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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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Export impact on dividend policy for big Colombian exporting firms, 2006-2014
Merchan Alvarez, Federico Alberto - 2023
mitigate the agency cost generated by exogeneous exports variation via higher free cash flow and cash flow volatility …
Persistent link: https://www.econbiz.de/10014282634
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How do stock repurchases affect bank holding company performance?
Hirtle, Beverly - 2001
Using data from bank holding company regulatory reports, we examine the relationshipbetween stock repurchases and financial performance for a large sample of bank holding companies over the years 1987 to 1998. The primary result is that higher levels of repurchases in one year are associated...
Persistent link: https://www.econbiz.de/10010283414
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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...
Persistent link: https://www.econbiz.de/10010291093
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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...
Persistent link: https://www.econbiz.de/10010309228
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The impact of CEO turnover on equity volatility
Clayton, Matthew J.; Hartzell, Jay C.; Rosenberg, Joshua V. - 2003
consequence of a CEO turnover: a change in equity volatility. We develop three hypotheses about how changes in CEO might affect … stock price volatility, and test these hypotheses using a sample of 872 CEO turnovers over the 1979-95 period. We find that … volatility increases following a CEO turnover, even when the CEO leaves voluntarily and is replaced by someone from inside the …
Persistent link: https://www.econbiz.de/10010283349
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Business Groups, Bank Control and Large Shareholders: An Analysis of German Takeovers
Boehmer, Ekkehart - 1999
I analyse the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...
Persistent link: https://www.econbiz.de/10011608484
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The impact of a firm's payout policy on stock prices and shareholders' wealth in an inefficient market
Nekat, Kai; Nippel, Peter - 2007
In inefficient stock markets payout policy may be directly relevant for stock prices, not only by way of announcement effects considered in signaling games. We show that paying out free cash flow, either as a dividend or via repurchasing shares, has in general a positive price impact and...
Persistent link: https://www.econbiz.de/10011558825
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Do firms buy their stock at bargain prices? Evidence from actual stock repurchase disclosure
Ben-Rephael, Azi; Oded, Jacob; Wohl, Avi - 2011
We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...
Persistent link: https://www.econbiz.de/10010308547
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Taxes and the valuation of dividends: a study of dividend announcements in Germany
Haesner, Christian; Schanz, Deborah - 2011
This paper investigates the impact of the 2001 tax reform in Germany on dividend announcement returns. With this major tax reform, the full imputation system was replaced by the half-income system, which had a significant impact on the relative taxation of dividends and capital gains for most...
Persistent link: https://www.econbiz.de/10010304517