Does the information content of payout initiations and omissions influence firm risks?

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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


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