Predictable Corporate Distributions and Stock Returns
研究发现公司经理人常在相同日期宣布股票拆分、股票股利等分配方案，市场未能充分理解当前分配对未来分配和股票收益的影响，据此构建的投资策略可获得显著超额月收益。
Corporate managers frequently announce corporate distributions, including stock splits, stock dividends, special dividends, and increases in regular dividends, on the anniversary of a like announcement at the same firm. The market appears to not fully appreciate the implications of current distributions for future distributions and stock returns, as a simple strategy that involves purchasing firms with high predicted probabilities of distribution announcements earns significant abnormal monthly returns. These results are distinct from previously documented return regularities related to regular earnings and dividend announcements and return seasonality.