Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis



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    • Lecturer, Graduate School of Business Administration, Tel Aviv University, Israel, and Visiting Assistant Professor, North Carolina State University at Raleigh, and the Jerusalem School of Business Administration, The Hebrew University, and the Bank of Israel, Jerusalem, Israel, respectively. The authors thank Professor Yoram Peles of the Jerusalem School of Business Administration and an anonymous referee for helpful comments. Any remaining errors are, of course, ours. We also thank Dr. Dan Palmon of New York University for providing some data and Ms. Harriet McLaughlin of North Carolina State University for very extensive programming computations.