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Excerpt from Earnings Information Conveyed by Dividend Initiations and Omissions
Together, the above three findings indicate that the information conveyed by dividend initiations and omissions is related to earnings changes in the year of and one year subsequent to the announcement of these dividend policy changes. This evidence is consistent with the dividend information hypothesis. The results are also consistent with l.intner's description that in making dividend policy decisions managers consider past, current and future earnings. Investors therefore interpret dividend initiations and omissions as changes in managements'
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