Dividend Changes and the Persistence of Past Earnings Changes
研究市场是否将股利变化视为过去盈利变化持续性的信号，发现股利变化会改变投资者对过去盈利估值含义的判断，且该效应随股利变化幅度和过去盈利变化方向而不同。
ABSTRACT We examine whether the market interprets changes in dividends as a signal about the persistence of past earnings changes. Prior to observing this signal, investors may believe that past earnings changes are not necessarily indicative of future earnings levels. We empirically investigate whether a change in dividends alters investors' assessments about the valuation implications of past earnings. Results confirm the hypothesis that changes in dividends cause investors to revise their expectations about the persistence of past earnings changes. This effect varies predictably with the magnitude of the dividend change and the sign of the past earnings change.