Costs are sticky on average, that is, they fall less for sales decreases than they rise for equivalent sales increases. We examine the effect of this asymmetric cost behavior on a firm's dividend policy. Given investors’ aversion to dividend cuts, we predict that firms with higher resource...

Costs are sticky on average, i.e., they fall less for sales decreases than they rise for equivalent sales increases. We examine the effect of this asymmetric cost behavior on a firm's dividend policy. Given investors' aversion to dividend cuts, we predict that firms with higher resource...

This paper considers data from China's A-share listed companies in Shanghai and Shenzhen from 2006 to 2021 to investigate how private placements affect asset mispricing. The findings from the empirical study demonstrate that private placements by listed companies substantially impact the level...