Dividend Changes and Future Profitability
研究股利变化与未来盈利能力的关系，发现股利变化能提供未来盈利水平的信息，且与随后两年的盈利变化正相关。
ABSTRACT We investigate the relation between dividend changes and future profitability, measured in terms of either future earnings or future abnormal earnings. Supporting “the information content of dividends hypothesis,” we find that dividend changes provide information about the level of profitability in subsequent years, incremental to market and accounting data. We also document that dividend changes are positively related to earnings changes in each of the two years after the dividend change.