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Stock Dividends in Germany. An Empirical Analysis

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  • Sturz

Abstract

Stock distributions can affect the number of outstanding shares and the equity structure of a firm. From a neoclassical perspective, neither should have any effect on market value. However, a respectable number of empirical studies disclose overwhelming evidence that stock markets have a significantly positive reaction to the announcement of stock distributions. Despite the broad consensus about the positive market reaction, the possible causes are still debated. Focusing on stock dividends, which are a special type of stock distribution, this study revisits this puzzle and provides deeper insight into the economic ramifications of changes in the equity structure.

Suggested Citation

  • Sturz (ed.), 0. "Stock Dividends in Germany. An Empirical Analysis," Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim, Duncker & Humblot GmbH, Berlin, edition 1, volume 50, number vwpe687.
    • Handle: RePEc:dah:sskssk:vwpe687
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    More about this item

    Keywords

    Empirical Analysis; Stock distribution; Stock dividends;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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