[R-SIG-Finance] does quantmod::adjustOHLC adust for dividends?

[Vivek Rao]

(I tried sending this message before joining the group, but it was held for moderation.)

It appears that the adjustOHLC function of the quantmod package does not create an .Adjusted field 
that reflects dividends. 

The code 

library("quantmod") 
sym <- "IBM" 
START.DATE = "2016-01-01" 
div <- getDividends(sym,auto.assign=FALSE,from=START.DATE) 
xx <- getSymbols(sym, from=START.DATE, src="yahoo", auto.assign=FALSE) 
xx.a <- adjustOHLC(xx) 
xx.uA <- adjustOHLC(xx, use.Adjusted=TRUE) 
cat("\ndiv\n") 
print(head(div)) 
cat("\nxx\n") 
print(head(xx)) 
cat("\nxx.a\n") 
print(head(xx.a)) 
cat("\nxx.uA\n") 
print(head(xx.uA)) 

produces the output below. I'd expect that IBM.Adjusted field to have different values 
at the beginning of the period, depending on whether one adjusts for dividends. 

div 
IBM.div 
2016-02-08     1.3 
2016-05-06     1.4 
2016-08-08     1.4 
2016-11-08     1.4 
2017-02-08     1.4 
2017-05-08     1.5 

xx 
IBM.Open IBM.High IBM.Low IBM.Close IBM.Volume IBM.Adjusted 
2016-01-04   135.60   135.97  134.24    135.95    5229400       135.95 
2016-01-05   136.76   136.89  134.85    135.85    3924800       135.85 
2016-01-06   134.38   135.58  133.62    135.17    4310900       135.17 
2016-01-07   133.70   135.02  132.43    132.86    7025800       132.86 
2016-01-08   133.18   133.82  131.32    131.63    4762700       131.63 
2016-01-11   131.81   133.82  131.76    133.23    4974400       133.23 

xx.a 
IBM.Open IBM.High IBM.Low IBM.Close IBM.Volume IBM.Adjusted 
2016-01-04   135.60   135.97  134.24    135.95    5229400       135.95 
2016-01-05   136.76   136.89  134.85    135.85    3924800       135.85 
2016-01-06   134.38   135.58  133.62    135.17    4310900       135.17 
2016-01-07   133.70   135.02  132.43    132.86    7025800       132.86 
2016-01-08   133.18   133.82  131.32    131.63    4762700       131.63 
2016-01-11   131.81   133.82  131.76    133.23    4974400       133.23 

xx.uA 
IBM.Open IBM.High IBM.Low IBM.Close IBM.Volume IBM.Adjusted 
2016-01-04   135.60   135.97  134.24    135.95    5229400       135.95 
2016-01-05   136.76   136.89  134.85    135.85    3924800       135.85 
2016-01-06   134.38   135.58  133.62    135.17    4310900       135.17 
2016-01-07   133.70   135.02  132.43    132.86    7025800       132.86 
2016-01-08   133.18   133.82  131.32    131.63    4762700       131.63 
2016-01-11   131.81   133.82  131.76    133.23    4974400       133.23 

Vivek Rao