{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,5,13]],"date-time":"2025-05-13T16:27:28Z","timestamp":1747153648423,"version":"3.40.5"},"reference-count":37,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2021,1,7]],"date-time":"2021-01-07T00:00:00Z","timestamp":1609977600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2021,1,7]],"date-time":"2021-01-07T00:00:00Z","timestamp":1609977600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Port Econ J"],"published-print":{"date-parts":[[2022,1]]},"DOI":"10.1007\/s10258-020-00191-3","type":"journal-article","created":{"date-parts":[[2021,1,7]],"date-time":"2021-01-07T06:04:15Z","timestamp":1609999455000},"page":"53-66","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Does stock trading volume signal future dividends? Evidence from Iberian firms"],"prefix":"10.1007","volume":"21","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-5896-9648","authenticated-orcid":false,"given":"J\u00falio","family":"Lob\u00e3o","sequence":"first","affiliation":[]},{"given":"Patr\u00edcia","family":"Piedade","sequence":"additional","affiliation":[]},{"given":"Srinivas","family":"Nippani","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2021,1,7]]},"reference":[{"key":"191_CR1","doi-asserted-by":"publisher","first-page":"225","DOI":"10.1111\/jofi.12377","volume":"71","author":"F Akbas","year":"2016","unstructured":"Akbas F (2016) The calm before the storm. J Finance 71:225\u2013266. https:\/\/doi.org\/10.1111\/jofi.12377","journal-title":"J Finance"},{"key":"191_CR2","doi-asserted-by":"publisher","first-page":"371","DOI":"10.1111\/1475-6803.00064","volume":"26","author":"V Aivazian","year":"2003","unstructured":"Aivazian V, Booth L, Cleary S (2003) Do emerging market firms follow different dividend policies from U.S. firms? J Financ Res 26:371\u2013387. https:\/\/doi.org\/10.1111\/1475-6803.00064","journal-title":"J Financ Res"},{"key":"191_CR3","unstructured":"Allen F, Michaely R (2000) Handbook of the economics of finance: payout policy. Elsevier North Holland"},{"key":"191_CR4","first-page":"701","volume":"17","author":"LAG Almeida","year":"2015","unstructured":"Almeida LAG, Pereira ET, Tavares FO (2015) Determinants of dividend policy: evidence from Portugal. Revista Brasileira de Gest\u00e3o de Neg\u00f3cios 17:701\u2013719","journal-title":"Revista Brasileira de Gest\u00e3o de Neg\u00f3cios"},{"key":"191_CR5","doi-asserted-by":"publisher","first-page":"384","DOI":"10.1080\/14631377.2016.1196882","volume":"28","author":"AB Ankudinov","year":"2016","unstructured":"Ankudinov AB, Lebedev OV (2016) Dividend payouts and company ownership structure amid the global financial crisis: evidence from Russia. Post-Communist Econ 28:384\u2013404. https:\/\/doi.org\/10.1080\/14631377.2016.1196882","journal-title":"Post-Communist Econ"},{"key":"191_CR6","first-page":"35","volume":"15","author":"S Archbold","year":"2010","unstructured":"Archbold S, Vieira EFS (2010) Corporate dividend policies in Bank-based and market-based systems: survey Evidence from UK and Portugal. Portuguese Journal of Management Studies 15:35\u201363","journal-title":"Portuguese Journal of Management Studies"},{"key":"191_CR7","doi-asserted-by":"publisher","first-page":"291","DOI":"10.1111\/fima.12115","volume":"45","author":"N Attig","year":"2016","unstructured":"Attig N, Boubakri N, El Ghoul S, Guedhami O (2016) The global financial crisis, family control, and dividend policy. Financ Manage 45:291\u2013313. https:\/\/doi.org\/10.1111\/fima.12115","journal-title":"Financ Manage"},{"key":"191_CR8","doi-asserted-by":"publisher","first-page":"1330","DOI":"10.1111\/jbfa.12005","volume":"39","author":"HK Baker","year":"2013","unstructured":"Baker HK, Chang B, Dutta S, Saadi S (2013) Why firms do not pay dividends: the Canadian experience. J Bus Financ Account 39:1330\u20131356. https:\/\/doi.org\/10.1111\/jbfa.12005","journal-title":"J Bus Financ Account"},{"key":"191_CR9","doi-asserted-by":"publisher","first-page":"78","DOI":"10.2307\/3665062","volume":"14","author":"HK Baker","year":"1985","unstructured":"Baker HK, Farrelly EG, Edelman BR (1985) A survey of management views on dividend policy. Financ Manage 14:78\u201384","journal-title":"Financ Manage"},{"key":"191_CR10","doi-asserted-by":"publisher","first-page":"655","DOI":"10.1111\/j.1540-6261.2010.01645.x","volume":"66","author":"B Becker","year":"2011","unstructured":"Becker B, Ivkovic Z, Weisbenner S (2011) Local Dividend Clienteles. J Financ 66:655\u2013683. https:\/\/doi.org\/10.1111\/j.1540-6261.2010.01645.x","journal-title":"J Financ"},{"key":"191_CR11","doi-asserted-by":"publisher","first-page":"628","DOI":"10.1016\/j.jcorpfin.2010.11.001","volume":"17","author":"BM Blau","year":"2011","unstructured":"Blau BM, Fuller KP, Van Ness RA (2011) Short selling around dividend announcements and ex-dividend days. J Corp Finance 17:628\u2013639. https:\/\/doi.org\/10.1016\/j.jcorpfin.2010.11.001","journal-title":"J Corp Finance"},{"key":"191_CR12","doi-asserted-by":"publisher","first-page":"521","DOI":"10.1016\/j.jfineco.2014.10.013","volume":"115","author":"BA Bliss","year":"2015","unstructured":"Bliss BA, Cheng Y, Denis DJ (2015) Corporate payout, cash retention, and the supply of credit: evidence from the 2008-2009 credit crisis. J Financ Econ 115:521\u2013540. https:\/\/doi.org\/10.1016\/j.jfineco.2014.10.013","journal-title":"J Financ Econ"},{"key":"191_CR13","doi-asserted-by":"publisher","first-page":"267","DOI":"10.17578\/19-4-2","volume":"19","author":"G Bornholt","year":"2015","unstructured":"Bornholt G, Dou P, Malin M (2015) Trading volume and momentum: the international evidence. Multinational finance journal 19:267\u2013313. https:\/\/doi.org\/10.17578\/19-4-2","journal-title":"Multinational finance journal"},{"key":"191_CR14","doi-asserted-by":"publisher","first-page":"502","DOI":"10.1002\/for.1151","volume":"29","author":"TC Chiang","year":"2010","unstructured":"Chiang TC, Qiao Z, Wong W (2010) New evidence on the relation between return volatility and trading volume. J Forecast 29:502\u2013515. https:\/\/doi.org\/10.1002\/for.1151","journal-title":"J Forecast"},{"key":"191_CR15","doi-asserted-by":"publisher","first-page":"227","DOI":"10.1016\/j.jfineco.2005.07.005","volume":"81","author":"H DeAngelo","year":"2006","unstructured":"DeAngelo H, DeAngelo L, Stulz RM (2006) Dividend policy and the earned\/contributed capital mix: a test of the life-cycle theory. J Financ Econ 81:227\u2013254. https:\/\/doi.org\/10.1016\/j.jfineco.2005.07.005","journal-title":"J Financ Econ"},{"key":"191_CR16","doi-asserted-by":"publisher","first-page":"95","DOI":"10.1561\/0500000020","volume":"3","author":"H DeAngelo","year":"2008","unstructured":"DeAngelo H, DeAngelo L, Skinner DJ (2008) Corporate payout policy. Found Trends Finance 3:95\u2013287","journal-title":"Found Trends Finance"},{"key":"191_CR17","doi-asserted-by":"publisher","first-page":"62","DOI":"10.1016\/j.jfineco.2007.06.006","volume":"89","author":"DJ Denis","year":"2008","unstructured":"Denis DJ, Osobov I (2008) Why do firms pay dividends? International evidence on the determinants of dividend policy. J Financ Econ 89:62\u201382. https:\/\/doi.org\/10.1016\/j.jfineco.2007.06.006","journal-title":"J Financ Econ"},{"key":"191_CR18","doi-asserted-by":"publisher","first-page":"277","DOI":"10.1016\/0304-405X(87)90042-0","volume":"18","author":"DW Diamond","year":"1987","unstructured":"Diamond DW, Verrecchia RE (1987) Constraints on short-selling and asset price adjustment to private information. J Financ Econ 18:277\u2013311","journal-title":"J Financ Econ"},{"key":"191_CR19","doi-asserted-by":"publisher","first-page":"121","DOI":"10.1016\/j.jcorpfin.2004.04.006","volume":"12","author":"M Dong","year":"2005","unstructured":"Dong M, Robinson C, Veld C (2005) Why individual investors want dividends. J Corp Finance 12:121\u2013158. https:\/\/doi.org\/10.1016\/j.jcorpfin.2004.04.006","journal-title":"J Corp Finance"},{"key":"191_CR20","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1016\/S0304-405X(01)00038-1","volume":"60","author":"EF Fama","year":"2001","unstructured":"Fama EF, French KR (2001) Disappearing dividends: changing firm characteristics or lower propensity to pay? J Financ Econ 60:3\u201343. https:\/\/doi.org\/10.1016\/S0304-405X(01)00038-1","journal-title":"J Financ Econ"},{"key":"191_CR21","doi-asserted-by":"publisher","first-page":"75","DOI":"10.1146\/annurev-financial-110613-034259","volume":"6","author":"J Farre-Mensa","year":"2014","unstructured":"Farre-Mensa J, Michaely R, Schmalz M (2014) Payout policy. Annu Rev Financ Econ 6:75\u2013134. https:\/\/doi.org\/10.1146\/annurev-financial-110613-034259","journal-title":"Annu Rev Financ Econ"},{"key":"191_CR22","doi-asserted-by":"publisher","first-page":"662","DOI":"10.1016\/j.jbankfin.2011.10.008","volume":"36","author":"A Fatemi","year":"2012","unstructured":"Fatemi A, Bildik R (2012) Yes, dividends are disappearing: worldwide evidence. J Bank Finan 36:662\u2013677. https:\/\/doi.org\/10.1016\/j.jbankfin.2011.10.008","journal-title":"J Bank Finan"},{"key":"191_CR23","doi-asserted-by":"publisher","first-page":"1149","DOI":"10.1086\/500672","volume":"79","author":"SP Ferris","year":"2006","unstructured":"Ferris SP, Sen N, Yui HP (2006) God save the queen and her dividends: corporate payouts in the United Kingdom. J Bus 79:1149\u20131173","journal-title":"J Bus"},{"key":"191_CR24","doi-asserted-by":"publisher","first-page":"877","DOI":"10.1111\/0022-1082.00349","volume":"56","author":"S Gervais","year":"2001","unstructured":"Gervais S, Kaniel R, Mingelgrin DH (2001) The high-volume return premium. J Finance 56:877\u2013919. https:\/\/doi.org\/10.1111\/0022-1082.00349","journal-title":"J Finance"},{"key":"191_CR25","doi-asserted-by":"publisher","first-page":"575","DOI":"10.1111\/fire.12078","volume":"50","author":"MA Goldstein","year":"2015","unstructured":"Goldstein MA, Goyal A, Lucey BM, Muckley CB (2015) The global preference for dividends in declining markets. Financial Rev 50:575\u2013609. https:\/\/doi.org\/10.1111\/fire.12078","journal-title":"Financial Rev"},{"key":"191_CR26","doi-asserted-by":"publisher","first-page":"1125","DOI":"10.1111\/j.1540-6261.2006.00873.x","volume":"59","author":"JR Graham","year":"2006","unstructured":"Graham JR, Kumar A (2006) Do dividend clienteles exist? Evidence on dividend preferences of retail investors. J Financ 59:1125\u20131165. https:\/\/doi.org\/10.1111\/j.1540-6261.2006.00873.x","journal-title":"J Financ"},{"key":"191_CR27","doi-asserted-by":"publisher","first-page":"1659","DOI":"10.1086\/431438","volume":"78","author":"G Grullon","year":"2005","unstructured":"Grullon G, Michaely R, Benartzi S, Thaler RH (2005) Dividend changes do not signal changes in future profitability. J Bus 78:1659\u20131682","journal-title":"J Bus"},{"key":"191_CR28","doi-asserted-by":"publisher","first-page":"586","DOI":"10.1108\/03074351311322861","volume":"29","author":"H Hauser","year":"2013","unstructured":"Hauser H (2013) Did dividend policy change during the financial crisis? Manage Financ 29:586\u2013606. https:\/\/doi.org\/10.1108\/03074351311322861","journal-title":"Manage Financ"},{"key":"191_CR29","doi-asserted-by":"publisher","first-page":"249","DOI":"10.1016\/j.jfineco.2015.03.007","volume":"117","author":"T Hendershott","year":"2015","unstructured":"Hendershott T, Livdan D, Sch\u00fcrhoff N (2015) Are institutions informed about news? J Financ Econ 117:249\u2013287. https:\/\/doi.org\/10.1016\/j.jfineco.2015.03.007","journal-title":"J Financ Econ"},{"key":"191_CR30","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1111\/0022-1082.00199","volume":"55","author":"R La Porta","year":"2000","unstructured":"La Porta R, Lopez-de-Silanes F, Shleifer A, Vishny RW (2000) Agency problems and dividend policies around the world. J Financ 55:1\u201333. https:\/\/doi.org\/10.1111\/0022-1082.00199","journal-title":"J Financ"},{"key":"191_CR31","doi-asserted-by":"publisher","first-page":"2017","DOI":"10.1111\/0022-1082.00280","volume":"55","author":"CMC Lee","year":"2001","unstructured":"Lee CMC, Swaminathan B (2001) Price momentum and trading volume. J Finance 55:2017\u20132069. https:\/\/doi.org\/10.1111\/0022-1082.00280","journal-title":"J Finance"},{"key":"191_CR32","doi-asserted-by":"publisher","first-page":"121","DOI":"10.1177\/0148558X0301800107","volume":"18","author":"MM Mikhail","year":"2003","unstructured":"Mikhail MM, Walther BR, Willis RH (2003) Reactions to dividend changes conditional on earnings quality. J Account Audit Finance 18:121\u2013152. https:\/\/doi.org\/10.1177\/0148558X0301800107","journal-title":"J Account Audit Finance"},{"key":"191_CR33","doi-asserted-by":"publisher","first-page":"411","DOI":"10.1086\/294442","volume":"34","author":"MH Miller","year":"1961","unstructured":"Miller MH, Modigliani F (1961) Dividend policy, growth, and the valuation of shares. J Bus 34:411\u2013433","journal-title":"J Bus"},{"key":"191_CR34","doi-asserted-by":"publisher","first-page":"1151","DOI":"10.1111\/j.1540-6261.1977.tb03317.x","volume":"32","author":"E Miller","year":"1977","unstructured":"Miller E (1977) Risk, uncertainty, and divergence of opinion. J Financ 32:1151\u20131168","journal-title":"J Financ"},{"key":"191_CR35","doi-asserted-by":"publisher","first-page":"1477","DOI":"10.1016\/j.jbankfin.2010.10.028","volume":"35","author":"L Renneboog","year":"2011","unstructured":"Renneboog L, Trojanowski G (2011) Patterns in payout policy and payout channel choice. J Bank Financ 35:1477\u20131490. https:\/\/doi.org\/10.1016\/j.jbankfin.2010.10.028","journal-title":"J Bank Financ"},{"key":"191_CR36","doi-asserted-by":"publisher","first-page":"347","DOI":"10.1016\/j.jfineco.2007.11.002","volume":"89","author":"H von Eije","year":"2008","unstructured":"von Eije H, Megginson WL (2008) Dividends and share repurchases in the European Union. J Financ Econ 89:347\u2013374. https:\/\/doi.org\/10.1016\/j.jfineco.2007.11.002","journal-title":"J Financ Econ"},{"key":"191_CR37","doi-asserted-by":"publisher","first-page":"2409","DOI":"10.1080\/1540496X.2017.1399355","volume":"54","author":"Y Yin","year":"2018","unstructured":"Yin Y, Liu Y (2018) Information of unusual trading volume. Emerg Mark Finance Trade 54:2409\u20132432. https:\/\/doi.org\/10.1080\/1540496X.2017.1399355","journal-title":"Emerg Mark Finance Trade"}],"container-title":["Portuguese Economic Journal"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10258-020-00191-3.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10258-020-00191-3\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10258-020-00191-3.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,1,13]],"date-time":"2022-01-13T07:14:26Z","timestamp":1642058066000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10258-020-00191-3"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,1,7]]},"references-count":37,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2022,1]]}},"alternative-id":["191"],"URL":"https:\/\/doi.org\/10.1007\/s10258-020-00191-3","relation":{},"ISSN":["1617-982X","1617-9838"],"issn-type":[{"type":"print","value":"1617-982X"},{"type":"electronic","value":"1617-9838"}],"subject":[],"published":{"date-parts":[[2021,1,7]]},"assertion":[{"value":"25 May 2020","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"23 November 2020","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"7 January 2021","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Compliance with ethical standards"}},{"value":"Not applicable.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}},{"value":"Software application: Eviews.","order":3,"name":"Ethics","group":{"name":"EthicsHeading","label":"Code availability"}}]}}