Dividend change context and signaling efficiency in Japan

Harada, K; Nguyen, P

Dividend change context and signaling efficiency in Japan

Harada, K Nguyen, P

Permalink

Publication Type:: Journal Article
Citation:: Pacific Basin Finance Journal, 2005, 13 (5), pp. 504 - 522
Issue Date:: 2005-11-01

Closed Access

	Filename	Description	Size
	2009007980OK.pdf		166.71 kB	Adobe PDF	View/Open

Copyright Clearance Process

Recently Added
In Progress
Closed Access

This item is closed access and not available.

Full metadata record

Field	Value	Language
dc.contributor.author	Harada, K	en_US
dc.contributor.author	Nguyen, P	en_US
dc.date.issued	2005-11-01	en_US
dc.identifier.citation	Pacific Basin Finance Journal, 2005, 13 (5), pp. 504 - 522	en_US
dc.identifier.issn	0927-538X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/15821
dc.description.abstract	This paper examines the relationship between dividend adjustments, and subsequent operating performance and long-term stock returns for a large sample of Japanese firms. Its most distinct contribution is to take into account the conditions under which the adjustments take place using a predictive model of dividend changes. A more significant association between dividend changes and subsequent earnings is obtained. Risk-adjusted returns at long horizons are shown to be consistent with the predicted change in earnings. © 2005 Elsevier B.V. All rights reserved.	en_US
dc.relation.ispartof	Pacific Basin Finance Journal	en_US
dc.relation.isbasedon	10.1016/j.pacfin.2005.01.001	en_US
dc.subject.classification	Finance	en_US
dc.title	Dividend change context and signaling efficiency in Japan	en_US
dc.type	Journal Article
utslib.citation.volume	5	en_US
utslib.citation.volume	13	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Strength - CCG - Centre for Corporate Governance
utslib.copyright.status	closed_access
pubs.issue	5	en_US
pubs.publication-status	Published	en_US
pubs.volume	13	en_US

Abstract:

This paper examines the relationship between dividend adjustments, and subsequent operating performance and long-term stock returns for a large sample of Japanese firms. Its most distinct contribution is to take into account the conditions under which the adjustments take place using a predictive model of dividend changes. A more significant association between dividend changes and subsequent earnings is obtained. Risk-adjusted returns at long horizons are shown to be consistent with the predicted change in earnings. © 2005 Elsevier B.V. All rights reserved.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/15821