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dividends
(92 results)-
Live Webcast: Fast and Efficient Business Security Strategies
Check out this webcast to learn more about fast and efficient business security strategies. You're in the midst of an arms race, make sure you win it.
Sponsored by GFI Software Date: Sun, 22 Jan 2012 00:00:00 -0800
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White Papers
Dividend Reinvestment Plans - Are They for You?
May 2006
A DRIP is a program, run by a public corporation that allows individuals to make cash purchases of stock and/or to reinvest dividends directly from the company. DRIP plans offer investors the...
Provided by Investopedia
-
White Papers
The JGTRRA: Reducing Dividend Tax Rates
Apr 2006
Prior to 2003, the number of companies paying dividends to their shareholders had been on the decline for a quarter of a century, according to the American Shareholders Association. That trend...
Provided by Investopedia
-
White Papers
Letting Go Of Voting Rights May Be A Good Investment Strategy
Dec 2007
In dual-class equity firms, the insiders - often founding families - have concentrated ownership by virtue of controlling the superior class voting stock. The two-tiered stock structure is...
Provided by Northwestern University (Kellogg)
-
White Papers
The Dividend Puzzle: A New Generation Of Firms Replaces Dividends With Stock Repurchases
Aug 2007
"Over the last 30 years, corporate payout policy - a firm's policy for paying dividends and making stock repurchases - has changed significantly as earnings have become more volatile. A new study...
Provided by University of Chicago (Booth)
-
White Papers
Momentum, Book-To-Market Equity, And The 2003 Dividend Tax Cut
Jun 2010
The authors investigate market reactions and portfolio performance around the announcement of the January 2003 proposal to eliminate shareholder-level taxes on dividends. They examine portfolios...
Provided by City University of London (Cass)
-
White Papers
The Sense(s) And Sensibilities Of Marketing
Feb 2010
The modern consumer faces a marketplace jammed with hundreds of thousands of products. Companies bombard the buyer from every angle in an effort to stand out, capture market share, and establish...
Provided by University of Michigan (Ross)
-
White Papers
Optimal Exercise Of Executive Stock Options And Implications For Firm Cost
Nov 2007
As options have become a major component of corporate compensation, the demand for better valuation has intensified. The difficulty is that option cost depends on the exercise policies of...
Provided by New York University (Stern)
-
White Papers
Managerial Overconfidence And Corporate Policies
Nov 2007
Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice....
Provided by Duke University (Fuqua-Global)
-
White Papers
Dividends And Momentum
Oct 2009
This paper investigates the relationship that exists between dividend yield and momentum strategies. Both have been shown to explain the cross-section of returns and yet they are negatively...
Provided by City University of London (Cass)
-
White Papers
Dividend Resumptions, Future Profitability And Stock Returns
Apr 2008
This paper presents a new approach to examining the dividend signaling hypothesis by investigating dividend resumptions by UK former dividend payers. Evidence regarding the signaling hypothesis...
Provided by City University of London (Cass)
-
White Papers
Capital Gains Taxes, Agency Costs, And Closed-End Fund Discounts
Oct 2007
This paper tests two hypotheses about the determinants of closed-end fund premia and discounts using a comprehensive sample of non-taxable and taxable funds for the period 1988 to 2002. The...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
How Did The 2003 Dividend Tax Cut Affect Stock Prices?
May 2006
The author tests the hypothesis that the 2003 dividend tax cut boosted U.S. stock prices and thus lowered the cost of equity. Using an event-study methodology, an attempt to identify an aggregate...
Provided by Federal Reserve Board
-
White Papers
Bond Risk Premia And Realized Jump Volatility
Mar 2007
The author finds that adding a measure of market jump volatility risk to a regression of excess bond returns on the term structure of forward rates nearly doubles the R2 of the regression. The...
Provided by Federal Reserve Board
-
White Papers
The U.S. Current Account Deficit And The Expected Share Of World Output
Apr 2006
The authors investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. The authors develop a simple long-run world equilibrium model in...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Diversification Across Characteristics
Dec 2009
The author study long-short portfolio strategies formed on seven different stock characteristics representing various measures of past returns, value, and size. Each individual characteristic...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Effects Of The 2003 Dividend Tax Cut: Evidence From Real Estate Investment Trusts
Apr 2010
Recent literature has estimated that the 2003 dividend tax cut caused a large in-crease in aggregate dividend payouts, which would imply that dividend taxation creates large efficiency costs...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
The Effects Of Dividend Taxes On Equity Prices: A Re-Examination Of The 1997 U.K. Tax Reform
Aug 2007
The authors re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax...
Provided by International Monetary Fund
-
White Papers
Disappearing Dividends, Catering, And Risk
Dec 2007
Fama and French (2001a) show that the propensity to pay dividends declines significantly between 1978 and 1999. The authors examine this "Disappearing dividends" puzzle through the lens of risk...
Provided by University of Maryland
-
White Papers
The Effect Of Dividends On Consumption
May 2006
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic...
Provided by Harvard Business School
-
White Papers
Why Firms Smooth Dividends: Empirical Evidence
Oct 2008
While dividend smoothing is taken as an article of faith, little is known about the cross-sectional properties of smoothing policies. Why do some firms smooth more than others? The authors examine...
Provided by Cornell University
-
White Papers
Equity Issuance And Dividend Policy under Commitment: Work in Progress
Dec 2008
This paper studies a model of corporate finance in which firms use stock issuance to finance investment. The authors assume that the firm is "Rational" and therefore recognizes the relationship...
Provided by State University of New York
-
White Papers
The Financial Factors Influencing Cash Dividend Policy: A Sample Of U.S. Manufacturing Companies
Mar 2009
The decision to adopt cash dividend policy is influenced by the environment of and the context of such decision. On average, companies that pay cash dividends are associated with higher liquidity...
Provided by Universidad Interamericana de Puerto Rico
-
White Papers
What Affects Long Term Stock Prices?
Jan 2007
Numerous academic studies have attempted to explain movements in stock prices with well-known macroeconomic variables such as dividends, interest rates, market capitalization and beta. To varying...
Provided by Pomona College
-
White Papers
Green Taxes And Double Dividends In A Dynamic Economy
Nov 2006
This paper examines a revenue neutral green tax reform along the lines of the Double Dividend hypothesis. Using a dynamic general equilibrium model calibrated to the US economy, the authors find...
Provided by Hitotsubashi University
-
White Papers
The Dividend Policies Of Private Firms: Insights Into Smoothing, Agency Costs, And Information Asymmetry
May 2006
The authors compare the dividend policies of privately- and publicly-held firms in order to examine Lintner's (1956) model of dividends, as wells as more recent agency-based and information based...
Provided by Cornell University
-
White Papers
Dividends And Share Repurchases In The European Union
Sep 2007
Using a unique database of over 4100 listed industrial companies, the authors examine the evolution of cash dividends and share repurchases from 1989 to 2005 in the fifteen nations that were...
Provided by University of Oklahoma
-
White Papers
Asset Bubbles Without Dividends - An Experiment
Mar 2007
Bubbles in asset markets have been documented in numerous experimental studies. However, all experiments in which bubbles occur pay dividends after each trading day. In this paper the authors...
Provided by University of Mannheim
-
White Papers
Is Dividend Smoothing Universal?
Aug 2006
Starting with Lintner (1956), two important regularities of the dynamics of corporate dividend policy, namely, managerial smoothing of dividends and the reluctance to cut dividends, have been...
Provided by Boston College
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White Papers
A Lintner Model Of Dividends And Managerial Rents
Feb 2010
The authors develop a model where dividend payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm. But outside shareholders can...
Provided by Lancaster University
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White Papers
On The Timing Of Dividend Initiations
Aug 2006
The authors study the timing and significance of dividend initiations in the life cycle of a firm. The authors follow a sample of firms from their IPO, and using a hazard model of dividend...
Provided by Brandeis University
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White Papers
Dividend Smoothing, Agency Costs, And Information Asymmetry: Lessons From The Dividend Policies Of Private Firms
Aug 2006
The authors compare the dividend policies of publicly- and privately-held firms in order to examine Lintner's (1956) model of dividends, as wells as more recent agency and information-based...
Provided by Cornell University
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White Papers
The Impact Of Government Intervention On Corporate Governance: Evidence From The EU
Aug 2009
This paper examines the effect of government intervention on corporate governance quality in the European Union. Using the Corporate Governance Quotient (CGQ) issued by Institutional Shareholder...
Provided by Lehigh University
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White Papers
Dividend Policy In The Absence of Taxes
Feb 2007
The authors examine dividend policy in Oman, this being a unique environment where firms distribute almost 100% of their profits as dividends, and where firms are highly levered through bank...
Provided by University of New South Wales
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White Papers
Dividend Signaling: Evidence From Bank IPOs
Jun 2008
Post-IPO banks are far more likely to initiate dividends than non financial firms. Moreover, dividend initiation has a major impact on the ultimate disposition of a newly public bank, increasing...
Provided by Boston University
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White Papers
Dividend policy, Dividend Initiations, And Governance
Oct 2006
Dividend policy can either be an outcome of strong governance or a substitute for weak governance. This paper provides evidence that dividend policy is a substitute for weak internal and external...
Provided by University of Southern California
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White Papers
Dividends As Reference Points: A Behavioral Signaling Model
Dec 2010
The authors propose a model in which investors are loss averse relative to a reference point set with prior dividends. Managers with strong earnings separate themselves by increasing dividends and...
Provided by Harvard Business School
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White Papers
Draft Market Guidance Notes On Unclaimed/ Unpaid Dividends In Ghana
Jul 2006
As part of its statutory mandate to develop the securities industry, the Securities and Exchange Commission undertook a study into the issue of unclaimed / unpaid dividends to shareholders by...
Provided by Securities and Exchange Commission
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White Papers
A Man From A Different Time
Aug 2010
To those who charge around in markets trying to guess the next quarter's make-believe earnings number, the concept of dividends seems wholly irrelevant. However, to those with an attention span...
Provided by GMO
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White Papers
Investing For Dividend Growth
Feb 2010
Stocks that steadily grow their dividends have offered investors a range of unique potential advantages over time. For many decades, dividend income has represented a substantial portion of...
Provided by OppenheimerFunds Distributor
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White Papers
Using Stock Dividends And Stock Splits To Lower The Cost Of Capital And Improve Small-Cap Liquidity
Oct 2008
An unintended consequence of the May 2003 signing of the Jobs and Growth Tax Relief Reconciliation Act by President Bush was a renewed focus on the use of stock dividends and stock splits as tools...
Provided by CCG Investor Relations Strategic Communications
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White Papers
Option Pricing And Momentum
Apr 2008
When a stock pays a stochastic dividend, a negative correlation between the returns on the stock and the innovations to the dividend yield induces momentum in stock returns. This situation may...
Provided by Tilburg University
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White Papers
Demand Effects In Corporate Dividend Policy: The International Evidence
Apr 2008
Recently two streams of research describing the demand for dividends have emerged in the corporate finance literature. The first of these emphasizes the role that legal protections have on the...
Provided by University of Missouri-Columbia
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White Papers
International Differences In Dividend Policy: Catering, Legal, And Cultural Effects
Nov 2007
Recent research on international differences in the dividend policy provides conflicting evidence on catering theory of dividends. Using a sample of over 25,000 firm-year observations, the authors...
Provided by University of Missouri-Columbia
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White Papers
Who Smooth Dividends?
Oct 2007
This paper examines the relation between dividend smoothing and information asymmetry. The authors find that both the amount of the dividend payment and the extent of dividend smoothing are...
Provided by University of South Florida
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White Papers
Dividend Initiation Returns And Unemployment
Dec 2007
In this paper, the authors study the relationship between dividend initiation announcement returns and unemployment rate. Their test is motivated by the hypothesis that investor preference for...
Provided by University of Oklahoma
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White Papers
Market Participation And Dividend Clienteles
May 2008
Models of dividend preferences (clienteles) can lead to biased results if they ignore the connection between market participation and asset allocation decisions. Using data from the Consumer...
Provided by Penn State University
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White Papers
What Do Dividends Really Say? Reconciling Old Theory And Recent Evidence
Nov 2007
Unlike an important series of recent papers, the authors find that dividends carry an important message about future earnings. As in previous research, they find that dividend changes are better...
Provided by University of Zurich
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White Papers
Tax Versus Attention: The Ex-Date Experience In Taiwan
Nov 2007
This paper examines ex-date stock returns on the Taiwan Stock Exchange. The special features of Taiwan's tax code offer a sharp contrast between taxable and non-taxable distributions. Therefore,...
Provided by University of South Florida
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White Papers
On The Equivalence Of Dividend, Free Cash Flow And Residual Income Valuation
Dec 2007
From a theoretical point of view the three standard equity valuation approaches, i.e. the Dividend Discount Model (DDM), the Residual Income Model (RIM) and the Discounted Cash Flow Model (DCF)...
Provided by University of Cologne
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White Papers
Board Influence On The Dividend Decision
Jul 2007
The purpose of this paper is to examine various board variables to observe their influence on the dividend decision. The largest PLCs (1998-2004) have a high propensity to pay dividends (over 95%)...
Provided by City University London
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White Papers
Divide And Rule Or The Rule Of The Divided? Evidence From Africa
Jun 2011
The authors investigate jointly the importance of contemporary country-level institutional structures and local ethnic-specific pre-colonial institutions in shaping comparative regional...
Provided by National Bureau of Economic Research
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White Papers
Democratic Dividends: Stockholding, Wealth And Politics In New York, 1791-1826
Jun 2011
This paper analyzes the early history of corporate shareholding, and its relationship with political change. In the late eighteenth century, corporations were extremely rare and were dominated by...
Provided by National Bureau of Economic Research
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White Papers
Optimal Dividend Control For A Generalized Risk Model With Investment Incomes And Debit Interest
Jun 2011
This paper investigates dividend optimization of an insurance corporation under a more realistic model which takes into consideration refinancing or capital injections. The model follows the...
Provided by University of New South Wales
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White Papers
Dividends And Stock Valuation: A Study From The Nineteenth To The Twenty-First Century
Jan 2007
Using a comprehensive database of monthly U.S. economic and price-based factors from 1871 to 2005, the authors investigate the relationship between the actual values of the S&P Composite Index and...
Provided by University of Western Ontario
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White Papers
The Market And The Pricing Of Outperformance Certificates
Jul 2007
Financial innovations, especially the creations of new financial products through the combination of fixed income securities, stocks, and derivative securities (known as structured products), have...
Provided by Radford University
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White Papers
Large Shareholders And Dividends: Game Theoretic Analysis Of Shareholder Power
Jan 2007
Using the Banzhaf index as a proxy for voting power, this paper investigates the importance of large shareholders in influencing financial policy regarding cash dividends. The authors' empirical...
Provided by Indiana State University
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White Papers
Impact Of Financial And Multinational Operations On Manager Perceptions Of Dividends
Sep 2007
Despite numerous theoretical and empirical studies, a lack of consensus still persists among financial economists on why firms pay dividends (Baker, Powell, and Veit, 2002). The dividend...
Provided by American University
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White Papers
The Interaction Of Corporate Dividend Policy And Capital Structure Decisions Under Differential Tax Regimes
Sep 2007
The authors develop a valuation model that integrates corporate capital structure and dividend payout policies. The resulting "Extended" Miller (1977) model explicitly incorporates the different...
Provided by University of Washington
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White Papers
Why Do Poorly Performing Firms Pay Cash Dividends? Evidence From Mainland China And Hong Kong
Jun 2007
The authors use financial data on two types of poorly performing firms in the Greater China region (Mainland Chinese firms and Hong Kong firms) from 1993 through 2003 to examine the motives behind...
Provided by Hong Kong Polytechnic University
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White Papers
Dividend Paying Firm And Flexibility Hypothesis
Aug 2010
Previous research suggests that firms substitute stock repurchases for dividend increases in response to higher cash flow volatility and/or higher tax rates on dividends relative to capital gains....
Provided by Rutgers, State University of New Jersey
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White Papers
How Managers Of Financial Versus Non-Financial Firms View Dividends: The Canadian Evidence
Jan 2007
The authors survey managers of firms listed on the Toronto Stock Exchange about their views on dividends. They find the perceptions of factors that influence dividend policy differ between...
Provided by American University
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White Papers
An Investigation Of Short Selling Activity Around Dividend Announcement And Ex-Dividend Dates
Jan 2007
This paper investigates the behavior of short sellers around dividend announcements and ex-dividend dates as well as the effect of dividend changes (increases, decreases or no changes) on the...
Provided by University of Mississippi
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White Papers
Why Firms Begin Paying Dividends: Value, Growth And Life Cycle Effects
Jul 2006
The authors investigate the signaling, agency and risk explanations for dividends within the context of the life cycle hypothesis, which proposes dividend initiation conveys information about...
Provided by Macquarie University
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White Papers
Discounted Tender Offer Bids And The Value Of Target Shareholders: The Source Of Negative Control Premium
Dec 2006
In this paper, the authors examine discounted Tender Offer Bids (TOBs), in which the offer price is below the market price at the time of the TOB announcement. Some argue that a discounted TOB is...
Provided by University of Arkansas
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White Papers
Chasing Dividends: Taxes Or The Prudent Man Rule?
Jan 2007
The authors examine the changes of institutional holdings after extreme dividend policy changes to test dividend clientele theories. Institutions are categorized into tax-exempt institutions and...
Provided by Shanghai Jiao Tong University
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White Papers
Do Liquidity Induced Changes In Aggregate Dividends Signal Aggregate Future Earnings Growth?
Sep 2007
Extant empirical literature does not provide abundant evidence for the information content hypothesis regarding firm-level dividend signaling. Although this is consistent with Miller and...
Provided by University of Tennessee
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White Papers
Unrealized Capital Gains, Dividends, And Closed-End Fund Discounts
Jan 2007
The unrealized capital gains hypothesis of Malkiel (1977) is one of the most important explanations for the level of closed-end fund discounts. However, empirical tests of this hypothesis have...
Provided by University of Texas
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White Papers
Earnings And Dividend Information Contained In Bond Rating Changes
Dec 2006
The authors study the information contained in corporate bond rating changes relating to firms' future earnings and dividends. Consistent with previous findings, rating downgrades are associated...
Provided by University of Otago
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White Papers
An Empirical Reclassification Of Dividend Tax Clienteles
Jan 2007
Traditionally in the U.S., individuals in general are taxed more heavily for dividends than for capital gains, tax-exempt entities pay no taxes on dividends, and corporations actually prefer...
Provided by University of Nevada
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White Papers
Agency Cost And Dividend: Evidence From Anti-Takeover Legislation
Sep 2007
The paper uses an exogenous shock-passage of Anti-Takeover Laws as proxies of increased agency cost to investigate the relation between managerial entrenchment and dividend policy for a large...
Provided by Rensselaer Polytechnic Institute
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White Papers
What Drives EU Banks? Stock Returns? Bank-level Evidence Using The Dynamic Dividend-Discount Model
Sep 2006
The authors combine the dynamic dividend-discount model with an accounting-based vector autoregression framework that allows for a decomposition of EU banks' stock returns to cash-flow and...
Provided by European Central Bank
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White Papers
Asymmetric Information And Dividend Policy
Apr 2007
This paper examines how informational asymmetries affect firms' dividend policies. The authors find that, controlling for other factors that determine dividend policy, firms more subject to...
Provided by University of British Columbia
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White Papers
Direct Evidence Of Dividend Tax Clientels
Mar 2007
The authors study a large data set of stock portfolios held by individuals and organizations in the Swedish stock market. The dividend yields on these portfolios are systematically related to...
Provided by Stockholm Institute for Financial Research
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White Papers
Liquidity And Dividend Policy
Mar 2011
The authors document the association between a firm's payout policy and its stock's liquidity. In particular, the authors show that dividend-paying firms have a more liquid market for their stock...
Provided by Munich Personal Repec Archive
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White Papers
Dividend Smoothing And Predictability
Jun 2009
The authors show that, even if dividends are supposed to be predictable without smoothing, dividend smoothing can bury this predictability in a finite sample. They further show that aggregate...
Provided by University of Notre Dame
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White Papers
The Exact Value For European Options On A Stock Paying A Discrete Dividend
Nov 2007
In the context of a Black-Scholes economy and with a no-arbitrage argument, the authors derive arbitrarily accurate lower and upper bounds for the value of European options on a stock paying a...
Provided by Munich Personal Repec Archive
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White Papers
Relevance Or Irrelevance Of Retention For Dividend Policy Irrelevance
Nov 2007
In an interesting recent paper, DeAngelo and DeAngelo (2006) highlight that Miller and Modigliani's (1961) proof of dividend irrelevance is based on the assumption that the amount of dividends...
Provided by Munich Personal Repec Archive
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White Papers
Study On Dividend Policy: Antecedent And Its Impact On Share Price
Oct 2010
This paper aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that dividend policy has information content that can influence to share price....
Provided by Munich Personal Repec Archive
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White Papers
Potential Dividends And Actual Cash Flows. Theoretical And Empirical Reasons For Using 'Actual' And Dismissing ?Potential?, Or: How Not To Pull Potential Rabbits Out Of Actual Hats
Feb 2008
Practitioners and academics in valuation include changes in liquid assets (potential dividends) in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. The...
Provided by Munich Personal Repec Archive
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White Papers
Dividends And Taxes
Jun 2006
How do dividend taxes affect firm behavior and what are their distributional and efficiency effects? To answer these questions, the first problem is coming up with an explanation for why firms pay...
Provided by National Bureau of Economic Research
-
White Papers
Dividend Reinvestment Plans - Are They for You?
May 2006
A DRIP is a program, run by a public corporation that allows individuals to make cash purchases of stock and/or to reinvest dividends directly from the company. DRIP plans offer investors the...
Provided by Investopedia
-
White Papers
The JGTRRA: Reducing Dividend Tax Rates
Apr 2006
Prior to 2003, the number of companies paying dividends to their shareholders had been on the decline for a quarter of a century, according to the American Shareholders Association. That trend...
Provided by Investopedia
-
White Papers
Letting Go Of Voting Rights May Be A Good Investment Strategy
Dec 2007
In dual-class equity firms, the insiders - often founding families - have concentrated ownership by virtue of controlling the superior class voting stock. The two-tiered stock structure is...
Provided by Northwestern University (Kellogg)
-
White Papers
The Dividend Puzzle: A New Generation Of Firms Replaces Dividends With Stock Repurchases
Aug 2007
"Over the last 30 years, corporate payout policy - a firm's policy for paying dividends and making stock repurchases - has changed significantly as earnings have become more volatile. A new study...
Provided by University of Chicago (Booth)
-
White Papers
Momentum, Book-To-Market Equity, And The 2003 Dividend Tax Cut
Jun 2010
The authors investigate market reactions and portfolio performance around the announcement of the January 2003 proposal to eliminate shareholder-level taxes on dividends. They examine portfolios...
Provided by City University of London (Cass)
-
White Papers
The Sense(s) And Sensibilities Of Marketing
Feb 2010
The modern consumer faces a marketplace jammed with hundreds of thousands of products. Companies bombard the buyer from every angle in an effort to stand out, capture market share, and establish...
Provided by University of Michigan (Ross)
-
White Papers
Optimal Exercise Of Executive Stock Options And Implications For Firm Cost
Nov 2007
As options have become a major component of corporate compensation, the demand for better valuation has intensified. The difficulty is that option cost depends on the exercise policies of...
Provided by New York University (Stern)
-
White Papers
Managerial Overconfidence And Corporate Policies
Nov 2007
Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice....
Provided by Duke University (Fuqua-Global)
-
White Papers
Dividends And Momentum
Oct 2009
This paper investigates the relationship that exists between dividend yield and momentum strategies. Both have been shown to explain the cross-section of returns and yet they are negatively...
Provided by City University of London (Cass)
-
White Papers
Dividend Resumptions, Future Profitability And Stock Returns
Apr 2008
This paper presents a new approach to examining the dividend signaling hypothesis by investigating dividend resumptions by UK former dividend payers. Evidence regarding the signaling hypothesis...
Provided by City University of London (Cass)
-
White Papers
Capital Gains Taxes, Agency Costs, And Closed-End Fund Discounts
Oct 2007
This paper tests two hypotheses about the determinants of closed-end fund premia and discounts using a comprehensive sample of non-taxable and taxable funds for the period 1988 to 2002. The...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
How Did The 2003 Dividend Tax Cut Affect Stock Prices?
May 2006
The author tests the hypothesis that the 2003 dividend tax cut boosted U.S. stock prices and thus lowered the cost of equity. Using an event-study methodology, an attempt to identify an aggregate...
Provided by Federal Reserve Board
-
White Papers
Bond Risk Premia And Realized Jump Volatility
Mar 2007
The author finds that adding a measure of market jump volatility risk to a regression of excess bond returns on the term structure of forward rates nearly doubles the R2 of the regression. The...
Provided by Federal Reserve Board
-
White Papers
The U.S. Current Account Deficit And The Expected Share Of World Output
Apr 2006
The authors investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. The authors develop a simple long-run world equilibrium model in...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Diversification Across Characteristics
Dec 2009
The author study long-short portfolio strategies formed on seven different stock characteristics representing various measures of past returns, value, and size. Each individual characteristic...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
Effects Of The 2003 Dividend Tax Cut: Evidence From Real Estate Investment Trusts
Apr 2010
Recent literature has estimated that the 2003 dividend tax cut caused a large in-crease in aggregate dividend payouts, which would imply that dividend taxation creates large efficiency costs...
Provided by Board of Governors of the Federal Reserve System
-
White Papers
The Effects Of Dividend Taxes On Equity Prices: A Re-Examination Of The 1997 U.K. Tax Reform
Aug 2007
The authors re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax...
Provided by International Monetary Fund
-
White Papers
Disappearing Dividends, Catering, And Risk
Dec 2007
Fama and French (2001a) show that the propensity to pay dividends declines significantly between 1978 and 1999. The authors examine this "Disappearing dividends" puzzle through the lens of risk...
Provided by University of Maryland
-
White Papers
The Effect Of Dividends On Consumption
May 2006
Classical models predict that the division of stock returns into dividends and capital appreciation does not affect investor consumption patterns, while mental accounting and other economic...
Provided by Harvard Business School
-
White Papers
Why Firms Smooth Dividends: Empirical Evidence
Oct 2008
While dividend smoothing is taken as an article of faith, little is known about the cross-sectional properties of smoothing policies. Why do some firms smooth more than others? The authors examine...
Provided by Cornell University
-
White Papers
Equity Issuance And Dividend Policy under Commitment: Work in Progress
Dec 2008
This paper studies a model of corporate finance in which firms use stock issuance to finance investment. The authors assume that the firm is "Rational" and therefore recognizes the relationship...
Provided by State University of New York
-
White Papers
The Financial Factors Influencing Cash Dividend Policy: A Sample Of U.S. Manufacturing Companies
Mar 2009
The decision to adopt cash dividend policy is influenced by the environment of and the context of such decision. On average, companies that pay cash dividends are associated with higher liquidity...
Provided by Universidad Interamericana de Puerto Rico
-
White Papers
What Affects Long Term Stock Prices?
Jan 2007
Numerous academic studies have attempted to explain movements in stock prices with well-known macroeconomic variables such as dividends, interest rates, market capitalization and beta. To varying...
Provided by Pomona College
-
White Papers
Green Taxes And Double Dividends In A Dynamic Economy
Nov 2006
This paper examines a revenue neutral green tax reform along the lines of the Double Dividend hypothesis. Using a dynamic general equilibrium model calibrated to the US economy, the authors find...
Provided by Hitotsubashi University
-
White Papers
The Dividend Policies Of Private Firms: Insights Into Smoothing, Agency Costs, And Information Asymmetry
May 2006
The authors compare the dividend policies of privately- and publicly-held firms in order to examine Lintner's (1956) model of dividends, as wells as more recent agency-based and information based...
Provided by Cornell University
-
White Papers
Dividends And Share Repurchases In The European Union
Sep 2007
Using a unique database of over 4100 listed industrial companies, the authors examine the evolution of cash dividends and share repurchases from 1989 to 2005 in the fifteen nations that were...
Provided by University of Oklahoma
-
White Papers
Asset Bubbles Without Dividends - An Experiment
Mar 2007
Bubbles in asset markets have been documented in numerous experimental studies. However, all experiments in which bubbles occur pay dividends after each trading day. In this paper the authors...
Provided by University of Mannheim
-
White Papers
Is Dividend Smoothing Universal?
Aug 2006
Starting with Lintner (1956), two important regularities of the dynamics of corporate dividend policy, namely, managerial smoothing of dividends and the reluctance to cut dividends, have been...
Provided by Boston College
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White Papers
A Lintner Model Of Dividends And Managerial Rents
Feb 2010
The authors develop a model where dividend payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm. But outside shareholders can...
Provided by Lancaster University
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White Papers
On The Timing Of Dividend Initiations
Aug 2006
The authors study the timing and significance of dividend initiations in the life cycle of a firm. The authors follow a sample of firms from their IPO, and using a hazard model of dividend...
Provided by Brandeis University
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White Papers
Dividend Smoothing, Agency Costs, And Information Asymmetry: Lessons From The Dividend Policies Of Private Firms
Aug 2006
The authors compare the dividend policies of publicly- and privately-held firms in order to examine Lintner's (1956) model of dividends, as wells as more recent agency and information-based...
Provided by Cornell University
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White Papers
The Impact Of Government Intervention On Corporate Governance: Evidence From The EU
Aug 2009
This paper examines the effect of government intervention on corporate governance quality in the European Union. Using the Corporate Governance Quotient (CGQ) issued by Institutional Shareholder...
Provided by Lehigh University
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White Papers
Dividend Policy In The Absence of Taxes
Feb 2007
The authors examine dividend policy in Oman, this being a unique environment where firms distribute almost 100% of their profits as dividends, and where firms are highly levered through bank...
Provided by University of New South Wales
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White Papers
Dividend Signaling: Evidence From Bank IPOs
Jun 2008
Post-IPO banks are far more likely to initiate dividends than non financial firms. Moreover, dividend initiation has a major impact on the ultimate disposition of a newly public bank, increasing...
Provided by Boston University
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White Papers
Dividend policy, Dividend Initiations, And Governance
Oct 2006
Dividend policy can either be an outcome of strong governance or a substitute for weak governance. This paper provides evidence that dividend policy is a substitute for weak internal and external...
Provided by University of Southern California
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White Papers
Dividends As Reference Points: A Behavioral Signaling Model
Dec 2010
The authors propose a model in which investors are loss averse relative to a reference point set with prior dividends. Managers with strong earnings separate themselves by increasing dividends and...
Provided by Harvard Business School
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White Papers
Draft Market Guidance Notes On Unclaimed/ Unpaid Dividends In Ghana
Jul 2006
As part of its statutory mandate to develop the securities industry, the Securities and Exchange Commission undertook a study into the issue of unclaimed / unpaid dividends to shareholders by...
Provided by Securities and Exchange Commission
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White Papers
A Man From A Different Time
Aug 2010
To those who charge around in markets trying to guess the next quarter's make-believe earnings number, the concept of dividends seems wholly irrelevant. However, to those with an attention span...
Provided by GMO
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White Papers
Investing For Dividend Growth
Feb 2010
Stocks that steadily grow their dividends have offered investors a range of unique potential advantages over time. For many decades, dividend income has represented a substantial portion of...
Provided by OppenheimerFunds Distributor
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White Papers
Using Stock Dividends And Stock Splits To Lower The Cost Of Capital And Improve Small-Cap Liquidity
Oct 2008
An unintended consequence of the May 2003 signing of the Jobs and Growth Tax Relief Reconciliation Act by President Bush was a renewed focus on the use of stock dividends and stock splits as tools...
Provided by CCG Investor Relations Strategic Communications
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