Dividend Policy Responses to Deregulation in the Electric Utility Industry
作者: Julia D’SouzaJohn JacobVeronda F. Willis
刊名: International Journal of Business Administration, 2015, Vol.6 (2)
来源数据库: Sciedu Press
DOI: 10.5430/ijba.v6n2p1
原始语种摘要: This paper investigates changes in electric utilities’ dividend policies following the onset of deregulation. Consistent with the theory of dividend clienteles, we find that utilities continue to pay high dividends after the onset of deregulation. Under a regulated regime, we find no systematic pattern of associations between dividend changes and abnormal stock returns or future earnings changes. Post-deregulation, however, we find that, consistent with prior research on unregulated firms, dividend increases (decreases) are viewed by the market as good (bad) news. When we examine earnings following changes in dividends, we do not find evidence in favor of the dividend signaling theory.
全文获取路径: Sciedu出版社  (合作)

  • dividend 被除数
  • deregulation 航空价格管制的取消
  • earnings 收入
  • returns 返回粉末
  • stock 岩株
  • market 市场
  • following 追踪
  • utilities 城市管理服务行业
  • evidence 
  • unregulated 修]不调整[UNREG