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Assets expropriation via cash dividends? Free cash flow or tunneling
Chiou, Jeng-Ren; Chen, Yenn-Ru; Huang, Ting-Chiao - In: China Journal of Accounting Research 3 (2010), pp. 71-93
This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership...
Persistent link: https://www.econbiz.de/10011936983
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Do CEO duality and ownership concentration impact dividend policy in emerging markets? The moderating effect of crises period
El Ammari, Anis - In: International Journal of Financial Studies 9 (2021) 4, pp. 1-21
Despite developments of recent theoretical and numerous empirical studies on the policies effectively adopted by companies, the dividend distribution policy (DDP) remains largely unexplained. In this regard, the main purpose of the current study is to empirically examine the effects of both CEO...
Persistent link: https://www.econbiz.de/10013200387
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Incomplete share repurchase programs in Vietnam: Completion rates and short-term returns
In: International Journal of Financial Studies 8 (2020) 3, pp. 1-16
Stock repurchases have become a preferred method of distributing cash to stockholders. However, given the high level of information asymmetry and weak corporate governance as well as poor investor protection in Vietnam, many Vietnamese firms use stock repurchases as a tool to manipulate stock...
Persistent link: https://www.econbiz.de/10013200304
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The effect of industry restructuring on peer firms
Holcomb, Alex; Mason, Paul - In: Journal of Risk and Financial Management 14 (2021) 5, pp. 1-25
We study the bond price reaction of a merged firms peers, in order to better understand how the market responds to a restructuring. We argue that a merger announcement may signal the possibility of a merger wave to the industry, and in doing so, increase the conditional probability that peer...
Persistent link: https://www.econbiz.de/10012611762
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The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market
Lam, Kevin C. K.; Sami, Heibatollah; Zhou, Haiyan - In: China Journal of Accounting Research 5 (2012) 3, pp. 199-216
In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow) or may be used to extract cash from firms...
Persistent link: https://www.econbiz.de/10011936939
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The influence of government shareholding on dividend policy in Malaysia
Sinnadurai, Philip - In: International Journal of Financial Studies 9 (2021) 3, pp. 1-28
We investigate the association between dividend policy and government shareholding, using Malaysian data. We hypothesize a positive association. We contribute to the literature about dividend policy. Unique features of our study include adaptations to the Malaysian institutional setting, with...
Persistent link: https://www.econbiz.de/10013200374
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Short-Term Stock Price Reversals May Be Reversed
Kudryavtsev, Andrey - In: International Journal of Economic Sciences and Applied … 5 (2012) 3, pp. 129-146
making up the Dow Jones Industrial Index, I calculate intraday upside and downside volatility measures, following Becker et … document that for all the stocks in the sample, mean daily returns following the days when a stock's upside volatility measure … was higher or equal to its downside volatility measure are higher than following the days when the opposite relationship …
Persistent link: https://www.econbiz.de/10011310234
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Impact of a company's dividend policy on the liquidity of shares listed on the Warsaw stock exchange
Gniadkowska-Szymańska, Agata - In: e-Finanse: Financial Internet Quarterly 13 (2017) 3, pp. 24-32
This study investigates the informational effect of stock liquidity on dividend payouts. Using a sam- ple of Polish listed companies during 2000 - 2012, I do not find a relation between stock liquidi- ty and dividend payouts. This result is robust to the use of alternative measures of liquidity,...
Persistent link: https://www.econbiz.de/10012011815
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Stock-market behavior on ex-dates: New insights from German stocks with tax-free dividend
Kreidl, Felix - In: International Journal of Financial Studies 8 (2020) 3, pp. 1-21
We examine stock prices and the number of stocks traded around ex-dividend dates of German stocks with tax-free dividend. Tax-free dividends are temporarily tax-exempt, as they reduce the initial purchasing price of a stock. With our analysis of this particular group of German stocks, we can...
Persistent link: https://www.econbiz.de/10013200305
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Do dividend announcements affect the stock prices in the Greek Stock Market?
Vazakidis, Athanasios; Athianos, Stergios - In: International Journal of Economic Sciences and Applied … 3 (2010) 2, pp. 57-77
This paper examines the reaction of the Athens Stock Exchange (ASE) to dividend announcements by a sample of firms listed at the FTSE/ATHEX 20 and FTSE/ATHEX Mid 40 for a fixed period 2004-2008. It also provides analytical information about the Greek Stock Market and the regulations underlying...
Persistent link: https://www.econbiz.de/10010289452