The Effect of Dividend Changes on Stock and Bond Prices
研究股票和债券价格对股利变化的反应，发现大额股利变化公告时债券价格与股票价格反应相反，支持财富再分配假说。
ABSTRACT This study examines stock and bond price reactions to dividend changes. The positive stock market response to dividend increases has several potential explanations, two of the more commonly discussed being information content and wealth redistribution between stockholders and bondholders. The evidence presented supports the wealth redistribution hypothesis but does not rule out the information content hypothesis. Typically we find that the bond price reaction to announcements of large dividend changes is opposite to the stock price reaction. Our results differ from those of Handjinicolaou and Kalay.