In this paper, we derive an intertemporal dividend-surprise-augmented asset-pricing model and show that the expected … risk premium compensates for stock returns’ exposure to (i) the market-wide dividend-surprise hedge portfolio based on … dividend yield surprise and volatilities, in addition to (ii) the excess market return without dividend yield (as in the …

In this paper, we derive an intertemporal dividend-surprise-augmented asset-pricing model and show that the expected … risk premium compensates for stock returns’ exposure to (i) the market-wide dividend-surprise hedge portfolio based on … dividend yield surprise and volatilities, in addition to (ii) the excess market return without dividend yield (as in the …

We analyze a firm's choice between dividend payments and stock repurchases under heterogeneous beliefs and the … of its equity, choose between paying out its cash available through a dividend payment or a stock repurchase, as well as …. Finally, we develop a number of new results characterizing a firm's long-run stock returns following dividend payments and …

and cash dividends. We find that, in contrast to dividend cuts, shareholders do not view this option as bad news. They … flexibility by allowing temporary cuts in cash outflows without altering their nominal dividend policy …

infrequent stock dividend distributors have higher post-distribution operating performance relative to frequent distributors. We … also find that the illiquidity measure is significantly related to the announcement effect only for frequent stock dividend …

This paper is motivated from previous work in the area of bank interest rate and dividend policy, and we went further … to figure out whether there is any association between interest rate changes and the stock market's reaction to dividend … savings interest rate and dividend increase stock market react positively and our result show that stock market react …