Earnings and Dividend Announcements: Is There a Corroboration Effect?
研究同期盈利与股息公告对股票异常回报的交互影响，发现两者存在统计显著的相互印证效应，投资者更信任与盈利预期一致的股息变动。
We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine whether investors evaluate the two announcements in relation to each other. We find that there is a statistically significant interaction effect. The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other announcement. This evidence suggests the existence of a corroborative relationship between the two announcements. Investors give more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice versa.