Information Uncertainty, Corporate Disclosure and Stock Return Volatility

2008 ◽  
Author(s):  
Michel Magnan ◽  
Bixia Xu
Keyword(s):  
Stock Return ◽  
Return Volatility ◽  
Information Uncertainty ◽  
Corporate Disclosure ◽  
Stock Return Volatility

Do corporate directors ‘heap’ dividends? Evidence on dividend rounding and information uncertainty in Australian firms

2018 ◽  
Vol 43 (3) ◽  
pp. 421-438 ◽  
Author(s):  
Yoonsoo Nam ◽  
Scott J Niblock ◽  
Elisabeth Sinnewe ◽  
Keith Jakob
Keyword(s):  
Firm Size ◽  
Stock Return ◽  
Return Volatility ◽  
Information Uncertainty ◽  
Firm Age ◽  
Firm Level ◽  
Stock Return Volatility ◽  
Over Time

In this study, we examine the extent of dividend heaping in Australian firms between 1976 and 2015. Our findings show that 27.39% of dividends greater than or equal to 2.5-cents are heaped in 2.5-cent intervals, while 70.90% of dividends less than 2.5-cents are heaped in 0.25-cent intervals. We find that the heaping phenomenon decreases over time and average dividend size increases. We also show that when establishing the likelihood of dividend heaping, stock return volatility and firm size are consistent with the information uncertainty hypothesis. Dividend heaping also appears to be influenced by firm-level characteristics that are inconsistent with the hypothesis. For instance, the likelihood of heaping increases with dividend size and firm age.

scholarly journals Foreign Equity Trading and Average Stock-Return Volatility

2012 ◽  
Author(s):  
Mehmet Umutlu ◽  
Levent Akdeniz ◽  
Aslihan Altay Salih
Keyword(s):  
Stock Return ◽  
Return Volatility ◽  
Stock Return Volatility ◽  
Equity Trading
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