How does dividend catering policy affect analysts’ forecast accuracy? Evidence from dividend stickiness behavior
碩士 === 國立交通大學 === 財務金融研究所 === 106 === In this paper, we define manager’s reluctance of dividend cut as dividend stickiness and propose a new measure to describe this behavior. We discuss dividend stickiness under signaling theory and catering theory and examine its effect on analysts’ forecast accur...
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| Format: | Others |
| Language: | en_US |
| Published: |
2018
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| Online Access: | http://ndltd.ncl.edu.tw/handle/5c5w44 |
| Summary: | 碩士 === 國立交通大學 === 財務金融研究所 === 106 === In this paper, we define manager’s reluctance of dividend cut as dividend stickiness and propose a new measure to describe this behavior. We discuss dividend stickiness under signaling theory and catering theory and examine its effect on analysts’ forecast accuracy. Our findings show that dividend stickiness behavior negatively affects the accuracy of analyst’s earnings forecast and leads to overstate of earnings forecast, which is in support of catering theory.
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