Earnings and Dividend Announcements: Is There a Corroboration Effect?
研究盈利与股利同时公告时，投资者是否相互参照两者信息。发现公告的异常回报存在统计显著的交互效应，即盈利与股利公告相互印证，投资者更相信方向一致的变化。
ABSTRACT 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.