subject:( Double dividend hypothesis)

University of South Africa

1. Westraadt, Petrus. Ecological taxation and South Africa's agricultural sector : international developments and local implications .

Degree: 2017, University of South Africa

URL: http://hdl.handle.net/10500/23107

► The study focussed on the research question namely: “How will the introduction of new ecological taxes impact the South African agricultural sector?” To answer the… (more)

Subjects/Keywords: Agriculture; Carbon dioxide (CO2); Carbon sink; Carbon tax; Climate change; Double dividend hypothesis; Ecological taxation (eco-tax); Emissions; Energy; Food security; Global warming; Greenhouse gas (GHG); Livestock; Pollution

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Westraadt, P. (2017). Ecological taxation and South Africa's agricultural sector : international developments and local implications . (Masters Thesis). University of South Africa. Retrieved from http://hdl.handle.net/10500/23107

Chicago Manual of Style (16^th Edition):

Westraadt, Petrus. “Ecological taxation and South Africa's agricultural sector : international developments and local implications .” 2017. Masters Thesis, University of South Africa. Accessed March 06, 2021. http://hdl.handle.net/10500/23107.

MLA Handbook (7^th Edition):

Westraadt, Petrus. “Ecological taxation and South Africa's agricultural sector : international developments and local implications .” 2017. Web. 06 Mar 2021.

Vancouver:

Westraadt P. Ecological taxation and South Africa's agricultural sector : international developments and local implications . [Internet] [Masters thesis]. University of South Africa; 2017. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/10500/23107.

Council of Science Editors:

Westraadt P. Ecological taxation and South Africa's agricultural sector : international developments and local implications . [Masters Thesis]. University of South Africa; 2017. Available from: http://hdl.handle.net/10500/23107

University of Otago

2. Chan, Michael. A re-examination of wealth effects of dividend change announcements .

Degree: 2011, University of Otago

URL: http://hdl.handle.net/10523/1349

► This study attempts to assess the explanatory power of the wealth transfer hypothesis, agency hypothesis and signalling hypothesis when stock prices change upon announcements of… (more)

Subjects/Keywords: wealth transfer hypothesis; agency hypothesis; signalling hypothesis; stock prices change; dividend changes; stock price reaction

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Chan, M. (2011). A re-examination of wealth effects of dividend change announcements . (Masters Thesis). University of Otago. Retrieved from http://hdl.handle.net/10523/1349

Chicago Manual of Style (16^th Edition):

Chan, Michael. “A re-examination of wealth effects of dividend change announcements .” 2011. Masters Thesis, University of Otago. Accessed March 06, 2021. http://hdl.handle.net/10523/1349.

MLA Handbook (7^th Edition):

Chan, Michael. “A re-examination of wealth effects of dividend change announcements .” 2011. Web. 06 Mar 2021.

Vancouver:

Chan M. A re-examination of wealth effects of dividend change announcements . [Internet] [Masters thesis]. University of Otago; 2011. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/10523/1349.

Council of Science Editors:

Chan M. A re-examination of wealth effects of dividend change announcements . [Masters Thesis]. University of Otago; 2011. Available from: http://hdl.handle.net/10523/1349

3. Rosenius, Niklas. Arbitrage opportunities on the OMXS : How to capitalize on the ex-dividend effect.

Degree: Business Administration, 2013, Umeå University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81173

► Investors are continuously looking to increase the return on their investments. In an ideal world investors want to increase there return and outperform the… (more)

▼ Investors are continuously looking to increase the return on their investments. In an ideal world investors want to increase there return and outperform the market. Theory states that it is impossible to do so without increasing your risk. Arbitrage is a concept where investors are able to generate risk-free returns exceeding the market. Dividend is a common tool for publicly listed firms when rewarding their shareholders. On ex- dividend day, the day after the dividend payout, the stock price should according to theory decrease in order for the valuation of the stock to be held constant. In our research we investigate if there are arbitrage opportunities in connection to the dividend payouts, namely the ex-dividend effect. We want to generalize our results across experimental settings, thus across different stock markets. As a basis for our research we picked the OMXS. We base our research on three theoretical areas: the dividend irrelevancy theory, the efficient market hypothesis and the anchoring theory. The dividend irrelevancy relates to how the stock price ought to behave on ex-dividend day whereas the efficient market hypotheses states that prices on a market fully reflects all available information. Both theories concur that no arbitrage opportunities should be available on the financial market. The anchoring theory highlights the fact that investors formulate an anchor price for financial assets, for example stocks. In our research we aim to formulate a practical method on how to make abnormal returns on the ex dividend effect, based on the anchoring theory. Our census sample consists of dividend-paying firms publicly registered on the OMXS, and consists of 694 observations taken from 2009 to 2012. The sample was picked on the basis of characteristics, for example that the firm has been registered for at least four years and paid dividend one time during the four years of investigation. In order to tests for arbitrage opportunities on ex-dividend day, we used a simple mathematical model measuring the deviation between the price drop cum-dividend day to ex-dividend day, and the dividend amount. We conclude that the price drop differs from the dividend amount, only accounting for a price drop of 0.73 of the dividend amount. Thus, the price drop for each dividend unit is 0.73, in relation to a perfectly efficient market where there should be no difference; hence the price drop would be equal to the dividend amount, 1. Research on the ex-dividend effect is a thoroughly investigated area, where the first research was presented in 1955. Previous research all attempts to explain why there are market anomalies, but none examine how one can capitalize on the findings. In our research we examine if it is possible to make abnormal returns based on a segmenting of stocks, depending on their price volatility. This research is thereby first in examining how to capitalize on found arbitrage opportunities.

Subjects/Keywords: stock price behavior; dividends; ex-dividend effect; dividend irrelevancy; OMXS; cum-dividend day; ex-dividend day; anchoring; efficient market hypothesis; arbitrage; abnormal returns; market anomalies.

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Rosenius, N. (2013). Arbitrage opportunities on the OMXS : How to capitalize on the ex-dividend effect. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81173

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Rosenius, Niklas. “Arbitrage opportunities on the OMXS : How to capitalize on the ex-dividend effect.” 2013. Thesis, Umeå University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81173.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Rosenius, Niklas. “Arbitrage opportunities on the OMXS : How to capitalize on the ex-dividend effect.” 2013. Web. 06 Mar 2021.

Vancouver:

Rosenius N. Arbitrage opportunities on the OMXS : How to capitalize on the ex-dividend effect. [Internet] [Thesis]. Umeå University; 2013. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81173.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Rosenius N. Arbitrage opportunities on the OMXS : How to capitalize on the ex-dividend effect. [Thesis]. Umeå University; 2013. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81173

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

4. Caruana, Nicolas. La fiscalité environnementale : entre impératifs fiscaux et objectifs environnementaux : une approche conceptuelle de la fiscalité environnementale : Environmental taxation : between ecology and legal requirements : research on the conceptualization of environmental taxation.

Degree: Docteur es, Droit public, 2015, Aix Marseille Université

URL: http://www.theses.fr/2015AIXM1022

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Toujours citée parmi les instruments économiques et financiers au service de la protection de l'environnement, très étudiée - notamment par les économistes de l'environnement -… (more)

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Toujours citée parmi les instruments économiques et financiers au service de la protection de l'environnement, très étudiée - notamment par les économistes de l'environnement - la fiscalité environnementale intéresse relativement peu les juristes et représente, en pratique, une part très faible des recettes fiscales des États. Ce paradoxe apparent tient, en grande partie, à la définition retenue de la notion de fiscalité environnementale. Souvent limitée aux écotaxes, cette notion est abordée de manière analytique, sur la base de critères a priori. Non seulement une telle approche ne permet pas d'embrasser les instruments fiscaux employés dans leur diversité, mais elle ne favorise pas l'émergence d'un véritable concept de fiscalité environnementale. Ce concept, que cette thèse se propose de définir, oscillant entre impératifs fiscaux et objectifs environnementaux, présente de multiples dimensions tant fiscales qu'économiques, tant politiques qu'écologiques. Une interrogation sur la pertinence des fondements (principes pollueur-payeur, de prévention, de précaution...) et des critères généralement proposés par la doctrine va révéler la nécessité de changer de paradigme, afin de parvenir à appréhender ce concept de fiscalité environnementale. Caractérisée par son efficience environnementale, la fiscalité environnementale n'a, en réalité, ni le champ d'application, ni la portée que lui prête le discours politique

Always mentioned amongst market based-instruments for cost-effective environmental policy, studied by many economists, environmental taxation is ignored by legal opinion and represent only a small amount of tax revenue. This paradox can mostly be explained by the way environnemental taxation is defined.Most of the time seen as exo-taxes, environmental taxation is tackled analytically, through the criteria established prima facie. Using this way of reasoning is not only insufficient to show all the ways the environment can be protected with environmental taxation, but is also preventing the emergence of a real concept of environmental taxation. This concept, that we are trying to define, is multidimensional ; it can be seen from different angles : legal, economic, political and/or scientific.Questioning the foundations of environmental taxation (principles such as the polluter-pay principle, the prevention principle, the precautionary principle...) and the way professors of law define it, will show that a paradigm shift is needed, to bring a concept of environmental taxation into light. Marked by its environmental efficiency, environmental taxation does not actually include the issues, nor has the beneficial consequences that politicians may imagine

Advisors/Committee Members: Lambert, Thierry (thesis director).

Subjects/Keywords: Fiscalité environnementale; Écotaxes; Principe pollueur-Payeur; Double dividende; Environmental taxation; Eco-Taxes; Polluter-Pay Principle; Double Dividend

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Caruana, N. (2015). La fiscalité environnementale : entre impératifs fiscaux et objectifs environnementaux : une approche conceptuelle de la fiscalité environnementale : Environmental taxation : between ecology and legal requirements : research on the conceptualization of environmental taxation. (Doctoral Dissertation). Aix Marseille Université. Retrieved from http://www.theses.fr/2015AIXM1022

Chicago Manual of Style (16^th Edition):

Caruana, Nicolas. “La fiscalité environnementale : entre impératifs fiscaux et objectifs environnementaux : une approche conceptuelle de la fiscalité environnementale : Environmental taxation : between ecology and legal requirements : research on the conceptualization of environmental taxation.” 2015. Doctoral Dissertation, Aix Marseille Université. Accessed March 06, 2021. http://www.theses.fr/2015AIXM1022.

MLA Handbook (7^th Edition):

Caruana, Nicolas. “La fiscalité environnementale : entre impératifs fiscaux et objectifs environnementaux : une approche conceptuelle de la fiscalité environnementale : Environmental taxation : between ecology and legal requirements : research on the conceptualization of environmental taxation.” 2015. Web. 06 Mar 2021.

Vancouver:

Caruana N. La fiscalité environnementale : entre impératifs fiscaux et objectifs environnementaux : une approche conceptuelle de la fiscalité environnementale : Environmental taxation : between ecology and legal requirements : research on the conceptualization of environmental taxation. [Internet] [Doctoral dissertation]. Aix Marseille Université 2015. [cited 2021 Mar 06]. Available from: http://www.theses.fr/2015AIXM1022.

Council of Science Editors:

Caruana N. La fiscalité environnementale : entre impératifs fiscaux et objectifs environnementaux : une approche conceptuelle de la fiscalité environnementale : Environmental taxation : between ecology and legal requirements : research on the conceptualization of environmental taxation. [Doctoral Dissertation]. Aix Marseille Université 2015. Available from: http://www.theses.fr/2015AIXM1022

5. Renberg, Sandra. The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market.

Degree: Business Administration, 2013, Umeå University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76434

► The dividend policy and the distribution of cash dividend can be of interest to the investors from many angles. Consequently, many theories have been… (more)

▼ The dividend policy and the distribution of cash dividend can be of interest to the investors from many angles. Consequently, many theories have been built on the relevance of dividend policy and there are several theories proposing that dividends increase shareholder value. However, the most famous theory on dividend policy might be Miller and Modigliani's dividend irrelevance theory which implies that the dividend policy does not affect shareholder value. Although investors are concerned with shareholder value they are also concerned with achieving the highest possible return with the lowest volatility (risk). As many studies have focused on the dividend policy, especially dividend yield or the dividend payout ratio, and its relation with stock price movement we felt that there was a lack of information regarding the relation between return volatility and cash dividends. This resulted in the following research question: Does a change in cash dividend affect stock return volatility on NASDAQ OMX Stockholm? Answering this research question is the main purpose of the research. Additionally, the relationship between changes in cash dividend and return volatility will be compared in the different size segments that are to be found on NASDAQ OMX Stockholm. The study is quantitative with a deductive approach where historical data ranging from 2006-2012 has been gathered. Two measures of return volatility has been used, beta and standard deviation of return. Statistical tests have been conducted in an approach to answer the research question, mainly correlation tests and logistic regression analysis. No correlation between changes in cash dividend and changes in beta, nor changes in standard deviation were found. The same results were found when examining small, mid and large cap individually. In the logistic regression analysis no evidence was found that changes in dividend could explain changes in return volatility. Contrary to changes in dividend, the results indicate that the size of the company can explain changes in return volatility. Specifically, large cap companies explain increases in return volatility better than companies in the small cap segment. Therefore, the research question is concluded with no, a change in cash dividend does not affect stock return volatility. The findings could also be argued to be in support of the dividend irrelevance theory. Furthermore, the conclusion implies that investors need not regard the dividend policy when diversifying their portfolios. Additionally, managers need not be worried that a change in dividend policy should affect return volatility.

Subjects/Keywords: dividend policy; dividend irrelevance theory; acency costs; signaling theory; volatility; risk-return; beta; cash dividends; bird-in-the-hand hypothesis; return volatility

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Renberg, S. (2013). The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76434

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Renberg, Sandra. “The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market.” 2013. Thesis, Umeå University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76434.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Renberg, Sandra. “The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market.” 2013. Web. 06 Mar 2021.

Vancouver:

Renberg S. The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market. [Internet] [Thesis]. Umeå University; 2013. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76434.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Renberg S. The Relationship between Changes in Cash Dividends and Volatility of Stock Returns : A study of the Swedish Stock Market. [Thesis]. Umeå University; 2013. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-76434

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Uppsala University

6. Måhl, Frida. Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år.

Degree: Business Studies, 2019, Uppsala University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-393089

►

Inom finansiell ekonomi finns en seglivad teori om att utdelningsändringar innehåller information om framtida ekonomiska resultat. Aktiemarknaden reagerar i enlighet med teorin på så… (more)

▼

Inom finansiell ekonomi finns en seglivad teori om att utdelningsändringar innehåller information om framtida ekonomiska resultat. Aktiemarknaden reagerar i enlighet med teorin på så vis att aktiekursen stiger när utdelningen höjs, och tvärtom, vilket har dokumenterats i ett flertal studier. Bakom aktiemarknadens reaktion på den ändrade utdelningen borde det finnas ett positivt samband mellan utdelningsändringar och framtida ekonomiska resultat. Problemet är att förekomsten av ett sådant samband är högst tveksam; tidigare empiriska studier har trots flerfaldiga försök inte funnit övertygande argument för förekomsten av ett samband mellan utdelningsändringar och framtida ekonomiska resultat. Syftet med denna uppsats är att undersöka om det finns ett positiv samband mellan utdelningsändringar och framtida resultat och lönsamhet. Det empiriska underlaget är företag på Nasdaq Stockholm under perioden 1999–2018. Sambandet eftersöks med hjälp av en regressionsmodell i vilken vi kontrollerar för det icke-linjära beteendeet hos resultat och lönsamhet. Vi finner ett par statistiskt signifikanta resultat som påvisar samband mellan sänkta utdelningar och framtida resultat och lönsamhet; dessa är dock så pass små att de saknar ekonomisk relevans. Vårt resultat är således i linje med tidigare empiriska studier och stödjer därmed inte teori om utdelningssignalering.

Within the area of corporate finance, there exists a persistent theory that revolves around the idea that changes in terms of corporate dividend may yield information regarding future financial results. The stock market is known to fluctuate in accordance with this theory by ways of indicating increased share prices in close correspondence to increased dividend, and vice versa, which has also been documented in several previous studies. This relation between the stock market’s reaction to the change in dividend should by all accounts point to a positive correlation between dividend changes and future financial results. Yet, this relation has to this point been proved to be highly doubtful. Previous empirical studies have not been able to find any convincing arguments that such a relationship exists. The purpose of this essay is to investigate if there in fact exists a relationship between dividend changes and future earnings and profitability. The empirical data for this study consists of the companies listed on the Nasdaq Stockholm during the period of 1999 to 2018. This proposed relationship has been investigated by the use of a regression model, in which we have examined the known non-linear behaviour of earnings and profitability. By this method we have found a few results of statistical significance that do seem to indicate a relation, between lowered dividend and future financial outcomes. However, while still statistically significant, these results are not economically significant. Our results are therefore considered to be in line with previous research and does not offer any further support…

Subjects/Keywords: Behavioral finance; Corporate finance; Dividends; Dividend signaling hypothesis; Aktieutdelning; Beteendeekonomi; Finansiell ekonomi; Utdelningssignalering; Business Administration; Företagsekonomi

Record Details Similar Records Cite « Share

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Måhl, F. (2019). Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-393089

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Måhl, Frida. “Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år.” 2019. Thesis, Uppsala University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-393089.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Måhl, Frida. “Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år.” 2019. Web. 06 Mar 2021.

Vancouver:

Måhl F. Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år. [Internet] [Thesis]. Uppsala University; 2019. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-393089.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Måhl F. Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år. [Thesis]. Uppsala University; 2019. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-393089

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Uppsala University

7. Måhl, Frida. Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år.

Degree: Business Studies, 2019, Uppsala University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-390891

►

Inom finansiell ekonomi finns en seglivad teori om att utdelningsändringar innehåller information om framtida ekonomiska resultat. Aktiemarknaden reagerar i enlighet med teorin på så… (more)

▼

Inom finansiell ekonomi finns en seglivad teori om att utdelningsändringar innehåller information om framtida ekonomiska resultat. Aktiemarknaden reagerar i enlighet med teorin på så vis att aktiekursen stiger när utdelningen höjs, och tvärtom, vilket har dokumenterats i ett flertal studier. Bakom aktiemarknadens reaktion på den ändrade utdelningen borde det finnas ett positivt samband mellan utdelningsändringar och framtida ekonomiska resultat. Problemet är att förekomsten av ett sådant samband är högst tveksam; tidigare empiriska studier har trots flerfaldiga försök inte funnit övertygande argument för förekomsten av ett samband mellan utdelningsändringar och framtida ekonomiska resultat. Syftet med denna uppsats är att undersöka om det finns ett positiv samband mellan utdelningsändringar och framtida resultat och lönsamhet. Det empiriska underlaget är företag på Nasdaq Stockholm under perioden 1999–2018. Sambandet eftersöks med hjälp av en regressionsmodell i vilken vi kontrollerar för det icke-linjära beteendeet hos resultat och lönsamhet. Vi finner ett par statistiskt signifikanta resultat som påvisar samband mellan sänkta utdelningar och framtida resultat och lönsamhet; dessa är dock så pass små att de saknar ekonomisk relevans. Vårt resultat är således i linje med tidigare empiriska studier och stödjer därmed inte teori om utdelningssignalering.

Within the area of corporate finance, there exists a persistent theory that revolves around the idea that changes in terms of corporate dividend may yield information regarding future financial results. The stock market is known to fluctuate in accordance with this theory by ways of indicating increased share prices in close correspondence to increased dividend, and vice versa, which has also been documented in several previous studies. This relation between the stock market’s reaction to the change in dividend should by all accounts point to a positive correlation between dividend changes and future financial results. Yet, this relation has to this point been proved to be highly doubtful. Previous empirical studies have not been able to find any convincing arguments that such a relationship exists. The purpose of this essay is to investigate if there in fact exists a relationship between dividend changes and future earnings and profitability. The empirical data for this study consists of the companies listed on the Nasdaq Stockholm during the period of 1999 to 2018. This proposed relationship has been investigated by the use of a regression model, in which we have examined the known non-linear behaviour of earnings and profitability. By this method we have found a few results of statistical significance that do seem to indicate a relation, between lowered dividend and future financial outcomes. However, while still statistically significant, these results are not economically significant. Our results are therefore considered to be in line with previous research and does not offer any further support for the proposed theory of the dividend…

Subjects/Keywords: behavioral finance; corporate finance; dividends; dividend signaling hypothesis; aktieutdelning; beteendeekonomi; finansiell ekonomi; utdelningssignalering; Business Administration; Företagsekonomi

Record Details Similar Records Cite « Share

❌

APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Måhl, F. (2019). Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-390891

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Måhl, Frida. “Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år.” 2019. Thesis, Uppsala University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-390891.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Måhl, Frida. “Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år.” 2019. Web. 06 Mar 2021.

Vancouver:

Måhl F. Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år. [Internet] [Thesis]. Uppsala University; 2019. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-390891.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Måhl F. Går det att förutspå framtiden med hjälp av aktieutdelning? : Resultat och lönsamhet på Nasdaq Stockholm över 20 år. [Thesis]. Uppsala University; 2019. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-390891

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Washington State University

8. [No author]. Advances in the Economic Modeling of Agriculture and Natural Resources .

Degree: 2015, Washington State University

URL: http://hdl.handle.net/2376/6241

► In the first chapter, I introduce a modification of the Fourier Flexible form. In terms of limiting function specification error, this form is preferable to… (more)

▼ In the first chapter, I introduce a modification of the Fourier Flexible form. In terms of limiting function specification error, this form is preferable to functional forms based on second-order Taylor series expansions, such as the translog or normalized quadratic. The Fourier Flexible form is most commonly represented as a truncated Fourier series expansion appended to a second-order expansion in logarithms. By replacing the logarithmic expansion with a Box-Cox transformation, I show that the Fourier Flexible form can reduce approximation error by 25% on average, with more significant reductions in certain cases. The new functional form also allows for nested testing between some of the most commonly implemented functional forms in empirical work.In the next chapter, I investigate the role of technology in the decision of dairy farmers to convert to organic production methods. I estimate an input distance function using stochastic frontier analysis to measure several characteristics of the production technology, including technical efficiency, returns to scale, and elasticities of substitution. I then estimate the impact of these characteristics on the probability of converting from conventional to organic milk production between 2005 and 2010. Conventional dairies with lower technical efficiency, higher returns to scale, and those with the ability to easily substitute between key inputs have considerably higher likelihood of converting to organic production. This chapter suggests further consolidation in the conventional industry as the low-end firms exit for the organic industry. In the final chapter, I assess the welfare implications of imposing a revenue-neutral tax in the presence of the Renewable Fuel Standard (RFS). Simulations conducted using data from Washington and Oregon indicate that the imposition of a revenue-neutral tax raises welfare by 19% to 20% and increases the cellulosic biofuel sector marginally at a rate of 1% to 2%. Also, increases in the input ratio requirement for cellulosic biofuel from the RFS will have little impact on the optimal revenue-neutral tax rate and corresponding welfare. Changes to the cellulosic biofuel waiver price, which can be used to circumvent the input ratio requirement, reduces the optimal revenue-neutral tax because less pollution is emitted. Advisors/Committee Members: Shumway, C. Richard (advisor), Galinato, Gregmar I (advisor).

Subjects/Keywords: Economics; Agriculture economics; Double-Dividend; Fourier Series; Functional Form Selection; Organic; Renewable Fuel Standard; Technology Adoption

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APA (6^th Edition):

author], [. (2015). Advances in the Economic Modeling of Agriculture and Natural Resources . (Thesis). Washington State University. Retrieved from http://hdl.handle.net/2376/6241

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

author], [No. “Advances in the Economic Modeling of Agriculture and Natural Resources .” 2015. Thesis, Washington State University. Accessed March 06, 2021. http://hdl.handle.net/2376/6241.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

author], [No. “Advances in the Economic Modeling of Agriculture and Natural Resources .” 2015. Web. 06 Mar 2021.

Vancouver:

author] [. Advances in the Economic Modeling of Agriculture and Natural Resources . [Internet] [Thesis]. Washington State University; 2015. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/2376/6241.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

author] [. Advances in the Economic Modeling of Agriculture and Natural Resources . [Thesis]. Washington State University; 2015. Available from: http://hdl.handle.net/2376/6241

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Brno University of Technology

9. Krčmová, Michaela. Zdaňování dividend daňových nerezidentů České republiky: Taxation of Dividends of Czech Republic Tax Non-residents.

Degree: 2018, Brno University of Technology

URL: http://hdl.handle.net/11012/83526

► This bachelor thesis is concerned about taxation of dividends which are payed out from Czech Republic sources to tax non-residents – natural persons. Describes, analyzes… (more)

Subjects/Keywords: daň z příjmů; dividenda; daňový nerezident; mezinárodní zdanění; dvojí zdanění; smlouvy o zamezení dvojího zdanění; income tax; dividend; tax non-resident; international taxation; double taxation; double taxation treaties

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APA (6^th Edition):

Krčmová, M. (2018). Zdaňování dividend daňových nerezidentů České republiky: Taxation of Dividends of Czech Republic Tax Non-residents. (Thesis). Brno University of Technology. Retrieved from http://hdl.handle.net/11012/83526

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Krčmová, Michaela. “Zdaňování dividend daňových nerezidentů České republiky: Taxation of Dividends of Czech Republic Tax Non-residents.” 2018. Thesis, Brno University of Technology. Accessed March 06, 2021. http://hdl.handle.net/11012/83526.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Krčmová, Michaela. “Zdaňování dividend daňových nerezidentů České republiky: Taxation of Dividends of Czech Republic Tax Non-residents.” 2018. Web. 06 Mar 2021.

Vancouver:

Krčmová M. Zdaňování dividend daňových nerezidentů České republiky: Taxation of Dividends of Czech Republic Tax Non-residents. [Internet] [Thesis]. Brno University of Technology; 2018. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/11012/83526.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Krčmová M. Zdaňování dividend daňových nerezidentů České republiky: Taxation of Dividends of Czech Republic Tax Non-residents. [Thesis]. Brno University of Technology; 2018. Available from: http://hdl.handle.net/11012/83526

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Georgia State University

10. Stern, Susan K. The Double Deficit Hypothesis in a College-Level Sample: Sex Differences, Comorbid ADHD, and Academic/Neuropsychological Profiles.

Degree: MA, Psychology, 2010, Georgia State University

URL: https://scholarworks.gsu.edu/psych_theses/77

► The Double Deficit Hypothesis posits that four mutually exclusive subgroups can be identified in a reading disabled (RD) sample. These subgroups are predicted to differ… (more)

Subjects/Keywords: Reading disability; Double deficit hypothesis; Psychology

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APA (6^th Edition):

Stern, S. K. (2010). The Double Deficit Hypothesis in a College-Level Sample: Sex Differences, Comorbid ADHD, and Academic/Neuropsychological Profiles. (Thesis). Georgia State University. Retrieved from https://scholarworks.gsu.edu/psych_theses/77

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Stern, Susan K. “The Double Deficit Hypothesis in a College-Level Sample: Sex Differences, Comorbid ADHD, and Academic/Neuropsychological Profiles.” 2010. Thesis, Georgia State University. Accessed March 06, 2021. https://scholarworks.gsu.edu/psych_theses/77.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Stern, Susan K. “The Double Deficit Hypothesis in a College-Level Sample: Sex Differences, Comorbid ADHD, and Academic/Neuropsychological Profiles.” 2010. Web. 06 Mar 2021.

Vancouver:

Stern SK. The Double Deficit Hypothesis in a College-Level Sample: Sex Differences, Comorbid ADHD, and Academic/Neuropsychological Profiles. [Internet] [Thesis]. Georgia State University; 2010. [cited 2021 Mar 06]. Available from: https://scholarworks.gsu.edu/psych_theses/77.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Stern SK. The Double Deficit Hypothesis in a College-Level Sample: Sex Differences, Comorbid ADHD, and Academic/Neuropsychological Profiles. [Thesis]. Georgia State University; 2010. Available from: https://scholarworks.gsu.edu/psych_theses/77

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Addis Ababa University

11. Simegn, H/mariam. Determinants of Dividend Policy of Banks in Ethiopia .

Degree: 2013, Addis Ababa University

URL: http://etd.aau.edu.et/dspace/handle/123456789/5395

► This study investigates the determinants of dividend policy of banks in Ethiopia. Based on the previous studies the independent variables; current earning, previous year’s dividend,… (more)

Subjects/Keywords: Dividend Policy; Dividend policy determinants

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APA (6^th Edition):

Simegn, H. (2013). Determinants of Dividend Policy of Banks in Ethiopia . (Thesis). Addis Ababa University. Retrieved from http://etd.aau.edu.et/dspace/handle/123456789/5395

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Simegn, H/mariam. “Determinants of Dividend Policy of Banks in Ethiopia .” 2013. Thesis, Addis Ababa University. Accessed March 06, 2021. http://etd.aau.edu.et/dspace/handle/123456789/5395.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Simegn, H/mariam. “Determinants of Dividend Policy of Banks in Ethiopia .” 2013. Web. 06 Mar 2021.

Vancouver:

Simegn H. Determinants of Dividend Policy of Banks in Ethiopia . [Internet] [Thesis]. Addis Ababa University; 2013. [cited 2021 Mar 06]. Available from: http://etd.aau.edu.et/dspace/handle/123456789/5395.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Simegn H. Determinants of Dividend Policy of Banks in Ethiopia . [Thesis]. Addis Ababa University; 2013. Available from: http://etd.aau.edu.et/dspace/handle/123456789/5395

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

NSYSU

12. Lee, Shau-Hua. Ex-dividend day stock price behavior-the case of Taiwan.

Degree: Master, Finance, 2001, NSYSU

URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0725101-104059

no Advisors/Committee Members: Tai Ma (committee member), Chris Liao (committee member), Y. Angela Liu (chair).

Subjects/Keywords: tax-effect hypothesis; ex-dividend day; information asymmetry; noise trader

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APA (6^th Edition):

Lee, S. (2001). Ex-dividend day stock price behavior-the case of Taiwan. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0725101-104059

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Lee, Shau-Hua. “Ex-dividend day stock price behavior-the case of Taiwan.” 2001. Thesis, NSYSU. Accessed March 06, 2021. http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0725101-104059.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Lee, Shau-Hua. “Ex-dividend day stock price behavior-the case of Taiwan.” 2001. Web. 06 Mar 2021.

Vancouver:

Lee S. Ex-dividend day stock price behavior-the case of Taiwan. [Internet] [Thesis]. NSYSU; 2001. [cited 2021 Mar 06]. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0725101-104059.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Lee S. Ex-dividend day stock price behavior-the case of Taiwan. [Thesis]. NSYSU; 2001. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0725101-104059

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

13. Anagho, Zillah. THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange.

Degree: Umeå School of Business, 2007, Umeå University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1229

► In this thesis, we have analyzed the ex-dividend stock price behavior in the London Stock Exchange to see if the stock prices really drop… (more)

Subjects/Keywords: Ex-dividend Day Behavior; Efficient Market Hypothesis; Business studies; Företagsekonomi

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APA (6^th Edition):

Anagho, Z. (2007). THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1229

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Anagho, Zillah. “THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange.” 2007. Thesis, Umeå University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1229.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Anagho, Zillah. “THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange.” 2007. Web. 06 Mar 2021.

Vancouver:

Anagho Z. THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange. [Internet] [Thesis]. Umeå University; 2007. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1229.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Anagho Z. THE EX-DIVIDEND DAY STOCK PRICE BEHAVIOR : FTSE 100 of the London Stock Exchange. [Thesis]. Umeå University; 2007. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1229

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

14. Chit, Ngwe Lin Myat. Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore.

Degree: Business Administration, 2014, Umeå University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-95253

► Market Timing Strategy is an active investment strategy, which is based on the signals of indicators, for the investors to make their investment decisions.… (more)

▼ Market Timing Strategy is an active investment strategy, which is based on the signals of indicators, for the investors to make their investment decisions. However, there has always been the question on which variable is a good indicator, that would provide superior returns for the investment. Bond to Equity Yield Ratio (BEYR) is a new indicator widely researched by many academics in the field of finance and extensively applied by practitioners of the financial markets during the last two decades. Efficient Market Hypothesis (EMH) is a theory in finance which states that stock prices are always reflected with the relevant information and beating the market from predicting the trend of future stock prices is not possible. Therefore, if the market is in accordance with EMH, market timing strategy is not useful and passive investment strategy is better than active investment strategy. Although extant literatures have proved BEYR as a good indicator to be used in market timing strategy, the focus of the existing research is on the financial markets in the United States, the United Kingdom, and the Europe; the study on Asian financial markets is very limited. The main objective of the research is mainly motivated by this knowledge gap. This study will use extreme value strategy as an active trading strategy to conduct research on the market timing ability of BEYR in three Asian financial markets: Japan, Malaysia and Singapore. In addition, passive trading strategy will be used to compare with active trading strategy in each country to identify whether the markets comply with weak form of EMH. Deductive approach of quantitative research is conducted and three main hypotheses are developed to achieve the research objective. The empirical findings from our research and the responses to the main hypotheses can be summarized as active trading strategy does perform better than passive trading strategy for all countries and the market timing ability of BEYR is not as good as the traditional indicators: dividend yields and earning yields for all countries. Therefore, the financial markets of all counties under scrutiny do not comply with weak form of EMH. However, it is worthy to take note that the sample period chosen for this research includes the period when the Global Financial Crisis occurred in 2008. Therefore, it is assumed that the impact of the financial crisis is the main reason contributing the difference between the findings from our research and the existing literatures. Moreover, the difference in the nature of financial market can be considered as another underlying factor for the new perspective on BEYR resulting from our empirical results.

Subjects/Keywords: Bond to Equity Yield Ratio (BEYR); Dividend Yield; Earning Yield; Market Timing Strategy; Active Trading Strategy; Passive Trading Strategy; Extreme Value Strategy; Efficient Market Hypothesis

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APA (6^th Edition):

Chit, N. L. M. (2014). Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-95253

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Chit, Ngwe Lin Myat. “Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore.” 2014. Thesis, Umeå University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-95253.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Chit, Ngwe Lin Myat. “Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore.” 2014. Web. 06 Mar 2021.

Vancouver:

Chit NLM. Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore. [Internet] [Thesis]. Umeå University; 2014. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-95253.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Chit NLM. Market Timing Ability of Bond-Equity Yield Ratio : A study of trading strategies in Japan, Malaysia and Singapore. [Thesis]. Umeå University; 2014. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-95253

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

KTH

15. Svanberg, Johan. The Moat of Finance : Does Complexity Reward the Private Investor?.

Degree: Real Estate and Construction Management, 2019, KTH

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254858

► This paper evaluates the ability of single and multi-ratio investment strategies, such as P/E, P/B, Magic Formula and Piotroski F-score, to generate excess returns… (more)

▼ This paper evaluates the ability of single and multi-ratio investment strategies, such as P/E, P/B, Magic Formula and Piotroski F-score, to generate excess returns and positive alpha values on the Stockholm Stock Market. Performances of the strategies tested are compared to the Stockholm Stock Market as a whole, also known as the index “OMXSPI”. In this paper, three single-ratio strategies are investigated along with three multi-ratio strategies, chosen on the basis of popularity among private investors, according to our observations. We also compare these strategies’ returns to the returns of the ten best performing funds, over the last ten years, found on SEB’s and Handelsbanken’s fund lists. We find that both multi and single-ratio strategies generated alpha values and that single-ratio strategies performed well, relative to multi-ratio strategies, considering their simplicity. The current portfolio composition from screening stocks based on low P/E, P/B and high dividend yield alone are also associated with less risk, expressed in volatility, than portfolios that would be composed based on the multi-ratio methods. We even find that one of the more complex strategies, Graham Screener, underperformed single-ratio strategies, when comparing yearly alpha values over 15 and 17 years, respectively. The funds’ alpha values are also very poor compared to both single and multi-ratio strategies considering the managers’ likely investment experience and complex investment systems. In sum, our empirical data suggests that excess returns were indeed attainable during the investigated time-periods by following a rule-based investing philosophy in conjunction with single or multi-ratio strategies, and unless the investor has sublime experience and knowledge, he or she is probably better off using this type of investing rather than making investment decisions in a discretionary manner.We also conclude that the Stockholm Stock Market probably suffered from lower market efficiency, from the perspective of the Efficient Market Hypothesis, and lower screening abilities and tools, such as Börsdata, among investors in the beginning of the testing periods, which could be one reason as to why these ratio strategies worked as well as they did. However, the results are still interesting because complexity does not seem to imply value (extra alpha generation) of significant magnitude, if at all. What does seem to imply value, are the minimization of human interactions with investment models and emotional stability.

Subjects/Keywords: Price to Earning; Price to Book; Dividend Yield; Multi-ratio Strategies; Efficient Market Hypothesis; Modern Portfolio Theory; Excess Returns; Alpha and Stockholm Stock Market.; Engineering and Technology; Teknik och teknologier

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Svanberg, J. (2019). The Moat of Finance : Does Complexity Reward the Private Investor?. (Thesis). KTH. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254858

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Svanberg, Johan. “The Moat of Finance : Does Complexity Reward the Private Investor?.” 2019. Thesis, KTH. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254858.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Svanberg, Johan. “The Moat of Finance : Does Complexity Reward the Private Investor?.” 2019. Web. 06 Mar 2021.

Vancouver:

Svanberg J. The Moat of Finance : Does Complexity Reward the Private Investor?. [Internet] [Thesis]. KTH; 2019. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254858.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Svanberg J. The Moat of Finance : Does Complexity Reward the Private Investor?. [Thesis]. KTH; 2019. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254858

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

16. Hellström, Gustav. Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps.

Degree: Business Administration, 2012, Umeå University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56954

► The dividend payout policy is one of the most debated topics within corporate finance and some academics have called the company’s dividend payout policy… (more)

▼ The dividend payout policy is one of the most debated topics within corporate finance and some academics have called the company’s dividend payout policy an unsolved puzzle. Even though an extensive amount of research regarding dividends has been conducted, there is no uniform answer to the question: what are the determinants of the companies’ dividend payout ratios? We therefore decided to conduct a study regarding the determinants of the companies’ dividend payout ratios on large and medium cap on Stockholm stock exchange. The purpose of the study is to determine if there is a relationship between a number of company selected factors and the companies’ dividend payout ratios. A second purpose is to determine whether there are any differences between large and medium caps regarding the impact of the company selected factors. We therefore reviewed previous studies and dividend theories in order to conclude which factors that potentially could have an impact on the companies’ dividend payout ratios. Based on the literature, we decided to test the relationship between the dividend payout ratio and six company selected factors: free cash flow, growth, leverage, profit, risk and size. The data used in the research are secondary data collected during a time period of five years, between 2006 and 2010. The study follows a quantitative research method with a deductive approach and we have based the study on four dividend theories: the dividend irrelevance theory, the bird in hand theory, the signaling theory and the agency theory. In order to determine whether there is a relationship between the companies selected factors and the dividend payout ratio we conducted both an Ordinary least square (OLS) and a Tobit regression. Multicollinearity tests were also conducted in order to ascertain that no multicollinearity affected the results of the study. The results indicate that some of the company selected factors have an impact on the companies’ dividend payout ratios and there are some differences between large and medium caps. The dividend payout ratios of large caps have a significant relationship to free cash flow, growth and risk. While the dividend payout ratios of medium caps have a significant relationship to free cash flow, leverage, risk and size.

Subjects/Keywords: dividends; dividend determinants; dividend payout ratio; Modigliani & Miller; signaling theory; free cash flow hypothesis; agency theory.

…hypothesis from which we based our research. A lot of research regarding dividend policies has… …manage the crisis and one of the actions was to adjust the dividend payouts to shareholders… …dividend and managers are not eager to decrease the dividends since it generally is interpreted… …some companies drastically decreased their dividend payouts while others at the same time… …increased the dividends. The number companies that decreased the dividend payouts on the US stock…

1 more image…

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APA (6^th Edition):

Hellström, G. (2012). Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56954

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Hellström, Gustav. “Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps.” 2012. Thesis, Umeå University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56954.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Hellström, Gustav. “Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps.” 2012. Web. 06 Mar 2021.

Vancouver:

Hellström G. Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps. [Internet] [Thesis]. Umeå University; 2012. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56954.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Hellström G. Determinants of Dividend Payout Ratios : A Study of Swedish Large and Medium Caps. [Thesis]. Umeå University; 2012. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-56954

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Brno University of Technology

17. Nedomová, Martina. Mezinárodní zdaňování dividend: International Taxation of Dividends.

Degree: 2019, Brno University of Technology

URL: http://hdl.handle.net/11012/84081

► This diploma thesis deals with the issue of taxation of dividends from the point of view of legal entities. Taking into account the breadth of… (more)

Subjects/Keywords: dividenda; akciová společnost; rezident; daň; mezinárodní zdanění; zamezení dvojího zdanění; dividend; joint-stock company; resident; tax; international taxation; elimination of double taxation

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APA (6^th Edition):

Nedomová, M. (2019). Mezinárodní zdaňování dividend: International Taxation of Dividends. (Thesis). Brno University of Technology. Retrieved from http://hdl.handle.net/11012/84081

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Nedomová, Martina. “Mezinárodní zdaňování dividend: International Taxation of Dividends.” 2019. Thesis, Brno University of Technology. Accessed March 06, 2021. http://hdl.handle.net/11012/84081.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Nedomová, Martina. “Mezinárodní zdaňování dividend: International Taxation of Dividends.” 2019. Web. 06 Mar 2021.

Vancouver:

Nedomová M. Mezinárodní zdaňování dividend: International Taxation of Dividends. [Internet] [Thesis]. Brno University of Technology; 2019. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/11012/84081.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Nedomová M. Mezinárodní zdaňování dividend: International Taxation of Dividends. [Thesis]. Brno University of Technology; 2019. Available from: http://hdl.handle.net/11012/84081

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

18. Aubert, Diane. On the design of fair environmental fiscal policies with workers heterogeneity : three essays in applied theory : Vers des politiques fiscales environnementales équitables au regard de l'hétérogénéité des travailleurs : trois essais en théorie appliquée.

Degree: Docteur es, Économie, 2017, Paris 1

URL: http://www.theses.fr/2017PA01E019

►

Cette thèse de doctorat étudie, dans un cadre théorique, l’incidence des politiques fiscales environnementales au regard de l’hétérogénéité des travailleurs. Elle analyse la construction de… (more)

Subjects/Keywords: Politique fiscale environnementale; Double dividende; Analyse du bien-être; Chômage frictionnel; Modèle d'appariement; Fonction d'utilité non homothétique; Environmental fiscal policies; Double dividend; Welfare analysis; Search friction unemployment; Non-homothetic utility function; 336.2

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Aubert, D. (2017). On the design of fair environmental fiscal policies with workers heterogeneity : three essays in applied theory : Vers des politiques fiscales environnementales équitables au regard de l'hétérogénéité des travailleurs : trois essais en théorie appliquée. (Doctoral Dissertation). Paris 1. Retrieved from http://www.theses.fr/2017PA01E019

Chicago Manual of Style (16^th Edition):

Aubert, Diane. “On the design of fair environmental fiscal policies with workers heterogeneity : three essays in applied theory : Vers des politiques fiscales environnementales équitables au regard de l'hétérogénéité des travailleurs : trois essais en théorie appliquée.” 2017. Doctoral Dissertation, Paris 1. Accessed March 06, 2021. http://www.theses.fr/2017PA01E019.

MLA Handbook (7^th Edition):

Aubert, Diane. “On the design of fair environmental fiscal policies with workers heterogeneity : three essays in applied theory : Vers des politiques fiscales environnementales équitables au regard de l'hétérogénéité des travailleurs : trois essais en théorie appliquée.” 2017. Web. 06 Mar 2021.

Vancouver:

Aubert D. On the design of fair environmental fiscal policies with workers heterogeneity : three essays in applied theory : Vers des politiques fiscales environnementales équitables au regard de l'hétérogénéité des travailleurs : trois essais en théorie appliquée. [Internet] [Doctoral dissertation]. Paris 1; 2017. [cited 2021 Mar 06]. Available from: http://www.theses.fr/2017PA01E019.

Council of Science Editors:

Aubert D. On the design of fair environmental fiscal policies with workers heterogeneity : three essays in applied theory : Vers des politiques fiscales environnementales équitables au regard de l'hétérogénéité des travailleurs : trois essais en théorie appliquée. [Doctoral Dissertation]. Paris 1; 2017. Available from: http://www.theses.fr/2017PA01E019

19. Moedas, Miguel Costa. Can embracing a scrip dividend scheme foster individual shareholders' value? endesa's case.

Degree: 2013, RCAAP

URL: https://www.rcaap.pt/detail.jsp?id=oai:repositorio.iscte-iul.pt:10071/7365

►

Dividend policy is the ultimate key decision that the management body has to hold. Eventually, this will have an impact on how shareholders will manage… (more)

▼

Dividend policy is the ultimate key decision that the management body has to hold. Eventually, this will have an impact on how shareholders will manage their wealth. Until recently in Iberia, companies used an old-school approach to address this issue. Specifically, management would be the only decision-taker on whether the company would distribute its results or reinvest them in value-added projects. With the emergence of a dividend reinvestment plan called scrip dividend, the company would get closer to their sole proprietors and would enable them to play a more important role in deciding how they want to receive their company’s earnings. This project presents evidence on the consequences of introducing this scheme in the Spanish utility Endesa. By letting shareholders assume command of such an important decision, management faces the risk of not being able to forecast accurately the consequences of such act, but would certainly introduce the possibility of improving the company’s financial situation by reducing th e outflows related to dividend payments.

A política de dividendos é uma decisão da maior importância que a gestão tem de tomar. Eventualmente, isto terá um impacto na maneira como os accionistas gerem a sua riqueza. Até recentemente no mercado Ibérico, as empresas usavam um modelo antigo para abordar este assunto. Especificamente, a gestão era o único tomador de decisões no que se referia entre distribuir os resultados ou reinvesti-los em projectos de valor acrescentado. Com o aparecimento de um plano de reinvestimento de dividendos chamado Scrip Dividend, a empresa ficaria mais próxima dos seus proprietários e dar-lhes-ia a possibilidade de terem um papel mais activo em decidirem como eles querem receber os resultados da sua empresa. Este projecto apresenta evidência sobre as consequências da introdução deste esquema na utility espanhola Endesa. Ao deixar os accionistas assumir comando de tão importante decisão, a gestão irá encontrar o risco de não estimar correctamente as consequências de tal acto, mas introduziria certamente a possibilidade de melhorar a situação financeira da empresa através da redução de fluxos externos relacionados com o pagamento de dividendos.

Advisors/Committee Members: Inácio, Pedro Leite.

Subjects/Keywords: Dividend reinvestment plan; Scrip dividend; Endesa; Valuation

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APA (6^th Edition):

Moedas, M. C. (2013). Can embracing a scrip dividend scheme foster individual shareholders' value? endesa's case. (Thesis). RCAAP. Retrieved from https://www.rcaap.pt/detail.jsp?id=oai:repositorio.iscte-iul.pt:10071/7365

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Moedas, Miguel Costa. “Can embracing a scrip dividend scheme foster individual shareholders' value? endesa's case.” 2013. Thesis, RCAAP. Accessed March 06, 2021. https://www.rcaap.pt/detail.jsp?id=oai:repositorio.iscte-iul.pt:10071/7365.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Moedas, Miguel Costa. “Can embracing a scrip dividend scheme foster individual shareholders' value? endesa's case.” 2013. Web. 06 Mar 2021.

Vancouver:

Moedas MC. Can embracing a scrip dividend scheme foster individual shareholders' value? endesa's case. [Internet] [Thesis]. RCAAP; 2013. [cited 2021 Mar 06]. Available from: https://www.rcaap.pt/detail.jsp?id=oai:repositorio.iscte-iul.pt:10071/7365.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Moedas MC. Can embracing a scrip dividend scheme foster individual shareholders' value? endesa's case. [Thesis]. RCAAP; 2013. Available from: https://www.rcaap.pt/detail.jsp?id=oai:repositorio.iscte-iul.pt:10071/7365

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

20. Migwi, Elizabeth W. The effect of profitability on dividend policy of commercial Banks in Kenya .

Degree: 2015, University of Nairobi

URL: http://hdl.handle.net/11295/94590

► Dividend policy has been analyzed for many decades and it refers to the issue of how much of the total profit a firm should pay… (more)

▼ Dividend policy has been analyzed for many decades and it refers to the issue of how much of the total profit a firm should pay to its stockholders and how much to retain for investment so that the combined present and future benefits maximize the wealth of stockholders. It summarizes the information from other researchers who have carried out their research in the same area of dividend policy and firm value. The study period was a six year period i.e. 2009-2014. This study analyzed the relationship between profits and dividend policy of commercial banks in Kenya. The study involved the use of a descriptive research design using 27 out of the 44 commercial banks registered in Kenya. The study employed secondary data. This study found that there was a significant relationship between dividend policy and the profitability of commercial banks. All the dependent variables (profitability, liquidity, and inflation) had a significant impact on the value of the banks since their p-value was less than the accepted critical value. Correlation coefficient was also used to determine the relationship between the variables and concluded that dividend policy had a positive correlation with the profitability of the firm. The other variables had also a positive correlation with the value of the firm but however the study found out that the strength of the relationship reduced when the two control variables (liquidity and rate of inflation) were incorporated in the study. The study recommends that since profitability has an effect on the dividend policy of commercial banks, companies should pay dividends to maintain a high firm value. In carrying out the dividend payout decision, the management should also consider other factors such as, growth opportunities and current ratio since they have an impact on the value of the firm. In addition to the above this study recommends diligence in the handling of dividend payout information among the sector players in a bid to ensure that there is inclusivity of the stock market stakeholders. Therefore, policies guiding the sharing of this information should be availed to enhance market control.

Subjects/Keywords: Dividend; Investment; profitability

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Migwi, E. W. (2015). The effect of profitability on dividend policy of commercial Banks in Kenya . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/94590

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Migwi, Elizabeth W. “The effect of profitability on dividend policy of commercial Banks in Kenya .” 2015. Thesis, University of Nairobi. Accessed March 06, 2021. http://hdl.handle.net/11295/94590.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Migwi, Elizabeth W. “The effect of profitability on dividend policy of commercial Banks in Kenya .” 2015. Web. 06 Mar 2021.

Vancouver:

Migwi EW. The effect of profitability on dividend policy of commercial Banks in Kenya . [Internet] [Thesis]. University of Nairobi; 2015. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/11295/94590.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Migwi EW. The effect of profitability on dividend policy of commercial Banks in Kenya . [Thesis]. University of Nairobi; 2015. Available from: http://hdl.handle.net/11295/94590

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Nairobi

21. Masara, Emily N. The relationship between dividend payout and the value of Commercial Banks listed at the Nairobi securities exchange .

Degree: 2015, University of Nairobi

URL: http://hdl.handle.net/11295/94661

► The main objective of this paper was to investigate the relationship between dividend payout and the value of commercial banks listed at the Nairobi Securities… (more)

▼ The main objective of this paper was to investigate the relationship between dividend payout and the value of commercial banks listed at the Nairobi Securities Exchange. Dividend policy has been analyzed for many decades and it refers to the issue of how much of the total profit a firm should pay to its stockholders and how much to retain for investment so that the combined present and future benefits maximize the wealth of stockholders. It summarizes the information from other researchers who have carried out their research in the same area of dividend policy and firm value. The study period was a six year period i.e. 2009-2014.This study involved the use of a descriptive research design using 10 out of the 11 commercial banks listed at the NSE. The study employed secondary data. This study found that there was a significant relationship between dividend payout and the value of commercial banks listed at NSE. All the dependent variables (dividend payout ratio, growth opportunity, and profitability) had a significant impact on the value of the banks since their p-value was less than the accepted critical value. In addition analysis of variance showed that the combined effect of dividend payout ratio, current ratio, and growth opportunity was statistically significant in explaining changes in value of the listed banks in Kenya. This further implied that the overall model was significant.Correlation coefficient was also used to determine the relationship between the variables and concluded that dividend payout ratio had a positive correlation with the value of the firm. The other variables had also a positive correlation with the value of the firm but liquidity had a negative relationship. The study recommends that since dividend policy has an effect on the value of commercial banks listed at the NSE, companies should pay dividends to maintain a high firm value. In carrying out the dividend payout decision, the management should also consider other factors such as, growth opportunities and current ratio since they have an impact on the value of the firm. In addition to the above this study recommends diligence in the handling of dividend payout information among the sector players in a bid to ensure that there is inclusivity of the stock market stakeholders. Therefore, policies guiding the sharing of this information should be availed to enhance market control.

Subjects/Keywords: Dividend Banks; Stockholders

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APA (6^th Edition):

Masara, E. N. (2015). The relationship between dividend payout and the value of Commercial Banks listed at the Nairobi securities exchange . (Thesis). University of Nairobi. Retrieved from http://hdl.handle.net/11295/94661

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Masara, Emily N. “The relationship between dividend payout and the value of Commercial Banks listed at the Nairobi securities exchange .” 2015. Thesis, University of Nairobi. Accessed March 06, 2021. http://hdl.handle.net/11295/94661.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Masara, Emily N. “The relationship between dividend payout and the value of Commercial Banks listed at the Nairobi securities exchange .” 2015. Web. 06 Mar 2021.

Vancouver:

Masara EN. The relationship between dividend payout and the value of Commercial Banks listed at the Nairobi securities exchange . [Internet] [Thesis]. University of Nairobi; 2015. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/11295/94661.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Masara EN. The relationship between dividend payout and the value of Commercial Banks listed at the Nairobi securities exchange . [Thesis]. University of Nairobi; 2015. Available from: http://hdl.handle.net/11295/94661

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Louisiana State University

22. Jia, Zi. Essays on Dividend Equivalent Rights and CEO Compensation.

Degree: PhD, Finance and Financial Management, 2014, Louisiana State University

URL: etd-06032014-164025 ; https://digitalcommons.lsu.edu/gradschool_dissertations/2158

► This dissertation studies a little-known executive compensation device called dividend equivalent rights (DERs). DERs entitle an executive to receive dividends, known as dividend equivalents (DEs),… (more)

Subjects/Keywords: Dividend Equivalent; Dividend Equivalent Right; Executive Compensation; Corporate Governance; Dividend Policy.

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Jia, Z. (2014). Essays on Dividend Equivalent Rights and CEO Compensation. (Doctoral Dissertation). Louisiana State University. Retrieved from etd-06032014-164025 ; https://digitalcommons.lsu.edu/gradschool_dissertations/2158

Chicago Manual of Style (16^th Edition):

Jia, Zi. “Essays on Dividend Equivalent Rights and CEO Compensation.” 2014. Doctoral Dissertation, Louisiana State University. Accessed March 06, 2021. etd-06032014-164025 ; https://digitalcommons.lsu.edu/gradschool_dissertations/2158.

MLA Handbook (7^th Edition):

Jia, Zi. “Essays on Dividend Equivalent Rights and CEO Compensation.” 2014. Web. 06 Mar 2021.

Vancouver:

Jia Z. Essays on Dividend Equivalent Rights and CEO Compensation. [Internet] [Doctoral dissertation]. Louisiana State University; 2014. [cited 2021 Mar 06]. Available from: etd-06032014-164025 ; https://digitalcommons.lsu.edu/gradschool_dissertations/2158.

Council of Science Editors:

Jia Z. Essays on Dividend Equivalent Rights and CEO Compensation. [Doctoral Dissertation]. Louisiana State University; 2014. Available from: etd-06032014-164025 ; https://digitalcommons.lsu.edu/gradschool_dissertations/2158

23. Akpa, Jacques. L'effet "rendement du dividende" et son impact sur la valorisation des actifs financiers : une étude menée à partir de la stratégie Dow 10 appliquée au marché français : Couple and family business within the Ohada Space.

Degree: Docteur es, Sciences de gestion, 2011, Clermont-Ferrand 1

URL: http://www.theses.fr/2011CLF10357

►

L'objectif principal de ce travail est de contribuer au débat initié par Roll (1977) et Basu (1977) depuis plus d‟une trentaine d‟années sur l‟invalidité du… (more)

▼

L'objectif principal de ce travail est de contribuer au débat initié par Roll (1977) et Basu (1977) depuis plus d‟une trentaine d‟années sur l‟invalidité du MEDAF à expliquer la formation des prix des actifs financiers. Cette étude se focalise plus particulièrement sur la capacité suggérée du ratio rendement du dividende à être un proxy de risque indépendant du bêta. Elle teste l‟aptitude d‟une stratégie value très populaire basée sur l‟effet « rendement du dividende » à réaliser des performances anormales. Les résultats montrent que les bonnes performances de la stratégie Dow 10 ne sont attribuables ni à sa capacité de sélectionner des titres performants ni à son aptitude à anticiper les mouvements du marché. De plus, mis en compétition avec la régression de Litzenberger et Ramaswamy (1979) et un modèle répliquant la méthodologie de Fama et French (1993), le modèle d‟évaluation des actifs financiers de Sharpe s‟impose comme le meilleur modèle de prévision des rentabilités. Afin de montrer que le coefficient bêta capture l‟effet « rendement du dividende », nous suggérons une nouvelle formulation du MEDAF. Nous proposons une décomposition du coefficient bêta en deux facteurs de risque : un risque systématique de base et un risque lié au facteur rendement du dividende. Globalement, l‟hypothèse de l‟efficience des marchés semble être vérifiée. En effet, l‟application de notre modèle améliore de 3% le pouvoir explicatif du MEDAF et les coefficients de notre régression sont significatifs au seuil de 1%. L‟effet « rendement du dividende » est un facteur de risque déjà capturé par le bêta de Sharpe.

The main objective of this work is to contribute to the debate initiated by Roll (1977) and Basu (1977) since more than thirty years on disability of the CAPM to explain the financial assets pricing. This study focuses specifically on the ability of the suggested ratio of dividend yield to be an independent risk proxy beta. It tests the ability of a value strategy based on the popular "dividend yield" effect to achieve abnormal performance. The results show that the good performances of the Dow 10 are not attributable to its ability to select stocks with high scores or his ability to anticipate market movements. Moreover, being in competition with the regression of Litzenberger and Ramaswamy (1979) and a model replicating the methodology Fama and French (1993), the Sharpe‟s asset pricing model stands out as the best model for forecasting returns. To show that the beta captures the dividend yield effect, we propose a new formulation of the CAPM. We propose a decomposition of beta into two risk factors: a systematic basis risk and a risk factor related to dividend yield. Overall, the efficient market hypothesis seems to be verified. Indeed, the application of our model improves the explanatory power of 3% of the CAPM and our regression coefficients are significant at 1%. The “dividend yield” effect is a risk factor already captured by the Sharpe‟s regression.

Advisors/Committee Members: Védrine, Jean-Pierre (thesis director).

Subjects/Keywords: L'hypothèse de l‟efficience des marchés; Actions value/growth; L‟effet « rendement du dividende »; La stratégie Dow 10; The efficient market hypothesis; Stock value / growth; The “dividend yield” effect; The Dow 10 strategy; 658.15

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Akpa, J. (2011). L'effet "rendement du dividende" et son impact sur la valorisation des actifs financiers : une étude menée à partir de la stratégie Dow 10 appliquée au marché français : Couple and family business within the Ohada Space. (Doctoral Dissertation). Clermont-Ferrand 1. Retrieved from http://www.theses.fr/2011CLF10357

Chicago Manual of Style (16^th Edition):

Akpa, Jacques. “L'effet "rendement du dividende" et son impact sur la valorisation des actifs financiers : une étude menée à partir de la stratégie Dow 10 appliquée au marché français : Couple and family business within the Ohada Space.” 2011. Doctoral Dissertation, Clermont-Ferrand 1. Accessed March 06, 2021. http://www.theses.fr/2011CLF10357.

MLA Handbook (7^th Edition):

Akpa, Jacques. “L'effet "rendement du dividende" et son impact sur la valorisation des actifs financiers : une étude menée à partir de la stratégie Dow 10 appliquée au marché français : Couple and family business within the Ohada Space.” 2011. Web. 06 Mar 2021.

Vancouver:

Akpa J. L'effet "rendement du dividende" et son impact sur la valorisation des actifs financiers : une étude menée à partir de la stratégie Dow 10 appliquée au marché français : Couple and family business within the Ohada Space. [Internet] [Doctoral dissertation]. Clermont-Ferrand 1; 2011. [cited 2021 Mar 06]. Available from: http://www.theses.fr/2011CLF10357.

Council of Science Editors:

Akpa J. L'effet "rendement du dividende" et son impact sur la valorisation des actifs financiers : une étude menée à partir de la stratégie Dow 10 appliquée au marché français : Couple and family business within the Ohada Space. [Doctoral Dissertation]. Clermont-Ferrand 1; 2011. Available from: http://www.theses.fr/2011CLF10357

24. Olsson, Daniel. Beating the market through dividend yields : Dogs of the Dow in the Swedish context.

Degree: Business Studies, 2016, Uppsala University

URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298666

► This paper investigates whether the Dogs of the Dow (or “Dow Dogs”) investment strategy is applicable to the Swedish stock market during the period… (more)

Subjects/Keywords: Dogs of the Dow strategy; overreaction hypothesis; dividend investing; investment strategy; portfolio management; finance

…these factors. 1.3 Can Dividend Yields Predict Returns? Value investors share the common… …compared to an average price-to-book, earnings ratio or dividend yield. The predictiveness of… …stocks, where dividend valuation models such as the Gordon Growth Model (1962) is… …between the time periods relate to the expected earnings discounted into the dividend yield… …ratio. The long-term variance of expected returns, as measured by the dividend yield ratio…

5 more images…

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APA (6^th Edition):

Olsson, D. (2016). Beating the market through dividend yields : Dogs of the Dow in the Swedish context. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298666

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Olsson, Daniel. “Beating the market through dividend yields : Dogs of the Dow in the Swedish context.” 2016. Thesis, Uppsala University. Accessed March 06, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298666.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Olsson, Daniel. “Beating the market through dividend yields : Dogs of the Dow in the Swedish context.” 2016. Web. 06 Mar 2021.

Vancouver:

Olsson D. Beating the market through dividend yields : Dogs of the Dow in the Swedish context. [Internet] [Thesis]. Uppsala University; 2016. [cited 2021 Mar 06]. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298666.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Olsson D. Beating the market through dividend yields : Dogs of the Dow in the Swedish context. [Thesis]. Uppsala University; 2016. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-298666

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

25. Santos, Joana Filipa Costa. As empresas utilizam a distribuição de dividendos como um meio para obterem benefícios fiscais?.

Degree: 2017, RCAAP

URL: https://www.rcaap.pt/detail.jsp?id=oai:repositorio.ucp.pt:10400.14/23619

►

A sofisticação do estado fiscal é fruto das novas necessidades impostas pela sociedade hodierna. De forma a acompanhar o progresso e as exigências de um… (more)

▼

A sofisticação do estado fiscal é fruto das novas necessidades impostas pela sociedade hodierna. De forma a acompanhar o progresso e as exigências de um mundo globalizado, a abordagem do contribuinte sobre o estado tem vindo a ser alterada. Os contribuintes têm vindo a perfilhar vários instrumentos, lícitos ou ilícitos, diminuindo a sua sujeição à carga fiscal, através de esquemas cada vez mais complexos, o que dificulta o trabalho das autoridades responsáveis no combate à fraude e evasão fiscal. Esta dissertação pretende atestar a propensão dos contribuintes a práticas de planeamento fiscal abusivo, fomentando a obtenção de vantagens fiscais e, para, isso usando como veículo de medição a distribuição de dividendos. Neste sentido, pretende-se capturar o efeito associado ao benefício fiscal aferido pela distribuição de dividendos, aquando da desmobilização de rendimentos de capitais para países com regimes fiscais privilegiados comparativamente ao contexto português e europeu.

The sophistication of the fiscal state is the result of the new requirements imposed by society today. In order to track progress and the requirements of a globalized world, the approach of the taxpayer on the status has been changed. Taxpayers have come to follow lawful or unlawful instruments by decreasing their subjection to tax burden through increasingly complex schemes, hindering the work of the authorities responsible for combating fraud and tax evasion. This dissertation aims to certify the propensity of taxpayers to abusive tax planning practices, encouraging the attainment of tax advantages and, for that, using as a vehicle for measuring the distribution of dividends. In this sense, it is intended to capture the effect associated with the tax assessed for the distribution of dividends, when demobilization of investment income for countries with preferential tax regimes compared to the Portuguese and European context.

Advisors/Committee Members: Alves, Paulo, Cunha, Ricardo.

Subjects/Keywords: Sociedades Holding; Distribuição de Dividendos; Rendimentos de Capitais; Regimes Fiscais Favoráveis; Dupla Tributação; Concorrência Fiscal; Investimento Direto Estrangeiro; Relocação de Rendimentos; Taxas de Tributação; Holding Companies; Dividend Payout; Capital Income; Onshores; Double Taxation; Tax Competition; Foreign Direct Investment; Double Taxation; Relocation Income; Tax rate; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Santos, J. F. C. (2017). As empresas utilizam a distribuição de dividendos como um meio para obterem benefícios fiscais?. (Thesis). RCAAP. Retrieved from https://www.rcaap.pt/detail.jsp?id=oai:repositorio.ucp.pt:10400.14/23619

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Santos, Joana Filipa Costa. “As empresas utilizam a distribuição de dividendos como um meio para obterem benefícios fiscais?.” 2017. Thesis, RCAAP. Accessed March 06, 2021. https://www.rcaap.pt/detail.jsp?id=oai:repositorio.ucp.pt:10400.14/23619.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Santos, Joana Filipa Costa. “As empresas utilizam a distribuição de dividendos como um meio para obterem benefícios fiscais?.” 2017. Web. 06 Mar 2021.

Vancouver:

Santos JFC. As empresas utilizam a distribuição de dividendos como um meio para obterem benefícios fiscais?. [Internet] [Thesis]. RCAAP; 2017. [cited 2021 Mar 06]. Available from: https://www.rcaap.pt/detail.jsp?id=oai:repositorio.ucp.pt:10400.14/23619.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Santos JFC. As empresas utilizam a distribuição de dividendos como um meio para obterem benefícios fiscais?. [Thesis]. RCAAP; 2017. Available from: https://www.rcaap.pt/detail.jsp?id=oai:repositorio.ucp.pt:10400.14/23619

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Queens University

26. Steacy, Laura. Timing is everything: Early identification and the Double Deficit Hypothesis .

Degree: Education, 2010, Queens University

URL: http://hdl.handle.net/1974/5379

► The Double Deficit Hypothesis of dyslexia posits that students can be grouped into four distinct groups: (a) average readers, (b) students with phonological deficits, (c)… (more)

Subjects/Keywords: early identification ; reading difficulties ; phonological awareness ; naming speed ; Double Deficit Hypothesis ; stability

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Steacy, L. (2010). Timing is everything: Early identification and the Double Deficit Hypothesis . (Thesis). Queens University. Retrieved from http://hdl.handle.net/1974/5379

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Steacy, Laura. “Timing is everything: Early identification and the Double Deficit Hypothesis .” 2010. Thesis, Queens University. Accessed March 06, 2021. http://hdl.handle.net/1974/5379.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Steacy, Laura. “Timing is everything: Early identification and the Double Deficit Hypothesis .” 2010. Web. 06 Mar 2021.

Vancouver:

Steacy L. Timing is everything: Early identification and the Double Deficit Hypothesis . [Internet] [Thesis]. Queens University; 2010. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/1974/5379.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Steacy L. Timing is everything: Early identification and the Double Deficit Hypothesis . [Thesis]. Queens University; 2010. Available from: http://hdl.handle.net/1974/5379

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Penn State University

27. Bae, Jeong Hwan. The Welfare Consequences of Carbon Tax Reform in Open Economies: The Application of Computable General Equilibrium Model for Pennsylvania.

Degree: 2008, Penn State University

URL: https://submit-etda.libraries.psu.edu/catalog/6873

► ABSTRACTS Taxes on environmental externalities have long been recognized in the economics literature as a cost-effective mechanism for reducing the costs of environmental degradation. However,… (more)

▼ ABSTRACTS Taxes on environmental externalities have long been recognized in the economics literature as a cost-effective mechanism for reducing the costs of environmental degradation. However, in recent years there has been substantial interest in other possible benefits from environmental taxes, most notably, the economic gains that could result from substituting revenues from environmental taxes for conventional, distortionary taxes on labor income or other goods and services. Emerging from this literature is the ¡°double dividend hypothesis¡± that the economic gains from environmental taxes will be greater if the revenues are used to reduce distortionary taxes rather than be returned to consumers through lump sum transfers. Most theoretical and empirical research on the double dividend has been conducted under the assumption of a closed economy. This assumption removes the possibly important effects of interregional factor mobility and interregional trade. Moreover it is an unrealistic assumption for most economies, and especially for those of small countries or sub-national political jurisdictions, such as states. The purpose of this study is to investigate the double dividend hypothesis in the context of an open economy. The study specifically considers the hypothesis in the context of a carbon tax in the state of Pennsylvania. To test the double dividend, the carbon tax revenues are used to reduce labor income taxes in the state. A static CGE model is constructed for Pennsylvania. The model captures key features of a regional open economy, most notably endogenous factor mobility, and interregional trade. An innovative feature of the model is labor migration in response to environmental quality and the after-tax wage rate. Results show that the double dividend holds for the Pennsylvania model for a carbon tax imposed either unilaterally by the state government, but also for a national carbon tax. The magnitude of the double dividend is larger for the state tax than for the federal tax. Labor migration affects negatively the double dividend, but the impact is small. Advisors/Committee Members: James Samuel Shortle, Committee Chair/Co-Chair, Adam Zachary Rose, Committee Member, David Gerard Abler, Committee Member, Martin Shields, Committee Member, Stephen Michael Smith, Committee Member.

Subjects/Keywords: Carbon taxes; Double dividend; Open economy; Migration; Trade; Alternative energy; fossil fuels; CGE model

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Bae, J. H. (2008). The Welfare Consequences of Carbon Tax Reform in Open Economies: The Application of Computable General Equilibrium Model for Pennsylvania. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/6873

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Bae, Jeong Hwan. “The Welfare Consequences of Carbon Tax Reform in Open Economies: The Application of Computable General Equilibrium Model for Pennsylvania.” 2008. Thesis, Penn State University. Accessed March 06, 2021. https://submit-etda.libraries.psu.edu/catalog/6873.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Bae, Jeong Hwan. “The Welfare Consequences of Carbon Tax Reform in Open Economies: The Application of Computable General Equilibrium Model for Pennsylvania.” 2008. Web. 06 Mar 2021.

Vancouver:

Bae JH. The Welfare Consequences of Carbon Tax Reform in Open Economies: The Application of Computable General Equilibrium Model for Pennsylvania. [Internet] [Thesis]. Penn State University; 2008. [cited 2021 Mar 06]. Available from: https://submit-etda.libraries.psu.edu/catalog/6873.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Bae JH. The Welfare Consequences of Carbon Tax Reform in Open Economies: The Application of Computable General Equilibrium Model for Pennsylvania. [Thesis]. Penn State University; 2008. Available from: https://submit-etda.libraries.psu.edu/catalog/6873

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Brno University of Technology

28. Pěta, Jan. Zdaňování dividend: Taxation of Dividends.

Degree: 2018, Brno University of Technology

URL: http://hdl.handle.net/11012/14127

► This diploma thesis is concerned with the taxation of dividends in the Czech Republic. It contains description of the applicable law in Czech Republic, the… (more)

Subjects/Keywords: Akcie; dividenda; rezident; stát zdroje; potvrzení o daňovém domicilu; zamezení dvojího zdanění; výběr daně.; Share; dividend; resident; the source state; certification of the tax-payer's residence; elimination of double taxation; selection taxation.

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Pěta, J. (2018). Zdaňování dividend: Taxation of Dividends. (Thesis). Brno University of Technology. Retrieved from http://hdl.handle.net/11012/14127

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Pěta, Jan. “Zdaňování dividend: Taxation of Dividends.” 2018. Thesis, Brno University of Technology. Accessed March 06, 2021. http://hdl.handle.net/11012/14127.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Pěta, Jan. “Zdaňování dividend: Taxation of Dividends.” 2018. Web. 06 Mar 2021.

Vancouver:

Pěta J. Zdaňování dividend: Taxation of Dividends. [Internet] [Thesis]. Brno University of Technology; 2018. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/11012/14127.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Pěta J. Zdaňování dividend: Taxation of Dividends. [Thesis]. Brno University of Technology; 2018. Available from: http://hdl.handle.net/11012/14127

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of Saskatchewan

29. Norton, Mark. Market reaction to announcements of dividend increases : is it weakening with time?.

Degree: 2008, University of Saskatchewan

URL: http://hdl.handle.net/10388/etd-04232008-123752

► This study examines the market’s reaction to announcements of dividend increases. In particular, it considers the factors that affect the magnitude of abnormal returns during… (more)

▼ This study examines the market’s reaction to announcements of dividend increases. In particular, it considers the factors that affect the magnitude of abnormal returns during the days that surround announcements of dividend increases. The objective is to find whether the market reaction to dividend increases has weakened with the passage of time and whether market conditions affect the reaction. Eventually, this study is expected to reveal whether dividends continue to be important to investors. This research is motivated by the findings of Fama and French (2001). They suggest that since 1978 firms have had a declining propensity to pay dividends. They propose that dividends are declining as a result of the ease by which investors can make homemade dividends through selling small portions of their holdings. They argue that recent market developments, particularly the introduction of negotiated commissions and discount brokers, have made homemade dividends easier and less costly. Their results may suggest that investors are now less interested to receive dividends than in the past. One objective of this study is to examine whether investor’s preferences regarding dividend payments have changed over time. This is accomplished by measuring the abnormal returns following announcements of dividend increases. Benartzi, Michaely, and Thaler (1997) suggest that the reaction of the market to dividend increases is an acceptable method of determining the value of dividends to investors. In addition, this study explores the theoretical factors that may affect dividend valuation. Previous studies, such as Allen, Bernardo and Welch (2000), suggest that the existence of debt holders and institutional investors reduce the potential for agency costs as these stakeholders monitor managers. In contrast, Jensen (1986) suggests that high cash flows make it easier for managers to spend on perquisites and empire building. Thus, the potential for agency costs increases. Therefore, paying dividends when cash flows are high reduces the likelihood of agency costs. At the same time, Benartzi, Michaely and Thaler (1997) suggest that increasing dividends following higher cash flows signals management’s expectation that future performance warrants a dividend increase. Consequently, the agency and signaling theories suggest that investors may react positively to dividend increases when cash flows are high. Several observations are obtained from this study. First, investor reaction to dividend increases seems to have weakened over time. Second, the reaction is different when the increase is announced in a bear market rather than in a bull market. Third, the market reaction to dividend increases is less in firms that are more liquid. This finding may be interpreted as evidence that dividends are valued less in more liquid firms because it is easier for the investors of these firms to make homemade dividends. Fourth, the magnitude of the reaction is directly related to the increase in trading volume following the announcement. Surprisingly, the… Advisors/Committee Members: Tannous, George, Sun, Zhao, Mamun, Abdullah, Kalagnanam, Suresh, Wilson, Craig.

Subjects/Keywords: dividend valuation; dividend history; dividend theory

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Norton, M. (2008). Market reaction to announcements of dividend increases : is it weakening with time?. (Thesis). University of Saskatchewan. Retrieved from http://hdl.handle.net/10388/etd-04232008-123752

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16^th Edition):

Norton, Mark. “Market reaction to announcements of dividend increases : is it weakening with time?.” 2008. Thesis, University of Saskatchewan. Accessed March 06, 2021. http://hdl.handle.net/10388/etd-04232008-123752.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7^th Edition):

Norton, Mark. “Market reaction to announcements of dividend increases : is it weakening with time?.” 2008. Web. 06 Mar 2021.

Vancouver:

Norton M. Market reaction to announcements of dividend increases : is it weakening with time?. [Internet] [Thesis]. University of Saskatchewan; 2008. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/10388/etd-04232008-123752.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Norton M. Market reaction to announcements of dividend increases : is it weakening with time?. [Thesis]. University of Saskatchewan; 2008. Available from: http://hdl.handle.net/10388/etd-04232008-123752

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

University of South Africa

30. Masocha, Faustina. The signalling effect of dividends on future financial performance: a case of South African listed companies in the post-apartheid era .

Degree: 2017, University of South Africa

URL: http://hdl.handle.net/10500/26463

► Many theorists have linked dividends with the ability to carry signals regarding a firm’s expected financial performance. Despite being grounded on a sound theoretical framework,… (more)

Subjects/Keywords: Dividend signalling; Dividend policy; Dividend puzzle; Financial peformance; Profitability; Liquidity; Gearing; Mean reversion; Panel models

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6^th Edition):

Masocha, F. (2017). The signalling effect of dividends on future financial performance: a case of South African listed companies in the post-apartheid era . (Masters Thesis). University of South Africa. Retrieved from http://hdl.handle.net/10500/26463

Chicago Manual of Style (16^th Edition):

Masocha, Faustina. “The signalling effect of dividends on future financial performance: a case of South African listed companies in the post-apartheid era .” 2017. Masters Thesis, University of South Africa. Accessed March 06, 2021. http://hdl.handle.net/10500/26463.

MLA Handbook (7^th Edition):

Masocha, Faustina. “The signalling effect of dividends on future financial performance: a case of South African listed companies in the post-apartheid era .” 2017. Web. 06 Mar 2021.

Vancouver:

Masocha F. The signalling effect of dividends on future financial performance: a case of South African listed companies in the post-apartheid era . [Internet] [Masters thesis]. University of South Africa; 2017. [cited 2021 Mar 06]. Available from: http://hdl.handle.net/10500/26463.

Council of Science Editors:

Masocha F. The signalling effect of dividends on future financial performance: a case of South African listed companies in the post-apartheid era . [Masters Thesis]. University of South Africa; 2017. Available from: http://hdl.handle.net/10500/26463

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Open Access Theses and Dissertations