Literature suggests that dividend has no impact on shareholders value in the absence of taxes and market imperfections. Hence, companies invest excess funds in positive net present value projects instead of paying out as dividends. Literature also suggests that market valuation of stocks depends...

The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its...