This paper investigates the relation between earning quality and off-type dividend yields in those firms whose dividend has either increased or decreased. Earning quality has been measured based on: earnings predictability, earnings persistence and the relation between future operating cash flows and aggregate earnings or earnings components. Having controlled our information background, investment opportunities, manners of dividend receivers and also firms operating risk the results show that relation between earnings quality and market reactions is not statistically significant. A stock price reaction to dividend changes and unexpected earnings is positive and statistically meaningful.