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A. The Problem For years, the term content of has been frequently used in finance literature. The phrase refers to the hypothesis which states that dividends convey information about future earnings -information that enables market participants to predict future earnings more accurately. At present, the information hypothesis is widely recognized, if not accepted, in texts on financial management.' However, there has been little or no empirical testing of the hypothesis. Such testing is the objective of this study.
Ross L. Watts (Mon,) studied this question.