Thanks very much! Could it be possible to further break down dividend change to be more specific? I've noticed firms can either increase size(1), decrease size(2), increase frequency(3) or decrease frequency(4). So if the increase in dividend from t and t-1, is greater than 5% of the t-1 dividend, have a 1 in the increase column, associated with the first coresponding dividend for time t. Whereas, if the decrease in dividend from t and t-1, is reduced by 5% of the t-1 dividend, have a 1 in the decrease column, associated with the first coresponding dividend for time t. And if the freqency increases 1 coresponds with increase frequency column (vise versa for decrease). It becomes quite complicated on SAS do you think manually is a safer option?
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