Stock Prices and Changes in Earnings and Dividends: Some Empirical Results

摘要: THE influence of changes in earnings and dividends on stock prices has been the subject considerable dispute. For example, one assertion is that, with few exceptions, movement a stock's price over time "corresponds to direction its dividends."2 Another that are considerably affected by public sentiment often go contrary dividends.3 Such assertions almost always advanced without reference economic theory generally unsupported empirical evidence. It purpose this paper help alleviate these deficiencies considering as implications classical capital subjecting them test.