This model provided results (not reported) similar to those presented below.
6 No seasonality is observed in the data with respect to changes in dividends from one quarter to another. Furthermore, Laub [6, p. 558] provides evidence that ". . . there seems to be some additional information in the quarterly dividends and earnings not present in the annual dividends and earnings."
7 The cases examined include dividend increases due to the distribution of extra cash dividend only if the extra dividend differs from that distributed in the same quarter of the previous year.
8 Only decreases in regular dividends are considered.
9 'The effect of published quarterly and annual earnings-per-share members on common stock prices
has been demonstrated by Ball and Brown [1], Joy, Litzenberger and McEnally[ 5], and others.