| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14174 |
| DP14174 Signaling Safety | |
| Stefano Rossi; Michael Weber; Roni Michaely | |
| 发表日期 | 2019-12-07 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Contrary to signaling models' central predictions, changes in the level of cash flows do not empirically follow changes in dividends. We use the Campbell (1991) decomposition to construct cash-flow and discount-rate news from returns and find the following: (1) Both dividend changes and repurchase announcements signal changes in cash-flow volatility (in opposite direction); (2) larger cash-flow volatility changes come with larger announcement returns; and (3) neither discount-rate news, nor the level of cash-flow news, nor total stock return volatility change following dividend changes. We conclude cash-flow news--and not discount-rate news--drive payout policy, and payout policy conveys information about future cash-flow volatility. |
| 主题 | Financial Economics |
| 关键词 | Dividends Payout policy Cash-flow volatility Signaling model |
| URL | https://cepr.org/publications/dp14174 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543062 |
| 推荐引用方式 GB/T 7714 | Stefano Rossi,Michael Weber,Roni Michaely. DP14174 Signaling Safety. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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