We analyze a firm's choice between dividend payments and stock repurchases under heterogeneous beliefs and the … of its equity, choose between paying out its cash available through a dividend payment or a stock repurchase, as well as …. Finally, we develop a number of new results characterizing a firm's long-run stock returns following dividend payments and …

This paper is motivated from previous work in the area of bank interest rate and dividend policy, and we went further … to figure out whether there is any association between interest rate changes and the stock market's reaction to dividend … savings interest rate and dividend increase stock market react positively and our result show that stock market react …