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Do dividends signal future earnings in the Nordic stock markets?
Hanken School of Economics, Helsinki, Finland.
Stockholm University, Faculty of Social Sciences, Stockholm Business School.
EF Education First Ltd, Luzern, Switzerland..
2015 (English)In: Review of Quantitative Finance and Accounting, ISSN 0924-865X, E-ISSN 1573-7179, Vol. 44, no 3, 493-511 p.Article in journal (Refereed) Published
Abstract [en]

We study the informational content of dividends on three Nordic civil law markets, where other simultaneous but blurring motives for dividends may be weaker. Using aggregate data on real earnings per share and payout ratios, long time series from 1969 to 2010, and methodologies which address problems of endogeneity, non-stationarity and autocorrelation (including a vector error correction model approach), we find evidence on dividend signaling in Nordic markets. However, we also find heterogeneity in the relationship between dividends and earnings on markets similar in many respects, suggesting that even small variations in the institutional surroundings may be important for the results.

Place, publisher, year, edition, pages
Springer Publishing Company, 2015. Vol. 44, no 3, 493-511 p.
Keyword [en]
Dividend signaling, Information content, Nordic markets, Vector error correctionmode, l (VECM), G35, G15, C32, C58
National Category
Business Administration
URN: urn:nbn:se:su:diva-96937DOI: 10.1007/s11156-013-0415-3OAI: diva2:668001
Available from: 2013-11-28 Created: 2013-11-28 Last updated: 2015-09-02Bibliographically approved

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Mollah, Sabur
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