LEADER 06257nam 22007215 450 001 9910298525803321 005 20200920002153.0 010 $a3-658-04473-X 024 7 $a10.1007/978-3-658-04473-2 035 $a(CKB)3710000000078906 035 $a(EBL)1636717 035 $a(OCoLC)871224141 035 $a(SSID)ssj0001086614 035 $a(PQKBManifestationID)11579161 035 $a(PQKBTitleCode)TC0001086614 035 $a(PQKBWorkID)11061996 035 $a(PQKB)11546806 035 $a(MiAaPQ)EBC1636717 035 $a(DE-He213)978-3-658-04473-2 035 $a(PPN)176123202 035 $a(EXLCZ)993710000000078906 100 $a20131230d2014 u| 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aConfirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence /$fby Christian Müller 205 $a1st ed. 2014. 210 1$aWiesbaden :$cSpringer Fachmedien Wiesbaden :$cImprint: Springer Gabler,$d2014. 215 $a1 online resource (157 p.) 225 1 $aQuantitatives Controlling 300 $aDescription based upon print version of record. 311 $a3-658-04472-1 320 $aIncludes bibliographical references. 327 $a""Geleitwort""; ""Vorwort""; ""Table of Contents""; ""List of Abbreviations""; ""List of Symbols""; ""List of Figures""; ""List of Tables""; ""1 Introduction""; ""2 The Dividend Irrelevance Theorem and Competing Dividend Theories""; ""2.1 The Dividend Irrelevance Hypothesis a??? Miller and Modigliani (1961)""; ""2.1.1 Model Assumptions""; ""2.1.2 The Dividend Irrelevance Theorem ""; ""2.2 Competing Dividend Theories a??? An Overview""; ""2.2.1 Behavior-Based Explanations a??? Investor Irrationality ""; ""2.2.2 Tax-Based Dividend Theories""; ""2.2.3 Informational Asymmetries"" 327 $a""2.3 Summary and Conclusion""""3 The Incremental Importance of Dividend Changes in Signaling Earnings Persistence a??? A Theoretical Analysis""; ""3.1 Introduction""; ""3.2 The Informational Content of Dividends about Current and Future Earnings a??? Empirical Evidence""; ""3.3 The Sequential Release of Two Generic Information Signals and their Interrelations a??? Holthausen und Verrecchia (1988)""; ""3.4 A Model on Investor Reassessment of Earnings Persistence Induced by a Confirming Dividend Change""; ""3.4.1 Overview""; ""3.4.2 The Basic Structure of the Model"" 327 $a""3.5 Implications from the Theoretical Analysis""""4 Dividend Changes Conveying Earnings Persistence Conditional on Past Time-Series Persistence a??? An Empirical Analysis""; ""4.1 Introduction""; ""4.2 Sample Criteria, Variable Measurement and Descriptive Statistics""; ""4.3 Cross-Sectional Tests for the Non-Monotonic Inverse U-Shape between the Incremental ERC and A Priori Investor Knowledge""; ""4.4 Varied-Intensity Dividend Signals and the Relationship between the Incremental ERC and A Priori Investor Knowledge"" 327 $a""4.5 The Informativeness of the Supplementary, Confirming Dividend Signal Juxtaposed against the Information Content of the Current Earnings Surprise""""4.6 The Persistence of Firma???s Time-Series of Earnings Conditional on Firma???s Dividend Policy""; ""4.7 Summary""; ""5 The Incremental Importance of Confirming Dividend Changes in Signaling Earnings Persistence Conditional on Earnings Quality""; ""5.1 Introduction""; ""5.2 Alternative Earnings Quality Metrics""; ""6 Concluding Remarks""; ""7 Appendix""; ""Appendix: 1""; ""Appendix 2""; ""Appendix 3""; ""References"" 330 $aThe stylized facts that firms pay and investors react to dividends disregard dividend neutrality. Taking on the perspective that informational asymmetries are the central determinant for dividend value relevance, Christian Müller assumes that firm?s dividend decision conveys useful information to investors. He shows that investors use dividend changes to revise their a priori expectations about the persistence of a current earnings change. While his theoretical and empirical analyses generally imply that dividend changes constitute informative, but imperfect information signals, he further identifies situations in which they are substantial to investors. Christian Müller?s research comprehensively examines the informational role of dividend policy and provides new insights to the corresponding Bayesian investor learning process.   Contents n  Dividend Irrelevance and Competing Dividend Theories n  Incremental Importance of Dividend Changes in Signaling Earnings Persistence ? Theoretical and Empirical Analysis n  Measuring A Priori Investor Knowledge about Earnings Persistence   Target Groups ·        Academics and students in the fields of finance and accounting ·        Corporate managers, investment professionals, and anyone interested in the implications of payout policy   The Author Dr. Christian Müller received his doctoral degree from the University of Cologne under the supervision of Prof. Dr. Carsten Homburg (Department of Business Administration and Management Accounting).  . 410 0$aQuantitatives Controlling 606 $aAccounting 606 $aBookkeeping  606 $aBusiness 606 $aManagement science 606 $aFinance 606 $aAccounting/Auditing$3https://scigraph.springernature.com/ontologies/product-market-codes/511000 606 $aBusiness and Management, general$3https://scigraph.springernature.com/ontologies/product-market-codes/500000 606 $aFinance, general$3https://scigraph.springernature.com/ontologies/product-market-codes/600000 615 0$aAccounting. 615 0$aBookkeeping . 615 0$aBusiness. 615 0$aManagement science. 615 0$aFinance. 615 14$aAccounting/Auditing. 615 24$aBusiness and Management, general. 615 24$aFinance, general. 676 $a658.15 700 $aMüller$b Christian$4aut$4http://id.loc.gov/vocabulary/relators/aut$0334546 906 $aBOOK 912 $a9910298525803321 996 $aConfirming Dividend Changes and the Non-Monotonic Investor Revision of Earnings Persistence$92518452 997 $aUNINA