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Short-termism, shareholder payouts, and investment in the EU
Fried, Jesse M.; Wang, Charles C. Y. - 2020
Investor-driven "short-termism" is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered---rising levels of repurchases and dividends---is incomplete and misleading: it ignores...
Persistent link: https://www.econbiz.de/10012511344
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Responding to the global financial and economic crisis : meeting the challenges in Asia
Arner, Douglas W.; Schou-Zibell, Lotte - 2010
Based on a review of international and regional responses to the global financial and economic crisis and its implications for finance in Asia, Douglas Arner and Lotte Schou-Zibell draw lessons for Asian financial systems with regard to the scope of regulation; financial standards; supervision,...
Persistent link: https://www.econbiz.de/10011283429
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The shareholder base and payout policy
Bodnaruk, Andrij; Östberg, Per - 2012
We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that fi rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that...
Persistent link: https://www.econbiz.de/10009558399
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Commentary on prospects for global financial reporting
Barth, Mary E. - 2015
This commentary reviews the status of the global use of International Financial Reporting Standards (IFRS), including in the US, and offers thoughts on prospects for global financial reporting. Many countries require or permit the use of IFRS, but the goal of truly global, high quality financial...
Persistent link: https://www.econbiz.de/10011862091
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Does lowering dividend tax rates increase dividends repatriated? : evidence of intra-firm cross-border dividend repatriation policies by German Multinational Enterprises
Leibrecht, Markus; Bellak, Christian; Wild, Michael - 2009
This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their … German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross …-border intra-firm dividend payments of wholly-owned foreign affiliates in the manufacturing sector. Firm-level data from the …
Persistent link: https://www.econbiz.de/10003870801
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Carbon boards and transition risk: explicit and implicit exposure implications for total stock returns and dividend payouts
Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021
, multiple total stock return measures distinguishing dividend payouts from simple stock returns. Results suggest that both … explicit and implicit risks are positively related to dividend payouts and not to stock returns, while the overall effect on … exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in …
Persistent link: https://www.econbiz.de/10012694482
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Changes in the composition of publicly traded firms : implications for the dividend-price ratio and return predictability
Jank, Stephan - 2012
-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
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The Leverage Ratchet Effect
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2013
Firms' inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage...
Persistent link: https://www.econbiz.de/10010205870
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International dividend repatriations
Lehmann, Alexander; Mody, Ashoka - 2004
Persistent link: https://www.econbiz.de/10002021606