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If a company files a disclosure document late—or not at all—or we find that a document contains a significant deficiency, we will place the company on our default list. Depending on the nature of the default, we may issue a “management cease trade order” or an “issuer cease trade order”. In a management cease trade order, the company’s senior management and insiders must stop trading in the company’s securities until the default is corrected. This can happen when the company doesn’t file its financial statements on time but expects to do so quickly, the default is not expected to occur again and there are no other compliance issues. . | The MIT Press Dividends Earnings and Stock Prices Author s M. J. Gordon Source The Review of Economics and Statistics Vol. 41 No. 2 Part 1 May 1959 pp. 99-105 Published by The MIT Press Stable URL http www.jstor.org stable 1927792 Accessed 26 10 2009 09 25 Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http www.jstor.org page info about policies terms.jsp. JSTOR s 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 http www.jstor.org action showPublisher publisherCode mitpress. 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@jstor.org. http www.jstor.org The MIT Press is collaborating with JSTOR to digitize preserve and extend access to The Review of Economics and Statistics. DIVIDENDS EARNINGS AND STOCK PRICES M. J. Gordon The three possible hypotheses with respect to what an investor pays for when he acquires a share of common stock are that he is buying I both the dividends and the earnings 2 the dividends and 3 the earnings. It may be argued that most commonly he is buying the price at some future date but if the future price will be related to the expected dividends and or earnings on that date we need not go beyond the three hypotheses stated. This paper will .
