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

  • Book
  • © 2014

Overview

Authors:
  1. Christian Müller

    1. Köln, Germany

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  • Publication in the field of economic sciences
  • Includes supplementary material: sn.pub/extras

Part of the book series: Quantitatives Controlling (QC)

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Table of contents (7 chapters)

  1. Front Matter

    Pages I-XXV
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  2. Introduction

    • Christian Müller
    Pages 1-7

  3. The Dividend Irrelevance Theorem and Competing Dividend Theories

    • Christian Müller
    Pages 9-42

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

    • Christian Müller
    Pages 43-70

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

    • Christian Müller
    Pages 71-103

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

    • Christian Müller
    Pages 105-116

  7. Concluding Remarks

    • Christian Müller
    Pages 117-122

  8. Appendix

    • Christian Müller
    Pages 123-126

  9. Back Matter

    Pages 127-137
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Keywords

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.

Authors and Affiliations

  • Köln, Germany

    Christian Müller

About the author

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).

Bibliographic Information

  • Book Title: Confirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence

  • Authors: Christian Müller

  • Series Title: Quantitatives Controlling

  • DOI: https://doi.org/10.1007/978-3-658-04473-2

  • Publisher: Springer Gabler Wiesbaden

  • eBook Packages: Business and Economics, Business and Management (R0)

  • Copyright Information: Springer Fachmedien Wiesbaden 2014

  • Softcover ISBN: 978-3-658-04472-5Published: 27 December 2013

  • eBook ISBN: 978-3-658-04473-2Published: 30 December 2013

  • Series ISSN: 2945-8390

  • Series E-ISSN: 2945-8404

  • Edition Number: 1

  • Number of Pages: XXV, 137

  • Number of Illustrations: 8 b/w illustrations

  • Topics: Accounting/Auditing, Business and Management, general, Finance, general

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