-Miller irrelevance theorem. This paper combines dividend signalling theories and the Diamond-Dybvig bank run model. An opaque bank must … signal its solvency by paying high and stable dividends in order to keep depositors tranquil. This signalling may require … costly liquidations if the return on assets has been poor, but not paying the dividend might cause panic and trigger a run on …

of large dividend and capital gain distributions. We provide further evidence on the effect of the tax liability from …

. We then test our theory using a new data set on put warrant issues. The data support our model: put warrant issuers …

This study presents evidence which indicates that stock prices, on average, react positively to stock dividend and …

-related penalty. I provide evidence that the dividend tax penalty partially offsets the positive signaling and agency cost effects of … dividend tax effect. My results support the notion that taxes impact equity valuation. I contribute to the literature by …

. Usually, they are not dividend protected, i.e. any dividend payout decreases the value of a manager's options. Empirical … increase in share repurchases. This paper analyzes different forms of dividend protection and it addresses the relevance of … dividend protection in SOPs. Finally, the paper relates the theoretical analysis to empirical work on the link between share …