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Signaling Managerial Optimism Through Stock Dividends And Stock Splits
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Book Synopsis Signaling Managerial Optimism Through Stock Dividends and Stock Splits by : Dean Crawford
Download or read book Signaling Managerial Optimism Through Stock Dividends and Stock Splits written by Dean Crawford and published by . This book was released on 2004 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The retained earnings hypothesis predicts that stock distributions accounted for by reducing retained earnings are a more credible signal of managerial optimism than stock distributions that do not reduce retained earnings. This study examines the costs of false signaling that are a necessary precondition for the hypothesis and finds them to be generally very small. The absence of the requisite costs of false signaling calls the validity of the hypothesis into question for most firms. However, prior studies have reported broad-based market evidence consistent with the retained earnings hypothesis. To resolve this apparent inconsistency, this study replicates and extends tests of the retained earnings hypothesis contained in three prior studies. It shows that the findings in support of the retained earnings hypothesis can be attributed to specification and measurement choices that bias the results in favor of the hypothesis. The support for the retained earnings hypothesis is weaker when the sources of the bias are removed. However, some support for the hypothesis remains for a limited set of distributing firms.
Book Synopsis Financial Signaling with Stock Splits and Stock Dividends by : Craig Alan Peterson
Download or read book Financial Signaling with Stock Splits and Stock Dividends written by Craig Alan Peterson and published by . This book was released on 1992 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting Rules and the Signaling Properties of 20% Stock Dividends by : Graeme Rankine
Download or read book Accounting Rules and the Signaling Properties of 20% Stock Dividends written by Graeme Rankine and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock dividends involving an increase in outstanding shares of less than 25% require a transfer from retained earnings of the market value of the new shares issued, a much larger transfer than the par value transferred for stock dividends of 25% or more. The choice of a distribution factor near but below 25% is an indication of management optimism that future income will be sufficient to replenish retained earnings and avoid constraints on future cash distributions. As support for this accounting-based signaling motivation for the choice of stock dividend factor, abnormal returns around the announcement of 20% stock dividends are found to be significantly greater than abnormal returns around the announcement of 25% stock dividends. Abnormal returns are greatest for 20% stock dividends that are actually accounted for correctly as small stock dividends (i.e., at market rather than par value) and that are incorporated in states where the level of retained earnings morestrictly constrains the payment of cash dividends. Finally, as further confirmation of the interpretation of the declaration of a 20% stock dividend as a signal of management optimism, firms that declare 20% stock dividends exhibit significantly greater cash dividend growth in the five years following the stock dividend declaration.
Book Synopsis Signaling Through Timing of Stock Splits by : Maria Chiara Iannino
Download or read book Signaling Through Timing of Stock Splits written by Maria Chiara Iannino and published by . This book was released on 2020 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a dynamic structural model of stock splits, in which managers can signal their private information though the timing of the split decisions. Our approach is consistent with the empirical evidence that shows that the majority of stock splits have 2:1 ratio but are announced at various initial price levels. The model allows us to estimate the preferences of investors about nominal share price levels from stock split data. In addition, we can decompose the split announcement return into the value of new information and the signaling costs. Our estimates show the signaling cost could reach 0.5% for some stock splits.
Book Synopsis Stock Dividends, Stock Splits and Signalling by : Maureen McNichols
Download or read book Stock Dividends, Stock Splits and Signalling written by Maureen McNichols and published by . This book was released on 1987 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Declaration of Dependence by : Jeffrey L. Huston
Download or read book The Declaration of Dependence written by Jeffrey L. Huston and published by Archway Publishing. This book was released on 2015-11-30 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: When it comes to investing, its not all about earnings per share. Many investors pay just as muchif not moreattention to whether a company pays dividends, dividend yields, and how fast dividends are expected to grow. Whether youre an investor or corporate executive, its important to consider how dividend policy can inflate or deflate stock prices. This book provides valuable insights into how dividend payouts affect success. Topics include: origins and types of dividend payments; taxes as an influence on dividend payments; stockholder reactions to dividend omissions, initiations, and reductions; utilities and why they consistently pay high dividends. The author highlights how managers of larger, more mature firms establish a declaration of dependence between their firms and their investors. The payment of a regular dividend, which fluctuates much less than underlying earnings, is not required by law but can be a sacred compact among investors and managers. Take a key step in evaluating your company and/or investment portfolio and stay on track with The Declaration of Dependence: Dividends in the Twenty-First Century.
Book Synopsis The Information Conveyed by Announcements of Stock Dividends and Stock Splits by : Eva Liljeblom
Download or read book The Information Conveyed by Announcements of Stock Dividends and Stock Splits written by Eva Liljeblom and published by . This book was released on 1988 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Differences Between Stock Splits and Stock Dividends by : Johannes Raaballe
Download or read book The Differences Between Stock Splits and Stock Dividends written by Johannes Raaballe and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market. Consistent with the existing literature, the two events are associated with a significantly positive announcement effect of ap- proximately 2.5%. However, when examining the two events more carefully, several important results are obtained. First, a firm's motivation for announcing the two events is completely different. Second, the positive stock market reaction is closely related to associated changes in a firm's payout policy, but the relationship varies for the two types of events. Finally, there is only very weak evidence for a change in the liquidity of the stock. On the whole, after controlling for the firm's payout policy, the results suggest that a stock split is a cosmetic event and that a stock dividend on its own is considered negative news. Key words: Stock splits; Stock dividends; Cash dividends; Signaling; Liquidity.
Book Synopsis Introduction to the Economics of Financial Markets by : James Bradfield
Download or read book Introduction to the Economics of Financial Markets written by James Bradfield and published by Oxford University Press. This book was released on 2007-02-08 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are many textbooks for business students that provide a systematic, introductory development of the economics of financial markets. However, there are as yet no introductory textbooks aimed at more easily daunted undergraduate liberal arts students. Introduction to the Economics of Financial Markets fills this gap by providing an extremely accessible introductory exposition of how economists analyze both how, and how well, financial markets organize the intertemporal allocation of scarce resources. The central theme is that the function of a system of financial markets is to enable consumers, investors, and managers of firms to effect mutually beneficial intertemporal exchanges. James Bradfield uses the standard concept of economic efficiency (Pareto Optimality) to assess the efficacy of the financial markets. He presents an intuitive, and introductory, understanding of the primary theoretical and empirical models that economists use to analyze financial markets, and then uses these models to discuss implications for public policy. Students who use this text will acquire an understanding of the economics of financial markets that will enable them to read, with some sophistication, articles in the public press about financial markets and about public policy toward those markets. The book is addressed to undergraduate students in the liberal arts, but will also be useful for undergraduate and beginning graduate students in programs of business administration who want an understanding of how economists assess financial markets against the criteria of allocative and informational efficiency.
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting written by Cheng F. Lee and published by World Scientific. This book was released on 2008 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting, as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and accounting profession. The chapters in this volume cover a wide range of important topics, including corporate finance and debt management, earnings management, options and futures, equity market, and portfolio diversification. These topics are very useful for both academicians and practitioners in the area of finance.
Book Synopsis Dividends and Dividend Policy by : H. Kent Baker
Download or read book Dividends and Dividend Policy written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2009-04-27 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Book Synopsis Advances In Quantitative Analysis Of Finance And Accounting (Vol. 6) by : Cheng Few Lee
Download or read book Advances In Quantitative Analysis Of Finance And Accounting (Vol. 6) written by Cheng Few Lee and published by World Scientific. This book was released on 2008-03-14 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: News Professor Cheng-Few Lee ranks #1 based on his publications in the 26 core finance journals, and #163 based on publications in the 7 leading finance journals (Source: Most Prolific Authors in the Finance Literature: 1959-2008 by Jean L Heck and Philip L Cooley (Saint Joseph's University and Trinity University).Advances in Quantitative Analysis of Finance and Accounting is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting, as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and accounting profession.The chapters in this volume cover a wide range of important topics, including corporate finance and debt management, earnings management, options and futures, equity market, and portfolio diversification. These topics are very useful for both academicians and practitioners in the area of finance.
Book Synopsis Survey Research in Corporate Finance by : H. Kent Baker
Download or read book Survey Research in Corporate Finance written by H. Kent Baker and published by Oxford University Press. This book was released on 2011-01-19 with total page 696 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance is a multifaceted discipline in which everything works in theory but not necessarily in practice. To bridge this gap, intelligently designed and executed surveys are essential in empirically validating conceptual hypotheses and the relative usefulness of various theories. Survey Research in Corporate Finance is a unique summary of state-of-the-art survey research in finance. Baker, Singleton, and Veit catalog and discuss the most important contributions to the field and provide a longitudinal perspective unavailable anywhere else. They offer an objective look at the role survey research in finance should play and illustrate the general and particular aspects of the form this research should take, how it is typically carried out, and how it should ideally be carried out, taking into account considerations developed throughout the book. The book provides financial researchers with a useful overview of survey methodology, synthesizes the major streams or clusters of survey research in corporate finance, and offers a valuable resource and guide for those interested in conducting and reading survey research in finance. Because a variety of views exist on the role of survey research in corporate finance, the authors present key findings from the varying perspectives of finance academics, finance journal editors, and finance practitioners. Synthesizing survey results on major issues in finance and offering knowledge learned from years of communications between academics and practitioners, Survey Research in Corporate Finance enables students and scholars of finance, as well as decision makers in many different kinds of firms, to actually determine how the theories on which their work is based actually play out in practice. This book is an essential, one-of-a-kind reference for any practitioners or academics interested in survey research in corporate finance.
Book Synopsis Behavioral Corporate Finance by : Hersh Shefrin
Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dividend Policy by : George Frankfurter
Download or read book Dividend Policy written by George Frankfurter and published by Elsevier. This book was released on 2003-06-24 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. The only comprehensive study of dividend policy Covers the historical evolution of dividends and academic research on dividend policy Presents new ways of thinking about dividends and dividend policy
Book Synopsis Understanding Healthcare Financial Management by : Louis C. Gapenski
Download or read book Understanding Healthcare Financial Management written by Louis C. Gapenski and published by Health Administration Press. This book was released on 2001 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The C.F.A. Digest by : Institute of Chartered Financial Analysts
Download or read book The C.F.A. Digest written by Institute of Chartered Financial Analysts and published by . This book was released on 2000 with total page 930 pages. Available in PDF, EPUB and Kindle. Book excerpt:
