Asymmetric price reactions to dividend announcements: Always irrational?

被引：2

作者：

Gebka, Bartosz ^{[1
]}

机构：

[1] Newcastle Univ, Sch Business, 5 Barrack Rd, Newcastle Upon Tyne NE1 4SE, Tyne & Wear, England

来源：

ECONOMICS LETTERS | 2019年 / 185卷

关键词：

Dividend signaling; Investor rationality; Prospect theory;

D O I：

10.1016/j.econlet.2019.108713

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We demonstrate analytically that markets tend to react stronger to announcements of dividend cuts vs. increases when dividend payout costs are relatively low. This asymmetry prevails when investors are entirely rational, in contrast to Baker's et al. (2016) prospect-theory-based explanation. (C) 2019 Elsevier B.V. All rights reserved.

引用

页数：4

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[3]

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