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Stock Versus Cash Dividends : Signaling or Catering
Twite, Garry J. - 2012
This paper examines why firms choose to pay stock dividends. Using a sample of listed Chinese firms, we find that younger, more profitable firms, with lower leverage, high levels of retained earnings, private ownership prior to listing and investing more in fixed assets are more likely to pay...
Persistent link: https://www.econbiz.de/10013115082
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What Do Dividend Reductions Signal?
Jensen, Gerald R. - 2011
Dividend reductions have long been considered a "last resort" action for firm managers. Managerial reluctance to reduce dividends emanates from the view that dividend drops signal managerial pessimism regarding future earnings. Contrary to expectations, studies show that earnings rebound...
Persistent link: https://www.econbiz.de/10013124701
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Share Price Reaction to Dividend Announcements : Empirical Evidence on the Signaling Model from the Oslo Stock Exchange
Capstaff, John - 2017
This study tests the signaling theory of dividends by investigating the stock price reaction to dividend announcements … from the U.S. and the U.K., and where the motivation to use dividends as a signaling mechanism appears to be stronger. The … announcements that are followed by permanent cash flow increases. This evidence provides modest support for the signaling theory of …
Persistent link: https://www.econbiz.de/10012971489
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Signaling, Corporate Governance, and the Equilibrium Dividend Policy
Esqueda, Omar A. - 2015
distributions and the likelihood to pay dividends increase when cross-listings are controlled by insiders, supporting the signaling …
Persistent link: https://www.econbiz.de/10013020606
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Dividend levels (not changes) signal future earnings
Ham, Charles (Chad); Kaplan, Zachary - 2022
We provide empirical evidence that the level of the dividend signals long-horizon future earnings and that the earnings information embedded in the dividend has implications for expected returns. From an earnings information perspective, we show the level of the dividend is associated with up to...
Persistent link: https://www.econbiz.de/10013289730
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Corporate Risk Management and Dividend Signaling Theory
Dionne, Georges - 2010
This paper investigates the effect of corporate risk management on dividend policy. We extend the signaling framework …
Persistent link: https://www.econbiz.de/10013148283
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Investment as the Opportunity Cost of Dividend Signaling
Kaplan, Zachary - 2020
We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show that both dividend levels and...
Persistent link: https://www.econbiz.de/10012849148
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Chapter 7. Payout Policy
Allen, Franklin; Michaely, Roni - 2003
perspective, dividends should be minimized. We review the theoretical as well as empirical literature on Signaling …
Persistent link: https://www.econbiz.de/10014023869
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The relationship between changes in corporate payout policy and capital structure
Kim, Songhee; Khil, Jaeuk; Lee, Yu Kyung - In: Journal of derivatives and quantitative studies 32 (2024) 2, pp. 116-144
This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for...
Persistent link: https://www.econbiz.de/10015054088
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Dividend announcements reconsidered: Dividend changes versus dividend surprises
Andres, Christian; Betzer, André; van den Bongard, Inga; … - 2012
flow signaling hypothesis and dividend clientele effects. We further find that the price reaction to dividend surprises is …
Persistent link: https://www.econbiz.de/10010309228