Efficient Market Tests of the Informational Content of Dividend Announcements: Critique and Extension
针对股利公告信息含量的实证争议，评估并扩展了Watts的方法，以解决同期盈余信息识别与控制问题。
In recent years a major controversy has formed in the finance literature regarding the empirical evidence of the informational content of dividends. Despite considerable support for the position of dividend nontriviality by various studies, the work by Watts [13] represents a formidable challenge. Because of the close proximity of the firm's earnings and dividend announcement dates, the major issue of the dispute has centered on the identification and control of contemporaneous earnings information. In an attempt to settle this controversy, the present study evaluates and extends Watts' methodology.