substitution hypothesis and the dividend clientele effect: High dividend paying companies have smaller positive price reactions … than non-or lower dividend paying companies. …

companies. The dividend payment is the primary mean of transfer. In recent years managers of companies listed on WSE in Poland … distributing value. The statisical analysis of the dividend payments and share buyback programs should be preceded by qualitative … consequences, common practice for dividend payments policy and are buyback programs in different types of companies …

We analyze a firm's choice between dividend payments and stock repurchases under heterogeneous beliefs and the … of its equity, choose between paying out its cash available through a dividend payment or a stock repurchase, as well as …. Finally, we develop a number of new results characterizing a firm's long-run stock returns following dividend payments and …