increases and accelerates payout, via both dividends and share repurchases. This positive effect of ambiguity is distinct from … likelihoods of bad outcomes and underweight the likelihoods of good outcomes, so the attractiveness of investment opportunities … ambiguity on payout, we find that dividend initiation announcement returns increase in ambiguity …

Taxes on capital gains are deferred until realization, whereas dividend taxes are levied upon accrual. This often makes … dividends tax-disadvantaged relative to share repurchases, which leads to the payout puzzle: why do firms pay dividends? This … accelerated realizations - then dividend payments can become tax-efficient. This mechanism is appealing because it jointly …

fund mismatches which benefit the investment company, yet are not in investor's best interests …

models used to date for the calculation of the optimal hedging ratio do not include the effect of discrete dividend payouts …

-negotiated stock repurchases. Investors may disagree with the manager about the firm's investment projects. A repurchase causes a …

This paper studies the impact of exogenous export demand shocks on firms’ dividend policy using firm specific real … relevance condition fulfillment. The results indicate that big private Colombian exporting firms decree dividends as a way to …, especially in poor managerial quality firms. Evidence supports agency cost theory and denies signaling. …

This paper analyzes interdependence of three financial policies, investment decision, financing decision, and dividend … investment decision. Second, pecking order theory is superior to agency theory in explaining the managerial behavior in making … follows. First, there is partially interdependence of financial policies. Investment decision positively influences financing …

We investigate how a firm's decision to hold excessive cash or to over-invest could influence its dividend payout … policy in Indonesia. Additionally, we examine the association between corporate ownership structure and cash dividends. Using … a data set of Indonesian listed firms for the period from 1995 to 2014, we find that excessive cash holding (over-investment …