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Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005
The paper examines the payout policy of UK firms listed on the London Stock Exchange during the 1990s.We complement the existing payout literature studies by analyzing jointly the trends in dividends and share repurchases.Unlike in the US, we find that, in the UK, firms do not demonstrate a...
Persistent link: https://www.econbiz.de/10011092560
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Control Structures and Payout Policy
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005
This paper examines the payout policies of UK firms listed on the London Stock Exchange during the 1990s.It complements the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a dynamic panel data regression setting, we relate target...
Persistent link: https://www.econbiz.de/10011090300
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When do German Firms Change their Dividends?
Renneboog, Luc; Correia Da Silva, L.; Goergen, M. - Tilburg University, Center for Economic Research - 2002
Anecdotal evidence suggests that the dividend policy of German firms is more flexible than the one of their Anglo-American counterparts.This paper analyses the decision to change the dividend for a panel of 221 German firms from 1984 to 1994.The choice of the period of study is motivated by the...
Persistent link: https://www.econbiz.de/10011091618
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The Dividend Policy of German Firms
Renneboog, Luc; Andres, C.; Betzer, A.; Goergen, M. - Tilburg University, Center for Economic Research - 2008
German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published...
Persistent link: https://www.econbiz.de/10011091720
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Dividend Policy of German Firms
Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004
German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target...
Persistent link: https://www.econbiz.de/10011092638
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How Relevant is Dividend Policy under Low Shareholder Protection?
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
This paper reopens the debate on the substitutability of dividends and shareholder control in mitigating free cash flow concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder-oriented governance regime of the Netherlands, where...
Persistent link: https://www.econbiz.de/10011092883
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Recent Developments in German Corporate Governance
Renneboog, Luc; Goergen, M.; Manjon, M.C. - Tilburg University, Center for Economic Research - 2004
We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders...
Persistent link: https://www.econbiz.de/10011090720
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Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies
Renneboog, Luc; Dherment-Ferere, I. - Tilburg University, Center for Economic Research - 2000
This study has analysed the share price reactions to changes in top management.A distinction was made among different types of CEO turnover: forced resignation, voluntary departures and age-related retirements.The announcement of a forced CEO resignation is hailed favourably by the market with a...
Persistent link: https://www.econbiz.de/10011092880
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Competition and Mergers among Nonprofits
Prüfer, Jens - Tilburg University, Center for Economic Research - 2007
Should mergers among nonprofit organizations be regulated differently than mergers among for-profit firms? The relevant … improve welfare. These results imply for competition law and regulation that “nonprofit” might be too crude a label for … organizations with varying goals. Consequently, mergers among certain nonprofit organizations should not necessarily be treated in …
Persistent link: https://www.econbiz.de/10011090604
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Faithful Strategies : How Religion Shapes Nonprofit Management
Filistrucchi, Lapo; Prüfer, Jens - Tilburg University, Center for Economic Research - 2013
Abstract: This paper studies the strategies employed by Catholic and Protestant nonprofit hospitals in Germany and … nonprofit hospitals follow a strategy of horizontal diversification and maximization of the number of patients treated. By …
Persistent link: https://www.econbiz.de/10011091812