The Predictive Content of Earnings Forecasts and Dividends

STEPHEN H. PENMAN

doi:10.1111/j.1540-6261.1983.tb02290.x

The Predictive Content of Earnings Forecasts and Dividends

STEPHEN H. PENMAN

Columbia Business School

Producción científica › revisión exhaustiva

72 Citas (Scopus)

Resumen

This paper compares the properties of dividend announcements and management earnings forecasts as predictors of earnings and firm value. First, the two predictors are compared on the basis of their ability to predict earnings. Then the information they convey about firm value is assessed by comparison of the performance of investment strategies based on values of the two predictors. Finally, the effects of dividend announcements on stock prices are considered. 1983 The American Finance Association

Idioma original	English
Páginas (desde-hasta)	1181-1199
Número de páginas	19
Publicación	Journal of Finance
Volumen	38
N.º	4
DOI	https://doi.org/10.1111/j.1540-6261.1983.tb02290.x
Estado	Published - sep. 1983

ASJC Scopus Subject Areas

Accounting
Finance
Economics and Econometrics

Acceder al documento

10.1111/j.1540-6261.1983.tb02290.x

Otros archivos y enlaces

Citar esto

@article{ff16f4ef78074c63b5f9b035f0647f76,

title = "The Predictive Content of Earnings Forecasts and Dividends",

abstract = "This paper compares the properties of dividend announcements and management earnings forecasts as predictors of earnings and firm value. First, the two predictors are compared on the basis of their ability to predict earnings. Then the information they convey about firm value is assessed by comparison of the performance of investment strategies based on values of the two predictors. Finally, the effects of dividend announcements on stock prices are considered. 1983 The American Finance Association",

author = "PENMAN, {STEPHEN H.}",

year = "1983",

month = sep,

doi = "10.1111/j.1540-6261.1983.tb02290.x",

language = "English",

volume = "38",

pages = "1181--1199",

journal = "Journal of Finance",

issn = "0022-1082",

publisher = "Wiley-Blackwell",

number = "4",

}

TY - JOUR

T1 - The Predictive Content of Earnings Forecasts and Dividends

AU - PENMAN, STEPHEN H.

PY - 1983/9

Y1 - 1983/9

N2 - This paper compares the properties of dividend announcements and management earnings forecasts as predictors of earnings and firm value. First, the two predictors are compared on the basis of their ability to predict earnings. Then the information they convey about firm value is assessed by comparison of the performance of investment strategies based on values of the two predictors. Finally, the effects of dividend announcements on stock prices are considered. 1983 The American Finance Association

AB - This paper compares the properties of dividend announcements and management earnings forecasts as predictors of earnings and firm value. First, the two predictors are compared on the basis of their ability to predict earnings. Then the information they convey about firm value is assessed by comparison of the performance of investment strategies based on values of the two predictors. Finally, the effects of dividend announcements on stock prices are considered. 1983 The American Finance Association

UR - http://www.scopus.com/inward/record.url?scp=0000067693&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0000067693&partnerID=8YFLogxK

U2 - 10.1111/j.1540-6261.1983.tb02290.x

DO - 10.1111/j.1540-6261.1983.tb02290.x

M3 - Article

AN - SCOPUS:0000067693

SN - 0022-1082

VL - 38

SP - 1181

EP - 1199

JO - Journal of Finance

JF - Journal of Finance

IS - 4

ER -

The Predictive Content of Earnings Forecasts and Dividends

Resumen

ASJC Scopus Subject Areas

Acceder al documento

Otros archivos y enlaces

Huella

Citar esto