Since Ball and Brown's (1968) seminal paper on the association between unexpected changes in earnings and share prices, there have been an abundance of empirical studies that suggest that announcements of earnings and dividends do indeed convey new and useful information to capital market participants. Most of these studies, however, have examined the information effects of only earnings OR dividend announcements. They did not examine whether the share market evaluates each announcement with respect to the information contained in the other.
How, J.C.Y., Teo, C.S. and Izan, H.Y. (1992), "The Interaction Effect of Earnings and Dividend Announcements on Share Price: Australian Evidence", Managerial Finance, Vol. 18 No. 1, pp. 22-33. https://doi.org/10.1108/eb018441
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