Our findings indicate that firms issue both financial and non-financial articles on earnings announcement dates. In unreported analysis, we repeat the tests using different definitions of “negative” earnings, such as earnings with CAR within the bottom quartile/tercile of the sample or annual ...
In 8 of the 215 months the choice of dates differs slightly from the description just given, generally due to a public holiday, but the time to expiry is always 28, 29 or 30 days. For each option we observe the best bid and ask prices quoted at 2:45pm Central Time (30 min before...
2004, `Odd-lot Costs and Taxation Influences on Stock Dividend Ex- dates', Journal of Business Finance and Accounting, vol. 31, nos 9 -10, pp. 1419 -1448.Anderson, HD, Rose, LC & Cahan, SF 2004, `Odd-lot costs and taxation influences on stock dividend ex-dates', Journal of ...
The FSA said it had identifiedseveral incidents where derivative traders had traded shortly before a regulatory announcement had been made concerning ex-dividend dates of FTSE 100 companies.LangstonRobEBSCO_bspFundweb
Given the difference between married and single individuals, a growing body of literature explores the effects of CEO marital status on corporate activities, including dividend policy (Hossain, Rabarison, Ater, & Sobngwi, 2023, Nicolosi, 2013), risk-taking and investment decisions (Roussanov & ...
We provide evidence to show that the average tax preference for dividends relative to capital gains can successfully explain the variation in the ex-day PDR, and that tax heterogeneity is the major determinant of the excess volume around the ex-dividend day. This is in line with several prior...
However, this decomposition is facilitated by writing the split information ψsi into dividend and non-dividend components. Accordingly, write ψsi = ρsdψdi + ψs−d,i, in which case the joint announcement effect is (37)E(ARsdi|C,S)=γsd+(αd−ρsdαs−d)E(ψdi|C,S)+αs...
(Israelsen, 2016), sharing common mutual fund ownership (Anton and Polk, 2014); and possessing similar characteristics, such as price (e.g., Green and Hwang, 2009), size and book-to-market ratio (Kumar, 2009), dividend payment (Hameed and Xie, 2019), and financial leverage (Do et al...
Note: In the final line, “Mean comparison tests,” p-values are reported. 5.2.2. The impact of property rights It is generally believed that due to the special status of the Chinese state and its agent role, its supervision and control of state-owned enterprises shows some features of of...
19 The Giacomini–Rossi test results are broadly in line with the Diebold–Mariano test results from Table 7. In particular, one-predictor model forecasts for h=12 and h=20 significantly outperform all forecasts from high-dimensional models at the 5% level of significance and the IMF forecasts ...