Previous research concludes that companies with an established bank borrowing relationship receive certification benefits. Evidence from initial public offerings (IPOs) suggests that certification signals low risk and results in less run-up in price after the offering than firms with no...

We examine both the short-run and long-run responses to the following corporate cash flow transactions: dividend increases and decreases, dividend initiations, and tender offer repurchases. Our focus is the short-run and long-run effects of managerial ownership. We hypothesize that ownership...