We thank Xia Chen for her help in obtaining the analyst coverage data, Bill Christie (the editor), an anonymous referee, Nalinaksha Bhattacharyya, Laurence Booth, Jason Chen, Qiang Cheng, Ming Dong, Charles Gaa, Ron Giammarino, Rob Heinkel, Harrison Hong, Alan Kraus, Rafael La Porta, Ranjan D'Mello, Hernan Ortiz-Molina, Gordon Phillips, Antoinette Schoar, Carina Sponholtz, John Thornton, seminar participants at Kent State University, University of British Columbia, and participants of the Northern Finance Association Meetings in Vancouver, the FMA European Conference in Stockholm, and the FMA Annual Meetings in Salt Lake City for valuable comments. We gratefully acknowledge the contribution of Thomson Financial for providing analyst data, available through the Institutional Brokers, Estimate System. These data have been provided as part of a broad academic program to encourage earnings expectations research. Li acknowledges the financial support from the Social Sciences and Humanities Research Council of Canada. Li also wishes to thank the MIT Sloan School of Management for its hospitality and support when this paper was initially written. All errors are our own.
Asymmetric Information and Dividend Policy
Version of Record online: 3 DEC 2008
© 2008 Financial Management Association International.
Volume 37, Issue 4, pages 673–694, Winter 2008
How to Cite
Li, K. and Zhao, X. (2008), Asymmetric Information and Dividend Policy. Financial Management, 37: 673–694. doi: 10.1111/j.1755-053X.2008.00030.x
- Issue online: 3 DEC 2008
- Version of Record online: 3 DEC 2008
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