Information Environment, Dividend Changes, and Signaling: Evidence from ADR Firms


  •  Accepted by Peter Clarkson. Without implicating them in any errors which remain our own, we would like to thank Peter Clarkson (the associate editor), two anonymous reviewers, Gus De Franco, Esther Eiling, Xiaohua Fang, Ole-Kristian Hope, Gordon Richardson, and workshop participants at Florida Atlantic University, the 2007 AAA annual meeting, the 2007 AAA International Accounting Section mid-year meeting, and the 2008 accounting and finance conference at Xiamen University for valuable comments; Yingtung Chik, Julie Christie, Shiyuan Li, Jomo Sankara, David Song, Joe Trainor, Victor Yeung, and Joon Yong for able research assistance; and Shilpa Patel from J.P.Morgan for providing data on ADRs.