Event Studies:Dividend Omissions Cumulative Abnormal Returns for Companies Announcing Dividend Omissions su.moI jeulouqe sane nun ◆014瓶0108 *0022A214 0 -8 -6 0.7往 0.4 33 2 4 6 8 2fficient market esponse to "bad news" -3.619 8981563474746854.49 -5-5.015 4.898 183 -5.411 Days relative to announcement of dividend omission S.H.Szewczyk,G.P.Tsetsekos,and Z.Santout"Do Dividend Omissions Signal Future Earnings or Past Earnings?" Journal of Investing(Spring 1997) 2424 Event Studies: Dividend Omissions Event Studies: Dividend Omissions Cumulative Abnormal Returns for Companies Announcing Dividend Omissions 0.146 0.108 -0.72 0.032-0.244-0.483 -3.619 -5.015 -5.411-5.183 -4.898 -4.563-4.747-4.685-4.49 -6 -5 -4 -3 -2 -1 0 1 -8 -6 -4 -2 0 2 4 6 8 Days relative to announcement of dividend omission Cumulative abnormal returns (%) Efficient market response to “bad news” S.H. Szewczyk, G.P. Tsetsekos, and Z. Santout “Do Dividend Omissions Signal Future Earnings or Past Earnings?” Journal of Investing (Spring 1997)