recent changes in securities laws. Second, it identifies significant social costs associated with corporate signaling, which … commentators and policymakers have overlooked: signals can encourage stock bubbles, create costly “signaling races,” and lead to …

of conservatism and loose performance covenants. Consistent with our signaling theory, we document that borrowers with …

This study tests the signaling theory of dividends by investigating the stock price reaction to dividend announcements … from the U.S. and the U.K., and where the motivation to use dividends as a signaling mechanism appears to be stronger. The … announcements that are followed by permanent cash flow increases. This evidence provides modest support for the signaling theory of …

distributions and the likelihood to pay dividends increase when cross-listings are controlled by insiders, supporting the signaling …

The dividend signaling hypothesis means that dividend change announcements send signals to the market about its … Switzer (2010). Finally, we concluded that the dividend signaling hypothesis and market capitalization or size effect anomaly …

different buyers pay different prices for similar products. We use a Spence/Riley signaling model enhanced by a signaling … microstructure and capital structure signaling, and share class distinctions in mutual funds …

This paper investigates the effect of corporate risk management on dividend policy. We extend the signaling framework …