股票交易量是否预示着未来的股息?来自伊比利亚公司的证据

IF 2.6 4区 经济学 Q1 ECONOMICS
Júlio Lobão, Patrícia Piedade, Srinivas Nippani
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引用次数: 1

摘要

在本研究中,我们检验了金融市场可以提供有关即将发生的公司事件的相关信息的理论。更具体地说,我们以2005-2018年期间伊比利亚公司的880份股息公告为样本,研究了交易量预测股息变化的能力。我们记录了异常高的交易量和随后的股息变化之间的积极和显著关系的证据。使用混合OLS方法和固定效应方法对企业规模、盈利能力指标、波动性和平均营业额等控制变量进行面板数据回归,结果具有鲁棒性。我们的结果对那些对股息表现出更高偏好的投资者特别感兴趣。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does stock trading volume signal future dividends? Evidence from Iberian firms

In the study we test the theory that financial markets can provide relevant information about forthcoming corporate events. More specifically, we examine the ability of trading volume to predict dividend changes in a sample of 880 dividend announcements from Iberian firms for the period 2005–2018. We document evidence of a positive and significant relation between unusually high volume and subsequent dividend changes. The results based on panel data regressions with control variables for firm size, profitability measures, volatility and average turnover using both pooled OLS method and fixed effects method are robust. Our results are of special interest to those investors that exhibit a higher preference for dividends.

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来源期刊
CiteScore
3.40
自引率
7.70%
发文量
21
期刊介绍: The Portuguese Economic Journal publishes high-quality theoretical, empirical, applied or policy-oriented research papers on any field in economics. We enforce a rigorous, fair and prompt refereeing process. The geographical reference in the name of the journal only means that the journal is an initiative of Portuguese scholars. There is no bias in favour of particular topics and issues.Officially cited as: Port Econ J
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