The Information Content of Dividend Initiations: Additional Evidence
假设现金股利首次发放表明公司盈利和现金流风险降低，通过样本分析发现股利公告后风险骤降，盈利波动性显著下降，且风险降低与公告前后的超额收益相关。
Edward A. Dyl is the Christopher Sheafe/Estes Homes Professor of Finance at the University ofArizona. Robert A. Weigand is an Assistant Professor of Finance at the University of Colorado at Colorado Springs. We hypothesize that the initiation of cash dividends indicates that a firm's earnings and cash flows have become fundamentally less risky. We present evidence to support this hypothesis. A sample of firms initiating dividends displays a precipitous decrease in risk immediately following the dividend announcement. Although these firms' earnings do not subsequently increase, earnings volatility is significantly lower following the dividend decision. We also find that the decrease in risk is related to the excess return observed around the dividend announcement.