The Predictive Content of Earnings Forecasts and Dividends
比较了股息公告和管理层盈利预测在预测盈利和公司价值方面的能力，并评估了基于这两种预测的投资策略表现。
ABSTRACT This paper compares the properties of dividend announcements and management earnings forecasts as predictors of earnings and firm value. First, the two predictors are compared on the basis of their ability to predict earnings. Then the information they convey about firm value is assessed by comparison of the performance of investment strategies based on values of the two predictors. Finally, the effects of dividend announcements on stock prices are considered.