increased dividends constrict management's future behavior, abating the agency problem with shareholders. The signaling … for dividend increases. Uniquely, this study simultaneously tests the signaling and agency abatement motivations as … partitions dividend increases into a sample motivated by agency abatement and a sample motivated by cash flow signaling. Further …

Firms pay out cash to shareholders using both dividends and share repurchases despite the fact that dividends are … developing a class of signaling models where the most efficient signal for a firm of sufficiently high quality always involves … payout of taxable cash dividends. If the high type is not of much higher quality than the low type, the cheapest way to deter …

I argue that paying dividends before issuing new stock can increase the stock price in the case when firms announce … paying dividends by newly-raised funds from dividend information for new stock issuances. I employ the seasoned offerings of … Taiwan listed firms as the sample, because of their practice of paying dividends once a year. The conditional event study …