investor's total return, but this role has declined over time. Although many companies still pay cash dividends, share … and survey-based research on corporate payout policy. Findings – Dividends once constituted a prominent part of an … the flexibility of repurchases relative to dividends. Developing a comprehensive model that explains the choice between …

dividends. It is this observation that impelled researchers tosuggest that share repurchases were substitutes for cash dividends … as they were being financewith reductions in cash dividends.Share repurchases are a new concept in South Africa compared … repurchasesare indeed substitutes for cash dividends in today?s markets. This study examines the payoutpolicies of 116 companies …

We show that asset pricing models of return with risk factors that entail either shares or dividends are logically … also show that stock-split events are not a counter-example. Further we demonstrate that shares-, dividends- and price …

Purpose – The purpose of this paper is to investigate the relative preference for dividends vs share repurchases based … of managerial preferences and information advantages, and analyses how the choice between dividends and repurchases … superior information, repurchases present an opportunity to increase managerial wealth relative to dividends. In addition, if …