Recent studies report muted price reactions to large dividend increases, attributing the phenomenon to the fact that these events are part of volatile dividend streams and are followed by dividend cuts. I find that the price also reacts slower to large dividend increases, suggesting the price effects of these events are more uncertain than small dividend increases. Further analysis shows that large dividend increases display some persistence and this offsets the effects of subsequent dividend cuts on future dividends. These results are more consistent with the muted price reaction arising from market concerns about dividend volatility than subsequent dividend cuts.

中文翻译：

---

了解大幅增加股息的价格反应


最近的研究报告称，价格对大幅增加股息的反应平淡，将这种现象归因于这些事件是波动性股息流的一部分，随后是股息削减。我发现价格对大幅股息增加的反应也较慢，这表明这些事件的价格影响比小额股息增加更不确定。进一步分析表明，股息大幅增加显示出一定的持久性，这抵消了随后股息削减对未来股息的影响。这些结果更符合市场对股息波动的担忧所引起的温和价格反应，而不是随后的股息削减。