Because dividends reduce the funds available for investment, many market observers and investors associate high dividend payout with weak future earnings growth. Tests using aggregate market data, however, provided evidence that contradicts that view. Because aggregate results may not apply at...

I hypothesize that corporate control considerations determine the choice of financing over a middle range of ownership that excludes very high and very low levels ownership. Target managers who value control and wish to maintain control prefer stocks which increase their chances of retaining...

This study investigates how acquiring and target firm managers' preferences for control rights motivate the payment for corporate acquisitions. We expect that managers of target firms who value influence in combined firms will prefer to receive stock. One reason top managers desire influence is...