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University of Rochester
1.
Wu, Yufeng (1988 - ).
Excess dividend smoothing.
Degree: PhD, 2016, University of Rochester
URL: http://hdl.handle.net/1802/30413 
► I find that dividends are a strong predictor of forced executive turnover, which suggests that managerial career concerns can be an important force behind observed…
(more)
▼ I find that dividends are a strong predictor of
forced executive turnover, which
suggests that managerial career
concerns can be an important force behind observed
dividend
smoothness. I study the effect of this channel by developing a
dynamic agency model in which dividends signal the firm's
persistent earnings.
In equilibrium, dividends and earnings are
informational substitutes. Stock prices
react to both earnings
announcements and dividend changes, and this price reaction
has a
first-order effect on executive turnover. Managers, therefore,
smooth
dividends relative to earnings to withhold negative news
and lower their turnover
risk. Empirical estimates of the model
parameters imply that 38% of observed
dividend smoothness is
turnover-induced. Having a turnover risk leads managers
to smooth
dividends excessively, compared to the level that maximizes the
shareholders'
wealth. This excess dividend smoothing destroys firm
value by 2.84%.
Subjects/Keywords: Dividend smoothing; Payout policy; Structural estimation
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Manager
APA (6th Edition):
Wu, Y. (. -. ). (2016). Excess dividend smoothing. (Doctoral Dissertation). University of Rochester. Retrieved from http://hdl.handle.net/1802/30413
Chicago Manual of Style (16th Edition):
Wu, Yufeng (1988 - ). “Excess dividend smoothing.” 2016. Doctoral Dissertation, University of Rochester. Accessed January 22, 2021.
http://hdl.handle.net/1802/30413.
MLA Handbook (7th Edition):
Wu, Yufeng (1988 - ). “Excess dividend smoothing.” 2016. Web. 22 Jan 2021.
Vancouver:
Wu Y(-). Excess dividend smoothing. [Internet] [Doctoral dissertation]. University of Rochester; 2016. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/1802/30413.
Council of Science Editors:
Wu Y(-). Excess dividend smoothing. [Doctoral Dissertation]. University of Rochester; 2016. Available from: http://hdl.handle.net/1802/30413
Penn State University
2.
Miller, Thomas O.
HOW STICKY ARE DIVIDENDS? ANALYSIS UNDER CASH SHORTFALLS.
Degree: 2011, Penn State University
URL: https://submit-etda.libraries.psu.edu/catalog/12550
► This paper analyzes dividend stickiness by examining managers’ decisions whether to cut dividends when facing cash flow shortfalls. I present two hypotheses regarding this decision.…
(more)
▼ This paper analyzes dividend stickiness by examining managers’ decisions whether to cut
dividends when facing cash flow shortfalls. I present two hypotheses regarding this decision.
One, which I label “tradition”, suggests that managers are looking back at dividend history, and
view cutting as a last resort. The other suggests managers are forward looking and their decisions
primarily on expectations about future performance. Analysis of maintaining and cutting groups with poor cash flows lend support to both hypotheses, but firms that maintained their dividend see significant increases in sales growth, and in some cases cash flow, the following year, indicating that managers are forward looking. Firm leverage is particularly important for determining whether a firm cuts its dividend under cash shortfalls.
Advisors/Committee Members: George David Haushalter, Dissertation Advisor/Co-Advisor, George David Haushalter, Committee Chair/Co-Chair, Laura B Field, Committee Member, Peter G Iliev, Committee Member, N Edward Coulson, Committee Member.
Subjects/Keywords: dividends; payout policy; corporate finance; finance
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Manager
APA (6th Edition):
Miller, T. O. (2011). HOW STICKY ARE DIVIDENDS? ANALYSIS UNDER CASH SHORTFALLS. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/12550
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Miller, Thomas O. “HOW STICKY ARE DIVIDENDS? ANALYSIS UNDER CASH SHORTFALLS.” 2011. Thesis, Penn State University. Accessed January 22, 2021.
https://submit-etda.libraries.psu.edu/catalog/12550.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Miller, Thomas O. “HOW STICKY ARE DIVIDENDS? ANALYSIS UNDER CASH SHORTFALLS.” 2011. Web. 22 Jan 2021.
Vancouver:
Miller TO. HOW STICKY ARE DIVIDENDS? ANALYSIS UNDER CASH SHORTFALLS. [Internet] [Thesis]. Penn State University; 2011. [cited 2021 Jan 22].
Available from: https://submit-etda.libraries.psu.edu/catalog/12550.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Miller TO. HOW STICKY ARE DIVIDENDS? ANALYSIS UNDER CASH SHORTFALLS. [Thesis]. Penn State University; 2011. Available from: https://submit-etda.libraries.psu.edu/catalog/12550
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Otago
3.
Luu, Khanh Hien.
Growth Opportunities, Corporate Governance and Payout Policy: The Case of the U.S. Defense Industry
.
Degree: 2011, University of Otago
URL: http://hdl.handle.net/10523/1746
► The financial fortunes of large U.S. defense contractors are affected significantly by changes in defense contracts they receive from the Pentagon. Significant shifts in the…
(more)
▼ The financial fortunes of large U.S. defense contractors are affected significantly by changes in defense contracts they receive from the Pentagon. Significant shifts in the volume of government purchases are entirely exogenous events and hence provide a natural experiment for examining how changes in growth opportunities can affect corporate
payout decisions. The growth opportunities of the U.S. defense firms, compared with other firms, increased substantially during the Reagan defense buildup of the early 1980s but then declined significantly with the end of the Cold War and the associated defense budget cuts in 1989. I examine how the level and structure of dividends, share repurchases and total
payout changed for a sample of 57 defense firms and a benchmark sample of 57 manufacturing firms during the 1990–1995 period, the low-growth phase following a period of sustained growth. I aim to answer two main questions: (1) is corporate
payout policy affected by the investment opportunity set? and (2) is the strength of corporate governance a determinant of
payout policy? Using panel data over the 1990–1995 period, I regress
payout on a growth proxy along with various control variables. A significant contribution of my research is a finding of a negative relationship between growth opportunities and
payout policy in a sample that is free from the endogeneity problem which has clogged previous studies. In particular, I find that when growth options for U.S. defense firms deteriorate, defense firms increase their total
payout levels. There is significant evidence that this was done through repurchasing shares as opposed to going through the dividend route. When governance quality is incorporated, there is evidence supporting the agency costs theory of free cash flow. In the presence of fewer investment opportunities, defense firms with weak external governance are associated with a smaller increase in share repurchases in particular and total cash distributions in general than the rest of the sample firms. In addition, when growth opportunities declined, the weak internal governance firms that could not afford to increase payouts chose to alter the structure of payouts. Specifically, they increased the proportion of dividends at the expense of repurchases. Overall, the findings in this research demonstrate the existence of a causal link where exogenous shocks to growth opportunities affect corporate
payout policy and also supports the role of (1) internal governance in
payout policy design where entrenched managers should pre-commit to higher dividends, and (2) external governance as a corporate governance device where firms with effective external governance are associated with higher
payout.
Advisors/Committee Members: Bhabra, Gurmeet (advisor).
Subjects/Keywords: Corporate Governance;
Payout Policy;
Growth Opportunities;
Endogeneity
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Manager
APA (6th Edition):
Luu, K. H. (2011). Growth Opportunities, Corporate Governance and Payout Policy: The Case of the U.S. Defense Industry
. (Masters Thesis). University of Otago. Retrieved from http://hdl.handle.net/10523/1746
Chicago Manual of Style (16th Edition):
Luu, Khanh Hien. “Growth Opportunities, Corporate Governance and Payout Policy: The Case of the U.S. Defense Industry
.” 2011. Masters Thesis, University of Otago. Accessed January 22, 2021.
http://hdl.handle.net/10523/1746.
MLA Handbook (7th Edition):
Luu, Khanh Hien. “Growth Opportunities, Corporate Governance and Payout Policy: The Case of the U.S. Defense Industry
.” 2011. Web. 22 Jan 2021.
Vancouver:
Luu KH. Growth Opportunities, Corporate Governance and Payout Policy: The Case of the U.S. Defense Industry
. [Internet] [Masters thesis]. University of Otago; 2011. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/10523/1746.
Council of Science Editors:
Luu KH. Growth Opportunities, Corporate Governance and Payout Policy: The Case of the U.S. Defense Industry
. [Masters Thesis]. University of Otago; 2011. Available from: http://hdl.handle.net/10523/1746
University of Illinois – Urbana-Champaign
4.
AlBader, Sulaiman H.
Essays on executive compensation and dividend policy.
Degree: PhD, Finance, 2020, University of Illinois – Urbana-Champaign
URL: http://hdl.handle.net/2142/107865
► This dissertation contains two chapters: the first chapter examines the impact of sovereign wealth fund (SWF) ownership on firm executive compensation and the second examines…
(more)
▼ This dissertation contains two chapters: the first chapter examines the impact of sovereign wealth fund (SWF) ownership on firm executive compensation and the second examines the impact that various dividend
payout policies have on stock prices. Below are the individual abstracts for each chapter.
CHAPTER 1: Sovereign wealth funds are major players in the global markets. We contribute to the corporate governance literature by examining the possible value SWFs bring to their domestic holdings. We examine in particular the impact of SWF ownership on firm executive compensation. Using data on Kuwaiti SWFs, we find that having an SWF as an ultimate owner diminishes pay–performance sensitivity. This pay performance diminishment is greater, the higher the cash flow rights of the SWF. Moreover, having the SWF as an ultimate owner in a firm’s ownership chain does not alleviate the adverse effects of the divergence in cash-flow and control rights. This evidence supports the notion that SWFs impose agency costs on their targets. (JEL G15, G23, G32, G34, G38)
CHAPTER 2: Previous research, specifically Larkin et al. (2017), has examined the relationship between dividend smoothing and stock prices, coming to a ‘puzzling’ conclusion that investors do not value firms that smooth their dividends over those that do. I revisit this question by considering the level of
payout in an analysis of dividend smoothing. I use a modified version of the
payout ratio and a novel way of categorizing low/high
payout firms to produce two major findings. First, investors value firms that put an effort to
payout more of their earnings higher than firms that do not; this
payout price premium is present in all industries. Second, investors do value high-
payout dividend-smoothing firms more than low-
payout dividend smoothers. Finally, by taking the extreme portfolios on the
payout and smoothness spectrum, I follow the performance of a portfolio of high-
payout high-smoothing minus low-
payout low-smoothing firms and find clear and significant negative performance of this portfolio, which depicts the price premium I am testing for. This performance is not explained by Fama-French 5 factor or Carhart momentum factor models. (JEL G32, G35).
Advisors/Committee Members: Choi, Jaewon (advisor), Choi, Jaewon (Committee Chair), Almeida, Heitor (committee member), Wu, Yufeng (committee member), Huang, Jiekun (committee member).
Subjects/Keywords: executive compensation; payout policy; sovereign wealth fund
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Manager
APA (6th Edition):
AlBader, S. H. (2020). Essays on executive compensation and dividend policy. (Doctoral Dissertation). University of Illinois – Urbana-Champaign. Retrieved from http://hdl.handle.net/2142/107865
Chicago Manual of Style (16th Edition):
AlBader, Sulaiman H. “Essays on executive compensation and dividend policy.” 2020. Doctoral Dissertation, University of Illinois – Urbana-Champaign. Accessed January 22, 2021.
http://hdl.handle.net/2142/107865.
MLA Handbook (7th Edition):
AlBader, Sulaiman H. “Essays on executive compensation and dividend policy.” 2020. Web. 22 Jan 2021.
Vancouver:
AlBader SH. Essays on executive compensation and dividend policy. [Internet] [Doctoral dissertation]. University of Illinois – Urbana-Champaign; 2020. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/2142/107865.
Council of Science Editors:
AlBader SH. Essays on executive compensation and dividend policy. [Doctoral Dissertation]. University of Illinois – Urbana-Champaign; 2020. Available from: http://hdl.handle.net/2142/107865
University of Sydney
5.
Woodward, Keith Phillip Halliwell.
Tax minimisation and arbitrage in a comparative statics and general equilibrium setting
.
Degree: 2018, University of Sydney
URL: http://hdl.handle.net/2123/20362
► Tax minimisation and arbitrage are examined in two different scenarios: a comparative statics study of Australian structured buybacks; and a general equilibrium asset pricing model.The…
(more)
▼ Tax minimisation and arbitrage are examined in two different scenarios: a comparative statics study of Australian structured buybacks; and a general equilibrium asset pricing model.The first paper investigates structured buybacks in Australia using an event study. Structured buybacks provide a combination of dividends with imputation tax credits attached and a return of capital. This creates substantial tax advantages, leading shareholders to tender their shares below the market price. Limits on the minimum allowable tender price can create profitable trading opportunities which suggest that arbitrageurs will push up prices on the buyback announcement date followed by a partial reversal when tax credits detach from the stock. The data supports this theory. An event study is conducted which shows positive abnormal returns on the buyback announcement date and negative abnormal returns later when imputation tax credits are lost due to the 45 day rule and capital gains benefits are lost on the ex-buyback date. The second paper extends the first by developing and testing a detailed comparative statics model of the market price impacts of structured buybacks on critical dates over the life of the buyback. The model is tested using data from January 1998 to February 2013. The model seeks to explain the magnitude of positive abnormal returns on the buyback announcement date and the negative abnormal returns on the date that franking credits and capital losses are no longer available. The model has some success in explaining announcement day returns. However, the model has no explanatory power for the magnitude of negative returns on the date that the tax benefits from the buyback offer are no longer available. Shifting to a broader perspective, the third paper builds on Brennan's (1970) general equilibrium asset pricing model with heterogeneous tax rates and assets. Brennan’s model is extended to provide a required return formula under both a classical or imputation tax system where direct personal ownership of assets is an alternative to corporate ownership. This model is used to explicitly answer questions of how investors should optimally structure their asset holdings: personally, in which case the asset pays personal income and personal capital gains; or through a corporation, which pays bond interest income, dividend income or capital gains through buybacks.
Subjects/Keywords: Tax;
General Equilibrium;
Leverage;
Payout;
Policy
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Manager
APA (6th Edition):
Woodward, K. P. H. (2018). Tax minimisation and arbitrage in a comparative statics and general equilibrium setting
. (Thesis). University of Sydney. Retrieved from http://hdl.handle.net/2123/20362
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Woodward, Keith Phillip Halliwell. “Tax minimisation and arbitrage in a comparative statics and general equilibrium setting
.” 2018. Thesis, University of Sydney. Accessed January 22, 2021.
http://hdl.handle.net/2123/20362.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Woodward, Keith Phillip Halliwell. “Tax minimisation and arbitrage in a comparative statics and general equilibrium setting
.” 2018. Web. 22 Jan 2021.
Vancouver:
Woodward KPH. Tax minimisation and arbitrage in a comparative statics and general equilibrium setting
. [Internet] [Thesis]. University of Sydney; 2018. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/2123/20362.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Woodward KPH. Tax minimisation and arbitrage in a comparative statics and general equilibrium setting
. [Thesis]. University of Sydney; 2018. Available from: http://hdl.handle.net/2123/20362
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
6.
GALVÃO, Kécia da Silveira.
Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?
.
Degree: 2015, Universidade Federal de Pernambuco
URL: https://repositorio.ufpe.br/handle/123456789/15601
► Este estudo teve como objetivo investigar os fatores relacionados ao pagamento de dividendos e de payout incremental das empresas brasileiras listadas na Bolsa de Valores…
(more)
▼ Este estudo teve como objetivo investigar os fatores relacionados ao pagamento de dividendos e de
payout incremental das empresas brasileiras listadas na Bolsa de Valores de São Paulo (BM&FBovespa) no período de 2002 a 2013. O
payout pago foi calculado com base no lucro líquido ajustado, com dados coletados nas atas das assembleias e nas Demonstrações das Mutações do Patrimônio Líquido. O
Payout incremental corresponde ao valor efetivamente distribuído pelas empresas além do que é estabelecido nos estatuto social. Os dados referentes às proxies dos fatores de pagamento de dividendos foram coletados na base de dados Economatica® e na página eletrônica da Comissão de Valores Mobiliários. A amostra final foi composta por uma diversidade de 287 empresas, distribuídas nos anos estudados, variando entre 144 empresas em 2002 a 285 em 2013. Os dados foram organizados em painel desbalanceado, e foram realizadas regressões logit com efeitos aleatórios. A principal conclusão foi de que existe maior probabilidade de que as empresas com maior rentabilidade, proporção de caixa, concentração acionária e as pertencentes a algum nível diferenciado de governança, distribuam
payout incremental, e as que possuem maior oportunidade de crescimento sejam menos prováveis de pagar
payout incremental, o que pode ser relacionado à possibilidade de elas reterem mais recursos para novos projetos, favorecendo o enriquecimento dos acionistas.
Advisors/Committee Members: SANTOS, Joséte Florencio dos (advisor), http://lattes.cnpq.br/5657418279526928 (advisor).
Subjects/Keywords: Política de Dividendos.;
Payout Incremental.;
Fatores de Dividendos;
Dividend Policy.;
Incremental Payout.;
Dividend Factors.
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Manager
APA (6th Edition):
GALVÃO, K. d. S. (2015). Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?
. (Doctoral Dissertation). Universidade Federal de Pernambuco. Retrieved from https://repositorio.ufpe.br/handle/123456789/15601
Chicago Manual of Style (16th Edition):
GALVÃO, Kécia da Silveira. “Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?
.” 2015. Doctoral Dissertation, Universidade Federal de Pernambuco. Accessed January 22, 2021.
https://repositorio.ufpe.br/handle/123456789/15601.
MLA Handbook (7th Edition):
GALVÃO, Kécia da Silveira. “Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?
.” 2015. Web. 22 Jan 2021.
Vancouver:
GALVÃO KdS. Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?
. [Internet] [Doctoral dissertation]. Universidade Federal de Pernambuco; 2015. [cited 2021 Jan 22].
Available from: https://repositorio.ufpe.br/handle/123456789/15601.
Council of Science Editors:
GALVÃO KdS. Política de distribuição de dividendos: por que as empresas brasileiras pagam Payout incremental?
. [Doctoral Dissertation]. Universidade Federal de Pernambuco; 2015. Available from: https://repositorio.ufpe.br/handle/123456789/15601
Delft University of Technology
7.
van Berkel, Nick (author).
Corporate governance, taxes and real investment in non-financial firms: An agent-based approach.
Degree: 2019, Delft University of Technology
URL: http://resolver.tudelft.nl/uuid:79f777a9-9c0c-4761-8e0b-c77df076be5b
► Real investment within non-financial corporations has been steadily decreasing in the last fifty years, as increased payout to shareholders is seen as one of the…
(more)
▼ Real investment within non-financial corporations has been steadily decreasing in the last fifty years, as increased payout to shareholders is seen as one of the main causes . Chetty & Saez (2006) argue that taxes on profits, dividend payout and capital gain also have a negative impact on payout, and thus real investment in non-financial firms. However, it is unknown if corporate governance can explain this relationship between taxes and real investment. An agent-based financial market was built to research which types of corporate governance can explain the effect of taxes on the real investment rate. The results show that a corporate governance based on maximizing shareholder value and minimizing interest payments can explain the effect of taxes on the real investment rate. To further define the effect of corporate governance on the real investment rate, an agent-based macroeconomic model can be built that would incorporate more feedback loops of investment and payout and endogenous growth of earnings of firms.
Economics of Technology and Innovation
Advisors/Committee Members: Hansen, Helle (mentor), Storm, Servaas (graduation committee), Warnier, Martijn (graduation committee), Delft University of Technology (degree granting institution).
Subjects/Keywords: Corporate governance; Investment; Payout Policy; Agent-based modelling; Taxes
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Manager
APA (6th Edition):
van Berkel, N. (. (2019). Corporate governance, taxes and real investment in non-financial firms: An agent-based approach. (Masters Thesis). Delft University of Technology. Retrieved from http://resolver.tudelft.nl/uuid:79f777a9-9c0c-4761-8e0b-c77df076be5b
Chicago Manual of Style (16th Edition):
van Berkel, Nick (author). “Corporate governance, taxes and real investment in non-financial firms: An agent-based approach.” 2019. Masters Thesis, Delft University of Technology. Accessed January 22, 2021.
http://resolver.tudelft.nl/uuid:79f777a9-9c0c-4761-8e0b-c77df076be5b.
MLA Handbook (7th Edition):
van Berkel, Nick (author). “Corporate governance, taxes and real investment in non-financial firms: An agent-based approach.” 2019. Web. 22 Jan 2021.
Vancouver:
van Berkel N(. Corporate governance, taxes and real investment in non-financial firms: An agent-based approach. [Internet] [Masters thesis]. Delft University of Technology; 2019. [cited 2021 Jan 22].
Available from: http://resolver.tudelft.nl/uuid:79f777a9-9c0c-4761-8e0b-c77df076be5b.
Council of Science Editors:
van Berkel N(. Corporate governance, taxes and real investment in non-financial firms: An agent-based approach. [Masters Thesis]. Delft University of Technology; 2019. Available from: http://resolver.tudelft.nl/uuid:79f777a9-9c0c-4761-8e0b-c77df076be5b
Uppsala University
8.
Roos, Caroline.
Är svensk utbetalningspolitik unik? : en studie av Stockholmsbörsen år 2000-2015.
Degree: Business Studies, 2017, Uppsala University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-315262
► Denna studie visar utbetalningspolitiken hos företag noterade på Stockholmsbörsen år 2000-2015. Svensk utbetalningspolitik skiljer sig från utbetalningspolitiken i USA och inom EU. I Sverige…
(more)
▼ Denna studie visar utbetalningspolitiken hos företag noterade på Stockholmsbörsen år 2000-2015. Svensk utbetalningspolitik skiljer sig från utbetalningspolitiken i USA och inom EU. I Sverige fick återköp som utbetalningsform stor genomslagskraft år 2000 men trots detta är utdelningar fortsatt den dominerande utbetalningsformen idag. Vid en uppdelning i finansiella och industriella företag blir det tydligt att finansiella företag fått en allt mer betydelsefull roll inom svensk utbetalningspolitik. En ökad koncentration av det kassaflöde samtliga företag fördelar till aktieägare tycks inte kunna urskiljas på den svenska marknaden. Skiljer man på finansiella och industriella företag går det att se en ökad koncentration av det kassaflöde som fördelas av finansiella företag. År 2015 finns en stor andel mogna företag på Stockholmsbörsen vilket förklarar att total utbetalning av företag har ökat sedan 2000. Det framkommer genom att studera företagens kapitalstruktur och fas i den ekonomiska livscykeln.
This paper depicts payout policies of companies listed on the Stockholm Stock Exchange (SSE) 2000-2015. Payout policy in Sweden differs significantly from policy in the U.S. and the rest of the EU. In Sweden open market stock repurchases (OMR) came to be the dominant method of payout back in 2000. However, since then dividends have taken over the scene. Comparing financial and industrial corporations, makes it evident that financial corporations have come to gain prominence when it comes to shaping payout policy. It is not possible to entail an increasing concentration of cash flow that companies distribute to shareholders, when investigating the entire Swedish stock market. Dividing between the two sectors proves a heightened concentration of payouts among financial corporations. In 2015 mature companies have come to gain a greater share of SSE, which explains the increased number of dividend paying corporations since 2000. This becomes evident when examining the capital structure of the companies and their phase in the economic lifecycle.
Subjects/Keywords: Payout policy; corporations; dividends; open market stock repurchases; Stockholm Stock Exchange (SSE); total payout; payout ratio; Utbetalningspolitik; företag; utdelning; återköp; Stockholmsbörsen; total utbetalning; utbetalningsandel; Business Administration; Företagsekonomi
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Manager
APA (6th Edition):
Roos, C. (2017). Är svensk utbetalningspolitik unik? : en studie av Stockholmsbörsen år 2000-2015. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-315262
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Roos, Caroline. “Är svensk utbetalningspolitik unik? : en studie av Stockholmsbörsen år 2000-2015.” 2017. Thesis, Uppsala University. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-315262.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Roos, Caroline. “Är svensk utbetalningspolitik unik? : en studie av Stockholmsbörsen år 2000-2015.” 2017. Web. 22 Jan 2021.
Vancouver:
Roos C. Är svensk utbetalningspolitik unik? : en studie av Stockholmsbörsen år 2000-2015. [Internet] [Thesis]. Uppsala University; 2017. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-315262.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Roos C. Är svensk utbetalningspolitik unik? : en studie av Stockholmsbörsen år 2000-2015. [Thesis]. Uppsala University; 2017. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-315262
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Uppsala University
9.
Skantze, Joel Andersson.
Utbetalningspolitik i Sverige : En studie om utdelningar och återköp i svenska börsföretag.
Degree: Business Studies, 2014, Uppsala University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-230122
► Följande uppsats undersöker hur svensk utbetalningspolitik har utvecklats under åren 1992-2012. Urvalet består av de företag som under våren 2014 var noterade på Stockholmsbörsens…
(more)
▼ Följande uppsats undersöker hur svensk utbetalningspolitik har utvecklats under åren 1992-2012. Urvalet består av de företag som under våren 2014 var noterade på Stockholmsbörsens “Large”, “Mid” eller “Small Cap” lista. Återköpens andel av den totala utbetalningsandelen visar sig inte vara lika hög som andra internationella studier har visat. Det är istället utdelningarna som utgör merparten av de totala utbetalningarna. Däremot så har andelen företag som enbart delar ut minskat trots att utdelningarna ökat, vilket också styrks av resultat från tidigare studier. Lägre nettoresultat under finanskrisen följs av minskade utbetalningar under 2008-2009. Återköpen minskar under denna period markant till att i stort sätt utebli, vilket bekräftar tidigare studier.
This paper provides evidence on Swedish payout policy during the past 20 years (1992-2012). The sample data consists of companies that were listed on Stockholm Stock Exchange (SSE) “Large”, “Mid” or “Small Cap” list during spring 2014. We show that repurchases of shares still represents a small proportion of the total payout, which contradicts results from other international studies. The dividends therefore still constitute the bulk of the total payments. We document a drop in net income during the financial crisis followed by reduced payments during 2008-2009. Repurchases decrease significantly during this period to virtually absent; confirming previous studies that argue that repurchases are a more flexible payout method than dividends.
Subjects/Keywords: Corporate finance; payout policy; dividends; stock repurchases; payout ratio; total payout ratio; Stockholm Stock Exchange (SSE).; Finansiell ekonomi; utbetalningspolitik; utdelningspolitik; aktieutdelning; återköp; utdelningsandel; utbetalningsandel; Stockholmsbörsen.
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APA (6th Edition):
Skantze, J. A. (2014). Utbetalningspolitik i Sverige : En studie om utdelningar och återköp i svenska börsföretag. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-230122
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Skantze, Joel Andersson. “Utbetalningspolitik i Sverige : En studie om utdelningar och återköp i svenska börsföretag.” 2014. Thesis, Uppsala University. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-230122.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Skantze, Joel Andersson. “Utbetalningspolitik i Sverige : En studie om utdelningar och återköp i svenska börsföretag.” 2014. Web. 22 Jan 2021.
Vancouver:
Skantze JA. Utbetalningspolitik i Sverige : En studie om utdelningar och återköp i svenska börsföretag. [Internet] [Thesis]. Uppsala University; 2014. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-230122.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Skantze JA. Utbetalningspolitik i Sverige : En studie om utdelningar och återköp i svenska börsföretag. [Thesis]. Uppsala University; 2014. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-230122
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Georgia
10.
Yang, Huan.
Essays on corporate investment and payout policies.
Degree: 2018, University of Georgia
URL: http://hdl.handle.net/10724/37077
► This dissertation comprises two independent essays that examine how the shareholder-creditor conflicts affect corporate investment, and how the enhanced labor power influences corporate payout policies.…
(more)
▼ This dissertation comprises two independent essays that examine how the shareholder-creditor conflicts affect corporate investment, and how the enhanced labor power influences corporate payout policies. In the first chapter, I analyze the
impact of shareholder-creditor conflicts on corporate risk-taking. In particular, I examine the role played by institutional dual-holders (i.e., those simultaneously holding a same firm's debt and equity) in corporate innovation. I find that firms held
by dual-holders generate fewer but more valuable patents. To establish causality, I use a difference-in-differences approach based on the quasi-natural experiment of financial institution mergers. I further find that the decreased sensitivity of
managerial compensation to firm risk might be one possible channel through which dual-holders affect risk shifting. The results suggest that shareholder-creditor conflicts indeed exist and lead to risk shifting, and that institutional dual ownership can
partially mitigate this problem. The second chapter studies labor power as an important but largely under-explored determinant of corporate payout policy. Using a regression discontinuity approach that exploits locally exogenous variation in labor’s
collective bargaining power, I find that an increase in labor power lowers corporate payout. Operating flexibility is a plausible underlying mechanism through which labor power influences corporate payout. Firms use the saved earnings from reductions in
payout to invest in net working capital rather than paying off debt or increasing cash holdings. This essay sheds new light on the determinants of payout policy and the role of labor power in corporate finance decisions.
Subjects/Keywords: Shareholder-creditor conflicts; Dual ownership; Asset substitution; Innovation; Payout policy; Labor power; Operating flexibility
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APA ·
Chicago ·
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Manager
APA (6th Edition):
Yang, H. (2018). Essays on corporate investment and payout policies. (Thesis). University of Georgia. Retrieved from http://hdl.handle.net/10724/37077
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Yang, Huan. “Essays on corporate investment and payout policies.” 2018. Thesis, University of Georgia. Accessed January 22, 2021.
http://hdl.handle.net/10724/37077.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Yang, Huan. “Essays on corporate investment and payout policies.” 2018. Web. 22 Jan 2021.
Vancouver:
Yang H. Essays on corporate investment and payout policies. [Internet] [Thesis]. University of Georgia; 2018. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/10724/37077.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Yang H. Essays on corporate investment and payout policies. [Thesis]. University of Georgia; 2018. Available from: http://hdl.handle.net/10724/37077
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Texas A&M University
11.
Haque, Syed Imranul.
Essays on Financial Institutions.
Degree: PhD, Finance, 2016, Texas A&M University
URL: http://hdl.handle.net/1969.1/157780
► In this dissertation, I study the role of a specific group of financial institutions, institutional investors, in the asset allocation process as well as in…
(more)
▼ In this dissertation, I study the role of a specific group of financial institutions, institutional investors, in the asset allocation process as well as in shaping corporate policies. The first essay investigates the role of institutional investors in affording flexibility to firms’
payout policy during periods of capital market stress. Treating the financial crisis as a systemic shock, I find that institutional ownership is positively associated with the likelihood of
payout cuts during the crisis. The
payout reduction is overwhelmingly driven by cuts in share repurchases and by the presence of quasi-index investors. I conclude that institutional shareholding is valuable because it allows firms to tap into an internal source of financing during times of systemic financial stress.
The second essay exploits a regulatory feature governing foreign institutional investors
(FIIs) in India to study the timing of increases in the firm-specific limit on aggregate FII shareholding for a cross-section of Indian companies. We find that controlling shareholders (promoters) exploit their information advantage to sell overvalued equity to FIIs around valuation peaks. Despite the initial positive market reaction to greater anticipated FII shareholding, we find severe under-performance in the long run, both in stock prices and operating performance. At the same time, there are no changes in board structure. Our study thus reevaluates the role of FIIs in markets characterized by an opaque information environment.
The final essay focuses on the role of two specific classes of active institutional investors - mutual funds and hedge funds - and their contribution to the asset allocation process. In this study, I investigate the extent to which the use of private information explains the performance of actively managed investment funds. Specifically, we examine the relationship between the R2 measure from regressing mutual funds’ returns on pricing factors and future fund returns. Contrary to the argument which posits that low R2 is a proxy for skill, we instead propose that it represents private information advantages and provide evidence to support this claim.
Advisors/Committee Members: Kim, Hwagyun (advisor), Johnson, Shane A (advisor), Kolasinski, Adam C (committee member), Xu, Ke-Li (committee member).
Subjects/Keywords: institutional investors; payout policy; information asymmetry; Foreign Institutional Investors; Emerging Markets; Mutual Funds; Hedge Funds
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APA ·
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Manager
APA (6th Edition):
Haque, S. I. (2016). Essays on Financial Institutions. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/157780
Chicago Manual of Style (16th Edition):
Haque, Syed Imranul. “Essays on Financial Institutions.” 2016. Doctoral Dissertation, Texas A&M University. Accessed January 22, 2021.
http://hdl.handle.net/1969.1/157780.
MLA Handbook (7th Edition):
Haque, Syed Imranul. “Essays on Financial Institutions.” 2016. Web. 22 Jan 2021.
Vancouver:
Haque SI. Essays on Financial Institutions. [Internet] [Doctoral dissertation]. Texas A&M University; 2016. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/1969.1/157780.
Council of Science Editors:
Haque SI. Essays on Financial Institutions. [Doctoral Dissertation]. Texas A&M University; 2016. Available from: http://hdl.handle.net/1969.1/157780
12.
Björn, Lundgren.
Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms.
Degree: Business Administration, 2016, Umeå UniversityUmeå University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123941
► This study examines the effect of ownership structure on dividend policy of 284 firms listed on the OMX Stockholm Exchange in Swedenfrom 2010-2015. Specifically,…
(more)
▼ This study examines the effect of ownership structure on dividend policy of 284 firms listed on the OMX Stockholm Exchange in Swedenfrom 2010-2015. Specifically, the purpose of the study is to investigate therelationship betweendifferentinvestor types and dividend policies of firms, measured as dividend yield and dividend payout ratio.Also, the study aims to predict dividend behaviours based on ownership structure which may be useful inthe future since ownership structures of listed Swedish firms havebeen changing over time, with an increased consolidation of ownership and a sharpincrease in institutional ownership. The sample consistsof 1046 observations and was gathered from Thomson Reuters’ Datastream and Eikon databases. This is the first study to examine the relationship between ownership structure and dividend policy in Sweden.The dividend policy is measured using two dependent variables; dividend payout ratio anddividend yield and a multiple regression has been used in orderto test the hypotheses whether any relationships exist between 17 different types of ownership structure used as independent variables, four additional control variables and dividend policy.The findings indicated significant positive relationships between institutional ownership and dividend yield and dividend payout, with one exception being private equity which exhibited a negative relationship with dividend yield. Furthermore, market capitalization, return on assets and price to book value are positively related to dividend payout while debt/equity ratio showed a negative relationship with dividend yield. The results contradict those of the most recent research conducted in Turkey (Al-Najjar & Kilincarsla, 2016) but adds supportin the debateto existing theories of dividends’ relevance to the value of firms developed by Gordon (1963), Lintner (1962) and Walter (1963). Limitations of the study include the geographical delimitation to Sweden which creates some constraints to wider generalization ofthe results to other geographical settings. Furthermore, the datacollected from Thomson Reuters Eikon hadmissing values, showed signs of heteroscedasticity and relevant investor variables such as family ownership were unavailable.
Subjects/Keywords: Ownership structure; dividend policy; dividend yield; dividend payout; Sweden; ownership concentration; institutional ownership
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APA ·
Chicago ·
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Export
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Manager
APA (6th Edition):
Björn, L. (2016). Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms. (Thesis). Umeå UniversityUmeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123941
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Björn, Lundgren. “Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms.” 2016. Thesis, Umeå UniversityUmeå University. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123941.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Björn, Lundgren. “Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms.” 2016. Web. 22 Jan 2021.
Vancouver:
Björn L. Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms. [Internet] [Thesis]. Umeå UniversityUmeå University; 2016. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123941.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Björn L. Ownership structure's effect on dividend policy : Evidence from publicly listed Swedish firms. [Thesis]. Umeå UniversityUmeå University; 2016. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123941
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
13.
Johansson, Andreas.
Does sustainability affect dividend policy? : A panel data study on Nordic firms.
Degree: Business Administration, 2019, Umeå University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160497
► This study investigates the relationship between corporate sustainability and dividend policy in the Nordic countries. In the field of finance, the importance of corporate…
(more)
▼ This study investigates the relationship between corporate sustainability and dividend policy in the Nordic countries. In the field of finance, the importance of corporate sustainability is growing, particularly in the Nordic countries, which excel in global sustainability rankings. In response to this occurrence many firms are increasingly incorporating sustainability into their operations, which in turn might affect the strategic decisions of these firms. One of these is the dividend policy decision. Dividend policy in the form of cash dividends is a central concept in finance and is affected by conservation of capital and time value of money. The purpose of this study is to clarify the relationship between sustainability and dividend policy, which the authors have done by including different theoretical arguments. These are grounded in the agency theory, the signaling theory and the stakeholder theory. Previous research such as Benlemlih (2019) has examined the relationship between sustainability and dividends, but not in the same regional setting. ESG is used as a proxy for sustainability, while two proxies are used for dividend policy; dividend payout ratio and dividend yield. Through a quantitative approach information is collected on the ESG score and dividend data using the Thomson Reuters Eikon database and then analyzed using regression analysis. The data spans over 10 years (2008-2018) and covers 117 firms with available ESG and dividend payout data. The findings indicate that there is a significant relationship between the ESG score and the dividend payout ratio of Nordic firms, while the dividend yield has no relationship with the ESG score. As both measurements had positive coefficients, the authors determined that there is a positive relationship between sustainability and dividend policy. Based on the findings, the excess liquidity hypothesis was dismissed, while the authors concluded that there was support for and against the overinvesting hypothesis and the signaling hypothesis. The authors believe one possible explanation for these mixed results could be due to the regional setting, as it differs from the settings of previous studies. By illustrating the relationship between corporate sustainability and dividend policy, this study could be of interest to large and medium sized firms in the Nordic countries that use business strategies involving ESG practices or consider implementing such strategies. Similarly, it could be used by investors that use ESG-screening as a decision criterion when investing.
Subjects/Keywords: Dividend policy; Dividend payout ratio; ESG; Sustainability; Agency theory; Signaling theory; Business Administration; Företagsekonomi
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APA ·
Chicago ·
MLA ·
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CSE |
Export
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Manager
APA (6th Edition):
Johansson, A. (2019). Does sustainability affect dividend policy? : A panel data study on Nordic firms. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160497
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Johansson, Andreas. “Does sustainability affect dividend policy? : A panel data study on Nordic firms.” 2019. Thesis, Umeå University. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160497.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Johansson, Andreas. “Does sustainability affect dividend policy? : A panel data study on Nordic firms.” 2019. Web. 22 Jan 2021.
Vancouver:
Johansson A. Does sustainability affect dividend policy? : A panel data study on Nordic firms. [Internet] [Thesis]. Umeå University; 2019. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160497.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Johansson A. Does sustainability affect dividend policy? : A panel data study on Nordic firms. [Thesis]. Umeå University; 2019. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-160497
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Southern California
14.
Zhuang, Chao.
Share repurchases: how important is market timing?.
Degree: PhD, Business Administration, 2014, University of Southern California
URL: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/440479/rec/5825
► Although market timing is empirically important, free‐cash-flow (FCF) considerations have much stronger effects on managers’ share‐repurchase decisions. Managers either do not systematically time the market…
(more)
▼ Although market timing is empirically important,
free‐cash-flow (FCF) considerations have much stronger effects on
managers’ share‐repurchase decisions. Managers either do not
systematically time the market or have poor timing ability as many
firms fail to exploit good timing opportunities through
repurchases. Decisions to buy back shares often tend to be poor in
a market‐timing sense as firms are more likely to experience
negative than positive abnormal stock returns after repurchases.
Although the average post‐repurchase abnormal returns are positive,
this finding is driven by the extreme abnormal stock returns
following a modest number of repurchases that are small in dollar
magnitude and that account for a small percentage of the aggregate
dollar value repurchased. I also find that high levels of FCF
greatly increase the probability a share repurchase, and this
effect strongly dominates market‐timing considerations. Firms with
poor market‐timing opportunities and high FCF are more than twelve
times as likely to buy back shares as firms with good market‐timing
opportunities and low FCF. Employee‐stock‐option (ESO) and
leverage‐rebalancing motives are at least as important as market
timing in explaining managers’ share‐repurchase
decisions.
Advisors/Committee Members: DeAngelo, Harry C. (Committee Chair), DeFond, Mark L. (Committee Member), Murphy, Kevin J. (Committee Member), Ozbas, Oguzhan (Committee Member).
Subjects/Keywords: FCF; free cash flow; market timing; payout policy; share repurchases; stock buybacks
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APA ·
Chicago ·
MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Zhuang, C. (2014). Share repurchases: how important is market timing?. (Doctoral Dissertation). University of Southern California. Retrieved from http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/440479/rec/5825
Chicago Manual of Style (16th Edition):
Zhuang, Chao. “Share repurchases: how important is market timing?.” 2014. Doctoral Dissertation, University of Southern California. Accessed January 22, 2021.
http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/440479/rec/5825.
MLA Handbook (7th Edition):
Zhuang, Chao. “Share repurchases: how important is market timing?.” 2014. Web. 22 Jan 2021.
Vancouver:
Zhuang C. Share repurchases: how important is market timing?. [Internet] [Doctoral dissertation]. University of Southern California; 2014. [cited 2021 Jan 22].
Available from: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/440479/rec/5825.
Council of Science Editors:
Zhuang C. Share repurchases: how important is market timing?. [Doctoral Dissertation]. University of Southern California; 2014. Available from: http://digitallibrary.usc.edu/cdm/compoundobject/collection/p15799coll3/id/440479/rec/5825
Queens University
15.
Wang, Xiaoqiao.
Exploring the Hidden Risks in Firm Operations and their Financial Impacts
.
Degree: Management, 2013, Queens University
URL: http://hdl.handle.net/1974/7990
► In this thesis, we explore the hidden risks in a firm’s real operating process and the financial adjustments made as the risk changes. We investigate…
(more)
▼ In this thesis, we explore the hidden risks in a firm’s real operating process and the financial adjustments made as the risk changes. We investigate the risks associated with a firm’s vertical channel (chapter 2 and 3) and geographic location (chapter 4), and analyze what financial consequences these risks bring. We firstly show strong evidence that a firm’s cost of equity decreases as supplier immobility translates into a decrease in operating leverage and systematic risk. Next, we show that as the specificity of customers induces more cash flow instability, the firm’s idiosyncratic risk increases with customer specificity. As a result, firms with more specific customers choose more conservative dividend payout policies to adjust for the risk changes. In the third essay, we examine the information risk from firm’s geographic location. We find that this information risk affects a firm’s capital structure choice and that centrally located firms have lower leverage ratios than do remotely located ones.
Subjects/Keywords: systematic/idiosyncratic/information risk
;
capital cost/payout policy/capital structure
;
operating process
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APA ·
Chicago ·
MLA ·
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CSE |
Export
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Manager
APA (6th Edition):
Wang, X. (2013). Exploring the Hidden Risks in Firm Operations and their Financial Impacts
. (Thesis). Queens University. Retrieved from http://hdl.handle.net/1974/7990
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Wang, Xiaoqiao. “Exploring the Hidden Risks in Firm Operations and their Financial Impacts
.” 2013. Thesis, Queens University. Accessed January 22, 2021.
http://hdl.handle.net/1974/7990.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Wang, Xiaoqiao. “Exploring the Hidden Risks in Firm Operations and their Financial Impacts
.” 2013. Web. 22 Jan 2021.
Vancouver:
Wang X. Exploring the Hidden Risks in Firm Operations and their Financial Impacts
. [Internet] [Thesis]. Queens University; 2013. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/1974/7990.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Wang X. Exploring the Hidden Risks in Firm Operations and their Financial Impacts
. [Thesis]. Queens University; 2013. Available from: http://hdl.handle.net/1974/7990
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Georgia
16.
Yang, Huan.
Essays on corporate investment and payout policies.
Degree: 2018, University of Georgia
URL: http://hdl.handle.net/10724/37234
► This dissertation comprises two independent essays that examine how the shareholder-creditor conflicts affect corporate investment, and how the enhanced labor power influences corporate payout policies.…
(more)
▼ This dissertation comprises two independent essays that examine how the shareholder-creditor conflicts affect corporate investment, and how the enhanced labor power influences corporate payout policies. In the first chapter, I analyze the
impact of shareholder-creditor conflicts on corporate risk-taking. In particular, I examine the role played by institutional dual-holders (i.e., those simultaneously holding a same firm's debt and equity) in corporate innovation. I find that firms held
by dual-holders generate fewer but more valuable patents. To establish causality, I use a difference-in-differences approach based on the quasi-natural experiment of financial institution mergers. I further find that the decreased sensitivity of
managerial compensation to firm risk might be one possible channel through which dual-holders affect risk shifting. The results suggest that shareholder-creditor conflicts indeed exist and lead to risk shifting, and that institutional dual ownership can
partially mitigate this problem. The second chapter studies labor power as an important but largely under-explored determinant of corporate payout policy. Using a regression discontinuity approach that exploits locally exogenous variation in labor’s
collective bargaining power, I find that an increase in labor power lowers corporate payout. Operating flexibility is a plausible underlying mechanism through which labor power influences corporate payout. Firms use the saved earnings from reductions in
payout to invest in net working capital rather than paying off debt or increasing cash holdings. This essay sheds new light on the determinants of payout policy and the role of labor power in corporate finance decisions.
Subjects/Keywords: Shareholder-creditor conflicts; Dual ownership; Asset substitution; Innovation; Payout policy; Labor power; Operating flexibility
Record Details
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APA ·
Chicago ·
MLA ·
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Export
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Manager
APA (6th Edition):
Yang, H. (2018). Essays on corporate investment and payout policies. (Thesis). University of Georgia. Retrieved from http://hdl.handle.net/10724/37234
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Yang, Huan. “Essays on corporate investment and payout policies.” 2018. Thesis, University of Georgia. Accessed January 22, 2021.
http://hdl.handle.net/10724/37234.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Yang, Huan. “Essays on corporate investment and payout policies.” 2018. Web. 22 Jan 2021.
Vancouver:
Yang H. Essays on corporate investment and payout policies. [Internet] [Thesis]. University of Georgia; 2018. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/10724/37234.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Yang H. Essays on corporate investment and payout policies. [Thesis]. University of Georgia; 2018. Available from: http://hdl.handle.net/10724/37234
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of South Florida
17.
Scott, Ricky William.
Institutional Investors and Corporate Financial Policies.
Degree: 2011, University of South Florida
URL: https://scholarcommons.usf.edu/etd/3338
► Institutional investors influence corporate payout and research and development (R&D) investment policies. Higher payouts are encouraged by institutional investors, especially in firms with high free…
(more)
▼ Institutional investors influence corporate payout and research and development (R&D) investment policies. Higher payouts are encouraged by institutional investors, especially in firms with high free cash flow and poor investment opportunities. They also positively influence stock repurchases, particularly in firms with high information asymmetry. The substitution of stock repurchases for dividends as a percentage of total payout is encouraged by institutional investors. Institutional owners persuade firm management to increase research and development (R&D) investment overall and specifically in firms with higher stock liquidity, higher information asymmetry, lower free cash flow, and better investment opportunities. Institutional investors decrease agency costs in payout and R&D investment policy decisions.
Subjects/Keywords: Dividends; Investment policy; Liquidity; Payout policy; R&D; Share repurchases; American Studies; Arts and Humanities; Finance and Financial Management
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Manager
APA (6th Edition):
Scott, R. W. (2011). Institutional Investors and Corporate Financial Policies. (Thesis). University of South Florida. Retrieved from https://scholarcommons.usf.edu/etd/3338
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Scott, Ricky William. “Institutional Investors and Corporate Financial Policies.” 2011. Thesis, University of South Florida. Accessed January 22, 2021.
https://scholarcommons.usf.edu/etd/3338.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Scott, Ricky William. “Institutional Investors and Corporate Financial Policies.” 2011. Web. 22 Jan 2021.
Vancouver:
Scott RW. Institutional Investors and Corporate Financial Policies. [Internet] [Thesis]. University of South Florida; 2011. [cited 2021 Jan 22].
Available from: https://scholarcommons.usf.edu/etd/3338.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Scott RW. Institutional Investors and Corporate Financial Policies. [Thesis]. University of South Florida; 2011. Available from: https://scholarcommons.usf.edu/etd/3338
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Rochester
18.
Dudley, Evan (1973 - ).
Essays on capital structure and investment.
Degree: PhD, 2009, University of Rochester
URL: http://hdl.handle.net/1802/6703
► Chapter 1 presents a model of capital structure that endogenizes investment and financial policy and has fixed costs of recapitalization. The model reproduces known relations…
(more)
▼ Chapter 1 presents a model of capital structure
that endogenizes investment and financial policy and has fixed
costs of recapitalization. The model reproduces known relations
between firm size, leverage and growth opportunities. The model
predicts that firms time capital structure adjustments to their
target leverage ratios with the exercise of their growth options.
Compared with growth firms, asset-in-place firms are more likely to
recapitalize outside of large investment projects. More profitable
firms have higher leverage. Firms facing low corporate tax rates
choose not to issue any debt. Increases in volatility accelerate
investment when volatility is high. Chapter 2 tests the model's
predictions with respect to financial policy by identifying large
investment projects in a sample of U.S. industrial firms. The tests
support the model's predictions. I also find that growth and
asset-in-place firms sequence equity issues before debt issues when
they invest. This behavior mitigates the under-investment problem
described in Myers (1977). The negative relation between
profitability and leverage documented in earlier studies disappears
by the end of the financing period of large investment projects.
Growth firms substitute cash for external equity. In contrast,
asset-in-place firms finance projects with equity to offset prior
deviations above target leverage. These firms pay cash flow to
shareholders and finance investment with external funds. These
results are consistent with agency-theory explanations of payout
policy in Rozeff (1982), Easterbrook (1984) and Jensen (1986).
Dynamic trade-off models predict that firms let their leverage
ratios vary within an optimal range. Chapter 3 estimates how the
determinants of capital structure affect the two boundaries that
define firms' optimal leverage ranges. Estimates of post-
adjustment levels of leverage after a threshold has been reached
show that, as predicted by trade-off theory, the relation between
target leverage and profitability is positive. The results also
imply that firms adjust to different target leverage levels
depending on whether they reach an upper bound or a lower bound on
their leverage range. This result, combined with the evidence in
chapter 2, suggests that firms undertake asymmetric capital
structure adjustments.
Subjects/Keywords: Investment; Capital structure; Leverage; Growth options; Payout policy
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APA (6th Edition):
Dudley, E. (. -. ). (2009). Essays on capital structure and investment. (Doctoral Dissertation). University of Rochester. Retrieved from http://hdl.handle.net/1802/6703
Chicago Manual of Style (16th Edition):
Dudley, Evan (1973 - ). “Essays on capital structure and investment.” 2009. Doctoral Dissertation, University of Rochester. Accessed January 22, 2021.
http://hdl.handle.net/1802/6703.
MLA Handbook (7th Edition):
Dudley, Evan (1973 - ). “Essays on capital structure and investment.” 2009. Web. 22 Jan 2021.
Vancouver:
Dudley E(-). Essays on capital structure and investment. [Internet] [Doctoral dissertation]. University of Rochester; 2009. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/1802/6703.
Council of Science Editors:
Dudley E(-). Essays on capital structure and investment. [Doctoral Dissertation]. University of Rochester; 2009. Available from: http://hdl.handle.net/1802/6703
University of Alabama
19.
Jeon, Jin Q.
Three essays in corporate finance.
Degree: 2009, University of Alabama
URL: http://purl.lib.ua.edu/35
► This dissertation contains three essays in corporate finance. The first essay investigates the size and relative impact of termination fees utilized in merger agreements using…
(more)
▼ This dissertation contains three essays in corporate finance. The first essay investigates the size and relative impact of termination fees utilized in merger agreements using a sample of 1,702 M&A deals involving U.S targets between 2001 and 2007. We find that the size of termination fees is widely distributed ranging from less than 1% to larger than 6%. The empirical results show that low or moderate fees do not eliminate post-bid competition, while large fees do. Also, a large fee significantly reduces the probability that deals with a high premium are consummated. In addition, the announcement returns are significantly lower for deals including termination fees larger than 5%. Overall, the paper provides new evidence that low- or moderate-size termination fees serve as efficient contractual devices, while large fees reflect target managers' self-interest and are less beneficial to shareholders wealth. Essay two focuses on a mechanism through which foreign investors affect corporate
policy in emerging economies. We hypothesize that foreign investors who provide effective monitoring may affect corporate
policy through pushing for a greater proportion of outsiders or by nominating their own representatives on the board of directors. Using the unique features of foreign ownership in Korea, we find that firms with an increase in foreign ownership are more likely to increase the fraction of outsiders and foreign directors on the board in the subsequent year. Increased board independence in response to a pressure from foreign investors results in a significant change in
payout and investment
policy, and an increase in firm performance. In the third essay, we study the effect of the co-managers in the syndicate on expected flotation costs using 1,775 completed and 164 withdrawn seasoned equity offerings (SEOs) from 1997 through 2005. The results show that highly reputable underwriters and commercial banks, when they serve as co-managers, significantly reduce expected flotation costs, while the effect of the number of co-managers is largely insignificant. Our results are consistent with a notion that highly reputable underwriters and commercial banks serving as co-managers enhance a certification role, reduce information asymmetries and, as a result, lower SEO flotation costs. (Published By University of Alabama Libraries)
Advisors/Committee Members: Ligon, James A., Agrawal, Anup, Cook, Douglas O., Lee, Junsoo, Adams, Michael, University of Alabama. Dept. of Economics, Finance, and Legal Studies.
Subjects/Keywords: Electronic Thesis or Dissertation; – thesis; Economics, Finance; Flotation Costs; Foreign Ownership; Mergers and Acquisitions; Payout Policy; Seasoned Equity Offerings; Termination Fees
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Manager
APA (6th Edition):
Jeon, J. Q. (2009). Three essays in corporate finance. (Thesis). University of Alabama. Retrieved from http://purl.lib.ua.edu/35
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Jeon, Jin Q. “Three essays in corporate finance.” 2009. Thesis, University of Alabama. Accessed January 22, 2021.
http://purl.lib.ua.edu/35.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Jeon, Jin Q. “Three essays in corporate finance.” 2009. Web. 22 Jan 2021.
Vancouver:
Jeon JQ. Three essays in corporate finance. [Internet] [Thesis]. University of Alabama; 2009. [cited 2021 Jan 22].
Available from: http://purl.lib.ua.edu/35.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Jeon JQ. Three essays in corporate finance. [Thesis]. University of Alabama; 2009. Available from: http://purl.lib.ua.edu/35
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Saskatchewan
20.
Schmidt, Luke.
Credibility of corporate announcements and market reaction : evidence from Canadian share repurchase programs.
Degree: 2006, University of Saskatchewan
URL: http://hdl.handle.net/10388/etd-11022006-145120
► Firms that announce open-market share repurchase programs are not obligated to follow through in the actual acquisition of shares. In fact, we find that the…
(more)
▼ Firms that announce open-market share repurchase programs are not obligated to follow through in the actual acquisition of shares. In fact, we find that the majority of firms fail to acquire the target number of shares specified at announcement and many firms fail to repurchase any shares at all. Therefore, the announcement of a share repurchase program has a degree of uncertainty regarding the announcing firm’s credibility. This study examines the possibility that market participants evaluate the credibility of a firm’s share repurchase announcement based on the firm’s previous share repurchase history. We examine 1,507 share repurchase programs for firms listed on the Toronto Stock Exchange (TSX) from 1995 to 2005 and find that firms that have completed a higher proportion of previous share repurchase programs experience larger abnormal returns on the announcement of subsequent repurchase programs. Therefore, we conclude that the market reacts more favorably to the share repurchase announcements of credible firms compared to firms that lack credibility.
Advisors/Committee Members: Racine, Marie, Mishra, Dev R., Tannous, George, Entwistle, Gary.
Subjects/Keywords: stock buyback; stock repurchase; share repurchase; payout policy
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Manager
APA (6th Edition):
Schmidt, L. (2006). Credibility of corporate announcements and market reaction : evidence from Canadian share repurchase programs. (Thesis). University of Saskatchewan. Retrieved from http://hdl.handle.net/10388/etd-11022006-145120
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Schmidt, Luke. “Credibility of corporate announcements and market reaction : evidence from Canadian share repurchase programs.” 2006. Thesis, University of Saskatchewan. Accessed January 22, 2021.
http://hdl.handle.net/10388/etd-11022006-145120.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Schmidt, Luke. “Credibility of corporate announcements and market reaction : evidence from Canadian share repurchase programs.” 2006. Web. 22 Jan 2021.
Vancouver:
Schmidt L. Credibility of corporate announcements and market reaction : evidence from Canadian share repurchase programs. [Internet] [Thesis]. University of Saskatchewan; 2006. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/10388/etd-11022006-145120.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Schmidt L. Credibility of corporate announcements and market reaction : evidence from Canadian share repurchase programs. [Thesis]. University of Saskatchewan; 2006. Available from: http://hdl.handle.net/10388/etd-11022006-145120
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Uppsala University
21.
Wibom, Marcus.
The impact of family ownership on dividend payout policy : An examination on the Swedish context.
Degree: Business Studies, 2020, Uppsala University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414751
► This study investigates whether family ownership impacts firms’ dividend payout policies by examining firms publicly listed on the Stockholm Stock Exchange (OMX Stockholm) during the…
(more)
▼ This study investigates whether family ownership impacts firms’ dividend payout policies by examining firms publicly listed on the Stockholm Stock Exchange (OMX Stockholm) during the years 2013–2018 (1,363 firm-year observations). The investigation is made by performing multiple regression analyses including the dependent variable DIVIDEND PAYOUT. The findings reveal that family firms distribute higher dividend payouts than non-family firms, suggesting that dividends are used as a corporate governance mechanism to mitigate agency problems. Family firms without a second blockholder present have the highest dividends. A family second blockholder appears to collude with the controlling family resulting in lower dividends. A separation between ownership and control results in higher dividends as it implies a worse corporate governance structure. In sum, the results imply that family ownership positively impacts firms’ dividend payout policies in Sweden.
Subjects/Keywords: agency problems; control enhancing mechanisms; corporate governance; dividend payout policy; family firms; second largest blockholder; Business Administration; Företagsekonomi
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Manager
APA (6th Edition):
Wibom, M. (2020). The impact of family ownership on dividend payout policy : An examination on the Swedish context. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414751
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Wibom, Marcus. “The impact of family ownership on dividend payout policy : An examination on the Swedish context.” 2020. Thesis, Uppsala University. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414751.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Wibom, Marcus. “The impact of family ownership on dividend payout policy : An examination on the Swedish context.” 2020. Web. 22 Jan 2021.
Vancouver:
Wibom M. The impact of family ownership on dividend payout policy : An examination on the Swedish context. [Internet] [Thesis]. Uppsala University; 2020. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414751.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Wibom M. The impact of family ownership on dividend payout policy : An examination on the Swedish context. [Thesis]. Uppsala University; 2020. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414751
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of South Africa
22.
Wehncke, Francois Cornelius.
Dividend policy and share price volatility: evidence from the Johannesburg Stock Exchange
.
Degree: 2018, University of South Africa
URL: http://hdl.handle.net/10500/26739
► For many financial analysts the relationship between dividend policy and share price volatility remains inconclusive. The purpose of this study was to ascertain whether the…
(more)
▼ For many financial analysts the relationship between dividend
policy and share price
volatility remains inconclusive. The purpose of this study was to ascertain whether
the relationship between dividend
policy and share price volatility for JSE-listed firms
in South Africa differs from previous, similar research done on different markets. The
research study answered the research question and determined what the relationship
is between dividend
policy and share price volatility for a representative sample of
JSE-listed firms. In addition, it met the objective of finding and evaluating the
relationship between dividend
policy and share price volatility for a selection of JSElisted
firms, under various economic conditions. The research study spanned a 12-
year period with more than 1 065 observations noted. Quantitative, secondary data
was collected and descriptive statistics were used during the analysis phase. Two
standard multiple regression models were used to regress dividend
policy and share
price volatility, with the first regression model only providing a crude test between the
variables. The second regression model accounted for factors that affect both
variables and was included to provide a more accurate test estimation. The
relationship between the dividend
payout ratio and share price volatility and the
relationship between dividend yield and share price volatility were evaluated and
reported on, under various different economic conditions (pre, during and post the
2008 financial crisis). The study concluded that there is a negative correlation
between a firm’s dividend
policy and share price volatility. It further found that a firm’s
dividend
payout ratio, and not the dividend yield ratio, remains the single biggest
contributor in explaining the variance in share price volatility throughout the different
economic phases presented by pre, during and post the 2008 global financial crisis.
Advisors/Committee Members: Kotze, P. N (advisor), Tsaurai, Kunofiwa (advisor).
Subjects/Keywords: Dividend policy;
Share price volatility;
Dividend payout ratio;
Dividend yield ratio;
Johannesburg Stock Exchange;
Capital structure;
Leverage;
Dividends
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Manager
APA (6th Edition):
Wehncke, F. C. (2018). Dividend policy and share price volatility: evidence from the Johannesburg Stock Exchange
. (Masters Thesis). University of South Africa. Retrieved from http://hdl.handle.net/10500/26739
Chicago Manual of Style (16th Edition):
Wehncke, Francois Cornelius. “Dividend policy and share price volatility: evidence from the Johannesburg Stock Exchange
.” 2018. Masters Thesis, University of South Africa. Accessed January 22, 2021.
http://hdl.handle.net/10500/26739.
MLA Handbook (7th Edition):
Wehncke, Francois Cornelius. “Dividend policy and share price volatility: evidence from the Johannesburg Stock Exchange
.” 2018. Web. 22 Jan 2021.
Vancouver:
Wehncke FC. Dividend policy and share price volatility: evidence from the Johannesburg Stock Exchange
. [Internet] [Masters thesis]. University of South Africa; 2018. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/10500/26739.
Council of Science Editors:
Wehncke FC. Dividend policy and share price volatility: evidence from the Johannesburg Stock Exchange
. [Masters Thesis]. University of South Africa; 2018. Available from: http://hdl.handle.net/10500/26739
University of Georgia
23.
Fu, Ye.
Signaling, taxes, and dividend annoucements.
Degree: 2014, University of Georgia
URL: http://hdl.handle.net/10724/24893
► The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) reduces the maximum personal tax rate of dividends from 38.6% to 15.0%. This unprecedented…
(more)
▼ The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) reduces the maximum personal tax rate of dividends from 38.6% to 15.0%. This unprecedented tax code change enables unique tests of theories of dividend policy. We first study
the probability of paying dividends before and after the enactment. We find the probability of paying dividends increases after enactment, and the reduction in dividend tax rate is an important explanatory factor. Second, we implement a new test to
distinguish between the dividend signaling hypothesis and free-cash-flow hypothesis. We find the magnitude of cumulative abnormal returns around dividend announcements declines after the enactment of JGTRRA. We also find that the dividend response
coefficient remains positive, but the reduction in the dividend tax rate significantly mitigates this effect. These results are consistent with the signaling hypothesis rather than the free-cash-flow hypothesis. The results are also robust to different
measures of dividend changes.
Subjects/Keywords: Dividends; Payout Policy; Signaling Hypothesis; Free Cash Flow Hypothesis; Event Study; The Jobs and Growth Tax Relief Reconciliation Act of 2003
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Manager
APA (6th Edition):
Fu, Y. (2014). Signaling, taxes, and dividend annoucements. (Thesis). University of Georgia. Retrieved from http://hdl.handle.net/10724/24893
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Fu, Ye. “Signaling, taxes, and dividend annoucements.” 2014. Thesis, University of Georgia. Accessed January 22, 2021.
http://hdl.handle.net/10724/24893.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Fu, Ye. “Signaling, taxes, and dividend annoucements.” 2014. Web. 22 Jan 2021.
Vancouver:
Fu Y. Signaling, taxes, and dividend annoucements. [Internet] [Thesis]. University of Georgia; 2014. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/10724/24893.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Fu Y. Signaling, taxes, and dividend annoucements. [Thesis]. University of Georgia; 2014. Available from: http://hdl.handle.net/10724/24893
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Kentucky
24.
Moore, David.
ESSAYS ON SHARE REPURCHASES.
Degree: 2018, University of Kentucky
URL: https://uknowledge.uky.edu/finance_etds/7
► In my first chapter, we document and study the use of Rule 10b5 1 preset repurchase plans. We exploit this new and widespread form of…
(more)
▼ In my first chapter, we document and study the use of Rule 10b5 1 preset repurchase plans. We exploit this new and widespread form of payout to examine an issue at the core of payout decisions—the tradeoff between commitment and financial flexibility. Relative to open market repurchases, preset plans provide an expanded repurchase window and increased legal cover, albeit at the cost of reducing repurchase flexibility and the option to time repurchases. These costs and benefits are significantly associated with Rule 10b5-1 adoption. Consistent with preset plans signaling commitment, Rule 10b5-1 repurchase announcements are associated with greater and faster completion rates, with more positive market reactions, and with more dividend substitution than open market repurchases. Lastly, we find that preset repurchase plans represent a unique payout tool whose introduction encouraged a different set of firms to buy back stock and significantly altered the payout landscape. My second chapter examines the strategic use and timing of share repurchases by insiders for personal gain. Using grant level compensation data and a hand-collected sample of monthly repurchases, I find a positive relation between CEO equity sales and share repurchases. I identify the relationship by instrumenting equity sales with equity grant vesting schedules. This relation is persistent across firm characteristics and does not appear to be destroying shareholder value. The results indicate managerial self-interest motivates a subset of share repurchases.
Subjects/Keywords: Share repurchase; Rule 10b5-1; preset trading plan; payout policy; financial flexibility; CEO incentives; Finance and Financial Management
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Manager
APA (6th Edition):
Moore, D. (2018). ESSAYS ON SHARE REPURCHASES. (Doctoral Dissertation). University of Kentucky. Retrieved from https://uknowledge.uky.edu/finance_etds/7
Chicago Manual of Style (16th Edition):
Moore, David. “ESSAYS ON SHARE REPURCHASES.” 2018. Doctoral Dissertation, University of Kentucky. Accessed January 22, 2021.
https://uknowledge.uky.edu/finance_etds/7.
MLA Handbook (7th Edition):
Moore, David. “ESSAYS ON SHARE REPURCHASES.” 2018. Web. 22 Jan 2021.
Vancouver:
Moore D. ESSAYS ON SHARE REPURCHASES. [Internet] [Doctoral dissertation]. University of Kentucky; 2018. [cited 2021 Jan 22].
Available from: https://uknowledge.uky.edu/finance_etds/7.
Council of Science Editors:
Moore D. ESSAYS ON SHARE REPURCHASES. [Doctoral Dissertation]. University of Kentucky; 2018. Available from: https://uknowledge.uky.edu/finance_etds/7
25.
Erkan, Asligul.
Two Essays on CEO Inside Debt Holding in Relation to Firm Payout Policy and Financial Reporting.
Degree: PhD, 2016, Old Dominion University
URL: 9781369285130
;
https://digitalcommons.odu.edu/finance_etds/6
► This dissertation is a thorough examination of CEO inside debt holding, and consists of two essays. The first essay focuses on the relationship between…
(more)
▼ This dissertation is a thorough examination of CEO inside debt holding, and consists of two essays. The first essay focuses on the relationship between CEO inside debt and firm
payout policy. Previous studies document that higher CEO inside debt is associated with lower firm
payout which is explained by CEO’s motivation to preserve cash either in order not to default on debt obligations or in order to keep cash available for his future pension benefits. This study investigates how do excess cash, overinvestment risk, and firm-specific information asymmetry affect this negative relationship, and examines net
payout to shareholders as well as cash
payout to both shareholders and bondholders. The results provide several valuable insights. First, CEO inside debt is positively associated with net
payout, and negatively associated with cash
payout in general. Second, while excess cash has only a weak effect, the impact of overinvestment risk is not significant. Third, CEO with inside debt increases
payout in the presence of firm-specific information asymmetry. This implies that CEO conveys information to less informed shareholders although his interests are aligned with those of bondholders’. Overall results support the notion that CEO inside debt can be misaligned over time.
Abundant research notwithstanding suggest that higher CEO inside debt is associated with more conservative corporate policies, including lower likelihood of earnings management. The second essay of this dissertation focuses on the relationship between CEO inside debt and firm financial reporting. First, it examines the relationship between CEO inside debt and absolute value of abnormal accruals, earnings smoothing, earnings predictability, and earnings quality. Second, it contributes to CEO compensation and earnings management literatures by investigating the moderating effects of various CEO attributes such as overconfidence, narcissism, power, tenure, quality, ability, education, and gender on the above mentioned relationships. The main tenet of the second essay is that CEO may have strong attributes which may enable him to adopt corporate policies that are different than what his compensation enforces. The empirical evidence show that only CEO tenure, quality, and education have significant moderating effects on the relationship between CEO inside debt and earnings predictability, and earnings quality. These results imply that CEO attributes are not strong enough to enable CEO to make corporate decisions that are contradicting with what is mandated by his compensation package.
Advisors/Committee Members: Kenneth Yung (Chair), Mohammad Najand, David Selover.
Subjects/Keywords: CEO attitudes; CEO comprehension; Financial reporting; Payout policy; Business Administration, Management, and Operations; Finance and Financial Management
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Manager
APA (6th Edition):
Erkan, A. (2016). Two Essays on CEO Inside Debt Holding in Relation to Firm Payout Policy and Financial Reporting. (Doctoral Dissertation). Old Dominion University. Retrieved from 9781369285130 ; https://digitalcommons.odu.edu/finance_etds/6
Chicago Manual of Style (16th Edition):
Erkan, Asligul. “Two Essays on CEO Inside Debt Holding in Relation to Firm Payout Policy and Financial Reporting.” 2016. Doctoral Dissertation, Old Dominion University. Accessed January 22, 2021.
9781369285130 ; https://digitalcommons.odu.edu/finance_etds/6.
MLA Handbook (7th Edition):
Erkan, Asligul. “Two Essays on CEO Inside Debt Holding in Relation to Firm Payout Policy and Financial Reporting.” 2016. Web. 22 Jan 2021.
Vancouver:
Erkan A. Two Essays on CEO Inside Debt Holding in Relation to Firm Payout Policy and Financial Reporting. [Internet] [Doctoral dissertation]. Old Dominion University; 2016. [cited 2021 Jan 22].
Available from: 9781369285130 ; https://digitalcommons.odu.edu/finance_etds/6.
Council of Science Editors:
Erkan A. Two Essays on CEO Inside Debt Holding in Relation to Firm Payout Policy and Financial Reporting. [Doctoral Dissertation]. Old Dominion University; 2016. Available from: 9781369285130 ; https://digitalcommons.odu.edu/finance_etds/6
26.
Söderström, Mikael.
Utdelningspolitik i olika branscher : En studie av utdelningar i svenska börsbolag.
Degree: Business Studies, 2015, Uppsala University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-264197
► Utdelningspolitik är ett ämne inom finansieringsområdet som har varit flitigt omdiskuterat under många år. Huruvida branschen som företaget är verksam inom har en inverkan…
(more)
▼ Utdelningspolitik är ett ämne inom finansieringsområdet som har varit flitigt omdiskuterat under många år. Huruvida branschen som företaget är verksam inom har en inverkan på utdelningspolitiken eller inte är ett område som det finns relativt lite forskning inom. Forskare är oense om branschen påverkar företagens utdelningsbeslut. Vissa hävdar att det finns branscheffekter vilket gör att företagens utdelningspolitik påverkas av branschen och som resulterar i att utdelning tenderar att se olika ut mellan branscher. Det finns också forskare som exempelvis Higgins (1972) som påstår motsatsen och menar att branschen inte har någon större påverkan utan att företagen bestämmer utdelningspolitiken utifrån deras egen situation. Uppsatsens syfte är att undersöka om det finns skillnader i utdelningspolitiken i sex olika branscher som jämförts. Det har gjorts genom att analysera utdelningsandelen från totalt 52 företag på OMX Stockholm under tidsperioden 2001-2011. För att jämföra om det finns skillnader mellan branscherna så har ett hypotestest och en regressionsanalys genomförts. Resultatet av undersökningen pekar på att det inte finns några skillnader mellan de undersökta branscherna, vilket tyder på en avsaknad av branscheffekter i utdelningspolitiken.
Payout policy is a controversial topic within corporate finance that has been discussed extensively for many years. Whether the industry that companies operate in has an impact on payout policy is an area that is less clear. Some researchers argue that there exist industry effects, which means that companies’ payout policy is influenced by the industries. On the contrary, there are also other researchers like Higgins (1972) who claim that industries do not have any impact on companies’ payout policy. Instead, companies decide the payout policy based on their own circumstances. This study aims to examine if there are any differences in payout policy among six different industries. By comparing the payout ratios of 52 companies from OMX Stockholm during the period 2001-2011, a hypothesis test and a regression analysis were performed. The result of the study indicates that there are no differences among these industries, which suggests a lack of industry effects in payout policy.
Subjects/Keywords: Corporate finance; dividend; payout ratio; payout policy; industry effects; Finansiell ekonomi; utdelning; utdelningsandel; utdelningspolitik; branscheffekter
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Manager
APA (6th Edition):
Söderström, M. (2015). Utdelningspolitik i olika branscher : En studie av utdelningar i svenska börsbolag. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-264197
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Söderström, Mikael. “Utdelningspolitik i olika branscher : En studie av utdelningar i svenska börsbolag.” 2015. Thesis, Uppsala University. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-264197.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Söderström, Mikael. “Utdelningspolitik i olika branscher : En studie av utdelningar i svenska börsbolag.” 2015. Web. 22 Jan 2021.
Vancouver:
Söderström M. Utdelningspolitik i olika branscher : En studie av utdelningar i svenska börsbolag. [Internet] [Thesis]. Uppsala University; 2015. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-264197.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Söderström M. Utdelningspolitik i olika branscher : En studie av utdelningar i svenska börsbolag. [Thesis]. Uppsala University; 2015. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-264197
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of South Florida
27.
Reynolds, Noel.
Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases.
Degree: 2003, University of South Florida
URL: https://scholarcommons.usf.edu/etd/1219
► This research attempts to provide an explanation for the firm's choice of using either a dividend or a stock repurchase for distributing cash to its…
(more)
▼ This research attempts to provide an explanation for the firm's choice of using either a dividend or a stock repurchase for distributing cash to its stockholders. It also provides an examination of the impact of the firm's disbursement decision on the stock market's resulting reassessment of the value of the firm.
Before analyzing the disbursement decision, I examine the stock market effects of dividends and stock repurchases using an event study methodology that corrects for the possible variance change effects of cash distribution announcements. I find that the measured wealth effects are statistically significant and similar, for the most part, to that reported in earlier studies, notwithstanding increases in the variance of the abnormal returns distribution. I apply LIMDEP's full information maximum likelihood estimator (FIML) to investigate the factors influencing a firm's disbursement decision. I use proxies to represent the major theories put forward in the literature to explain firms' rationales for making cash disbursements, namely, signaling / asymmetric information, undervaluation hypothesis, agency theory, dividend clientele, corporate control, optimal capital structure theory, managerial incentives hypothesis, financial flexibility and cash flow permanence.
I find that the firm's payout choice is related to the change in annual earnings per share, the residual volatility in daily stock returns prior to the distribution, the level of undervaluation, the free cash flows of the firm, the size of the firm, the extent of available managerial stock options, the average dividend yield, the volatility of operating earnings, the average daily stock return prior to announcement, the relative proportion of permanent cash flows, and the difference in the levels of permanent cash flows pre and post announcement.
I evaluate the stock market impact of the disbursement choice by using a self-selectivity limited-dependent variables model. The findings indicate that while open market repurchasing firms make optimal disbursement choices, that is reflected in the reaction of the stock market to the disbursement announcement, firms using repurchase tender offers make disbursement decisions detrimental to the welfare of their stockholders. However, similar results were inconclusive with regard to firms choosing to utilize dividends as their cash payout mechanism.
Subjects/Keywords: Payout policy; Payout choice; Self-selection; Buy-back; Event study; American Studies; Arts and Humanities
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APA ·
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Manager
APA (6th Edition):
Reynolds, N. (2003). Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases. (Thesis). University of South Florida. Retrieved from https://scholarcommons.usf.edu/etd/1219
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Reynolds, Noel. “Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases.” 2003. Thesis, University of South Florida. Accessed January 22, 2021.
https://scholarcommons.usf.edu/etd/1219.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Reynolds, Noel. “Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases.” 2003. Web. 22 Jan 2021.
Vancouver:
Reynolds N. Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases. [Internet] [Thesis]. University of South Florida; 2003. [cited 2021 Jan 22].
Available from: https://scholarcommons.usf.edu/etd/1219.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Reynolds N. Managerial Decision Making and Stockholder Wealth Maximization: A Limited Dependent Variables Model of the Choice Between Dividends and Stock Repurchases. [Thesis]. University of South Florida; 2003. Available from: https://scholarcommons.usf.edu/etd/1219
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Michigan
28.
Bachmann, Ralph.
Essays on equity-financing and payout policy.
Degree: PhD, Social Sciences, 2000, University of Michigan
URL: http://hdl.handle.net/2027.42/132528
► This dissertation consists of two essays on optimal equity-financing and payout policies under asymmetric information. The first essay analyzes the wealth maximization problem of an…
(more)
▼ This dissertation consists of two essays on optimal equity-financing and
payout policies under asymmetric information. The first essay analyzes the wealth maximization problem of an entrepreneur who undertakes an initial public offering to finance investment. Such an entrepreneur faces a trade-off between retaining a greater fraction of her firm's equity, and raising more capital for investment. Under asymmetric information a good entrepreneur is therefore faced with a dilemma: cutting back on the size of the IPO would require her to forego investment opportunities that are more profitable for her than for a bad entrepreneur, and raising more capital for investment would force her to give up a greater fraction of her more-valuable firm's equity. The equilibrium strategy of a good entrepreneur trades off her higher marginal financing costs against her greater marginal losses from foregoing investment. In equilibrium, issuing undervalued equity simultaneously dominates all possible further adjustments to the good entrepreneur's investment
policy. Depending on the distribution of good and bad entrepreneurs in the economy, IPO-underpricing may arise as a natural result of entrepreneurial wealth maximization under asymmetric information. The second essay analyzes a firm's optimal
payout policy under asymmetric information from a security design perspective. It is argued that corporate cash holdings reduce informed trading by decreasing the sensitivity of a firm's equity to firm-specific information. Cash dividends stimulate informed trading by splitting a firm's stock into an informationally insensitive cash component, and an ex-dividend stock with increased information-sensitivity. Dividends that reduce a firm's cash holdings therefore increase the equilibrium stock price of an undervalued firm, and reduce its marginal cost of raising outside equity capital. The optimal
payout policy of an undervalued firm depends on its current free cash flow, existing cash holdings, and the probability distribution of future capital needs. A pooling equilibrium obtains in which outwardly identical over- and undervalued firms follow identical
payout policies. The model is consistent with many empirical regularities, and it explains why firms that occasionally raise outside equity capital may continue to distribute cash dividends on a regular basis.
Advisors/Committee Members: Thakor, Anjan V. (advisor).
Subjects/Keywords: Asymmetric Information; Equity-financing; Essays; Initial Public Offerings; Payout Policy
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Manager
APA (6th Edition):
Bachmann, R. (2000). Essays on equity-financing and payout policy. (Doctoral Dissertation). University of Michigan. Retrieved from http://hdl.handle.net/2027.42/132528
Chicago Manual of Style (16th Edition):
Bachmann, Ralph. “Essays on equity-financing and payout policy.” 2000. Doctoral Dissertation, University of Michigan. Accessed January 22, 2021.
http://hdl.handle.net/2027.42/132528.
MLA Handbook (7th Edition):
Bachmann, Ralph. “Essays on equity-financing and payout policy.” 2000. Web. 22 Jan 2021.
Vancouver:
Bachmann R. Essays on equity-financing and payout policy. [Internet] [Doctoral dissertation]. University of Michigan; 2000. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/2027.42/132528.
Council of Science Editors:
Bachmann R. Essays on equity-financing and payout policy. [Doctoral Dissertation]. University of Michigan; 2000. Available from: http://hdl.handle.net/2027.42/132528
University of Michigan
29.
Lei, Qin.
Cash distributions and returns.
Degree: PhD, Social Sciences, 2006, University of Michigan
URL: http://hdl.handle.net/2027.42/125805
► Discounted cash flow analysis suggests that high cash-flow-to-price ratios should predict high future stock return, low future cash flow growth, or both. Existing studies on…
(more)
▼ Discounted cash flow analysis suggests that high cash-flow-to-price ratios should predict high future stock return, low future cash flow growth, or both. Existing studies on the predictive power of the dividend-price ratio, however, produce evidence largely inconsistent with this prediction. In this paper, I address this issue by focusing on the total cash distributions that include both dividends and share repurchases net of seasoned equity offerings. Utilizing a long time series of the total-cash-distributions-to-price ( tp) ratio constructed from CRSP data since 1927, I establish strong and persistent evidence of stock return predictability at the annual horizon. Based on a wide variety of evaluation methods, the tp ratio is both statistically and economically significant in predicting future stock market returns, and serves as a pervasive state proxy.
Advisors/Committee Members: Kaul, Gautam (advisor).
Subjects/Keywords: Cash Distributions; Market Timing; Payout Policy; Returns; Stock Return Predictability
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Manager
APA (6th Edition):
Lei, Q. (2006). Cash distributions and returns. (Doctoral Dissertation). University of Michigan. Retrieved from http://hdl.handle.net/2027.42/125805
Chicago Manual of Style (16th Edition):
Lei, Qin. “Cash distributions and returns.” 2006. Doctoral Dissertation, University of Michigan. Accessed January 22, 2021.
http://hdl.handle.net/2027.42/125805.
MLA Handbook (7th Edition):
Lei, Qin. “Cash distributions and returns.” 2006. Web. 22 Jan 2021.
Vancouver:
Lei Q. Cash distributions and returns. [Internet] [Doctoral dissertation]. University of Michigan; 2006. [cited 2021 Jan 22].
Available from: http://hdl.handle.net/2027.42/125805.
Council of Science Editors:
Lei Q. Cash distributions and returns. [Doctoral Dissertation]. University of Michigan; 2006. Available from: http://hdl.handle.net/2027.42/125805
30.
Lardner, Simon.
Nominella Prisets Betydelse på Ex-Dagen : Ytterligare motiv för företag att genomföra aktiesplit?.
Degree: Business and Economic Studies, 2016, University of Gävle
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-22157
► Denna studies syfte är att testa om det finns ett statistiskt samband mellan det nominella aktiepriset och ex-dagseffekten på Nasdaq OMX Stockholm. Ett tydligt…
(more)
▼ Denna studies syfte är att testa om det finns ett statistiskt samband mellan det nominella aktiepriset och ex-dagseffekten på Nasdaq OMX Stockholm. Ett tydligt samband skulle därmed vara ett ytterligare motiv till företagens beslut om genomförandet av aktiesplit för att revidera aktiens nominella pris. Studiens hypotes lyder därför att det finns ett negativt samband mellan det nominella aktiepriset och ex-dagseffekten, som visats i tidigare studie på den amerikanska börsen NYSE. Studien har genomförts i positivistisk tradition genom statistiska analyser och tester för att klargöra ett eventuellt samband mellan den beroende variabeln ex-dagseffekten och den oberoende variabeln nominella priset. All empirisk data har hämtats från databasen Thomson Reuter Datastream, sammanställts i Excel kalkylblad, analyserats i statistikprogrammet MiniTab och redovisats i två uppsättningar. Studiens resultat visar inget samband mellan det nominella priset och ex-dagseffekten under perioden 2011 till 2015. Nollhypotesen kan inte förkastas och resultaten indikerar försumbar korrelation och förklaringsgrad genom regression. Resultatet är annorlunda från en tidigare studie som konstaterat ett tydligt samband mellan samma variabler på börsen i USA. Det teoretiska bidraget består främst av besvarandet av studiens syfte där det nominella prisets betydelse ter sig annorlunda på den svenska marknaden mot den amerikanska. Det praktiska bidraget från studien ger företagsledare för börsnoterade bolag samt fondbolag och aktörer på den finansiella marknaden en utökad kunskap om rådande förhållanden på marknaden för att förbättra beslutsunderlaget vid eventuella aktiesplittar eller investeringar. Som förslag till fortsatt forskning uppmuntras det att undersöka huruvida det nominella prisets betydelse skiljer sig mellan olika marknader. Förslagsvis kan framtida studier mäta effektiviteten på stockholmsbörsen på dagen för aktiesplit som också i teorin är en mätbar händelse på de finansiella marknaderna under rätt förutsättningar.
The aim of this study is to test for a correlated connection between the nominal stockprice and the price-drop-to-dividend ratio on the Swedish stock market Nasdaq OMX Stockholm. A strong correlated connection would be another motive for company managers to implement a stock split to reduce the nominal stock price. Therefore the hypothesis of the study is that there is a negative correlation between the two variables, just as shown in a recent study on the American stockmarket NYSE. This study has been computed with a positivistic approach through statistical tests and analysis to discover an eventual correlated connection between the dependent variable price-drop-to-dividend ratio and the independent variable nominal price. All empirical data was collected from Thomson Reuter Datastream, compiled in Excel worksheet, analyzed with statistical software MiniTab and presented in two sets of data. The result of this study shows no correlated connection between the nominal stock price and the pricedrop-to-dividend…
Subjects/Keywords: Ex-Dividend day; price-drop-to-dividend ratio; Dividends; Payout Policy; Stock Split; Nominal Prices; Ex-dagseffekten; Ex-dagen; Aktiesplit; Utdelningar; Split; Nominella priset; prisfallskvot
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Manager
APA (6th Edition):
Lardner, S. (2016). Nominella Prisets Betydelse på Ex-Dagen : Ytterligare motiv för företag att genomföra aktiesplit?. (Thesis). University of Gävle. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-22157
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Lardner, Simon. “Nominella Prisets Betydelse på Ex-Dagen : Ytterligare motiv för företag att genomföra aktiesplit?.” 2016. Thesis, University of Gävle. Accessed January 22, 2021.
http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-22157.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Lardner, Simon. “Nominella Prisets Betydelse på Ex-Dagen : Ytterligare motiv för företag att genomföra aktiesplit?.” 2016. Web. 22 Jan 2021.
Vancouver:
Lardner S. Nominella Prisets Betydelse på Ex-Dagen : Ytterligare motiv för företag att genomföra aktiesplit?. [Internet] [Thesis]. University of Gävle; 2016. [cited 2021 Jan 22].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-22157.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Lardner S. Nominella Prisets Betydelse på Ex-Dagen : Ytterligare motiv för företag att genomföra aktiesplit?. [Thesis]. University of Gävle; 2016. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-22157
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
◁ [1] [2] ▶
. 
Open Access Theses and Dissertations
