Study at UCC |
Current Students |
Research |
Staff |
Teaching & Learning |
Visitors |
Alumni |
About UCC
JavaScript is disabled for your browser. Some features of this site may not work without it.
The submission of new items to CORA is currently unavailable due to a repository upgrade. For further information, please contact cora@ucc.ie. Thank you for your understanding.
| dc.contributor.author | Von Eije, Henk | |
| dc.contributor.author | Goyal, Abhinav | |
| dc.contributor.author | Muckley, Cal B. | |
| dc.date.accessioned | 2020-01-22T15:27:18Z | |
| dc.date.available | 2020-01-22T15:27:18Z | |
| dc.date.issued | 2014-05-20 | |
| dc.identifier.citation | von Eije, H., Goyal, A. and Muckley, C. B. (2014) 'Does the information content of payout initiations and omissions influence firm risks?', Journal of Econometrics, 183(2), pp. 222-229. doi: 10.1016/j.jeconom.2014.05.012 | en |
| dc.identifier.volume | 183 | en |
| dc.identifier.issued | 2 | en |
| dc.identifier.startpage | 222 | en |
| dc.identifier.endpage | 229 | en |
| dc.identifier.issn | 0304-4076 | |
| dc.identifier.uri | http://hdl.handle.net/10468/9559 | |
| dc.identifier.doi | 10.1016/j.jeconom.2014.05.012 | en |
| dc.description.abstract | We study the influence on firm risks of NASDAQ and NYSE firm payout initiations and omissions. These payout events can be interpreted as managerial signals of firm financial life-cycle maturation resulting in concomitant changes in firm risks. We remove confounding payout types and we match on the propensity to initiate or omit informed by determinants of payout known to investors in advance. For payout event and matched firms, we apply the difference-in-differences method to estimate the effect of the information content of actual initiations and omissions on firm risks. We find consistent significant declines in total, aggregate systematic, and idiosyncratic firm risks after cash dividend initiations and increases after dividend omissions, but only incidentally after share repurchase initiations and omissions. | en |
| dc.format.mimetype | application/pdf | en |
| dc.language.iso | en | en |
| dc.publisher | Elsevier | en |
| dc.relation.uri | http://www.sciencedirect.com/science/article/pii/S0304407614001158 | |
| dc.rights | © 2014 Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence. | en |
| dc.subject | Dividends | en |
| dc.subject | Idiosyncratic risk | en |
| dc.subject | Initiations | en |
| dc.subject | Omissions | en |
| dc.subject | Repurchases | en |
| dc.subject | Self-selection | en |
| dc.subject | Systematic firm risks | en |
| dc.subject | Total risk | en |
| dc.title | Does the information content of payout initiations and omissions influence firm risks? | en |
| dc.type | Article (peer-reviewed) | en |
| dc.internal.authorcontactother | Abhinav Goyal, Cork University Business School, University College Cork, Cork, Ireland. +353-21-490-3000 Email: abhinav.goyal@ucc.ie | en |
| dc.internal.availability | Full text available | en |
| dc.date.updated | 2020-01-22T15:24:23Z | |
| dc.description.version | Accepted Version | en |
| dc.internal.rssid | 500175804 | |
| dc.description.status | Peer reviewed | en |
| dc.identifier.journaltitle | Journal of Econometrics | en |
| dc.internal.copyrightchecked | Yes | |
| dc.internal.licenseacceptance | Yes | en |
| dc.internal.IRISemailaddress | abhinav.goyal@ucc.ie | en |
