| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24237 |
| 来源ID | Working Paper 24237 |
| Signaling Safety | |
| Roni Michaely; Stefano Rossi; Michael Weber | |
| 发表日期 | 2018-01-22 |
| 出版年 | 2018 |
| 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 ; Corporate Finance |
| URL | https://www.nber.org/papers/w24237 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581910 |
| 推荐引用方式 GB/T 7714 | Roni Michaely,Stefano Rossi,Michael Weber. Signaling Safety. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24237.pdf（661KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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