negative. Inclusion worsens stock price informativeness and some aspects of governance. Compensation, investment, and financial …

inclusion. Post-inclusion performance falls and is negatively related to the increase in attention. Included firms’ investment …

dividend as long as capital gains are not heavily discriminated by taxation in relation to dividends. The positive price effect … of dividends can be enhanced if the firm implements a dividend reinvestment plan (DRIP). … effects considered in signaling games. We show that paying out free cash flow, either as a dividend or via repurchasing shares …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

Modigliani and Miller (M&M) proposed that investors forgo dividends, leaving the money available for reinvestment as … retained earnings. This recommendation takes two parts: Proposition III, i.e., a dividend has no impact on market value, and … saying that companies should not give up projects that are net present value (NPV)-positive in order to distribute dividends …

investment decisions. On balance, the information transmitted through WOM does not appear to help investors make better … investment decisions. I explore possible reasons. I also discuss potential asset pricing implications, the emergence of social …

German firms. To this end, we estimate Lintner (1956) partial adjustment models for both dividends and total payouts. We also … the hypothesis that dividends and repurchases are perfect substitutes. They are also inconsistent with the prediction that … predicts that dividends are used to disburse permanent, and repurchases transitory, earnings. …

-related literature on dividends explores the implications of differential taxes on dividends and capital gains on stocks’ valuation and … firms’ propensity to pay out cash in the form of dividends. The issues investigated in this literature are of central … into security prices, which in turn can affect investment returns, the cost of capital, capital structure, investment …

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …

I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … financial constraints and weaker for firms that distribute dividends to alleviate agency conflicts. Furthermore, I find a …