THE IMPACT FOR STOCKHOLDERS WHEN REGULATED FIRMS REVISE DIVIDEND POLICY

Roger M. Shelor and Dennis T. Officer

Review of Financial Economics, 1994, vol. 3, issue 2, 121-129

Abstract: This study examines the stock market's response when dividend policy changes are made by firms in a heavily regulated industry. Electric utilities are chosen because these firms are regulated in many ways. Regulatory control covers rates of return, pricing, markets and many other areas. This study focuses on dividend changes which follow a period of dividend stability. The results indicate that electric utility firms' stock prices adjust accordingly at the time of the announcement. The market reaction appears to be greater than that of previous studies which considered many industries.

Date: 1994
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https://doi.org/10.1002/j.1873-5924.1994.tb00576.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:revfec:v:3:y:1994:i:2:p:121-129

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