Signaling, Investment Opportunities, and Dividend Announcements
检验股利变动公告的财富效应，发现股利变动不揭示投资政策信息，但股利增减与后续资本支出变化一致，且影响分析师盈利预测，支持现金流信号假说而非自由现金流假说。
This article examines potential explanations for the wealth effects surrounding dividend change announcements. We find that new information concerning managers' investment policies is not revealed at the time of the dividend announcement. We also find that dividend increases (decreases) are associated with subsequent significant increases (decreases) in capital expenditures over the three years following the dividend change, and that dividend change announcements are associated with revisions in analysts' forecasts of current earnings. These results are consistent with the cash flow signaling hypothesis rather than the free cash flow hypothesis as an explanation for the observed stock price reactions to dividend change announcements.