Who violates expectations when? How firms' growth and dividend reputations affect investors' reactions to acquisitions

Hard Times or Great Expectations?: Dividend omissions and dividend cuts by UK firms

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How dividend announcements affect stock prices

How do Institutional Investors Trade when Firms are Buying Back Shares?

We study how institutional investors trade when firms buy back shares. We find that aggregate institutional ownership decline following share repurchase announcements. While some institutions sell shares passively to meet the firm demand for the market to clear, the overall institutional sell-off only accounts for 27% of shares bought back contemporaneously by firms. Many firms experience a net...

Growth Expectations, Dividend Yields, and Future Stock Returns

According to the present value model, the long-run expected return on stocks, stock yield, is the dividend yield on stocks plus a weighted average of expected future growth rates in dividends. We construct a measure of the expected stock yield using the realized dividend yield and a weighted average growth rate proxy from sell-side analysts near-term earnings forecasts. During 1977-2012, this s...

Health Promotion at Local Level in Norway – Who, What, When, and How: A Response to Recent Commentaries