Market rationality and dividend announcements
dc.contributor.author | Eades, Kenneth M. | en_US |
dc.contributor.author | Hess, Patrick J. | en_US |
dc.contributor.author | Kim, E. Han | en_US |
dc.date.accessioned | 2006-04-07T18:53:52Z | |
dc.date.available | 2006-04-07T18:53:52Z | |
dc.date.issued | 1985-12 | en_US |
dc.identifier.citation | Eades, Kenneth M., Hess, Patrick J., Kim, E. Han (1985/12)."Market rationality and dividend announcements." Journal of Financial Economics 14(4): 581-604. <http://hdl.handle.net/2027.42/25487> | en_US |
dc.identifier.uri | http://www.sciencedirect.com/science/article/B6VBX-45KNKPY-2K/2/c56394eb85bd73cb80efc4fc7ccf372a | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/25487 | |
dc.description.abstract | We investigate stock market rationality by examining the timeliness and unbiasedness of the market's response to dividend announcements. Our initial findings for market timeliness show a sluggish market reaction to dividend announcements; however, when the ex-dividend effect is controlled for, we find no evidence of a sluggish market reaction. We examine the unbiasedness of the market's response by testing whether the net announcement effect across a sample that is devoid of ex-post selection bias sums to zero. We observe a significant positive net announcement effect and examine several plausible conjectures for this puzzling phenomenon, but none provides a satisfactory explanation. | en_US |
dc.format.extent | 1651669 bytes | |
dc.format.extent | 3118 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Elsevier | en_US |
dc.title | Market rationality and dividend announcements | en_US |
dc.type | Article | en_US |
dc.rights.robots | IndexNoFollow | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI 48109, USA | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI 48109, USA | en_US |
dc.contributor.affiliationother | University of Minnesota, Minneapolis, MN 55455, USA | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/25487/1/0000028.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/0304-405X(85)90027-3 | en_US |
dc.identifier.source | Journal of Financial Economics | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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