Do dividends signal more earnings? a theoretical analysis
Autor(a) principal: | |
---|---|
Data de Publicação: | 2003 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13012 |
Resumo: | The signaling models have contributed to the literature of corporate finance by the formalization of 'the informational content of dividends hypothesis'. However, these models are under criticism of empirical works, as weak evidences were found supporting one of the main predictions: the positive relation between changes in dividends and changes in earnings. We claim that the failure to verify this prediction does not invalidate the signaling approach. The mo deIs developed up to now assume or derive utility functions with the single-crossing property. We show that signaling is possible in the absence of this property and, in this case, changes in dividend and changes in earnings can be positively or negatively related. |
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Tsuchida, Marcos H.Araújo, Aloísio Pessoa deMoreira, Humberto AtaídeEscolas::EPGEFGV2015-01-05T14:36:29Z2015-01-05T14:36:29Z2003-02http://hdl.handle.net/10438/13012The signaling models have contributed to the literature of corporate finance by the formalization of 'the informational content of dividends hypothesis'. However, these models are under criticism of empirical works, as weak evidences were found supporting one of the main predictions: the positive relation between changes in dividends and changes in earnings. We claim that the failure to verify this prediction does not invalidate the signaling approach. The mo deIs developed up to now assume or derive utility functions with the single-crossing property. We show that signaling is possible in the absence of this property and, in this case, changes in dividend and changes in earnings can be positively or negatively related.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaSeminários de Almoço da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessDividend policyNon-monotone contractsSignalingSingle-crossing propertyEconomiaDividendosDo dividends signal more earnings? a theoretical analysisinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000314611_t882d.pdf000314611_t882d.pdfapplication/pdf598554https://repositorio.fgv.br/bitstreams/780b5015-bbbd-4e73-abc7-e53127783c10/downloadda5a6cc462e3ff655ceed2c9537958f3MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Do dividends signal more earnings? a theoretical analysis |
title |
Do dividends signal more earnings? a theoretical analysis |
spellingShingle |
Do dividends signal more earnings? a theoretical analysis Tsuchida, Marcos H. Dividend policy Non-monotone contracts Signaling Single-crossing property Economia Dividendos |
title_short |
Do dividends signal more earnings? a theoretical analysis |
title_full |
Do dividends signal more earnings? a theoretical analysis |
title_fullStr |
Do dividends signal more earnings? a theoretical analysis |
title_full_unstemmed |
Do dividends signal more earnings? a theoretical analysis |
title_sort |
Do dividends signal more earnings? a theoretical analysis |
author |
Tsuchida, Marcos H. |
author_facet |
Tsuchida, Marcos H. Araújo, Aloísio Pessoa de Moreira, Humberto Ataíde |
author_role |
author |
author2 |
Araújo, Aloísio Pessoa de Moreira, Humberto Ataíde |
author2_role |
author author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Tsuchida, Marcos H. Araújo, Aloísio Pessoa de Moreira, Humberto Ataíde |
dc.subject.por.fl_str_mv |
Dividend policy Non-monotone contracts Signaling Single-crossing property |
topic |
Dividend policy Non-monotone contracts Signaling Single-crossing property Economia Dividendos |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Dividendos |
description |
The signaling models have contributed to the literature of corporate finance by the formalization of 'the informational content of dividends hypothesis'. However, these models are under criticism of empirical works, as weak evidences were found supporting one of the main predictions: the positive relation between changes in dividends and changes in earnings. We claim that the failure to verify this prediction does not invalidate the signaling approach. The mo deIs developed up to now assume or derive utility functions with the single-crossing property. We show that signaling is possible in the absence of this property and, in this case, changes in dividend and changes in earnings can be positively or negatively related. |
publishDate |
2003 |
dc.date.issued.fl_str_mv |
2003-02 |
dc.date.accessioned.fl_str_mv |
2015-01-05T14:36:29Z |
dc.date.available.fl_str_mv |
2015-01-05T14:36:29Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13012 |
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http://hdl.handle.net/10438/13012 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de Almoço da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
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reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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