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value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and …, and dividend policy with dividend payout ratio indicators have no effect on stock return. …
Persistent link: https://www.econbiz.de/10014442351
This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...
Persistent link: https://www.econbiz.de/10012897379
This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...
Persistent link: https://www.econbiz.de/10012940360
Cash holding is on average more valuable when firms are managed by overconfident CEOs. Economically, having an overconfident CEO on board is associated with an increase of $0.28 in the value of $1.00 cash holding. The positive effect of CEO overconfidence on the value of cash concentrates among...
Persistent link: https://www.econbiz.de/10012936741
-run mean of the aggregate dividend-price ratio, most notably since the 1970s. Adjusting the dividend-price ratio for such … changes resolves several issues with respect to the predictability of stock market returns: The adjusted dividend-price ratio … predictability ; dividend-price ratio ; payout policy ; sample selection ; choice of organizational structure …
Persistent link: https://www.econbiz.de/10009663676
-run mean of the aggregate dividend-price ratio, most notably since the 1970s. Adjusting the dividend–price ratio for such … changes resolves several issues with respect to the predictability of stock market returns: The adjusted dividend-price ratio …
Persistent link: https://www.econbiz.de/10013065653
A growing body of literature analyses the impact of news on companies' equity prices. We add to this literature by showing that the transmission channel of news to prices differs across sectors. First, we disentangle sectoral equity prices into components of expected future earnings and equity...
Persistent link: https://www.econbiz.de/10012316963
Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability...
Persistent link: https://www.econbiz.de/10010531875
Persistent link: https://www.econbiz.de/10009688170
Persistent link: https://www.econbiz.de/10012487095