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

Résultat de recherche › examen par les pairs

72 Citations (Scopus)

Résumé

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

Langue d'origine	English
Pages (de-à)	1181-1199
Nombre de pages	19
Journal	Journal of Finance
Volume	38
Numéro de publication	4
DOI	https://doi.org/10.1111/j.1540-6261.1983.tb02290.x
Statut de publication	Published - sept. 1983

ASJC Scopus Subject Areas

Accounting
Finance
Economics and Econometrics

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10.1111/j.1540-6261.1983.tb02290.x

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The Predictive Content of Earnings Forecasts and Dividends

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ASJC Scopus Subject Areas

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