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Short-termism, shareholder payouts, and investment in the EU
Fried, Jesse M.; Wang, Charles C. Y. - 2020
and dividends---is incomplete and misleading: it ignores large offsetting equity issuances that move capital from …
Persistent link: https://www.econbiz.de/10012511344
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The impact of a firm's payout policy on stock prices and shareholders' wealth in an inefficient market
Nekat, Kai; Nippel, Peter - 2007
dividend as long as capital gains are not heavily discriminated by taxation in relation to dividends. The positive price effect … of dividends can be enhanced if the firm implements a dividend reinvestment plan (DRIP). …
Persistent link: https://www.econbiz.de/10011723506
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Keeping up with the Joneses and the real effects of S&P 500 inclusion
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2021
Firms added to the S&P 500 index join a prestigious and exclusive club. They want to fit in the club, which creates a “keeping up with the Joneses” effect. Firms pay more attention to their index peers after inclusion and their investment, external financing, and payouts comove more with...
Persistent link: https://www.econbiz.de/10012584272
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Does Greater Public Scrutiny Hurt a Firm's Performance?
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2023
Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management’s decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...
Persistent link: https://www.econbiz.de/10014254992
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The corporate calendar and the timing of share repurchases and equity compensation
Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; … - 2022
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...
Persistent link: https://www.econbiz.de/10013175592
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Taxes, earnings payout, and payout channel choice
Geiler, Philipp; Renneboog, Luc - 2014
Persistent link: https://www.econbiz.de/10011283902
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The information content of dividends : safer profits, not higher profits
Michaely, Roni; Rossi, Stefano; Weber, Michael - 2017 - This version: October 2017
dividends. We show both theoretically and empirically that dividends signal safer, rather than higher, future profits. Using the …
Persistent link: https://www.econbiz.de/10011754236
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Payout policies of privately held firms : flexibility and the role of income taxes
Jacob, Martin; Alstadsæter, Annette - 2013 - This version: November 2013
We study the importance of owner wages and dividends as alternative payout channels in privately held firms. Using data … on all Swedish closely held corporations and their owner-managers over the period 2000 - 2009, we find that dividends … comprise one-fourth of total payout to owner-managers. Dividends are used as a flexible payout channel. Wages are the preferred …
Persistent link: https://www.econbiz.de/10010207348
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Executive remuneration and the payout decision
Geiler, Philipp H. M.; Renneboog, Luc - 2014
Persistent link: https://www.econbiz.de/10011282833
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alex - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, the people running large public corporations say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take...
Persistent link: https://www.econbiz.de/10014351328