658-04472-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

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.

About the authors

Dr. Christian Müller received his doctoral degree from the University of Cologne under the supervision of Prof. Dr. Carsten Homburg (Department of Business Administration and Management Accounting).

Table of contents (7 chapters)

  • Introduction

    Müller, Christian

    Pages 1-7

  • The Dividend Irrelevance Theorem and Competing Dividend Theories

    Müller, Christian

    Pages 9-42

  • The Incremental Importance of Dividend Changes in Signaling Earnings Persistence – A Theoretical Analysis

    Müller, Christian

    Pages 43-70

  • Dividend Changes Conveying Earnings Persistence Conditional on Past Time-Series Persistence – An Empirical Analysis

    Müller, Christian

    Pages 71-103

  • The Incremental Importance of Confirming Dividend Changes in Signaling Earnings Persistence Conditional on Earnings Quality

    Müller, Christian

    Pages 105-116

Buy this book

eBook $69.99
price for USA (gross)
  • ISBN 978-3-658-04473-2
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $89.99
price for USA
  • ISBN 978-3-658-04472-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence
Authors
Series Title
Quantitatives Controlling
Copyright
2014
Publisher
Gabler Verlag
Copyright Holder
Springer Fachmedien Wiesbaden
eBook ISBN
978-3-658-04473-2
DOI
10.1007/978-3-658-04473-2
Softcover ISBN
978-3-658-04472-5
Edition Number
1
Number of Pages
XXV, 137
Number of Illustrations and Tables
8 b/w illustrations
Topics