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Now showing items 1-10 of 11
Dividend increases and initiations and default risk in equity returns
(2011)
This study extends the Grullon, Michaely, and Swaminathan (2002) analysis by incorporating default risk. Using data for firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, ...
Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns
(2011)
This paper examines investors' reactions to dividend reductions or omissions conditional on past earnings and dividend patterns for a sample of eighty-two U.S. firms that incurred an annual loss. We document that the market ...
The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced
(2010)
This study pursues two objectives: first, to provide evidence on the information content of dividend policy, conditional on past earnings and dividend patterns prior to an annual earnings decline
Growth Options and Related Stock Market Anomalies: Profitability, Distress, Lotteryness, and Volatility
(2019)
We provide new evidence on the economic role of growth options behind the profitability, distress, lotteryness, and volatility anomalies. We use idiosyncratic skewness to measure growth options and estimate expected ...
Alternative bankruptcy prediction models using option-pricing theory
(2013)
We examine the empirical properties of the theoretical Black-Scholes-Merton (BSM) bankruptcy model. We evaluate the predictive ability of various existing modifications of the BSM model and extend prior studies by estimating ...
Distress Risk, Growth and Earnings Quality
(2011)
We extend and complement prior work by investigating the earnings quality of firms with different financial health characteristics and growth prospects. By using three alternative measures of default likelihood and two ...
Analysts to the rescue?
(2019)
In this study we use the SEC's decision to eliminate the reconciliation requirement for cross-listed companies to examine whether this loss of information prompted financial analysts to provide more informative research ...