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An Arbitrage Model for the Stock Price Adjustment in the Dividend Period
Borges, Maria Rosa - ISEG - School of Economics and Management, Department … - 2007
Following a dividend distribution, investors expect the stock price to decrease on the ex-dividend day. With no market … imperfections, the price decrease should exactly match the amount of the dividend, thus eliminating all opportunities for profitable … arbitrage. Allowing for different taxes on dividends and on capital gains results in a stock price adjustment ratio different …
Persistent link: https://www.econbiz.de/10005628417
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Gouvernance familiale et politique de distribution aux actionnaires
Charlier, Patrice; Duboys, Céline - In: Revue Finance Contrôle Stratégie 14 (2011) 1, pp. 5-31
(VF)L’objectif de cette étude est d’analyser la relation entre les politiques de distribution des entreprises familiales cotées et deux grands types de conflits d’agence dans les entreprises familiales, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et...
Persistent link: https://www.econbiz.de/10010585947
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Does Dividend Policy Have a Political Dimension? The British Case
Bank, Steven; Cheffins, Brian; Goergen, Marc - In: CESifo DICE Report 5 (2007) 1, pp. 33-37
Persistent link: https://www.econbiz.de/10005037372
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Gouvernement d’entreprise:un modèle de répartition de la valeur créée entre dirigeant et actionnaire
Louvet, Pascal; Taramasco, Ollivier - In: Revue Finance Contrôle Stratégie 7 (2004) 1, pp. 81-116
(VF)L’article présente un modèle décrivant le partage de la valeur créée entre le dirigeant et l’actionnaire. Le modèle montre que le limogeage représente une menace très dissuasive pour le dirigeant qui suffit le plus souvent à réfréner son appétit pour les prélèvements...
Persistent link: https://www.econbiz.de/10005111171
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Identification and Evaluation of Factors of Dividend Policy
Omerhodzic, Sead - In: Economic Analysis 47 (2014), pp. 42-58
Dividend policy determines the ratio between the earnings distributed to shareholders and the earnings retained in the … puzzles in corporate finances. This paper starts by determining the term of dividend and stating the types of dividends. This … is followed by a discussion on dividend policy and optimal dividend policy and an analysis of factors that managers …
Persistent link: https://www.econbiz.de/10010790609
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Pre-Auction Inventory and Bidding Behavior—An Analysis of Canadian Treasury Auctions
Rydqvist, Kristian; Wu, Mark - C.E.P.R. Discussion Papers - 2014
Many bidders enter the Government of Canada securities auctions with short or long pre-auction inventory. We find that bidding strategies and auction performance vary with pre-auction ownership structure. Short and long bidders bid higher average prices and demand larger quantities than do...
Persistent link: https://www.econbiz.de/10011083301
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Multiple Unit Auctions and Short Squeezes
Nyborg, Kjell G.; Strebulaev, Ilya A. - Fondazione ENI Enrico Mattei (FEEM) - 2003
This paper develops a theory of multiple unit auctions with short squeezes in the post- auction market. This is …
Persistent link: https://www.econbiz.de/10005385493
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Real effects of stock underpricing
Hau, Harald; Lai, Sandy - In: Journal of Financial Economics 108 (2013) 2, pp. 392-408
This paper provides evidence for a causal effect of equity prices on corporate investment and employment. We use fire sales by distressed equity funds during the 2007–2009 financial crisis to identify substantial exogenous underpricing. Firms whose stocks are most underpriced have considerably...
Persistent link: https://www.econbiz.de/10010664046
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Day-of-the-week effect around the 2008 financial crisis
Hourvouliades, Nikolas L.; Polimenis, Vassilis - In: Global Business and Economics Review 14 (2012) 4, pp. 283-307
This paper investigates the existence and possible changes of day-of-the-week effect before and during the 2008 financial crisis. We use six regional equity markets of varying degrees of maturity. While for the sample period Bulgaria, Romania, Cyprus and Ukraine are clearly considered emerging...
Persistent link: https://www.econbiz.de/10010668974
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Monetary environment and market inefficiency
Hammami, Yacine - In: International Journal of Monetary Economics and Finance 5 (2012) 1, pp. 24-37
This paper contends that abundant liquidity in the economy might be an important determinant of market inefficiency. Restrictive monetary periods are characterised by high bank lending growth compared with expansive monetary periods. Therefore, if excess liquidity is a cause of market...
Persistent link: https://www.econbiz.de/10010669711