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Market Response to Subsequent Dividend Actions of Dividend-Initiating and -Omitting Firms

James N. Rimbey and Dennis T. Officer
Quarterly Journal of Business and Economics
Vol. 31, No. 1 (Winter, 1992), pp. 3-20
Published by: Creighton University
Stable URL: http://www.jstor.org/stable/40473042
Page Count: 18
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Market Response to Subsequent Dividend Actions of Dividend-Initiating and -Omitting Firms
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Abstract

This study examines the tendency of many firm shares to move opposite the direction predicted by signaling theory upon the announcement of a major dividend policy change. This research attempts to reconcile such market behavior in the context of an A-firm/B-firm dichotomy created by conflicting signals sent by the firm. Investor uncertainty instead may stem from a lack of information reaching the marketplace.

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