{"id":"https://openalex.org/W2048031382","doi":"https://doi.org/10.1177/0148558x11401220","title":"Losses, Dividend Reductions, and Market Reaction Associated with Past Earnings and Dividends Patterns","display_name":"Losses, Dividend Reductions, and Market Reaction Associated with Past Earnings and Dividends Patterns","publication_year":2011,"publication_date":"2011-04-01","ids":{"openalex":"https://openalex.org/W2048031382","doi":"https://doi.org/10.1177/0148558x11401220","mag":"2048031382"},"language":"en","primary_location":{"id":"doi:10.1177/0148558x11401220","doi":"https://doi.org/10.1177/0148558x11401220","is_oa":false,"landing_page_url":"https://doi.org/10.1177/0148558x11401220","pdf_url":null,"source":{"id":"https://openalex.org/S107181468","display_name":"Journal of Accounting Auditing & Finance","issn_l":"0148-558X","issn":["0148-558X","2160-4061"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Accounting, Auditing &amp; Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://ktisis.cut.ac.cy/bitstream/20.500.14279/2057/2/Losses%2c%20Dividend%20Reductions.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5044424534","display_name":"Andreas Charitou","orcid":"https://orcid.org/0000-0003-1080-9121","observed_orcids":["https://orcid.org/0000-0003-1080-9121"]},"institutions":[{"id":"https://openalex.org/I34771391","display_name":"University of Cyprus","ror":"https://ror.org/02qjrjx09","country_code":"CY","type":"education","lineage":["https://openalex.org/I34771391"]}],"countries":["CY"],"is_corresponding":false,"raw_author_name":"Andreas Charitou","raw_affiliation_strings":["University of Cyprus, Department of Public and Business Administration"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Cyprus, Department of Public and Business Administration","institution_ids":["https://openalex.org/I34771391"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5001552324","display_name":"Neophytos Lambertides","orcid":"https://orcid.org/0000-0003-2864-1793","observed_orcids":["https://orcid.org/0000-0003-2864-1793"]},"institutions":[{"id":"https://openalex.org/I169199633","display_name":"Aston University","ror":"https://ror.org/05j0ve876","country_code":"GB","type":"education","lineage":["https://openalex.org/I169199633"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Neophytos Lambertides","raw_affiliation_strings":["Aston University, Department of Finance and Accounting"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Aston University, Department of Finance and Accounting","institution_ids":["https://openalex.org/I169199633"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5022588407","display_name":"Giorgos Theodoulou","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I169199633","display_name":"Aston University","ror":"https://ror.org/05j0ve876","country_code":"GB","type":"education","lineage":["https://openalex.org/I169199633"]},{"id":"https://openalex.org/I34771391","display_name":"University of Cyprus","ror":"https://ror.org/02qjrjx09","country_code":"CY","type":"education","lineage":["https://openalex.org/I34771391"]}],"countries":["CY","GB"],"is_corresponding":false,"raw_author_name":"Giorgos Theodoulou","raw_affiliation_strings":["University of Cyprus, Department of Public and Business Administration","**Aston University, Department of Finance and Accounting"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Cyprus, Department of Public and Business Administration","institution_ids":["https://openalex.org/I34771391"]},{"raw_affiliation_string":"**Aston University, Department of Finance and Accounting","institution_ids":["https://openalex.org/I169199633"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3650,"currency":"USD","value_usd":3650},"apc_paid":null,"fwci":3.1547,"has_fulltext":true,"cited_by_count":15,"citation_normalized_percentile":{"value":0.93713409,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"26","issue":"2","first_page":"351","last_page":"382"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9125999808311462,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9125999808311462,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.04309999942779541,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.021800000220537186,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/dividend-reduction","display_name":"dividend reduction","score":0.7710000276565552},{"id":"https://openalex.org/keywords/dividend-omissions","display_name":"dividend omissions","score":0.875},{"id":"https://openalex.org/keywords/earnings-losses","display_name":"earnings losses","score":0.49000000953674316},{"id":"https://openalex.org/keywords/market-reaction","display_name":"market reaction","score":0.7860000133514404},{"id":"https://openalex.org/keywords/information-content-of-dividends","display_name":"information content of dividends","score":0.6909999847412109},{"id":"https://openalex.org/keywords/earnings-prediction","display_name":"earnings forecasting","score":0.6899999976158142},{"id":"https://openalex.org/keywords/dividend-policy","display_name":"dividend policy","score":0.44999998807907104}],"concepts":[{"id":"https://openalex.org/C116168712","wikidata":"https://www.wikidata.org/wiki/Q181201","display_name":"Dividend","level":2,"score":0.8798019289970398},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.877482533454895},{"id":"https://openalex.org/C125889939","wikidata":"https://www.wikidata.org/wiki/Q2294672","display_name":"Dividend payout ratio","level":4,"score":0.6142243146896362},{"id":"https://openalex.org/C184530449","wikidata":"https://www.wikidata.org/wiki/Q2706107","display_name":"Dividend yield","level":4,"score":0.5899643898010254},{"id":"https://openalex.org/C59399099","wikidata":"https://www.wikidata.org/wiki/Q5284040","display_name":"Dividend policy","level":3,"score":0.485790491104126},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4490377604961395},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4293387234210968},{"id":"https://openalex.org/C43214815","wikidata":"https://www.wikidata.org/wiki/Q7310987","display_name":"Reliability (semiconductor)","level":3,"score":0.42387065291404724},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37909460067749023},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.15314418077468872},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.11807850003242493},{"id":"https://openalex.org/C163258240","wikidata":"https://www.wikidata.org/wiki/Q25342","display_name":"Power (physics)","level":2,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1177/0148558x11401220","doi":"https://doi.org/10.1177/0148558x11401220","is_oa":false,"landing_page_url":"https://doi.org/10.1177/0148558x11401220","pdf_url":null,"source":{"id":"https://openalex.org/S107181468","display_name":"Journal of Accounting Auditing & Finance","issn_l":"0148-558X","issn":["0148-558X","2160-4061"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Accounting, Auditing &amp; Finance","raw_type":"journal-article"},{"id":"pmh:oai:ktisis.cut.ac.cy:20.500.14279/2057","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/20.500.14279/2057","pdf_url":"https://ktisis.cut.ac.cy/bitstream/20.500.14279/2057/2/Losses%2c%20Dividend%20Reductions.pdf","source":{"id":"https://openalex.org/S4306400897","display_name":"Ktisis at Cyprus University of Technology (Cyprus University of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I163151358","host_organization_name":"Cyprus University of Technology","host_organization_lineage":["https://openalex.org/I163151358"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"},{"id":"mag:3121329006","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1657868","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"pmh:oai:ktisis.cut.ac.cy:20.500.14279/2057","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/20.500.14279/2057","pdf_url":"https://ktisis.cut.ac.cy/bitstream/20.500.14279/2057/2/Losses%2c%20Dividend%20Reductions.pdf","source":{"id":"https://openalex.org/S4306400897","display_name":"Ktisis at Cyprus University of Technology (Cyprus University of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I163151358","host_organization_name":"Cyprus University of Technology","host_organization_lineage":["https://openalex.org/I163151358"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320320300","display_name":"European Commission","ror":"https://ror.org/00k4n6c32"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2048031382.pdf","grobid_xml":"https://content.openalex.org/works/W2048031382.grobid-xml"},"referenced_works_count":65,"referenced_works":["https://openalex.org/W1500858816","https://openalex.org/W1506571849","https://openalex.org/W1876604552","https://openalex.org/W1885911997","https://openalex.org/W1965774035","https://openalex.org/W1967235508","https://openalex.org/W1972728349","https://openalex.org/W1974675048","https://openalex.org/W1985862728","https://openalex.org/W1988160226","https://openalex.org/W1993161130","https://openalex.org/W1997246417","https://openalex.org/W1998352758","https://openalex.org/W2012456266","https://openalex.org/W2024598060","https://openalex.org/W2028956591","https://openalex.org/W2041626393","https://openalex.org/W2046999060","https://openalex.org/W2048409281","https://openalex.org/W2050201295","https://openalex.org/W2057707030","https://openalex.org/W2060309383","https://openalex.org/W2065601052","https://openalex.org/W2067294622","https://openalex.org/W2069197769","https://openalex.org/W2074673749","https://openalex.org/W2077877739","https://openalex.org/W2081571439","https://openalex.org/W2084695533","https://openalex.org/W2108187197","https://openalex.org/W2108818539","https://openalex.org/W2114600177","https://openalex.org/W2116374802","https://openalex.org/W2118175535","https://openalex.org/W2126306973","https://openalex.org/W2128778916","https://openalex.org/W2131662168","https://openalex.org/W2134759798","https://openalex.org/W2136700758","https://openalex.org/W2149403925","https://openalex.org/W2151311342","https://openalex.org/W2223768511","https://openalex.org/W2314389038","https://openalex.org/W2317250814","https://openalex.org/W2750343857","https://openalex.org/W2890913069","https://openalex.org/W2891461899","https://openalex.org/W2914988214","https://openalex.org/W3121131820","https://openalex.org/W3122229869","https://openalex.org/W3122286860","https://openalex.org/W3122295706","https://openalex.org/W3122360306","https://openalex.org/W3123052676","https://openalex.org/W3123062155","https://openalex.org/W3123321248","https://openalex.org/W3123502147","https://openalex.org/W3123921879","https://openalex.org/W3124630494","https://openalex.org/W3124737349","https://openalex.org/W3125319391","https://openalex.org/W3125499517","https://openalex.org/W3125689201","https://openalex.org/W4250591270","https://openalex.org/W4298005629"],"related_works":["https://openalex.org/W2104053251","https://openalex.org/W1967235508","https://openalex.org/W1537625700","https://openalex.org/W7011168127","https://openalex.org/W1985862728","https://openalex.org/W2911645426","https://openalex.org/W2028956591","https://openalex.org/W1847731985","https://openalex.org/W1969760421","https://openalex.org/W2027467369"],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"investors\u2019":[3],"reactions":[4],"to":[5],"dividend":[6,15,44,89,113,133,150,163],"reductions":[7],"or":[8],"omissions":[9],"conditional":[10],"on":[11],"past":[12,41,55],"earnings":[13,42,56,87,111,148,171],"and":[14,43,57,76,88,112,149,158],"patterns":[16,39],"for":[17,35,51],"a":[18,80,83,116,140],"sample":[19],"of":[20,40,69,86,95,119,121,132,139,146],"eighty-two":[21],"U.S.":[22],"firms":[23,36,52,100],"that":[24,31,170],"incurred":[25],"an":[26,92,168],"annual":[27],"loss.":[28],"We":[29],"document":[30],"the":[32,66,129,137,142,144,153,155,160,176],"market":[33],"reaction":[34],"with":[37,53,73],"long":[38,84],"payouts":[45],"is":[46],"significantly":[47],"more":[48,161],"negative":[49],"than":[50,105],"less-established":[54,106],"dividends":[58],"records.":[59],"Our":[60],"results":[61],"can":[62],"be":[63],"explained":[64],"by":[65],"following":[67,82],"line":[68],"reasoning.":[70],"First,":[71],"consistent":[72],"DeAngelo,":[74,75],"Skinner":[77],"(1992)":[78],",":[79],"loss":[81,103,126,156],"stream":[85,145],"payments":[90],"represents":[91],"unreliable":[93],"indicator":[94],"future":[96,123],"earnings.":[97],"Thus,":[98],"established":[99],"have":[101],"higher":[102],"reliability":[104,127,157],"firms.":[107],"Second,":[108],"because":[109],"current":[110],"policy":[114],"are":[115,165],"substitute":[117],"source":[118],"means":[120],"forecasting":[122],"earnings,":[124],"lower":[125,154],"increases":[128],"information":[130],"content":[131],"reductions.":[134],"Therefore,":[135],"given":[136],"presence":[138],"loss,":[141],"longer":[143],"prior":[147],"payments,":[151],"(1)":[152],"(2)":[159],"reliably":[162],"cuts":[164],"perceived":[166],"as":[167],"indication":[169],"difficulties":[172],"will":[173],"persist":[174],"in":[175],"future.":[177]},"counts_by_year":[{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2013,"cited_by_count":3}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
