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...

We show that enhanced stock liquidity increases a firm’s propensity to hold cash using tick-size decimalization for identification. Our finding is surprising in light of the view that improved stock liquidity reduces financial constraints. As an explanation, we propose that there is a...

Within the realm of corporate finance, IPO (refers to the process of offering shares of corporation to the public for the first time) companies in Malaysia received little attention from the academic scholarly works. An important area of inquiry for IPO companies is to investigate the board...

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...

The intention of this paper is to examine the relationship between the dividend policy and share prices of companies on the Macedonian Stock Exchange in order to define whether the dividend policy is a factor determining the share price volatility, and if so, how to use this possibility to...

This study analyzes the firm-specific factors affecting the dividend payout decisions of the companies whose shares are traded on the Borsa Istanbul stock exchange. To this end, the dynamic panel regression is applied to 853 observations of yearly average of 106 companies listed on the Borsa...

Using two exogenous shocks, we examine the causal impact of stock liquidity on firms’ dividend policy. Both the first shock, the reduction of the minimum tick size from one sixteenth to decimals in the US, and the second shock, the mandatory conversion of non traded stocks to traded stocks in...

Vietnam is an interesting case to study firm behavior because it is an example of a successful transitional economy. In the last few years, the government is building a supportive environment to promote business activities. Therefore, it is crucial to investigate whether corporate managers...

The positive stock price reaction to stock buyback announcements reported in many previous studies is commonly interpreted as a signal that the firm's future profitability will rise, or that the firm is decreasing its agency costs by dispersing free cash flow, or that the firm is increasing its...

We provide unique firm-level evidence of the relation between state ownership and stock liquidity. Using a broad sample of newly privatized firms (NPFs) from 53 countries over the period 1994–2014, our study identifies a non-monotonic association between state ownership and stock liquidity....