Do liquidity induced changes in aggregate dividends signal aggregate future earnings growth?

被引：0
作者：
Wann C. [1 ]
Long D.M. [1 ]
机构：
[1] Department of Finance, COB, University of Tennessee-Chattanooga, Chattanooga, TN 37403
来源：
Journal of Economics and Finance | 2009年 / 33卷 / 1期
关键词：
Dividends; Excess cash; Ratchet effect; Signaling;
D O I：
10.1007/s12197-007-9020-4
中图分类号：
学科分类号：
摘要：
Extant empirical literature does not provide abundant evidence for the information content hypothesis regarding firm-level dividend signaling. Although this is consistent with the argument against an optimal firm-level dividend policy, this does not imply an absence of an optimal aggregate dividend level. Aggregate dividends and earnings may exhibit stronger associations if aggregation filters out firm-specific earnings information and indicates macroeconomic trends. Using macroeconomic data, we show that aggregate payout ratios signal aggregate future earnings growth for horizons up to 4 years, and that excess aggregate liquidity plays an important role in this relationship. © 2007 Springer Science+Business Media, LLC.
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页码：1 / 12
页数：11
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