This paper addresses two questions. First, what causes the paper-bill spread to vary over time in anticipation of income fluctuations ? Second, why has the predictive power of the spread declined in recent years? Consistent with previous empirical work, the paper provides evidence for the...

We examine both the short-run and long-run responses to the following corporate cash flow transactions: dividend increases and decreases, dividend initiations, and tender offer repurchases. Our focus is the short-run and long-run effects of managerial ownership. We hypothesize that ownership...