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Author: Isaac Otchere Publisher: ISBN: Category : Communication in organizations Languages : en Pages : 41
Book Description
In this paper, new evidence is provided on the information effects associated with dividend initiation announcements. The results show that dividend initiation announcements are risk-altering events and that announcing firms exhibit changes in risk during the dividend initiation period. Moreover, dividend initiation announcements have information transfer effects on other firms in the same industry. The results are consistent with the argument that the market recognises that dividend initiation announcements convey information about other firms in the industry. The study has implications for empirical studies on dividend announcement effects. They imply that by focusing on only announcing firms, prior dividend information-content studies have underestimated the information effects associated with dividend initiation announcement.
Author: Isaac Otchere Publisher: ISBN: Category : Communication in organizations Languages : en Pages : 41
Book Description
In this paper, new evidence is provided on the information effects associated with dividend initiation announcements. The results show that dividend initiation announcements are risk-altering events and that announcing firms exhibit changes in risk during the dividend initiation period. Moreover, dividend initiation announcements have information transfer effects on other firms in the same industry. The results are consistent with the argument that the market recognises that dividend initiation announcements convey information about other firms in the industry. The study has implications for empirical studies on dividend announcement effects. They imply that by focusing on only announcing firms, prior dividend information-content studies have underestimated the information effects associated with dividend initiation announcement.
Author: Edward Alexander Dyl Publisher: ISBN: Category : Languages : en Pages :
Book Description
We hypothesize that the initiation of cash dividends indicates that a firm?s earnings and cash flows have become fundamentally less risky. We present evidence to support this hypothesis. A sample of firms initiating dividends displays a precipitous decrease in risk immediately following the dividend announcement. Although these firms? earnings do not subsequently increase, earnings volatility is significantly lower following the dividend decision. We also find that the decrease in risk is related to the excess return observed around the dividend announcement.
Author: John R. Graham Publisher: ISBN: Category : Languages : en Pages : 51
Book Description
We compare changes in information flow and liquidity around anticipated and unanticipated dividend announcements. When the timing of the news announcement can be anticipated in advance, traditional market microstructure models predict that liquidity will deteriorate before the announcement and return to normal after the announcement. Our empirical results generally confirm these predictions and show that the return to normal happens fairly rapidly. The time required to return to normal increases in the information content of the news announcement.In a separate sample of surprise dividend announcements (i.e., initiations, the timing of which is not publicly known in advance), our empirical analysis detects abnormal volume, but no change in liquidity prior to the news release. If informed trading occurs before these unanticipated events, it is apparently not detected by market-makers. After the unanticipated dividend announcements, we find that liquidity is low and volume and volatility are high for a short period - but this uncertainty appears to be resolved relatively quickly. We also find that informational asymmetry and price impact decline following dividend initiations.By contrasting market microstructure for anticipated and unanticipated events, we find results that are generally consistent with microstructure theory that models news announcements as uncertainty-reducing events. We find less evidence that news announcements increase uncertainty by introducing new information that informed traders have an advantage interpreting. The main take-away from our analysis is that market reactions before and after information events differ depending on whether the timing of the event known in advance, implying that researchers should consider whether event timing is ex ante known when studying news announcements.
Author: Harry DeAngelo Publisher: Now Publishers Inc ISBN: 1601982046 Category : Corporations Languages : en Pages : 215
Book Description
Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author: American Bar Association. House of Delegates Publisher: American Bar Association ISBN: 9781590318737 Category : Law Languages : en Pages : 216
Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author: H. Kent Baker Publisher: John Wiley & Sons ISBN: 0470455802 Category : Business & Economics Languages : en Pages : 552
Book Description
Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Author: Publisher: ISBN: 9781846632563 Category : Corporations Languages : en Pages : 83
Book Description
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Author: David Bloom Publisher: Rand Corporation ISBN: 0833033735 Category : Social Science Languages : en Pages : 127
Book Description
There is long-standing debate on how population growth affects national economies. A new report from Population Matters examines the history of this debate and synthesizes current research on the topic. The authors, led by Harvard economist David Bloom, conclude that population age structure, more than size or growth per se, affects economic development, and that reducing high fertility can create opportunities for economic growth if the right kinds of educational, health, and labor-market policies are in place. The report also examines specific regions of the world and how their differing policy environments have affected the relationship between population change and economic development.
Author: Isaac Otchere
Author: Isaac Otchere
Author: Edward Alexander Dyl
Author: Tom Andrew Nohel
Author: David E. Allen
Author: John R. Graham
Author: Harry DeAngelo
Author: American Bar Association. House of Delegates
Author: H. Kent Baker
Author: 
Author: David Bloom