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Dividend announcements reconsidered: Dividend changes versus dividend surprises
Andres, Christian; Betzer, André; van den Bongard, Inga; … - 2012
This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the … difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …
Persistent link: https://www.econbiz.de/10010309228
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Dividend announcements reconsidered dividend changes versus dividend surprises
Andres, Christian; Betzer, André; van den Bongard, Inga; … - 2011
This paper reconsiders the issue of share price reactions to dividend announcements. Previous papers rely almost … exclusively on a naive dividend model in which the dividend change is used as a proxy for the dividend surprise. We use the … difference between the actual dividend and the analyst consensus forecast as obtained from I/B/E/S as a proxy for the dividend …
Persistent link: https://www.econbiz.de/10010291093
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Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data
Steiner, Christian; Groß, Anne; Entorf, Horst - 2009
This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...
Persistent link: https://www.econbiz.de/10010298727
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How Effective is European Merger Control?
Duso, Thomas; Gugler, Klaus; Yurtoglu, Burcin B. - 2011
This paper applies an intuitive approach based on stock market data to a unique dataset of large concentrations during the period 1990-2002 to assess the effectiveness of European merger control. The basic idea is to relate announcement and decision abnormal returns. Under a set of four...
Persistent link: https://www.econbiz.de/10010333760
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Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations
Gebhardt, Günther; Heiden, Stefan; Daske, Holger - 2001
Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the...
Persistent link: https://www.econbiz.de/10010316306
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Does Dividend Policy Have a Political Dimension? The British Case
Bank, Steven; Cheffins, Brian; Goergen, Marc - In: CESifo DICE Report 05 (2007) 1, pp. 33-37
Persistent link: https://www.econbiz.de/10011696605
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Neutral taxation of shareholder income?: corporate responses to an announced dividend tax
Alstadsæter, Annette; Fjaerli, Erik - 2009
tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a …
Persistent link: https://www.econbiz.de/10010264543
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Bidder cash reserve effect under the precautionary motive: Evidence from UK
Gao, Ning; Mohamed, Abdulkadir - 2011
Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...
Persistent link: https://www.econbiz.de/10010409434
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What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?
Gao, Ning - 2011
A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of...
Persistent link: https://www.econbiz.de/10010409445
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Does the Adverse Announcement Effect of Climate Policy Matter? - A Dynamic General Equilibrium Analysis
Riekhof, Marie-Catherine; Bröcker, Johannes - 2016
We consider a carbon emissions tax announced today, but implemented after a known time-lag. Before implementation, the announcement induces higher emissions than without intervention. In welfare terms, this adverse announcement effect could more than outweigh the gain after tax implementation....
Persistent link: https://www.econbiz.de/10011753318