Costly Dividend Signaling

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Excerpt from Costly Dividend Signaling: The Case of Lost Firms With Negative Cash FlowsWe examine the dividend-signaling hypothesis in a sample of firms for which dividend increases are particularly costly, namely loss firms With negative cash ¿ows. When compared to loss firms with positive cash ¿ows, we find the predictive power of dividend increases for future return on assets to be greater for loss firms with negative cash ¿ows, consistent with the predictive power of the dividend signal being stronger when its cost is higher. Our results provide support for the dividend-signaling hypothesis and have broader implications since loss firms comprise a large and increasing share of publicly traded firms.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.