全球智库信息集成服务系统(G2TT): DP14921 Dividend Suspensions and Cash Flow Risk during the Covid-19 Pandemic

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14921
	DP14921 Dividend Suspensions and Cash Flow Risk during the Covid-19 Pandemic
	Davide Pettenuzzo; Riccardo Sabbatucci; Henry Allan Timmermann
发表日期	2020-06-23
出版年	2020
语种	英语
摘要	We examine the effect of the Covid-19 pandemic on firms’ decisions to suspend dividends and estimate a model that quantifies the effect of suspensions on growth in aggregate dividends. Our estimates show that dividend suspensions had a large impact on expected future dividend growth and also helped predict the sharp declines observed in broader measures of economic activity. Firms with high leverage and low profitability were more likely to have suspended their dividends during the pandemic as were firms with the largest negative stock returns prior to the dividend announcement date. While firms that suspended their dividends experienced large negative abnormal returns, firms that substantially reduced but did not entirely eliminate dividends saw large positive abnormal returns around the announcement date.
主题	Financial Economics
URL	https://cepr.org/publications/dp14921
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/543863
推荐引用方式 GB/T 7714	Davide Pettenuzzo,Riccardo Sabbatucci,Henry Allan Timmermann. DP14921 Dividend Suspensions and Cash Flow Risk during the Covid-19 Pandemic. 2020.