Are Dividend Changes a Sign of Firm Maturity资料.pdfVIP

Are Dividend Changes a Sign of Firm Maturity? Author(s): Gustavo Grullon, Roni Michaely, Bhaskaran Swaminathan Source: The Journal of Business, Vol. 75, No. 3 (Jul., 2002), pp. 387-424 Published by: The University of Chicago Press Stable URL: /stable/3663699 Accessed: 18/11/2009 00:08 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=ucpress. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Business. GustavoGrullon Rice University RoniMichaely Corell Universityand the Inter-DisciplinaryCenter BhaskaranSwaminathan Cornell University Are Dividend a of Changes Sign FirmMaturity?* I. Introduction Firms that increase (de- crease) dividends experi- What is the informa