Dividends and Losses
研究发现，对于有稳定盈利和股利记录的公司，年度亏损是股利削减的必要条件：1980-1985年间，50.9%的亏损公司削减了股利，而仅有1.0%的非亏损公司这样做。股利削减取决于亏损是否包含暂时性项目，且亏损越大、非经常性项目越少、盈利困难越持久，削减可能性越高。股利政策具有信息含量，能帮助预测未来盈利。
ABSTRACT An annual loss is essentially a necessary condition for dividend reductions in firms with established earnings and dividend records: 50.9% of 167 NYSE firms with losses during 1980–1985 reduced dividends, versus 1.0% of 440 firms without losses. As hypothesized by Miller and Modigliani, dividend reductions depend on whether earnings include unusual items that are likely to temporarily depress income. Dividend reductions are more likely given greater current losses, less negative unusual items, and more persistent earnings difficulties. Dividend policy has information content in that knowledge that a firm has reduced dividends improves the ability of current earnings to predict future earnings.