Summarizes previous valuation models based on accounting information, extends the basic model to include dividends and … retained earnings, and develops hypotheses on the relationship between share prices, dividends and earnings for firms with … different investment opportunity set (IOS) levels. Tests them using 1992‐1998 data on a sample of US multinationals and shows …

Black‐Scholes (1973) value (less anticipated dividends) as a benchmark to compare with the intrinsic value (market price …

It is well established in academic literature that self‐tender offers and corporate dividends can be used independently … auctions between dividend payments. Because signalling is a likely motivation for both repurchases and cash dividends, these …

jurisdiction of the marginal investor. The stock price changes relative to the dividends are consistent with a tax clientele effect …

dividends, share price, concern over false signals and cash flow); and the differences between regulated and unregulated …

and multi‐index model to form an investment strategy to see whether dividend yields increase stock returns. Explains the … of dividends to stock returns. Suggests that the negative relationship between dividends and stock returns can be …

insider holdings, dividends and debt using 1994‐1997 data from a sample of 136 US bank holding companies and a simultaneous … expectations that it is strongly related to the level of dividends. Considers possible explanations for this and promises further …

research on its links with company policy on financing, dividends and compensation. Goes on to discuss research on measuring …Explains the concept of the investment set (IOS: i.e. chances to invest for expansion, new products, cost reduction etc …