Earnings expectations and the relative information content of dividend and earnings announcements

Roger Best () and Ronald Best ()

Journal of Economics and Finance, 2000, vol. 24, issue 3, 232-245

Abstract: Recent studies of financial analysis' earnings forecast revisions following dividend announcements suggest that dividends convey information regarding a firm's future prospects. In this study, we extend the analysis by explicitly controlling for earnings information released during the forecast revision measurement period. Our results suggest that earnings forecast revisions previously attributed to dividend announcements are driven primarily by earnings surprise. At best, dividends appear to serve a corroborative role. Copyright Springer 2000

Date: 2000
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DOI: 10.1007/BF02752605

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