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    Information Content of Dividend Resumptions

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    Author
    Zwirlein, Thomas J.
    Weigand, Robert A.
    Gorman, Larry R.
    Publisher
    Washburn University. School of Business
    Sponsor
    Kaw Valley Bank
    Date
    July 2005
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    Abstract
    We investigate the empirical characteristics of firms resuming cash dividends to determine if dividend resumption is most like dividend initiation, a large dividend increase, or a completely unique event. Firms that resume dividends earn considerably larger returns than firms initiating or increasing dividends, both before and after the announcement. Dividend-resuming firms exhibit changes in profits similar to firms increasing dividends, but the risk change following dividend resumption is more like that reported by studies of dividend initiation. These findings are unaffected by the length of time it takes firms to resume paying cash dividends, or whether the firm also declares a stock split and/or stock dividend during the period surrounding the resumption announcement. We conclude that dividend resumption is sufficiently unlike other dividend events to be regarded and studied as its own unique event.
    URI
    https://wuir.washburn.edu/handle/10425/170
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