model's predictions, cash-flow volatility changes in the opposite direction from that of dividend changes and larger changes …

levels of information uncertainty. In this study we examine whether dividend policy is also affected by rounding and the … 100% of quarterly dividends are heaped. We find heaping is significantly related to dividend size, and the level of … the likelihood of heaping. We also observe that heaped dividends are altered less frequently, and when there is a dividend …

dividend announcements. When dividend changes confirm preceding earnings changes, our model predicts inverse u-shaped investor … revisions conditional on the prior expectations for noisy dividend signals. As the dividend signal becomes more informative our … perfectly informative dividend signals. When dividend changes contradict preceding earnings changes, our model predicts u …

Post-IPO banks are far more likely to initiate dividends than nonfinancial firms. Moreover, dividend initiation has a …, dividend initiation significantly increases the takeover premium. Average premiums for post-IPO dividend initiators exceed … those on non-dividend payers by about 50 percent of the market value of the bank in the month prior to the takeover …

consistent with a theory of dividend payouts, in which the payout policy has a (short-run) stabilizing role on the bank …We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference … the rollover crisis that took place in 2008, increased their dividend payouts relative to less exposed banks. This …

crucial to investigate whether corporate managers utilize dividend payout policy as a corporate financial management tool to …-explored even though firms in emerging markets are of lower disclosure quality. This paper investigates how corporate dividend … 2015. We find a negative relation between stock market liquidity and dividend payout in Vietnamese firms. The finding …

decisions have a statistically significant negative relationship. The relationship is clarified based on agency theory …, asymmetric information theory, and signaling theory, which are used in low-information-transparency markets such as the …