What Drives Shareholders' Reaction To CEO Turnovers, Dividend Changes, and Block Trades? A Theoretical Background
Author
Abstract
Suggested Citation
DOI: 10.2478/ceej-2023-0004
Download full text from publisher
References listed on IDEAS
- Adams, John C. & Mansi, Sattar A., 2009. "CEO turnover and bondholder wealth," Journal of Banking & Finance, Elsevier, vol. 33(3), pages 522-533, March.
- Alexander Dyck & Luigi Zingales, 2004.
"Private Benefits of Control: An International Comparison,"
Journal of Finance,
American Finance Association, vol. 59(2), pages 537-600, April.
- Dyck, Alexander & Zingales, Luigi, 2002. "Private Benefits of Control: An International Comparison," CEPR Discussion Papers 3177, C.E.P.R. Discussion Papers.
- Alexander Dyck & Luigi Zingales, 2002. "Private Benefits of Control: An International Comparison," NBER Working Papers 8711, National Bureau of Economic Research, Inc.
- Litzenberger, Robert H. & Ramaswamy, Krishna, 1979. "The effect of personal taxes and dividends on capital asset prices : Theory and empirical evidence," Journal of Financial Economics, Elsevier, vol. 7(2), pages 163-195, June.
- Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
- Niederhoffer, Victor, 1971. "The Analysis of World Events and Stock Prices," The Journal of Business, University of Chicago Press, vol. 44(2), pages 193-219, April.
- Trueman, Brett, 1988. " A Theory of Noise Trading in Securities Markets," Journal of Finance, American Finance Association, vol. 43(1), pages 83-95, March.
- Pessarossi, Pierre & Weill, Laurent, 2013.
"Does CEO turnover matter in China? Evidence from the stock market,"
Journal of Economics and Business, Elsevier, vol. 70(C), pages 27-42.
- Pessarossi, Pierre & Weill, Laurent, 2012. "Does CEO turnover matter in China? Evidence from the stock market," BOFIT Discussion Papers 21/2012, Bank of Finland Institute for Emerging Economies (BOFIT).
- Kraus, Alan & Stoll, Hans R, 1972. "Price Impacts of Block Trading on the New York Stock Exchange," Journal of Finance, American Finance Association, vol. 27(3), pages 569-588, June.
- Jiang, Fuxiu & Ma, Yunbiao & Shi, Beibei, 2017. "Stock liquidity and dividend payouts," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 295-314.
- M. J. Gordon, 1963. "Optimal Investment And Financing Policy," Journal of Finance, American Finance Association, vol. 18(2), pages 264-272, May.
- Banerjee, Suman & Gatchev, Vladimir A. & Spindt, Paul A., 2007. "Stock Market Liquidity and Firm Dividend Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(2), pages 369-397, June.
- Malcolm Baker & Jeffrey Wurgler, 2004.
"A Catering Theory of Dividends,"
Journal of Finance,
American Finance Association, vol. 59(3), pages 1125-1165, June.
- Malcolm Baker & Jeffrey Wurgler, 2003. "A Catering Theory of Dividends," NBER Working Papers 9542, National Bureau of Economic Research, Inc.
- Watts, Ross, 1973. "The Information Content of Dividends," The Journal of Business, University of Chicago Press, vol. 46(2), pages 191-211, April.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Darakhshan Younis & Attiya Yasmin Javid, 2014. "Market Imperfections and Dividend Policy Decisions of Manufacturing Sector of Pakistan," PIDE-Working Papers 2014:99, Pakistan Institute of Development Economics.
- Al-Yahyaee, Khamis H. & Pham, Toan M. & Walter, Terry S., 2011. "The information content of cash dividend announcements in a unique environment," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 606-612, March.
- Imran, Kashif & Usman, Muhammad & Nishat, Muhammad, 2013. "Banks dividend policy: Evidence from Pakistan," Economic Modelling, Elsevier, vol. 32(C), pages 88-90.
- Gniadkowska-Szymańska Agata, 2017. "Impact of a Company’s Dividend Policy on the Liquidity of Shares Listed on the Warsaw Stock Exchange," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(3), pages 24-32, September.
- Liu, Chunyan & Uchida, Konari & Yang, Yufeng, 2014. "Controlling shareholder, split-share structure reform and cash dividend payments in China," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 339-357.
- Khelifa Mazouz & Yuliang Wu & Rabab Ebrahim & Abhijit Sharma, 2023. "Dividend policy, systematic liquidity risk, and the cost of equity capital," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 839-876, April.
- Mao Liang Li & Chin Man Chui & Chang Qing Li, 2014. "Dividend, liquidity and firm valuation: evidence from China AB share markets," Applied Financial Economics, Taylor & Francis Journals, vol. 24(9), pages 587-603, May.
- Li, Wanli & Zhou, Jingting & Yan, Ziqiao & Zhang, He, 2020. "Controlling shareholder share pledging and firm cash dividends," Emerging Markets Review, Elsevier, vol. 42(C).
- Akram Budagaga, 2017. "Dividend Payment and its Impact on the Value of Firms Listed on Istanbul Stock Exchange: A Residual Income Approach," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 370-376.
- Lepetit, Laetitia & Saghi-Zedek, Nadia & Tarazi, Amine, 2015.
"Excess control rights, bank capital structure adjustments, and lending,"
Journal of Financial Economics, Elsevier, vol. 115(3), pages 574-591.
- Laetitia Lepetit & Amine Tarazi & Nadia Zedek, 2013. "Excess control rights, bank capital structure adjustment and lending," Working Papers hal-00967892, HAL.
- Nadia Zedek & Laetitia Lepetit & Nadia Saghi-Zedek & Amine Tarazi, 2015. "Excess control rights, bank capital structure adjustments, and lending," Post-Print halshs-03187905, HAL.
- Laetitia Lepetit & Amine Tarazi & Nadia Zedek, 2015. "Excess control rights, bank capital structure adjustment and lending," Post-Print hal-01134842, HAL.
- Nishant B. Labhane, 2019. "Dividend Policy Decisions in India: Standalone Versus Business Group-Affiliated Firms," Global Business Review, International Management Institute, vol. 20(1), pages 133-150, February.
- Chapelle, Ariane & Szafarz, Ariane, 2005.
"Controlling firms through the majority voting rule,"
Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 355(2), pages 509-529.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 355(2-4), pages 509-529, September.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," DULBEA Working Papers 05-05.RS., ULB -- Universite Libre de Bruxelles.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," Working Papers CEB 05-004.RS, ULB -- Universite Libre de Bruxelles.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," ULB Institutional Repository 2013/149192, ULB -- Universite Libre de Bruxelles.
- Sereeparp Anantavrasilp & Abe de Jong & Douglas V. DeJong & Ulrich Hege, 2020.
"Blockholder leverage and payout policy: Evidence from French holding companies,"
Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(1-2), pages 253-292, January.
- Anantavrasilp, Sereeparp & De Jong, Abe & DeJong, Douglas V. & Hege, Ulrich, 2019. "Blockholder Leverage and Payout Policy: Evidence from French Holding Companies," TSE Working Papers 19-1045, Toulouse School of Economics (TSE).
- Sereeparp Anantavrasilp & Abe de Jong & Douglas V. Dejong & Ulrich Hege, 2020. "Blockholder Leverage and Payout Policy: Evidence from French Holding Companies," Post-Print hal-03048905, HAL.
- Roni Michaely & Stefano Rossi & Michael Weber & Michael Weber, 2017. "The Information Content of Dividends: Safer Profits, Not Higher Profits," CESifo Working Paper Series 6751, CESifo.
- Kuo, Jing-Ming & Philip, Dennis & Zhang, Qingjing, 2013. "What drives the disappearing dividends phenomenon?," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3499-3514.
- H.Kent Baker & Gary E. Powell & E.Theodore Veit, 2002. "Revisiting the dividend puzzle," Review of Financial Economics, John Wiley & Sons, vol. 11(4), pages 241-261.
- Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2018.
"Agency Conflicts around the World,"
The Review of Financial Studies, Society for Financial Studies, vol. 31(11), pages 4232-4287.
- Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2015. "Agency Conflicts Around the World," Swiss Finance Institute Research Paper Series 15-21, Swiss Finance Institute, revised Apr 2016.
- Schürhoff, Norman & Morellec, Erwan & Nikolov, Boris, 2016. "Agency Conflicts Around the World," CEPR Discussion Papers 11243, C.E.P.R. Discussion Papers.
- Norman Schuerhoff & Boris Nikolov & Erwan Morellec, 2016. "Agency Conflicts Around the World," 2016 Meeting Papers 923, Society for Economic Dynamics.
- Michael A. Goldstein & Abhinav Goyal & Brian M. Lucey & Cal B. Muckley, 2015.
"The Global Preference for Dividends in Declining Markets,"
The Financial Review, Eastern Finance Association, vol. 50(4), pages 575-609, November.
- Michael A. Goldstein & Abhinav Goyal & Brian M. Lucey & Carl B. Muckley, 2014. "The Global Preference for Dividends in Declining Markets," The Institute for International Integration Studies Discussion Paper Series iiisdp461, IIIS.
- Barbara, Petracci, 2011. "Trading when you cannot trade: Blackout periods in Italian firms," International Review of Law and Economics, Elsevier, vol. 31(3), pages 196-204, September.
- Boubaker, Sabri & Labégorre, Florence, 2008.
"Ownership structure, corporate governance and analyst following: A study of French listed firms,"
Journal of Banking & Finance, Elsevier, vol. 32(6), pages 961-976, June.
- S. Boubaker & F. Labégorre, 2005. "Ownership structure, corporate governance and analyst following. A study of french listed firms," Post-Print hal-00257952, HAL.
- Sabri Boubaker & Florence Labégorre, 2008. "Ownership Structure, Corporate Governance and Analyst Following: A Study of French Listed Firms," Post-Print hal-01155604, HAL.
- S. Boubaker & F. Labégorre, 2008. "Ownership structure, corporate governance and analyst following. A study of french listed firms," Post-Print hal-00257732, HAL.
More about this item
Keywords
CEO turnovers; dividend changes; block trades; market reaction; theoretical concepts; G14; G3; M5;All these keywords.
JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G3 - Financial Economics - - Corporate Finance and Governance
- M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:ceuecj:v:10:y:2023:i:57:p:50-71:n:3. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.