IDEAS home Printed from https://ideas.repec.org/e/c/pmi132.html
   My authors  Follow this author

Roni Michaely

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Heng Geng & Harald Hau & Roni Michaely & Binh Nguyen, 2021. "Does Board Overlap Promote Coordination Between Firms?," Swiss Finance Institute Research Paper Series 21-79, Swiss Finance Institute.

    Cited by:

    1. Fu, Zheng & Ma, Yechi & Li, Suyang & Qiao, Lu, 2023. "Peer performance and the asymmetric timeliness of earnings recognition," International Review of Financial Analysis, Elsevier, vol. 85(C).

  2. Chris Florakis & Christodoulos Louca & Roni Michaely & Michael Weber, 2020. "Cybersecurity Risk," Working Papers 2020-178, Becker Friedman Institute for Research In Economics.

    Cited by:

    1. Martin Boyer & Martin Eling, 2023. "New advances on cyber risk and cyber insurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(2), pages 267-274, April.
    2. Crosignani, Matteo & Macchiavelli, Marco & Silva, André F., 2023. "Pirates without borders: The propagation of cyberattacks through firms’ supply chains," Journal of Financial Economics, Elsevier, vol. 147(2), pages 432-448.
    3. Daniel Celeny & Loic Mar'echal & Evgueni Rousselot & Alain Mermoud & Mathias Humbert, 2024. "Prioritizing Investments in Cybersecurity: Empirical Evidence from an Event Study on the Determinants of Cyberattack Costs," Papers 2402.04773, arXiv.org.
    4. Lattanzio, Gabriele & Ma, Yue, 2023. "Cybersecurity risk and corporate innovation," Journal of Corporate Finance, Elsevier, vol. 82(C).
    5. Chang, Jin-Wook & Jayachandran, Kartik & Ramírez, Carlos A. & Tintera, Ali, 2024. "On the anatomy of cyberattacks," Economics Letters, Elsevier, vol. 238(C).
    6. Daniel Celeny & Loic Mar'echal, 2024. "Cyber risk and the cross-section of stock returns," Papers 2402.04775, arXiv.org, revised Mar 2024.
    7. Alex Kim & Maximilian Muhn & Valeri Nikolaev, 2023. "Bloated Disclosures: Can ChatGPT Help Investors Process Information?," Papers 2306.10224, arXiv.org, revised Feb 2024.
    8. Gilles Hilary & Vanessa Serret, 2023. "Governance and Digital Transformation [Gouvernance et transformation numérique]," Post-Print hal-04380300, HAL.
    9. Loic Mar'echal & Alain Mermoud & Dimitri Percia David & Mathias Humbert, 2024. "Measuring the performance of investments in information security startups: An empirical analysis by cybersecurity sectors using Crunchbase data," Papers 2402.04765, arXiv.org, revised Feb 2024.
    10. Loic Mar'echal & Nathan Monnet, 2024. "Disentangling the sources of cyber risk premia," Papers 2409.08728, arXiv.org.
    11. Ersahin, Nuri & Giannetti, Mariassunta & Huang, Ruidi, 2022. "Supply Chain Risk: Changes in Supplier Composition and Vertical Integration," CEPR Discussion Papers 17208, C.E.P.R. Discussion Papers.

  3. Sebastian Doerr & Gazi Kabas & Steven Ongena, 2020. "Population Aging and Bank Risk-Taking," Swiss Finance Institute Research Paper Series 20-62, Swiss Finance Institute.

    Cited by:

    1. Christian Schmieder & Patrick A Imam, 2024. "Aging gracefully: steering the banking sector through demographic shifts," BIS Working Papers 1193, Bank for International Settlements.
    2. Sebastian Doerr & Thomas Drechsel & Donggyu Lee, 2021. "Income inequality, financial intermediation, and small firms," BIS Working Papers 944, Bank for International Settlements.
    3. Yavuz Arslan & Ahmet Degerli & Gazi Kabaş, 2021. "Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks," Finance and Economics Discussion Series 2021-027, Board of Governors of the Federal Reserve System (U.S.).
    4. Lo, Andrew W. & Thakor, Richard T., 2023. "Financial intermediation and the funding of biomedical innovation: A review," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    5. Wang, Hua & Chen, Yaorui, 2024. "The impact of population aging on capital structure decisions and capital market efficiency: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    6. Matthew D Eisenberg & Alexander McCourt & Elizabeth A Stuart & Lainie Rutkow & Kayla N Tormohlen & Michael I Fingerhood & Luis Quintero & Sarah A White & Emma Elizabeth McGinty, 2021. "Studying how state health services delivery policies can mitigate the effects of disasters on drug addiction treatment and overdose: Protocol for a mixed-methods study," PLOS ONE, Public Library of Science, vol. 16(12), pages 1-16, December.
    7. Aden Kadir & Dirir Sadik Aden, 2023. "Charting the Course for Sustainable Aging: Socio-Environmental and Economic Impacts on Djiboutian Elderly Population," Culture. Society. Economy. Politics, Sciendo, vol. 3(1), pages 10-36, June.
    8. Sarah Yanyue Yu, 2021. "An In Medias Res Economic Cost‐Benefit Analysis of ACT Container Deposit Scheme," Economic Papers, The Economic Society of Australia, vol. 40(1), pages 78-90, March.

  4. Elia Ferracuti & Roni Michaely & Laura Wellman, 2020. "Political Activism and Market Power," Swiss Finance Institute Research Paper Series 20-60, Swiss Finance Institute.

    Cited by:

    1. Jan De Loecker & Tim Obermeier & John Van Reenen, 2022. "Firms and inequality," POID Working Papers 027, Centre for Economic Performance, LSE.
    2. Bae, Kee-Hong & Bailey, Warren & Kang, Jisok, 2021. "Why is stock market concentration bad for the economy?," Journal of Financial Economics, Elsevier, vol. 140(2), pages 436-459.

  5. Deqiu Chen & Yujing Ma & Xiumin Martin & Roni Michaely, 2020. "On the Fast Track: Information Acquisition Costs and Information Production," Swiss Finance Institute Research Paper Series 20-14, Swiss Finance Institute.

    Cited by:

    1. Chen, Honghui & Qu, Yuanyu & Shen, Tao & Wang, Qinghai, 2024. "Soft information in portfolio management," SocArXiv 84tfm, Center for Open Science.
    2. Geng, Chunxiao & Li, Donghui & Sun, Jian & Yuan, Chun, 2023. "Functional distance and bank loan pricing: Evidence from the opening of high-speed railway in China," Journal of Banking & Finance, Elsevier, vol. 149(C).
    3. Du, Jiayue & Gao, Haoyu & Wen, Huiyu & Ye, Yanyi, 2024. "Public data acces and stock price synchronicity: Evidence from China," Economic Modelling, Elsevier, vol. 130(C).
    4. Adra, Samer & Barbopoulos, Leonidas G., 2023. "The informational consequences of good and bad mergers," Journal of Corporate Finance, Elsevier, vol. 78(C).
    5. Ouyang, Caiyue & Xiong, Jiacai & Liu, Li & Yao, Jun, 2024. "Geographic proximity and trade credit: Evidence from a quasi-natural experiment," Journal of Corporate Finance, Elsevier, vol. 84(C).
    6. Liu, Xiaoying & Wang, Yujing & Li, Meng & Gao, Haoyu, 2024. "The importance of speed to corporate financial asset holdings: Evidence from high-speed rail," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    7. Lyu, Yanying, 2024. "Essays in behavioral and empirical corporate finance," Other publications TiSEM a636d1ce-f80d-4aa1-9b28-0, Tilburg University, School of Economics and Management.
    8. Yan Yu, 2022. "Analyst Earnings Forecast Optimism during the COVID-19 Pandemic: Evidence from China," Sustainability, MDPI, vol. 14(19), pages 1-16, October.
    9. Su, Kun & Yang, Ruohan & Cui, Qian & Wang, Tianfu, 2024. "The geographic distance of independent directors and stock price crash risk: Evidence from China," Research in International Business and Finance, Elsevier, vol. 69(C).
    10. Pan, Yue & Shroff, Nemit & Zhang, Pengdong, 2023. "The dark side of audit market competition," Journal of Accounting and Economics, Elsevier, vol. 75(1).
    11. Zhu, Ruoyu & Tan, Kehu & Xin, Xiaohui, 2024. "Speed up for sustainable development: High-speed rail and corporate ESG performance," Energy Economics, Elsevier, vol. 138(C).
    12. Ling, Leng & Luo, Danglun & Li, Xiaoxia & Pan, Xintong, 2022. "Looking good by doing good: CEO attractiveness and corporate philanthropy11We thank the co-editor (Suqin Ge) and the referees for many valuable comments and suggestions. We thank Huimin Li and Jing Sh," China Economic Review, Elsevier, vol. 76(C).
    13. Li, Bin & Zhao, Qizi & Shahab, Yasir & Kumar, Satish, 2023. "High-speed rail construction and labor investment efficiency: Evidence from an emerging market," Research in International Business and Finance, Elsevier, vol. 64(C).
    14. Jun Wang & Chongfeng Wu, 2024. "Removing barriers: How online visits boost female analysts' participation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 4039-4067, December.
    15. Liu, Mengsha & Jiang, Yan & Wei, Xiaokun & Ruan, Qingsong & Lv, Dayong, 2023. "Effect of high-speed rail on entrepreneurial activities: Evidence from China," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).
    16. Chen, Kejing & Guo, Wenqi & Jiang, Lin & Xiong, Xiong & Yang, Mo, 2022. "Does time-space compression affect analyst forecast performance?," Research in International Business and Finance, Elsevier, vol. 62(C).
    17. Lin, Nan & Liu, Chengyi & Chen, Sicen & Pan, Jianping & Zhang, Pengdong, 2022. "The monitoring role of venture capital on controllers' tunneling: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    18. Wang, Li & Wu, Yiqi & Chen, Yaxin & Dai, Yunhao, 2023. "Distance produces the fear of loss: Customer geographic proximity and corporate cash holdings," International Review of Financial Analysis, Elsevier, vol. 87(C).
    19. Cao, Jerry & Wang, Hanyang & Zhou, Sili, 2022. "Soft activism and corporate dividend policy: Evidence from institutional investors site visits," Journal of Corporate Finance, Elsevier, vol. 75(C).
    20. Wang, Shihao & Wang, Jiamin & Sahil Maqsood, Umer & Wang, Keyun & Li, Qian, 2023. "Creditor protection and trade credit financing: Evidence from a quasi-natural experiment in China," Finance Research Letters, Elsevier, vol. 57(C).
    21. Wen, Huiyu & Wang, Hui & Zhao, Danni & Gao, Haoyu, 2024. "Does high-speed rail boost local bank performance? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 641-658.
    22. Xia, Xiaoxue & Wang, Chen & Lu, Chao & Zhu, Tianqi & Zhao, Ziying & Zhao, Yiwen, 2024. "High-speed railway and corporate risk-taking: Channels and evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
    23. Tsang, Albert & Xiang, Yi & Yu, Li, 2023. "Cross-border regulatory cooperation and analyst forecasts," International Review of Financial Analysis, Elsevier, vol. 90(C).
    24. Xuanyi Chen & Qiliang Liu & Li Tian & Junbo Wang & Jian Xie, 2024. "Time distance and mutual fund holding horizon: Evidence from a quasi‐natural experiment setting of high‐speed railway opening," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 4277-4312, December.
    25. Gao, Haoyu & Wen, Huiyu & Yu, Shujiaming, 2022. "Weathering information disruption: Typhoon strikes and analysts’ forecast dispersion," Finance Research Letters, Elsevier, vol. 49(C).
    26. Chunying Zhang & Xiaohui Wu, 2023. "Analyst Coverage and Corporate ESG Performance," Sustainability, MDPI, vol. 15(17), pages 1-21, August.
    27. Gu, Qiankun & Song, Zilong & Sun, Yiyuan (Ian) & Yu, Xiaoou, 2024. "Digital infrastructure investment and corporate debt concentration: Evidence from a quasi-natural experiment," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    28. Xiaofeng Quan & Cheng Xiang & Donghui Li & Kelvin Jui Keng Tan, 2023. "To see is to believe: Corporate site visits and mutual fund herding," Financial Management, Financial Management Association International, vol. 52(4), pages 711-740, December.
    29. Dou, Huan & Pang, Xinyuan & Ke, Huan & Liu, Yuanyuan, 2024. "Pain or gain? The effects of transportation infrastructure on labor costs in China 1," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 413-431.
    30. Li, Wenfei & Li, Donghui & Yang, Shijie, 2022. "The impact of internet penetration on venture capital investments: Evidence from a quasi-natural experiment," Journal of Corporate Finance, Elsevier, vol. 76(C).
    31. Gao, Zhan & Quan, Xiaofeng & Xu, Xingmei, 2022. "Under watchful eyes: Analyst site visits and firm earnings management," International Review of Financial Analysis, Elsevier, vol. 83(C).
    32. Ni, Juan & Jin, Shuchang & Hu, Yi & Zhang, Lei, 2023. "Informative or distracting: CSR disclosure of peer firms and analyst forecast accuracy," International Review of Financial Analysis, Elsevier, vol. 87(C).
    33. Liu, Qigui & Chi, Wenqiang & Wang, Junyi, 2024. "How informative is question-and-answer similarity to financial analysts? Evidence from Chinese earnings communication conferences," Economic Modelling, Elsevier, vol. 135(C).
    34. C. S. Agnes Cheng & Yuan Huang & Sun & Yumiao Yu, 2021. "Geographic location of audit committee chairs and accruals quality: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 57(4), pages 1215-1246, November.
    35. Fangting Chi & Haoying Han, 2023. "The Impact of High-Speed Rail on Economic Development: A County-Level Analysis," Land, MDPI, vol. 12(4), pages 1-22, April.
    36. Ruan, Qingsong & Lv, Dayong & Wei, Xiaokun, 2024. "High-speed rail and local government financing cost: Evidence from China," Economic Modelling, Elsevier, vol. 131(C).
    37. Chen, Yuyang & Wang, Xinlu & Chen, Kun, 2023. "Stock market liberalization and pay for market-based performance: Evidence from a quasi-natural experiment in China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    38. Cao, Zhengyu & Wang, Rundong & Xiao, Xinrong & Yin, Chengxi, 2023. "Disseminating information across connected firms — Analyst site visits can help," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 510-531.
    39. Tam, Lewis H.K. & Tian, Shaohua, 2023. "Language barriers, corporate site visit, and analyst forecast accuracy," The Quarterly Review of Economics and Finance, Elsevier, vol. 91(C), pages 68-83.
    40. Yu Jiang & Adrian C. H. Lei, 2023. "Security Analysts’ Site Visits and Stock Price Synchronicity," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 32(4), pages 195-219, November.
    41. Wei, Xiaokun & Ruan, Qingsong & Lv, Dayong & Wu, Youyi, 2022. "Transportation infrastructure and bond issuance credit spread: Evidence from the Chinese high-speed rail construction," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 30-47.
    42. Jiang, Fuxiu & Shen, Yanyan & Wang, Xue, 2024. "Multiple large shareholders and analyst activities," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).

  6. Jillian Grennan & Roni Michaely, 2020. "Artificial Intelligence and High-Skilled Work: Evidence from Analysts," Swiss Finance Institute Research Paper Series 20-84, Swiss Finance Institute.

    Cited by:

    1. David Autor & Caroline Chin & Anna Salomons & Bryan Seegmiller, 2024. "New Frontiers: The Origins and Content of New Work, 1940–2018," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 139(3), pages 1399-1465.
    2. Tania Babina & Anastassia Fedyk & Alex X. He & James Hodson, 2023. "Firm Investments in Artificial Intelligence Technologies and Changes in Workforce Composition," NBER Chapters, in: Technology, Productivity, and Economic Growth, National Bureau of Economic Research, Inc.
    3. Cao, Sean & Jiang, Wei & Wang, Junbo & Yang, Baozhong, 2024. "From Man vs. Machine to Man + Machine: The art and AI of stock analyses," Journal of Financial Economics, Elsevier, vol. 160(C).
    4. Andreas Schaefer & Maik T. Schneider, 2024. "Public Policy Responses to AI," Graz Economics Papers 2024-06, University of Graz, Department of Economics.
    5. Daron Acemoglu & David Autor & Jonathon Hazell & Pascual Restrepo, 2020. "AI and Jobs: Evidence from Online Vacancies," Working Papers 279, Princeton University, Department of Economics, Center for Economic Policy Studies..
    6. Koehler, Maximilian & Sauermann, Henry, 2024. "Algorithmic management in scientific research," Research Policy, Elsevier, vol. 53(4).
    7. Bonfiglioli, Alessandra & Crinò, Rosario & Gancia, Gino & Papadakis, Ioannis, 2023. "Artificial Intelligence and Jobs: Evidence from US Commuting Zones," CEPR Discussion Papers 18495, C.E.P.R. Discussion Papers.

  7. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.

    Cited by:

    1. Nie, Jing & Yin, Libo, 2022. "Do dividends signal safety? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).

  8. Davidson Heath & Daniele Macciocchi & Roni Michaely & Matthew Ringgenberg, 2019. "Do Index Funds Monitor?," Swiss Finance Institute Research Paper Series 19-08, Swiss Finance Institute.

    Cited by:

    1. Jiang, Yahan & Wang, Cai & Li, Sha & Wan, Jing, 2022. "Do institutional investors' corporate site visits improve ESG performance? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
    2. Li, Xuan, 2023. "Home bias in shareholder voting," Discussion Papers 2023/21, Norwegian School of Economics, Department of Business and Management Science.
    3. Chen, Shenglan & Ma, Hui & Wu, Qiang & Zhang, Hao, 2023. "Does common ownership constrain managerial rent extraction? Evidence from insider trading profitability," Journal of Corporate Finance, Elsevier, vol. 80(C).
    4. Levit, Doron & Malenko, Nadya & Maug, Ernst, 2022. "Trading and shareholder democracy," CEPR Discussion Papers 14039, C.E.P.R. Discussion Papers.
    5. Davidson Heath & Daniele Macciocchi & Roni Michaely & Matthew C. Ringgenberg, 2023. "Does Socially Responsible Investing Change Firm Behavior?," Review of Finance, European Finance Association, vol. 27(6), pages 2057-2083.
    6. Dong, Yunhe & Luo, Haoyi & Xu, Zijin & Yang, Xing, 2024. "Investing while lending: Do index funds improve managerial information disclosure?," International Review of Financial Analysis, Elsevier, vol. 94(C).
    7. Chen, Sheng-Syan & Huang, Chia-Wei & Lin, Chih-Yen, 2023. "Does CEO general managerial ability matter in M&A voting?," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 14-24.
    8. Braun, Benjamin, 2021. "From exit to control: The structural power of finance under asset manager capitalism," SocArXiv 4uesc, Center for Open Science.
    9. Ni, Xiaoran & Yin, David, 2023. "Is institutional common ownership commonly priced? Insights from the cost of equity capital," Journal of Banking & Finance, Elsevier, vol. 155(C).
    10. Gormley, Todd A. & Gupta, Vishal K. & Matsa, David A. & Mortal, Sandra C. & Yang, Lukai, 2023. "The Big Three and board gender diversity: The effectiveness of shareholder voice," Journal of Financial Economics, Elsevier, vol. 149(2), pages 323-348.
    11. Corum, Adrian Aycan & Malenko, Andrey & Malenko, Nadya, 2022. "Corporate governance in the presence of active and passive delegated investment," CEPR Discussion Papers 15230, C.E.P.R. Discussion Papers.
    12. Chinco, Alex & Sammon, Marco, 2024. "The passive ownership share is double what you think it is," Journal of Financial Economics, Elsevier, vol. 157(C).
    13. Shane S. Dikolli & Mary Margaret Frank & Zhe Michael Guo & Luann J. Lynch, 2022. "Walk the talk: ESG mutual fund voting on shareholder proposals," Review of Accounting Studies, Springer, vol. 27(3), pages 864-896, September.
    14. Kristopher Gerardi & Michelle Lowry & Carola Schenone, 2023. "A Critical Review of the Common Ownership Literature," FRB Atlanta Working Paper 2023-17, Federal Reserve Bank of Atlanta.
    15. Marta Khomyn, 2020. "Essays on Modern Market Structure," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2020, January-A.
    16. Xiaohui Li & Yao Shen & Jing Xie, 2024. "Proxy Voting on CEO Pay: Evidence from Rejection of the Inevitable Disclosure Doctrine," Working Papers 202412, University of Macau, Faculty of Business Administration.
    17. David, Thomas & Di Giuli, Alberta & Romec, Arthur, 2023. "CEO reputation and shareholder voting," Journal of Corporate Finance, Elsevier, vol. 83(C).
    18. Yoonsik Hong & Yanghoon Kim & Jeonghun Kim & Yongmin Choi, 2022. "Index Tracking via Learning to Predict Market Sensitivities," Papers 2209.00780, arXiv.org, revised Dec 2022.
    19. Santhosh Ramalingegowda & Steven Utke & Yong Yu, 2021. "Common Institutional Ownership and Earnings Management," Contemporary Accounting Research, John Wiley & Sons, vol. 38(1), pages 208-241, March.
    20. Baig, Ahmed & DeLisle, R. Jared & Zaynutdinova, Gulnara R., 2022. "Index mutual fund ownership and financial reporting quality," Research in International Business and Finance, Elsevier, vol. 62(C).
    21. Foroughi, Pouyan & Marcus, Alan & Nguyen, Vinh, 2024. "Mutual fund pollution experience and environmental voting," Journal of Banking & Finance, Elsevier, vol. 162(C).
    22. Deng, Mengdie & Lin, Tse-Chun & Zhou, Jiayu, 2024. "Does better liquidity for large orders attract institutional investors and analysts? Evidence from the Tick Size Pilot Program," Journal of Financial Markets, Elsevier, vol. 67(C).
    23. Andrea Pawliczek & A. Nicole Skinner & Laura A. Wellman, 2021. "A new take on voice: the influence of BlackRock’s ‘Dear CEO’ letters," Review of Accounting Studies, Springer, vol. 26(3), pages 1088-1136, September.
    24. Benjamin Bennett & René M. Stulz & Zexi Wang, 2020. "Does Joining the S&P 500 Index Hurt Firms?," NBER Working Papers 27593, National Bureau of Economic Research, Inc.

  9. Hyunseob Kim & Roni Michaely, 2019. "Sticking around Too Long? Dynamics of the Benefits of Dual-Class Voting," Swiss Finance Institute Research Paper Series 19-09, Swiss Finance Institute, revised Mar 2019.

    Cited by:

    1. Alexander A. Muravyev & Nikolay S. Telyatnikov, 2024. "Dual Class Stock Companies: Global Experience and Russian Practice," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 23(3), pages 801-832.
    2. Colak, Gonul & Gounopoulos, Dimitrios & Loukopoulos, Panagiotis & Loukopoulos, Georgios, 2021. "Tournament incentives and IPO failure risk," Journal of Banking & Finance, Elsevier, vol. 130(C).
    3. Aggarwal, Dhruv & Eldar, Ofer & Hochberg, Yael V. & Litov, Lubomir P., 2022. "The rise of dual-class stock IPOs," Journal of Financial Economics, Elsevier, vol. 144(1), pages 122-153.
    4. Field, Laura Casares & Lowry, Michelle, 2022. "Bucking the trend: Why do IPOs choose controversial governance structures and why do investors let them?," Journal of Financial Economics, Elsevier, vol. 146(1), pages 27-54.
    5. Amore, Mario Daniele & Quarato, Fabio & Pelucco, Valerio, 2020. "Family Ownership During the Covid-19 Pandemic," CEPR Discussion Papers 14759, C.E.P.R. Discussion Papers.
    6. Lin, James Juichia & Shi, Wei-Zhong & Tsai, Li-Fang & Yu, Min-Teh, 2022. "Corporate cash and the Firm's life-cycle: Evidence from dual-class firms," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 27-48.
    7. Lindsay Baran & Arno Forst & M. Tony Via, 2023. "Dual‐class share structure and innovation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 169-202, February.

  10. Peter Cziraki & Evgeny Lyandres & Roni Michaely, 2019. "What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs," Swiss Finance Institute Research Paper Series 19-11, Swiss Finance Institute, revised Mar 2019.

    Cited by:

    1. Jin, Han & Mazouz, Khelifa & Wu, Yuliang & Xu, Bin, 2023. "Can star analysts make superior coverage decisions in poor information environment?," Journal of Banking & Finance, Elsevier, vol. 146(C).
    2. Chen, Ni-Yun & Liu, Chi-Chun, 2023. "The impact of share repurchases on equity finance and performance," The Quarterly Review of Economics and Finance, Elsevier, vol. 91(C), pages 198-212.
    3. Gow-Cheng Huang & Kartono Liano & Ming-Shiun Pan, 2023. "Open-market stock repurchases, insider trading, and price informativeness," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1495-1513, May.
    4. Mansoor Afzali & Minna Martikainen, 2021. "Network centrality and value relevance of insider trading: Evidence from Europe," The Financial Review, Eastern Finance Association, vol. 56(4), pages 793-819, November.
    5. Te Bao & Edward Halim & Charles N. Noussair & Yohanes E. Riyanto, 2021. "Managerial incentives and stock price dynamics: an experimental approach," Experimental Economics, Springer;Economic Science Association, vol. 24(2), pages 617-648, June.
    6. Gyoshev, Stanley B. & Kaplan, Todd R. & Szewczyk, Samuel H. & Tsetsekos, George P., 2021. "Why do investment banks buy put options from companies?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    7. Feng, Yitian, 2023. "Do listed companies fulfill their public commitments? Evidence from the stake-raising commitments of Chinese companies," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    8. Shuo Wang & Liyi Zheng, 2023. "Whose opinion matters when insiders disagree with short sellers?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(9-10), pages 1527-1571, October.
    9. Avijit Bansal & Balagopal Gopalakrishnan & Joshy Jacob & Pranjal Srivastava, 2022. "Impact of operational fragility on stock returns: Lessons from COVID‐19 crisis," International Review of Finance, International Review of Finance Ltd., vol. 22(2), pages 365-398, June.
    10. Ebrahim Bazrafshan, 2023. "Implications of Internal Funds Surplus for Determining Agency Spending of SEO Proceeds and Timing Incentives," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 32(4), pages 133-169, November.
    11. Meziane Lasfer & Xiaoke Ye, 2024. "Corporate insiders’ exploitation of investors’ anchoring bias at the 52‐week high and low," The Financial Review, Eastern Finance Association, vol. 59(2), pages 391-432, May.
    12. Hutton, Irena & Knill, April M. & Zutter, Chad J., 2021. "25 years and counting of corporate finance: What have we learned and where are we going?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    13. Ingolf Dittmann & Amy Yazhu Li & Stefan Obernberger & Jiaqi Zheng, 2022. "The corporate calendar and the timing of share repurchases and equity compensation," Tinbergen Institute Discussion Papers 21-101/IV, Tinbergen Institute.
    14. Jeon, Byounghyun & Sulaeman, Johan, 2024. "Corporate insider purchases and the options market: Competition among informed investors," Journal of Corporate Finance, Elsevier, vol. 87(C).
    15. Millicent Chang & John Gould & Yuyun Huang & Sirimon Treepongkaruna & Joey Wenling Yang, 2022. "Insider trading and the algorithmic trading environment," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 725-750, December.
    16. Zhang, Yun & Liu, Yun & Tang, Yicheng & Gao, Qun, 2024. "Large shareholders' stock selling and corporate performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    17. Suk, Inho & Wang, Mengmeng, 2021. "Does target firm insider trading signal the target's synergy potential in mergers and acquisitions?," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1155-1185.
    18. Han‐Ching Huang & Pei‐Shan Tung, 2021. "Information content of insider filings after stock repurchase and seasoned equity issue announcements," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2690-2712, April.
    19. Steinberg, Nadav & Wohl, Avi, 2024. "Market timing in open market bond repurchases," Journal of Banking & Finance, Elsevier, vol. 161(C).

  11. Kenneth J. Merkley & Roni Michaely & Joseph Pacelli, 2019. "Cultural Diversity on Wall Street: Evidence from Sell-Side Analysts’ Forecasts," Swiss Finance Institute Research Paper Series 19-07, Swiss Finance Institute, revised Mar 2019.

    Cited by:

    1. Bart Frijns & Alexandre Garel, 2021. "The effect of cultural distance between an analyst and a CEO on analysts’ earnings forecast performance," Post-Print hal-03276517, HAL.

  12. Jillian Grennan & Roni Michaely, 2019. "FinTechs and the Market for Financial Analysis," Swiss Finance Institute Research Paper Series 19-10, Swiss Finance Institute, revised Apr 2019.

    Cited by:

    1. Zhu Yongjie, 2023. "Enterprise life cycle, financial technology and digital transformation of banks—Evidence from China," Australian Economic Papers, Wiley Blackwell, vol. 62(3), pages 486-500, September.
    2. Liu, Jiangtao & Zhang, Yi & Kuang, Jia, 2023. "Fintech development and green innovation: Evidence from China," Energy Policy, Elsevier, vol. 183(C).
    3. Zhang, Junsheng & Peng, Zezhi & Zeng, Yamin & Yang, Haisheng, 2023. "Do big data mutual funds outperform?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    4. Cao, Sean & Jiang, Wei & Wang, Junbo & Yang, Baozhong, 2024. "From Man vs. Machine to Man + Machine: The art and AI of stock analyses," Journal of Financial Economics, Elsevier, vol. 160(C).
    5. Jérôme Dugast & Thierry Foucault, 2020. "Equilibrium Data Mining and Data Abundance," Post-Print hal-02933315, HAL.
    6. Zhao, Jinsong & Li, Xinghao & Yu, Chin-Hsien & Chen, Shi & Lee, Chi-Chuan, 2022. "Riding the FinTech innovation wave: FinTech, patents and bank performance," Journal of International Money and Finance, Elsevier, vol. 122(C).
    7. Choudhary, Priya & Thenmozhi, M., 2024. "Fintech and financial sector: ADO analysis and future research agenda," International Review of Financial Analysis, Elsevier, vol. 93(C).
    8. Ding, Jinxiu & Li, Lingxue & Zhao, Jinsong, 2024. "How does fintech prompt corporations toward ESG sustainable development? Evidence from China," Energy Economics, Elsevier, vol. 131(C).
    9. Yuying Gao & Shanyue Jin, 2022. "Corporate Nature, Financial Technology, and Corporate Innovation in China," Sustainability, MDPI, vol. 14(12), pages 1-22, June.
    10. Mustafa OZYESIL, 2020. "An Application of Financial Ratio Analysis on Concordat Firms: A Model Suggestion on Construction Firms Listed in Borsa Istanbul," Journal of Economics and Behavioral Studies, AMH International, vol. 11(6), pages 10-22.
    11. Kakhkharov, Jakhongir & Bianchi, Robert J., 2022. "COVID-19 and policy responses: Early evidence in banks and FinTech stocks," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    12. Fan, Xiaoming, 2024. "Fintech platforms and information service quality from the perspective of investor cognition," Technology in Society, Elsevier, vol. 77(C).
    13. Li, Bo & Du, Jianguo & Yao, Tianhang & Wang, Quanding, 2023. "FinTech and corporate green innovation: An external attention perspective," Finance Research Letters, Elsevier, vol. 58(PD).
    14. Yan, Kai & Zhang, Ziyi & Yang, Lisi & Cao, Yuqiang & Shan, Yaowen, 2024. "Capital generates green: Evidence from China's national innovation system policy," International Review of Financial Analysis, Elsevier, vol. 91(C).
    15. Hao, Jing & Peng, Mengzu & He, Wenjia, 2023. "Digital finance development and bank liquidity creation," International Review of Financial Analysis, Elsevier, vol. 90(C).
    16. Lei Xu & Qian Liu & Bin Li & Chen Ma, 2022. "Fintech business and firm access to bank loans," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(4), pages 4381-4421, December.
    17. Wang, Yichen & Hu, Jun & Chen, Jia, 2023. "Does Fintech facilitate cross-border M&As? Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 85(C).
    18. Bennett, Donyetta & Mekelburg, Erik & Strauss, Jack & Williams, T.H., 2024. "Unlocking the black box of sentiment and cryptocurrency: What, which, why, when and how?," Global Finance Journal, Elsevier, vol. 60(C).
    19. Zhiyong Zheng & Jian He & Yingjie Yang & Mengting Zhang & Desheng Wu & Yang Bian & Jianhong Cao, 2023. "Does financial leverage volatility induce systemic financial risk? Empirical insight based on the Chinese fintech sector," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1142-1161, March.
    20. Gao, Haoyu & Wen, Huiyu & Yu, Shujiaming, 2022. "Weathering information disruption: Typhoon strikes and analysts’ forecast dispersion," Finance Research Letters, Elsevier, vol. 49(C).
    21. José María Liberti & Mitchell A. Petersen, 2018. "Information: Hard and Soft," NBER Working Papers 25075, National Bureau of Economic Research, Inc.
    22. Zhou, Nan & Sun, Ruohan, 2024. "Coping with the storm: The role of fintech in SME survival," International Review of Financial Analysis, Elsevier, vol. 93(C).
    23. Jawad, Muhammad & Naz, Munazza, 2023. "Environmental change through financial innovation: A systematic analysis of Program-Related donations," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    24. Wang, Xinyue & Cao, Yuqiang & Feng, Zhuoan & Lu, Meiting & Shan, Yaowen, 2023. "Local FinTech development and stock price crash risk," Finance Research Letters, Elsevier, vol. 53(C).
    25. José María Liberti & Mitchell A Petersen, 2019. "Information: Hard and Soft," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 8(1), pages 1-41.
    26. Henao-Londono, Juan C. & Guhr, Thomas, 2022. "Foreign exchange markets: Price response and spread impact," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 589(C).
    27. Zhang, Qiuyue & Que, Jiangjing & Qin, Xiuting, 2023. "Regional financial technology and shadow banking activities of non-financial firms: Evidence from China," Journal of Asian Economics, Elsevier, vol. 86(C).
    28. Cookson, J. Anthony & Niessner, Marina & Schiller, Christoph M., 2022. "Can Social Media Inform Corporate Decisions? Evidence from Merger Withdrawals," SocArXiv 56yrj, Center for Open Science.
    29. Wu, Fei & Hu, Yan & Shen, Me, 2024. "The color of FinTech: FinTech and corporate green transformation in China," International Review of Financial Analysis, Elsevier, vol. 94(C).

  13. Martin Jacob & Roni Michaely & Maximilian A. Müller, 2019. "Consumption Taxes and Corporate Investment," Swiss Finance Institute Research Paper Series 19-40, Swiss Finance Institute.

    Cited by:

    1. Hillmann, Lisa, 2023. "Dividend taxation and the ownership structure of private firms," Journal of Corporate Finance, Elsevier, vol. 79(C).
    2. Zhao, Lexin & Peng, Gang & Feng, Qianbin, 2024. "VAT rate cut and corporate maturity mismatch: Evidence from China's VAT rate reform," International Review of Financial Analysis, Elsevier, vol. 93(C).
    3. Hongsheng Fang & Lexin Zhao & Xiufen Liu, 2024. "Value‐added Tax and Leverage: Evidence from China's Value‐added Tax Rate Reform," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 32(2), pages 200-234, March.
    4. Rainer Niemann & Mariana Sailer, 2023. "Is analytical tax research alive and kicking? Insights from 2000 until 2022," Journal of Business Economics, Springer, vol. 93(6), pages 1149-1212, August.
    5. Antonio De Vito & Martin Jacob & Dirk Schindler & Guosong Xu, 2023. "How Do Corporate Tax Hikes Affect Investment Allocation within Multinationals?," CESifo Working Paper Series 10272, CESifo.
    6. Eichfelder, Sebastian & Jacob, Martin & Kalbitz, Nadine & Wentland, Kelly, 2023. "How do corporate tax rates alter conforming tax avoidance?," arqus Discussion Papers in Quantitative Tax Research 277, arqus - Arbeitskreis Quantitative Steuerlehre.
    7. Eichfelder, Sebastian & Jacob, Martin & Schneider, Kerstin, 2020. "Do tax incentives reduce investment quality?," arqus Discussion Papers in Quantitative Tax Research 248, arqus - Arbeitskreis Quantitative Steuerlehre.
    8. Ishida, Souhei & Ogoe, Satoshi & Suzuki, Katsushi, 2023. "Earnings management, horizon problem, and advisor posts for retiring CEOs," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    9. Liu, Xiufen & Yu, Weizhen & Chen, Zixuan, 2024. "Adjustments in VAT rates and business innovation: Empirical insights from China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 659-672.
    10. Feng, Cong & Fay, Scott & Kashmiri, Saim, 2022. "The value relevance of descriptive R&D intensity," Journal of Business Research, Elsevier, vol. 139(C), pages 1394-1407.
    11. Hayley Pallan, 2022. "Do Investors Care About Consumption Taxes? Evidence from Equities in Advanced and Emerging Economies," IHEID Working Papers 14-2022, Economics Section, The Graduate Institute of International Studies.
    12. Jiang, Kangqi & Chen, Zhongfei & Rughoo, Aarti & Zhou, Mengling, 2022. "Internet finance and corporate investment: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    13. He, Eric & Jacob, Martin & Vashishtha, Rahul & Venkatachalam, Mohan, 2022. "Does differential taxation of short-term relative to long-term capital gains affect long-term investment?," Journal of Accounting and Economics, Elsevier, vol. 74(1).
    14. Guo, Yue Mei & Li, Xiao, 2023. "The impact of greater VAT tax neutrality on total factor productivity: Evidence from China’s VAT credit refund reform in 2018," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 922-936.
    15. Kira Zerwer, 2024. "VAT do you eat? Green consumption taxes and firms' market share," Journal of Agricultural Economics, Wiley Blackwell, vol. 75(2), pages 504-523, June.
    16. Jacob, Martin, 2021. "Dividend taxes, employment, and firm productivity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    17. Rainer Niemann & Ulrich Schreiber, 2020. "Herausforderungen und Entwicklungsperspektiven des Steuersystems [Challenges and Development Perspectives of the Tax System]," Schmalenbach Journal of Business Research, Springer, vol. 72(1), pages 1-48, March.
    18. Liu, Xiufen & Fang, Hongsheng & Zhao, Lexin & Xu, Wenli, 2023. "Do VAT cuts help stabilize employment? Evidence from China’s VAT rate reform," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 190-207.
    19. Jacob, Martin & Vossebürger, Robert, 2022. "The role of personal income taxes in corporate investment decisions," Journal of Corporate Finance, Elsevier, vol. 77(C).
    20. Bruehne, Alissa & Jacob, Martin & Schütt, Harm, 2024. "Technological changes and countries’ tax policy design: Evidence from anti-tax avoidance rules," Other publications TiSEM 748e1c3d-7b53-447d-9637-5, Tilburg University, School of Economics and Management.
    21. Eichfelder, Sebastian & Jacob, Martin & Schneider, Kerstin, 2023. "Do tax incentives affect investment quality?," Journal of Corporate Finance, Elsevier, vol. 80(C).
    22. Liu, Lihua & Cao, Lele & Cao, Yuqiang & Lu, Meiting & Shan, Yaowen, 2024. "VAT credit refunds and firm productivity: Evidence from China's VAT reform," International Review of Financial Analysis, Elsevier, vol. 93(C).
    23. Umar Farooq & Mosab I. Tabash & Ahmad A. Al-Naimi & Krzysztof Drachal, 2022. "Corporate Investment Decision: A Review of Literature," JRFM, MDPI, vol. 15(12), pages 1-17, December.
    24. John Gallemore & Martin Jacob, 2020. "Corporate Tax Enforcement Externalities and the Banking Sector," Journal of Accounting Research, Wiley Blackwell, vol. 58(5), pages 1117-1159, December.

  14. Evgeny Lyandres & Maria‐Teresa Marchica & Roni Michaely & Roberto Mura, 2019. "Owners' Portfolio Diversification and Firm Investment: Theory and Evidence from Private and Public Firms," Swiss Finance Institute Research Paper Series 19-12, Swiss Finance Institute, revised Mar 2019.

    Cited by:

    1. Chi, Yung-Ling, 2022. "Owners’ portfolio diversification and internal capital allocation," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    2. Chi, Yung-Ling, 2023. "The agency costs of family ownership: Evidence from innovation performance," Journal of Banking & Finance, Elsevier, vol. 148(C).

  15. Gustavo Grullon & Yelena Larkin & Roni Michaely, 2019. "Are U.S. Industries Becoming More Concentrated?," Swiss Finance Institute Research Paper Series 19-41, Swiss Finance Institute.

    Cited by:

    1. Vaziri, M., 2022. "Antitrust Law and Business Dynamism," Janeway Institute Working Papers 2219, Faculty of Economics, University of Cambridge.
    2. Vallés, Javier & Salas Fumás, Vicente & San Juan, Lucio, 2022. "Corporate economic profits in the euro area: The relevance of cost competitive advantage," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 569-585.
    3. Ananthan Nambiar & Tobias Rubel & James McCaull & Jon deVries & Mark Bedau, 2021. "Dropping diversity of products of large US firms: Models and measures," Papers 2110.08367, arXiv.org.
    4. Amin, Md Ruhul & Wang, Xinyu & Aktas, Elvan, 2023. "Does oil price uncertainty affect corporate innovation?," Energy Economics, Elsevier, vol. 118(C).
    5. Vanessa Alviarez & Keith Head & Thierry Mayer, 2021. "Global Giants and Local Stars: How Changes in Brand Ownership Affect Competition," SciencePo Working papers hal-03389199, HAL.
    6. Das, Joy & Tanger, Shaun & Fannin, J. Matthew & Kennedy, P. Lynn, 2020. "Institutional Determinant of Market Concentration and Trade in a General Equilibrium Setup," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304458, Agricultural and Applied Economics Association.
    7. Esposito, Christopher R., 2023. "The geography of breakthrough invention in the United States over the 20th century," Research Policy, Elsevier, vol. 52(7).
    8. Clemens Fuest & Felix Hugger & Susanne Wildgruber, 2020. "Why Is Corporate Tax Revenue Stable While Tax Rates Fall? Evidence from Firm-Level Data," CESifo Working Paper Series 8605, CESifo.
    9. Paulie, Charlotte, 2021. "Labor-share dynamics -The role of import competition," Working Paper Series 2021:13, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    10. Guler, Ali Umut, 2021. "Seasonal price effects of mergers," Economics Letters, Elsevier, vol. 209(C).
    11. Andrei, Daniel & Carlin, Bruce I., 2023. "Schumpeterian competition in a Lucas economy," Journal of Economic Theory, Elsevier, vol. 208(C).
    12. Amini, Shahram & Kumar, Raman & Shome, Dilip, 2024. "Product market competition and corporate investment: An empirical analysis," International Review of Economics & Finance, Elsevier, vol. 94(C).
    13. Thomas Kroen & Ernest Liu & Atif R. Mian & Amir Sufi, 2021. "Falling Rates and Rising Superstars," NBER Working Papers 29368, National Bureau of Economic Research, Inc.
    14. Giuseppe Attanasi & Kene Boun My & Andrea Guido & Mathieu Lefebvre, 2021. "Controlling monopoly power in a double‐auction market experiment," Post-Print hal-03520328, HAL.
    15. Li, Jay Y. & Tang, Dragon Yongjun, 2022. "Product market competition with CDS," Journal of Corporate Finance, Elsevier, vol. 73(C).
    16. de Bodt, Eric & Cousin, Jean-Gabriel & Officer, Micah S. & Roll, Richard, 2024. "The deterrence effect of M&A regulatory enforcements," Journal of Corporate Finance, Elsevier, vol. 85(C).
    17. Peter Scott, 2021. "The anatomy of Britain's interwar super‐rich: reconstructing the 1928/9 ‘millionaire’ population," Economic History Review, Economic History Society, vol. 74(3), pages 639-665, August.
    18. Dennis Rickert & Jan Philip Schain & Joel Stiebale, 2021. "Local Market Structure and Consumer Prices: Evidence from a Retail Merger," Journal of Industrial Economics, Wiley Blackwell, vol. 69(3), pages 692-729, September.
    19. Eren Gürer, 2024. "Monopolistic competition, rising markups, and optimal taxation of participation," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 26(1), February.
    20. Benkard, C. Lanier & Yurukoglu, Ali & Zhang, Anthony Lee, 2021. "Concentration in Product Markets," Working Papers 308, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    21. Bighelli, Tommaso & Mertens, Matthias & Di Mauro, Filippo & Melitz, Marc, 2022. "European firm concentration and aggregate productivity," Single Market Economics Papers WP2022/9, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission), Chief Economist Team.
    22. Eren Gürer, 2022. "Rising markups and optimal redistributive taxation," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(5), pages 1227-1259, October.
    23. Oded Cohen, 2020. "Does Investor Protection Regulation Induce Poorly Governed Firms to Go Private?," Bank of Israel Working Papers 2020.07, Bank of Israel.
    24. Jifeng Zheng, 2022. "Innovation concentration in knowledge network," PLOS ONE, Public Library of Science, vol. 17(4), pages 1-33, April.
    25. Anagnostopoulou, Seraina C. & Gounopoulos, Dimitrios & Malikov, Kamran & Pham, Hang, 2021. "Earnings management by classification shifting and IPO survival," Journal of Corporate Finance, Elsevier, vol. 66(C).
    26. Christian Reiner & Christian Bellak, 2023. "Hat die ökonomische Macht von Unternehmen in Österreich zugenommen? Teil 1," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 49(1), pages 21-59.
    27. Barriola, Illan & Deffains, Bruno & Musy, Olivier, 2023. "Law and inequality: A comparative approach to the distributive implications of legal systems," International Review of Law and Economics, Elsevier, vol. 75(C).
    28. Steffen Runge & Christian Schwens & Matthias Schulz, 2022. "The invention performance implications of coopetition: How technological, geographical, and product market overlaps shape learning and competitive tension in R&D alliances," Strategic Management Journal, Wiley Blackwell, vol. 43(2), pages 266-294, February.
    29. Gao, Ya & Li, Bing & Sun, Weizeng, 2023. "Resource curse on innovation: A perspective on local mining industry monopolies in resource-based cities in China," China Economic Review, Elsevier, vol. 81(C).
    30. Zewdie Habte Shikur, 2023. "Competitive agricultural input markets in Ethiopia: Theoretical promises versus reality," Regional Science Policy & Practice, Wiley Blackwell, vol. 15(6), pages 1276-1298, August.
    31. Fabian Hollstein & Marcel Prokopczuk & Christoph Matthias Würsig, 2024. "Market power and systematic risk," Financial Management, Financial Management Association International, vol. 53(2), pages 233-266, June.
    32. Colciago, Andrea & Silvestrini, Riccardo, 2022. "Monetary policy, productivity, and market concentration," European Economic Review, Elsevier, vol. 142(C).
    33. Michael G Jacobides & Ioannis Lianos, 2021. "Regulating platforms and ecosystems: an introduction [Ecosystem as structure: an actionable construct for strategy]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(5), pages 1131-1142.
    34. Yang, Guang-Zhao & Si, Deng-Kui & Ning, Guang-Jie, 2023. "Does digital transformation reduce the labor income share in enterprises?," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 1526-1538.
    35. Jacopo Ponticelli & Qiping Xu & Stefan Zeume, 2023. "Temperature and Local Industry Concentration," Working Papers 23-51, Center for Economic Studies, U.S. Census Bureau.
    36. Julien Martin & Mathieu Parenti & Farid Toubal, 2020. "Corporate Tax Avoidance and Industry Concentration," Working Papers ECARES 2020-29, ULB -- Universite Libre de Bruxelles.
    37. Ana Bottega & Rafael S. M. Ribeiro, 2023. "Kalecki meets Schumpeter: The decline of competition in a demand‐led dynamic model," Metroeconomica, Wiley Blackwell, vol. 74(3), pages 584-605, July.
    38. Kim, Daisoon & Savagar, Anthony, 2023. "Firm revenue elasticity and business cycle sensitivity," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    39. Goldin, Ian & Koutroumpis, Pantelis & Lafond, François & Winkler, Julian, 2020. "Why is productivity slowing down?," MPRA Paper 99172, University Library of Munich, Germany.
    40. Andrea Colciago & Marco Membretti, 2024. "Barriers to Entry and the Labor Market," DEM Working Papers Series 222, University of Pavia, Department of Economics and Management.
    41. Artiga Gonzalez, Tanja & Dyakov, Teodor & Inhoffen, Justus & Wipplinger, Evert, 2024. "Crowding of international mutual funds," Journal of Banking & Finance, Elsevier, vol. 164(C).
    42. Eric Barrette & Gautam Gowrisankaran & Robert Town, 2020. "Countervailing Market Power and Hospital Competition," NBER Working Papers 27005, National Bureau of Economic Research, Inc.
    43. Sruthi Thatchenkery & Riitta Katila, 2023. "Innovation and profitability following antitrust intervention against a dominant platform: The wild, wild west?," Strategic Management Journal, Wiley Blackwell, vol. 44(4), pages 943-976, April.
    44. Agoraki, Konstantina K. & Giaka, Maria & Konstantios, Dimitrios & Negkakis, Ioannis, 2024. "The relationship between firm-level climate change exposure, financial integration, cost of capital and investment efficiency," Journal of International Money and Finance, Elsevier, vol. 141(C).
    45. Díez, Federico J. & Fan, Jiayue & Villegas-Sánchez, Carolina, 2021. "Global declining competition?," Journal of International Economics, Elsevier, vol. 132(C).
    46. Stöhr, Annika, 2021. "Price effects of horizontal mergers: A retrospective on retrospectives," Ilmenau Economics Discussion Papers 151, Ilmenau University of Technology, Institute of Economics.
    47. Bae, Kee-Hong & Bailey, Warren & Kang, Jisok, 2021. "Why is stock market concentration bad for the economy?," Journal of Financial Economics, Elsevier, vol. 140(2), pages 436-459.
    48. Goerke, Laszlo, 2020. "A political economy perspective on horizontal FDI in a dynamic Cournot-oligopoly with endogenous entry," European Journal of Political Economy, Elsevier, vol. 63(C).
    49. Budzinski, Oliver & Stöhr, Annika, 2023. "Energieversorgungssicherheit als Gemeinwohl: Auswirkungen des Instrumentes Ministererlaubnis," Ilmenau Economics Discussion Papers 177, Ilmenau University of Technology, Institute of Economics.
    50. Gilles Saint-Paul, 2023. "The educated class and the fragility of consumer society," Working Papers halshs-04129252, HAL.
    51. Shanks, Olga, 2024. "Increasing returns to scale and markups," Structural Change and Economic Dynamics, Elsevier, vol. 70(C), pages 257-267.
    52. Anthony Savagar & Oluwaseun Aguda & Yannis Galanakis & Jingwei Wu, 2024. "Market concentration and productivity: evidence from the UK," Fiscal Studies, John Wiley & Sons, vol. 45(4), pages 459-482, December.
    53. taiebnia , Ali & rahmani , Teymur & Mohammadali , Hanieh, 2019. "Profit Rate Stickiness and Bank Specific Characteristics: Empirical Study of Panel Hidden Cointegration," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 14(1), pages 1-25, January.
    54. Andrea Colciago & Rajssa Mechelli, 2020. "Competition and Inequality," Working Papers 689, DNB.
    55. Bradley, Daniel & Hu, Dan & Yuan, Xiaojing & Zhang, Chi, 2023. "Trade secret protection and product market dynamics," Journal of Corporate Finance, Elsevier, vol. 83(C).
    56. Rizov, Marian & Vecchi, Michela & Domenech, Josep, 2022. "Going online: Forecasting the impact of websites on productivity and market structure," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    57. Larkin, Yelena, 2021. "Reliance on major customers and product market competition," Finance Research Letters, Elsevier, vol. 38(C).
    58. Terranova, Roberta & Turco, Enrico M., 2022. "Concentration, stagnation and inequality: An agent-based approach," Journal of Economic Behavior & Organization, Elsevier, vol. 193(C), pages 569-595.
    59. Andrea Colciago & Marco Membretti, 2024. "Barriers to Entry and the Labor Market," Working Papers 813, DNB.
    60. Jan Behringer, 2019. "Factor shares and the rise in corporate net lending," IMK Working Paper 202-2019, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    61. Reddy, Niall, 2024. "“Downsize And Distribute” Or “Merge And Monopolize”? A Critique Of Corporate Financialization Theories," SocArXiv 2zy5h, Center for Open Science.
    62. Ryu, Doowon, 2020. "The US–Korea free trade agreement as a shock to product market competition: Evidence from the Korean stock market," Finance Research Letters, Elsevier, vol. 35(C).
    63. Huang, Xinhui & Tarkom, Augustine, 2022. "Labor investment efficiency and cash flow volatility," Finance Research Letters, Elsevier, vol. 50(C).
    64. Budzinski, Oliver & Stöhr, Annika, 2023. "Wettbewerb und Nachhaltigkeit in Deutschland und der EU: Ökonomische Einschätzung der Studie im Auftrag des Bundesministeriums für Wirtschaft und Klimaschutz," Ilmenau Economics Discussion Papers 179, Ilmenau University of Technology, Institute of Economics.
    65. Colak, Gonul & Gounopoulos, Dimitrios & Loukopoulos, Panagiotis & Loukopoulos, Georgios, 2021. "Political power, local policy uncertainty and IPO pricing," Journal of Corporate Finance, Elsevier, vol. 67(C).
    66. Efraim Benmelech & Nittai K. Bergman & Hyunseob Kim, 2018. "Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?," Working Papers 18-15, Center for Economic Studies, U.S. Census Bureau.
    67. Matias Covarrubias & Germán Gutiérrez & Thomas Philippon, 2019. "From Good to Bad Concentration? US Industries over the Past 30 Years," NBER Chapters, in: NBER Macroeconomics Annual 2019, volume 34, pages 1-46, National Bureau of Economic Research, Inc.
    68. Li, Scott, 2022. "Industry classification, industry momentum and short-term reversal," Finance Research Letters, Elsevier, vol. 48(C).
    69. José Azar & Xavier Vives, 2021. "General Equilibrium Oligopoly and Ownership Structure," Econometrica, Econometric Society, vol. 89(3), pages 999-1048, May.
    70. Hussain, Tanveer & Tunyi, Abongeh A. & Sufyan, Muhammad & Shahab, Yasir, 2022. "Powerful bidders and value creation in M&As," International Review of Financial Analysis, Elsevier, vol. 81(C).
    71. Lan Dinh, 2022. "Has toughness of local competition declined?," Working Papers 22-13, Center for Economic Studies, U.S. Census Bureau.
    72. Alexander S. Kritikos & Alexander Schiersch & Caroline Stiel, 2022. "The productivity shock in business services," Small Business Economics, Springer, vol. 59(3), pages 1273-1299, October.
    73. Li, Dongxu, 2024. "Horizontal mergers and heterogeneous firm investments: evidence from the United States," Journal of Empirical Finance, Elsevier, vol. 75(C).
    74. Struckell, Elisabeth & Ojha, Divesh & Patel, Pankaj C. & Dhir, Amandeep, 2021. "Ecological determinants of smart home ecosystems: A coopetition framework," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    75. Guido Matias Cortes & Jeanne Tschopp, 2024. "Rising concentration and wage inequality," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(2), pages 320-354, April.
    76. Claire Brennecke & Stefan Jacewitz & Jonathan Pogach, 2022. "Shared Destinies? Small Banks and Small Business Consolidation," Research Working Paper RWP 21-19, Federal Reserve Bank of Kansas City.
    77. Budzinski, Oliver & Gänßle, Sophia & Stöhr, Annika, 2020. "The draft for the 10th amendment of German competition law: Towards a new concept of "Outstanding relevance across markets"?," Ilmenau Economics Discussion Papers 142, Ilmenau University of Technology, Institute of Economics.
    78. Yu, Zhuangxiong & Cheng, Jiajia & Mukhopadhaya, Pundarik & Dong, Jiemiao, 2023. "Do information spillovers across products aggravate product market monopoly? An examination with Chinese data," Economic Modelling, Elsevier, vol. 125(C).
    79. Singla, Shikhar, 2023. "Regulatory costs and market power," LawFin Working Paper Series 47, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    80. Gutiérrez, Germán & Jones, Callum & Philippon, Thomas, 2021. "Entry costs and aggregate dynamics," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 77-91.
    81. Südekum, Jens, 2021. "Place-based policies - How to do them and why," DICE Discussion Papers 367, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    82. Yann Delaprez & Morgane Guignard, 2024. "Merger Remedies and Bargaining Power in the Coffee Market," Discussion Papers of DIW Berlin 2088, DIW Berlin, German Institute for Economic Research.
    83. Mr. Romain A Duval & Davide Furceri & Raphael Lee & Ms. Marina Mendes Tavares, 2021. "Market Power and Monetary Policy Transmission," IMF Working Papers 2021/184, International Monetary Fund.
    84. Domenico Delli Gatti & Roberta Terranova & Enrico Maria Turco, 2024. "Industrial Policy in Times of Market Power," CESifo Working Paper Series 11544, CESifo.
    85. Ernest Liu & Amir Sufi & Atif Mian, 2019. "Low Interest Rates, Market Power, and Productivity Growth," 2019 Meeting Papers 83, Society for Economic Dynamics.
    86. Gao, Ning & Peng, Ni & Zhang, Yi, 2021. "Distributive inefficiency in horizontal mergers: Evidence from wealth transfers between merging firms and their customers," International Review of Financial Analysis, Elsevier, vol. 78(C).
    87. Cavenaile, Laurent & Celik, Murat Alp & Tian, Xu, 2021. "The Dynamic Effects of Antitrust Policy on Growth and Welfare," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 42-59.
    88. Mauro Oliveira & Palani‐Rajan Kadapakkam, 2021. "Effects of customer horizontal merger on supplier capital structure decisions," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1464-1491, December.
    89. Caroline Stiel & Alexander Schiersch, 2022. "Testing the superstar firm hypothesis," Journal of Applied Economics, Taylor & Francis Journals, vol. 25(1), pages 583-603, December.
    90. Usman Sattar & Sohail Ahmad Javeed & Rashid Latief, 2020. "How Audit Quality Affects the Firm Performance with the Moderating Role of the Product Market Competition: Empirical Evidence from Pakistani Manufacturing Firms," Sustainability, MDPI, vol. 12(10), pages 1-20, May.
    91. Nathan E. Wilson, 2021. "The Impact of Competition on Investment: Evidence From California Hospitals," Journal of Industrial Economics, Wiley Blackwell, vol. 69(1), pages 1-32, March.
    92. Gutierrez, German, 2019. "The Failure of Free Entry," CEPR Discussion Papers 14219, C.E.P.R. Discussion Papers.
    93. Kurt, Didem & Pauwels, Koen & Kurt, Ahmet C. & Srinivasan, Shuba, 2021. "The asymmetric effect of warranty payments on firm value: The moderating role of advertising, R&D, and industry concentration," International Journal of Research in Marketing, Elsevier, vol. 38(4), pages 817-837.
    94. Ryo Kato & Tatsushi Okuda & Takayuki Tsuruga, 2020. "Sectoral inflation persistence, market concentration and imperfect common knowledge," ISER Discussion Paper 1082, Institute of Social and Economic Research, Osaka University.
    95. Kahrl, Fredrich, 2021. "Why have U.S. electricity sales flattened?," Energy Policy, Elsevier, vol. 159(C).
    96. Dögüs, Ilhan, 2021. "Production structure, output and profits - A note," ZÖSS-Discussion Papers 88, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    97. Kwon, Spencer Y. & Ma, Yueran & Zimmermann, Kaspar, 2022. "100 years of rising corporate concentration," SAFE Working Paper Series 359, Leibniz Institute for Financial Research SAFE.
    98. Lucia Granelli & Martin Habet & Guergana Stanoeva & Gaetano D’Adamo & Robert Gampfer, 2020. "Puzzles in Non-Financial Corporate Sector Savings across the G20," European Economy - Economic Briefs 063, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    99. Pranvera Shehaj & Martin Zagler, 2023. "Motor Vehicle Registration Taxes (MVRT) across EU countries: MNEs’ profitability and the role of market concentration," European Journal of Law and Economics, Springer, vol. 56(1), pages 155-198, August.
    100. Mr. Andrew Berg & Lahcen Bounader & Nikolay Gueorguiev & Hiroaki Miyamoto & Mr. Kenji Moriyama & Ryota Nakatani & Luis-Felipe Zanna, 2021. "For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation," IMF Working Papers 2021/187, International Monetary Fund.
    101. Domenico Delli Gatti & Roberta Terranova & Enrico Maria Turco, 2023. "Mind the Knowledge Gap! The Origins of Declining Business Dynamism in a Macro Agent-Based Model," CESifo Working Paper Series 10694, CESifo.
    102. Victor Manuel Bennett, 2020. "Changes in persistence of performance over time," Strategic Management Journal, Wiley Blackwell, vol. 41(10), pages 1745-1769, October.
    103. Barkai, Simcha & Benzell, Seth G., 2024. "70 years of US corporate profits," Journal of Corporate Finance, Elsevier, vol. 87(C).
    104. Scott Li, 2021. "Product market competition and intermediate-term momentum," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 35(2), pages 255-267, June.
    105. Li, Scott & Liu, Qianqiu & Refalo, James, 2020. "Industry classification, product market competition, and firm characteristics," Finance Research Letters, Elsevier, vol. 36(C).
    106. Villalonga, Belén, 2019. "Demsetz and Villalonga (2001) on ownership structure and corporate performance: Looking back and looking forward," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 64-67.
    107. Bianca Barbaro & Giorgio Massari & Patrizio Tirelli, 2022. "Who killed business dynamism in the U.S.?," Working Papers 494, University of Milano-Bicocca, Department of Economics, revised Aug 2022.
    108. Babina, Tania & Fedyk, Anastassia & He, Alex & Hodson, James, 2024. "Artificial intelligence, firm growth, and product innovation," Journal of Financial Economics, Elsevier, vol. 151(C).
    109. Carter Davis & Alexandre Sollaci & James Traina, 2022. "Profit Puzzles or: Public Firm Profits Have Fallen," Papers 2201.09160, arXiv.org.
    110. Michi NISHIHARA, 2021. "How should a startup respond to acquirers? A real options analysis," Discussion Papers in Economics and Business 20-24, Osaka University, Graduate School of Economics.
    111. Michaely, Roni & Moin, Amani, 2022. "Disappearing and reappearing dividends," Journal of Financial Economics, Elsevier, vol. 143(1), pages 207-226.
    112. Kaufmann, Mattheo & Schiereck, Dirk, 2023. "Acquiring for innovation: Evidence from the U.S. technology industry," Journal of Economic Dynamics and Control, Elsevier, vol. 152(C).
    113. Morlacco, Monica & Zeke, David, 2021. "Monetary policy, customer capital, and market power," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 116-134.
    114. Dou, Winston Wei & Ji, Yan & Wu, Wei, 2021. "Competition, profitability, and discount rates," Journal of Financial Economics, Elsevier, vol. 140(2), pages 582-620.
    115. Oz Shy, 2021. "College Education, Earning Inequality, and Market Power," Journal of Labor Research, Springer, vol. 42(3), pages 334-357, December.
    116. Ricardo Marto, 2023. "Structural Change and the Rise in Markups," Working Papers 2024-002, Federal Reserve Bank of St. Louis.
    117. Meital Graham Rozen, 2024. "Executive Compensation in Publicly Traded Companies in Israel," Bank of Israel Working Papers 2024.06, Bank of Israel.
    118. Lancieri, Filippo Maria & Valleti, Tommaso, 2024. "Towards an effective merger review policy: A defence of rebuttable structural presumptions," Working Papers 345, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    119. Chara Vavoura, 2024. "The Rise of the Superstars: Uncovering the Composition Effect of International Trade That Cements the Dominant Position of Big Businesses," Mathematics, MDPI, vol. 12(10), pages 1-21, May.
    120. Liebersohn, Jack, 2024. "How does competition affect retail banking? Quasi-experimental evidence from bank mergers," Journal of Financial Economics, Elsevier, vol. 154(C).
    121. Samuel Vika Mhlanga & Neil Andrew Rankin, 2021. "Fixed costs, markups and concentration in Eswatini (Swaziland): A firm‐level analysis of panel data," South African Journal of Economics, Economic Society of South Africa, vol. 89(3), pages 391-416, September.
    122. Ming zhu Wang, 2023. "Changes in industry and corporate effects in the United States, 1978–2019," Strategic Management Journal, Wiley Blackwell, vol. 44(2), pages 477-490, February.

  16. 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.

    Cited by:

    1. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.

  17. Michaely, Roni & Popadak, Jillian & Vincent, Christopher, 2015. "The Deleveraging of U.S. Firms and Institutional Investors’ Role," MPRA Paper 66128, University Library of Munich, Germany.

    Cited by:

    1. Ravid, S. Abraham & Sekerci, Naciye, 2020. "Large investors’ portfolio composition and firms value," Journal of Corporate Finance, Elsevier, vol. 61(C).
    2. Appel, Ian R. & Gormley, Todd A. & Keim, Donald B., 2016. "Passive investors, not passive owners," Journal of Financial Economics, Elsevier, vol. 121(1), pages 111-141.
    3. Sergyi Smerichevskyi & Ihor Kryvoviaziuk & Larysa Raicheva, 2018. "Economic Consequences Of Financial Stability Violation Of World Automotive Corporations," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 4(2).

  18. Annette Alstadsæter & Martin Jacob & Roni Michaely, 2014. "Do Dividend Taxes Affect Corporate Investment?," CESifo Working Paper Series 4931, CESifo.

    Cited by:

    1. Spataro, Luca & Crescioli, Tommaso, 2023. "How much capital should be taxed? A review of the quantitative and empirical literature," LSE Research Online Documents on Economics 123640, London School of Economics and Political Science, LSE Library.
    2. Shafik Hebous & Andualem Mengistu, 2024. "Efficient Economic Rent Taxation under a Global Minimum Corporate Tax," CESifo Working Paper Series 11147, CESifo.
    3. A. E. Biondo & G. Burgio & A. Pluchino & D. Puglisi, 2022. "Taxation and evasion: a dynamic model," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 797-826, July.
    4. Laurent Bach & Antoine Bozio & Arthur Guillouzouic & Claire Leroy & Clément Malgouyres, 2024. "Follow the money! Why dividends overreact to flat-tax reforms," Working Papers halshs-02415470, HAL.
    5. M. Jonathan C. Eklund, 2022. "Do multinational firms respond to personal dividend income tax rates?," Empirical Economics, Springer, vol. 62(4), pages 1743-1771, April.
    6. Elert, Niklas & Henrekson, Magnus & Stenkula, Mikael, 2017. "Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe," Working Paper Series 1150, Research Institute of Industrial Economics, revised 16 Feb 2017.
    7. Karuppiah Sankarganesh & K. Rangasamy Shanmugam, 2023. "Effect of corporate income tax on investment decisions of Indian manufacturing firms," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 28(1), pages 156-175, January.
    8. Mona Yaghoubi & Reza Yaghoubi, 2021. "The Effect of SARS Outbreak on Corporate Investments," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 117-125.
    9. Adrien Matray & Charles Boissel, 2020. "Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France," Working Papers 276, Princeton University, Department of Economics, Center for Economic Policy Studies..
    10. Eichfelder, Sebastian & Jacob, Martin & Schneider, Kerstin, 2020. "Do tax incentives reduce investment quality?," arqus Discussion Papers in Quantitative Tax Research 248, arqus - Arbeitskreis Quantitative Steuerlehre.
    11. Pham, Ngoc-Sang, 2017. "Dividend taxation in an infinite-horizon general equilibrium model," MPRA Paper 80580, University Library of Munich, Germany.
    12. Masanori Orihara, 2023. "Election-Day Market Reactions to Tax Proposals: Evidence from a Close Vote," Working Papers 2219, Waseda University, Faculty of Political Science and Economics.
    13. Ruhollah Eskandari & Morteza Zamanian, 2023. "Heterogeneous responses to corporate marginal tax rates: Evidence from small and large firms," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(7), pages 1018-1047, November.
    14. Bilicka, Katarzyna & Güçeri, Irem & Koumanakos, Evangelos, 2023. "Dividend Taxation and Firm Performance with Heterogeneous Payout Responses," CEPR Discussion Papers 17871, C.E.P.R. Discussion Papers.
    15. Lee, Seung Chul & Park, S. Saeyeul, 2023. "Dividend taxes and corporate choice: Evidence from 2015 tax cut in South Korea," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    16. Aliisa Koivisto, 2023. "Tax planning and investment responses to dividend taxation," Working Papers 15, Finnish Centre of Excellence in Tax Systems Research.
    17. Harju, Jarkko & Koivisto, Aliisa & Matikka, Tuomas, 2022. "The effects of corporate taxes on small firms," Journal of Public Economics, Elsevier, vol. 212(C).
    18. Noth, Felix & Rehbein, Oliver, 2019. "Badly hurt? Natural disasters and direct firm effects," Finance Research Letters, Elsevier, vol. 28(C), pages 254-258.
    19. Hadfi Bilel & Kouki Mondher, 2021. "What Can explain catering of dividend? Environment information and investor sentiment," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(3), pages 428-450, July.
    20. Wen, Jun & Farooq, Umar & Tabash, Mosab I. & El Refae, Ghaleb A. & Ahmed, Jaleel & Subhani, Bilal Haider, 2021. "Government green environmental concerns and corporate real investment decisions: Does financial sector development matter?," Energy Policy, Elsevier, vol. 158(C).
    21. Bonga-Bonga, Lumengo & Erero, Jean Luc, 2019. "The Impact of the Dividend Tax in South Africa: A Dynamic CGE Model Analysis," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 72(2), pages 185-208.
    22. Hongsheng Fang & Yunqing Su & Weijun Lu, 2022. "Tax incentive and firm investment: Evidence from the Income Tax Revenue Sharing Reform in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(5), pages 4849-4884, December.
    23. Håkan Selin, 2024. "Taxing Dividends in a Dual Income Tax System - The Nordic Experience with the Income Splitting Rules," CESifo Working Paper Series 11491, CESifo.
    24. Kai Chang & Ning Lu & Ze Sheng Li & Yi Ran Wang, 2021. "The combined impacts of fiscal and credit policies on green firm's investment opportunity: Evidences from Chinese firm‐level analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(7), pages 1822-1835, October.
    25. Jacob, Martin, 2021. "Dividend taxes, employment, and firm productivity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    26. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    27. Jacob, Martin & Vossebürger, Robert, 2022. "The role of personal income taxes in corporate investment decisions," Journal of Corporate Finance, Elsevier, vol. 77(C).
    28. Pham, Ngoc-Sang, 2023. "Intertemporal equilibrium with physical capital and financial asset: Role of dividend taxation," Mathematical Social Sciences, Elsevier, vol. 123(C), pages 95-104.
    29. Anagnostopoulos, Alexis & Atesagaoglu, Orhan Erem, 2023. "Shareholder tax cuts with household and firm heterogeneity," Finance Research Letters, Elsevier, vol. 57(C).
    30. Massenz, Gabriella, 2023. "On the behavioral effects of tax policy," Other publications TiSEM eb44a9f7-b859-480d-b2e4-4, Tilburg University, School of Economics and Management.
    31. Eichfelder, Sebastian & Jacob, Martin & Schneider, Kerstin, 2023. "Do tax incentives affect investment quality?," Journal of Corporate Finance, Elsevier, vol. 80(C).
    32. Chay, J.B. & Chong, Byung-Uk & Im, Hyun Joong, 2023. "Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform," Journal of Accounting and Economics, Elsevier, vol. 75(1).
    33. Yu, Jinliang & Qi, Yu, 2022. "BT-to-VAT reform and firm productivity: Evidence from a quasi-experiment in China," China Economic Review, Elsevier, vol. 71(C).
    34. DeYoung, Robert & Jang, Karen Y., 2023. "Testing dividend tax theory: Firm and industry heterogeneity," Journal of Financial Intermediation, Elsevier, vol. 56(C).
    35. Xiao, Renrui & Xu, Pingguo & Huang, Baocong, 2024. "Tax incentives and firm social insurance contributions: Evidence from China," China Economic Review, Elsevier, vol. 86(C).
    36. Kong, Dongmin & Ji, Mianmian, 2024. "Individual investors’ dividend tax reform and investment efficiency," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1102-1119.
    37. Fang, Hongsheng & Su, Yunqing & Lu, Weijun, 2022. "Tax incentive and corporate financial performance: Evidence from income tax revenue sharing reform in China," Journal of Asian Economics, Elsevier, vol. 81(C).
    38. Kong, Dongmin & Ji, Mianmian & Zhang, Fan, 2022. "Individual investors’ dividend tax reform and corporate social responsibility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    39. Umar Farooq & Suhaib Anagreh & Mohammad Ahmad Al-Omari & Mosab I. Tabash, 2022. "Corporate Tax Rate, Financing Policy and Investment Decisions: Evidence from 8 Asian Economies," Hacienda Pública Española / Review of Public Economics, IEF, vol. 242(3), pages 29-51, September.

  19. Jacob Boudoukh & Roni Michaely & Matthew Richardson & Michael Roberts, 2004. "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing," NBER Working Papers 10651, National Bureau of Economic Research, Inc.

    Cited by:

    1. Michael Pinelis & David Ruppert, 2020. "Machine Learning Portfolio Allocation," Papers 2003.00656, arXiv.org, revised Nov 2021.
    2. Davide Pettenuzzo & Francesco Ravazzolo, 2014. "Optimal portfolio choice under decision-based model combinations," Working Paper 2014/15, Norges Bank.
    3. Ben-Rephael, Azi & Kandel, Shmuel & Wohl, Avi, 2012. "Measuring investor sentiment with mutual fund flows," Journal of Financial Economics, Elsevier, vol. 104(2), pages 363-382.
    4. Esther Eiling & Raymond Kan & Ali Sharifkhani, 2018. "Sectoral Labor Reallocation and Return Predictability," Working Papers 2018-006, Human Capital and Economic Opportunity Working Group.
    5. Kraft, Holger & Munk, Claus & Weiss, Farina, 2019. "Predictors and portfolios over the life cycle," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 1-27.
    6. Avdis, Efstathios & Wachter, Jessica A., 2017. "Maximum likelihood estimation of the equity premium," Journal of Financial Economics, Elsevier, vol. 125(3), pages 589-609.
    7. Scholz, Michael & Nielsen, Jens Perch & Sperlich, Stefan, 2015. "Nonparametric prediction of stock returns based on yearly data: The long-term view," Insurance: Mathematics and Economics, Elsevier, vol. 65(C), pages 143-155.
    8. Hui Guo & Zijun Wang & Jian Yang, 2013. "Time‐Varying Risk–Return Trade‐off in the Stock Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(4), pages 623-650, June.
    9. Jun Hong Park & Sang Ho Kook & Hyeonu Im & Soomin Eum & Chulung Lee, 2018. "Fabless Semiconductor Firms’ Financial Performance Determinant Factors: Product Platform Efficiency and Technological Capability," Sustainability, MDPI, vol. 10(10), pages 1-22, September.
    10. Jerry Tsai & Jessica A. Wachter, 2015. "Disaster Risk and its Implications for Asset Pricing," NBER Working Papers 20926, National Bureau of Economic Research, Inc.
    11. Martin Lettau & Stijn Van Nieuwerburgh, 2008. "Reconciling the Return Predictability Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1607-1652, July.
    12. Faias, José Afonso, 2023. "Predicting the equity risk premium using the smooth cross-sectional tail risk: The importance of correlation," Journal of Financial Markets, Elsevier, vol. 63(C).
    13. Chang-Jin Kim & Cheolbeom Park, 2012. "Disappearing Dividends: Implications for the Dividend-Price Ratio and Return Predictability," Discussion Paper Series 1205, Institute of Economic Research, Korea University.
    14. Katsafados, Apostolos G. & Leledakis, George N. & Panagiotou, Nikolaos P. & Pyrgiotakis, Emmanouil G., 2024. "Can central bankers’ talk predict bank stock returns? A machine learning approach," MPRA Paper 122899, University Library of Munich, Germany.
    15. Nagayasu, Jun, 2007. "Putting the dividend-price ratio under the microscope," Finance Research Letters, Elsevier, vol. 4(3), pages 186-195, September.
    16. John H. Cochrane, 2008. "The Dog That Did Not Bark: A Defense of Return Predictability," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1533-1575, July.
    17. John Y. Campbell, 2008. "Viewpoint: Estimating the equity premium," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 41(1), pages 1-21, February.
    18. Bai, Hang & Zhang, Lu, 2022. "Searching for the equity premium," Journal of Financial Economics, Elsevier, vol. 143(2), pages 897-926.
    19. Long, Huaigang & Chiah, Mardy & Zaremba, Adam & Umar, Zaghum, 2024. "Changes in shares outstanding and country stock returns around the world," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 90(C).
    20. Joao F. Gomes & Leonid Kogan & Motohiro Yogo, 2007. "Durability of Output and Expected Stock Returns," NBER Working Papers 12986, National Bureau of Economic Research, Inc.
    21. David Haab & Thomas Nitschka, 2017. "Predicting returns on asset markets of a small, open economy and the influence of global risks," Working Papers 2017-14, Swiss National Bank.
    22. Robert F. Whitelaw, 1997. "Time-Varying Sharpe Ratios and Market Timing," New York University, Leonard N. Stern School Finance Department Working Paper Seires 98-074, New York University, Leonard N. Stern School of Business-.
    23. Ilaria Piatti & Fabio Trojani, 2020. "Dividend Growth Predictability and the Price–Dividend Ratio," Management Science, INFORMS, vol. 66(1), pages 130-158, January.
    24. Srivastav, Abhishek & Armitage, Seth & Hagendorff, Jens, 2014. "CEO inside debt holdings and risk-shifting: Evidence from bank payout policies," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 41-53.
    25. Campbell R. Harvey & Yan Liu & Heqing Zhu, 2014. ". . . and the Cross-Section of Expected Returns," NBER Working Papers 20592, National Bureau of Economic Research, Inc.
    26. Iraola, Miguel A. & Santos, Manuel S., 2017. "Asset price volatility, price markups, and macroeconomic fluctuations," Journal of Monetary Economics, Elsevier, vol. 90(C), pages 84-98.
    27. Geert Bekaert & Eric C. Engstrom & Nancy R. Xu, 2022. "The Time Variation in Risk Appetite and Uncertainty," Management Science, INFORMS, vol. 68(6), pages 3975-4004, June.
    28. Olivier Ledoit & Michael Wolf & Zhao Zhao, 2016. "Efficient Sorting: A More Powerful Test for Cross-Sectional Anomalies," ECON - Working Papers 238, Department of Economics - University of Zurich, revised May 2018.
    29. Brawn, Derek & Sevǐc, Aleksandar, 2015. "Net payout return: An alternative to the traditional returns approach based on dividends and share repurchases," Finance Research Letters, Elsevier, vol. 13(C), pages 66-73.
    30. Cederburg, Scott & O’Doherty, Michael S. & Wang, Feifei & Yan, Xuemin (Sterling), 2020. "On the performance of volatility-managed portfolios," Journal of Financial Economics, Elsevier, vol. 138(1), pages 95-117.
    31. Michael Johannes & Arthur Korteweg & Nicholas Polson, 2014. "Sequential Learning, Predictability, and Optimal Portfolio Returns," Journal of Finance, American Finance Association, vol. 69(2), pages 611-644, April.
    32. Tetiana Davydiuk & Scott Richard & Ivan Shaliastovich & Amir Yaron, 2023. "How Risky Are U.S. Corporate Assets?," Journal of Finance, American Finance Association, vol. 78(1), pages 141-208, February.
    33. de Oliveira Souza, Thiago, 2019. "A critique of momentum anomalies," Discussion Papers on Economics 5/2019, University of Southern Denmark, Department of Economics.
    34. Kulchania, Manoj, 2013. "Catering driven substitution in corporate payouts," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 180-195.
    35. Cao, Sean & Jiang, Wei & Wang, Junbo & Yang, Baozhong, 2024. "From Man vs. Machine to Man + Machine: The art and AI of stock analyses," Journal of Financial Economics, Elsevier, vol. 160(C).
    36. Geert Bekaert & Eric Engstrom, 2009. "Inflation and the Stock Market:Understanding the "Fed Model"," NBER Working Papers 15024, National Bureau of Economic Research, Inc.
    37. Jessica Wachter, 2010. "Asset Allocation," NBER Working Papers 16255, National Bureau of Economic Research, Inc.
    38. Geert Bekaert & Eric Engstrom & Andrey Ermolov, 2023. "The Variance Risk Premium in Equilibrium Models," Review of Finance, European Finance Association, vol. 27(6), pages 1977-2014.
    39. Tobek, Ondrej & Hronec, Martin, 2021. "Does it pay to follow anomalies research? Machine learning approach with international evidence," Journal of Financial Markets, Elsevier, vol. 56(C).
    40. Wang, Yunqi & Zhou, Ti, 2023. "Out-of-sample equity premium prediction: The role of option-implied constraints," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 199-226.
    41. Piergiorgio Alessandri & Donald Robertson & Stephen Wright, 2008. "Miller and Modigliani, Predictive Return Regressions and Cointegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(2), pages 181-207, April.
    42. Langlois, Hugues, 2020. "Measuring skewness premia," Journal of Financial Economics, Elsevier, vol. 135(2), pages 399-424.
    43. Christian Walkshäusl, 2016. "Net payout yields and the cross-section of international stock returns," Journal of Asset Management, Palgrave Macmillan, vol. 17(1), pages 57-67, January.
    44. Huang, Darien & Kilic, Mete, 2019. "Gold, platinum, and expected stock returns," Journal of Financial Economics, Elsevier, vol. 132(3), pages 50-75.
    45. Choy, Siu Kai & Lewis, Craig & Tan, Yongxian, 2023. "Can the changes in fundamentals explain the attenuation of anomalies?," Journal of Financial Economics, Elsevier, vol. 149(2), pages 142-160.
    46. Frederico Belo & Pierre Collin-Dufresne & Robert S. Goldstein, 2012. "Endogenous Dividend Dynamics and the Term Structure of Dividend Strips," NBER Working Papers 18450, National Bureau of Economic Research, Inc.
    47. Canil, Jean, 2017. "Non-dividend protected executive options and dividend policy: Evidence from SFAS 123R," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 15-33.
    48. Joachim Freyberger & Andreas Neuhierl & Michael Weber & Michael Weber, 2018. "Dissecting Characteristics Nonparametrically," CESifo Working Paper Series 7187, CESifo.
    49. Vassilis Polimenis & Ioannis Neokosmidis, 2019. "Non-stationary dividend-price ratios," Journal of Asset Management, Palgrave Macmillan, vol. 20(7), pages 552-567, December.
    50. Ermolov, Andrey, 2022. "Time-varying risk of nominal bonds: How important are macroeconomic shocks?," Journal of Financial Economics, Elsevier, vol. 145(1), pages 1-28.
    51. Noman, Abdullah & Naka, Atsuyuki & Zirek, Duygu, 2017. "Examining return predictability of industry style portfolios with prior return relative to a benchmark," The Quarterly Review of Economics and Finance, Elsevier, vol. 63(C), pages 193-203.
    52. Favero, Carlo A. & Gozluklu, Arie & Tamoni, Andrea, 2010. "Demographic Trends, the Dividend-Price Ratio and the Predictability of Long-Run Stock Market Returns," CEPR Discussion Papers 7734, C.E.P.R. Discussion Papers.
    53. Nuno Silva, 2013. "Equity Premia Predictability in the EuroZone," GEMF Working Papers 2013-22, GEMF, Faculty of Economics, University of Coimbra.
    54. Drobetz, Wolfgang & Kugler, Peter & Wanzenried, Gabrielle & Zimmermann, Heinz, 2009. "Heterogeneity in asset allocation decisions: Empirical evidence from Switzerland," International Review of Financial Analysis, Elsevier, vol. 18(1-2), pages 84-93, March.
    55. Long Chen & Zhi Da & Borja Larrain, 2016. "What Moves Investment Growth?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(8), pages 1613-1653, December.
    56. Geertsema, Paul & Lu, Helen, 2020. "The correlation structure of anomaly strategies," Journal of Banking & Finance, Elsevier, vol. 119(C).
    57. Jacob Boudoukh & Matthew Richardson & Robert Whitelaw, 2005. "The Myth of Long-Horizon Predictability," NBER Working Papers 11841, National Bureau of Economic Research, Inc.
    58. Hui Chen & Scott Joslin & Sophie X. Ni, 2019. "Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets," NBER Working Papers 25573, National Bureau of Economic Research, Inc.
    59. Christopher J. Neely & David E. Rapach & Jun Tu & Guofu Zhou, 2014. "Forecasting the Equity Risk Premium: The Role of Technical Indicators," Management Science, INFORMS, vol. 60(7), pages 1772-1791, July.
    60. Guanhao Feng & Stefano Giglio & Dacheng Xiu, 2019. "Taming the Factor Zoo: A Test of New Factors," NBER Working Papers 25481, National Bureau of Economic Research, Inc.
    61. John Y. Campbell & Samuel B. Thompson, 2005. "Predicting the Equity Premium Out of Sample: Can Anything Beat the Historical Average?," Harvard Institute of Economic Research Working Papers 2084, Harvard - Institute of Economic Research.
    62. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2011. "The contribution of stock repurchases to the value of the firm and cash holdings around the world," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 152-166, February.
    63. Kwang Hun Choi & Chang‐Jin Kim & Cheolbeom Park, 2017. "Regime Shifts in Price‐Dividend Ratios and Expected Stock Returns: A Present‐Value Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(2-3), pages 417-441, March.
    64. Polimenis, Vassilis & Neokosmidis, Ioannis M., 2016. "The modified dividend–price ratio," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 31-38.
    65. Verdelhan, Adrien & Van Nieuwerburgh, Stijn & Lustig, Hanno, 2012. "The Wealth-Consumption Ratio," CEPR Discussion Papers 9022, C.E.P.R. Discussion Papers.
    66. Goodness C. Aye & Rangan Gupta & Mampho P. Modise, 2012. "Structural Breaks and Predictive Regressions Models of South African Equity Premium," Working Papers 201209, University of Pretoria, Department of Economics.
    67. Miguel A. Ferreira & Pedro Santa-Clara, 2008. "Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole," NBER Working Papers 14571, National Bureau of Economic Research, Inc.
    68. Clemens Sialm, 2006. "Investment Taxes and Equity Returns," NBER Working Papers 12146, National Bureau of Economic Research, Inc.
    69. Nettayanun, Sampan, 2023. "Asset pricing in bull and bear markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    70. Cheung, Adrian (Wai Kong) & Hasan, Mostafa Monzur & Khoo, Joye, 2021. "Distracted institutional shareholders and corporate cash holdings," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 453-466.
    71. Schmid, Thomas & Ampenberger, Markus & Kaserer, Christoph & Achleitner, Ann-Kristin, 2010. "Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?," CEFS Working Paper Series 2010-01, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    72. Smith, Simon C., 2021. "International stock return predictability," International Review of Financial Analysis, Elsevier, vol. 78(C).
    73. Shi, Zhan, 2019. "Time-varying ambiguity, credit spreads, and the levered equity premium," Journal of Financial Economics, Elsevier, vol. 134(3), pages 617-646.
    74. Paulo M.M. Rodrigues & Matei Demetrescu, 2019. "Testing for Episodic Predictability in Stock Returns," Working Papers w201906, Banco de Portugal, Economics and Research Department.
    75. Shanken, Jay & Tamayo, Ane, 2012. "Payout yield, risk, and mispricing: A Bayesian analysis," Journal of Financial Economics, Elsevier, vol. 105(1), pages 131-152.
    76. Londono, Juan M. & Regúlez, Marta & Vázquez, Jesús, 2015. "An alternative view of the US price–dividend ratio dynamics," International Review of Economics & Finance, Elsevier, vol. 38(C), pages 291-307.
    77. Hui Chen & Nengjiu Ju & Jianjun Miao, "undated". "Dynamic Asset Allocation with Ambiguous Return Predictability," Boston University - Department of Economics - Working Papers Series wp2009-015, Boston University - Department of Economics.
    78. Tim Bollerslev & Lai Xu & Hao Zhou, 2012. "Stock Return and Cash Flow Predictability: The Role of Volatility Risk," CREATES Research Papers 2012-51, Department of Economics and Business Economics, Aarhus University.
    79. Benjamin Golez & Peter Koudijs, 2014. "Four Centuries of Return Predictability," NBER Working Papers 20814, National Bureau of Economic Research, Inc.
    80. Wang, Feifei & Yan, Xuemin Sterling & Zheng, Lingling, 2024. "Institutional trading, news, and accounting anomalies," Journal of Accounting and Economics, Elsevier, vol. 78(1).
    81. Jiang, Danling, 2008. "Cross-Sectional Dispersion of Firm Valuations and Expected Stock Returns," MPRA Paper 8325, University Library of Munich, Germany.
    82. Jennifer Blouin & Jana Raedy & Douglas Shackelford, 2010. "Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes," NBER Working Papers 16129, National Bureau of Economic Research, Inc.
    83. John Y. Campbell & Christopher Polk & Tuomo Vuolteenaho, 2005. "Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns," Harvard Institute of Economic Research Working Papers 2082, Harvard - Institute of Economic Research.
    84. Allaudeen Hameed & Jing Xie & Yuxiang Zhong, 2024. "Preferences for dividends and stock returns around the world," Working Papers 202405, University of Macau, Faculty of Business Administration.
    85. Gene Amromin & Steven A. Sharpe, 2014. "From the Horse's Mouth: Economic Conditions and Investor Expectations of Risk and Return," Management Science, INFORMS, vol. 60(4), pages 845-866, April.
    86. Kristoffer Pons Bertelsen, 2022. "The Prior Adaptive Group Lasso and the Factor Zoo," CREATES Research Papers 2022-05, Department of Economics and Business Economics, Aarhus University.
    87. Dangl, Thomas & Halling, Michael, 2012. "Predictive regressions with time-varying coefficients," Journal of Financial Economics, Elsevier, vol. 106(1), pages 157-181.
    88. Park, Cheolbeom, 2010. "When does the dividend-price ratio predict stock returns?," Journal of Empirical Finance, Elsevier, vol. 17(1), pages 81-101, January.
    89. Jessica A. Wachter & Missaka Warusawitharana, 2009. "What is the chance that the equity premium varies over time? evidence from predictive regressions," Finance and Economics Discussion Series 2009-26, Board of Governors of the Federal Reserve System (U.S.).
    90. Tristan Jourde & Arthur Stalla-Bourdillon, 2024. "PEnvironmental Preferences and Sector Valuations," Working papers 964, Banque de France.
    91. Virbickaitė, Audronė & Frey, Christoph & Macedo, Demian N., 2020. "Bayesian sequential stock return prediction through copulas," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    92. Chiarella, Carl & He, Xue-Zhong & Zwinkels, Remco C.J., 2014. "Heterogeneous expectations in asset pricing: Empirical evidence from the S&P500," Journal of Economic Behavior & Organization, Elsevier, vol. 105(C), pages 1-16.
    93. Massimiliano De Santis, 2005. "Interpreting Aggregate Stock Market Behavior: How Far Can the Standard Model Go?," Money Macro and Finance (MMF) Research Group Conference 2005 5, Money Macro and Finance Research Group.
    94. Sonnan Chen & Yuchi Gu, 2021. "Joint estimation of volatility risk and tail risk premia with time-varying macro-state-dependent property," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1357-1397, May.
    95. John Powell & Jing Shi & Tom Smith & Robert Whaley, 2009. "Common Divisors, Payout Persistence, and Return Predictability," International Review of Finance, International Review of Finance Ltd., vol. 9(4), pages 335-357, December.
    96. Souza, Thiago de Oliveira, 2018. "Size-related premiums," Discussion Papers on Economics 3/2018, University of Southern Denmark, Department of Economics.
    97. Kaihua Deng & Chang-Jin Kim, 2015. "Predicting Stock Returns — The Information Content Of Predictors Across Horizons," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 10(02), pages 1-27, December.
    98. Lei Tan & Bo Zheng & Jun-Jie Chen & Xiong-Fei Jiang, 2015. "How Volatilities Nonlocal in Time Affect the Price Dynamics in Complex Financial Systems," PLOS ONE, Public Library of Science, vol. 10(2), pages 1-16, February.
    99. Wang, Feifei & Yan, Xuemin Sterling, 2021. "Downside risk and the performance of volatility-managed portfolios," Journal of Banking & Finance, Elsevier, vol. 131(C).
    100. Ralph S.J. Koijen & Stijn Van Nieuwerburgh, 2010. "Predictability of Returns and Cash Flows," NBER Working Papers 16648, National Bureau of Economic Research, Inc.
    101. Peng, Xingchun & Li, Baihui, 2023. "Optimal investment, consumption and life insurance purchase with learning about return predictability," Insurance: Mathematics and Economics, Elsevier, vol. 113(C), pages 70-95.
    102. Travis L Johnson, 2019. "A Fresh Look at Return Predictability Using a More Efficient Estimator," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 9(1), pages 1-46.
    103. Donggyu Kim & Minseok Shin, 2024. "Nonconvex High-Dimensional Time-Varying Coefficient Estimation for Noisy High-Frequency Observations with a Factor Structure," Working Papers 202418, University of California at Riverside, Department of Economics.
    104. Sizova, Natalia, 2014. "A frequency-domain alternative to long-horizon regressions with application to return predictability," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 261-272.
    105. Juhani T. Linnainmaa & Michael R. Roberts, 2016. "The History of the Cross Section of Stock Returns," NBER Working Papers 22894, National Bureau of Economic Research, Inc.
    106. Chronopoulos, Dimitris K. & Papadimitriou, Fotios I. & Vlastakis, Nikolaos, 2018. "Information demand and stock return predictability," Journal of International Money and Finance, Elsevier, vol. 80(C), pages 59-74.
    107. Lóránth, Gyöngyi & Laux, Christian & Cziraki, Peter, 2016. "Understanding Bank Payouts during the Crisis of 2007-2009," CEPR Discussion Papers 11453, C.E.P.R. Discussion Papers.
    108. Jianjian Jin, 2015. "Jump-Diffusion Long-Run Risks Models, Variance Risk Premium, and Volatility Dynamics," Review of Finance, European Finance Association, vol. 19(3), pages 1223-1279.
    109. Helmut Herwartz & Malte Rengel & Fang Xu, 2016. "Local Trends in Price‐to‐Dividend Ratios—Assessment, Predictive Value, and Determinants," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(8), pages 1655-1690, December.
    110. Assaf Eisdorfer, 2007. "The Importance of Cash‐Flow News for Financially Distressed Firms," Financial Management, Financial Management Association International, vol. 36(3), pages 33-48, September.
    111. Møller, Stig Vinther, 2008. "Habit persistence: Explaining cross-sectional variation in returns and time-varying expected returns," Finance Research Group Working Papers F-2008-04, University of Aarhus, Aarhus School of Business, Department of Business Studies.
    112. Ferson, Wayne & Nallareddy, Suresh & Xie, Biqin, 2013. "The “out-of-sample” performance of long run risk models," Journal of Financial Economics, Elsevier, vol. 107(3), pages 537-556.
    113. Walkshäusl, Christian & Lobe, Sebastian, 2010. "Fundamental indexing around the world," Review of Financial Economics, Elsevier, vol. 19(3), pages 117-127, August.
    114. Jun Nagayasu, 2008. "Japanese stock movements from 1991 to 2005: evidence from high- and low-frequency data," Applied Financial Economics, Taylor & Francis Journals, vol. 18(4), pages 295-307.
    115. Hui Zeng & Ben R Marshall & Nhut H Nguyen & Nuttawat Visaltanachoti, 2022. "Are individual stock returns predictable?," Australian Journal of Management, Australian School of Business, vol. 47(1), pages 135-162, February.
    116. Xin Chen & Wei He & Libin Tao & Jianfeng Yu, 2023. "Attention and Underreaction-Related Anomalies," Management Science, INFORMS, vol. 69(1), pages 636-659, January.
    117. Kewei Hou & Haitao Mo & Chen Xue & Lu Zhang, 2019. "Which Factors?," Review of Finance, European Finance Association, vol. 23(1), pages 1-35.
    118. Man Fu & Prasad V. Bidarkota, 2011. "Periodically Collapsing Bubbles in Stock Prices Cointegrated with Broad Dividends and Macroeconomic Factors," JRFM, MDPI, vol. 4(1), pages 1-36, December.
    119. Zilan Liu & Huanying Zhang & Yijun Wang & Ya Huang, 2024. "Optimal Investment for Defined-Contribution Pension Plans with the Return of Premium Clause under Partial Information," Mathematics, MDPI, vol. 12(13), pages 1-22, July.
    120. Chen, Nan-Kuang & Chen, Shiu-Sheng & Chou, Yu-Hsi, 2017. "Further evidence on bear market predictability: The role of the external finance premium," International Review of Economics & Finance, Elsevier, vol. 50(C), pages 106-121.
    121. Lee, Changju & Ku, Seungmo & Cho, Poongjin & Chang, Woojin, 2019. "Explaining future market return and evaluating market condition with common preferred spread index," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 525(C), pages 921-934.
    122. Gene Amromin & Steven A. Sharpe, 2008. "Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?," Finance and Economics Discussion Series 2008-17, Board of Governors of the Federal Reserve System (U.S.).
    123. Paye, Bradley S. & Timmermann, Allan, 2006. "Instability of return prediction models," Journal of Empirical Finance, Elsevier, vol. 13(3), pages 274-315, June.
    124. John Y. Campbell, 2007. "Estimating the Equity Premium," NBER Working Papers 13423, National Bureau of Economic Research, Inc.
    125. Tom Engsted & Stuart Hyde & Stig V. Møller, 2007. "Habit Formation, Surplus Consumption and Return Predictability: International Evidence," CREATES Research Papers 2007-31, Department of Economics and Business Economics, Aarhus University.
    126. Joscha Beckmann & Rainer Schüssler, 2014. "Forecasting Equity Premia using Bayesian Dynamic Model Averaging," CQE Working Papers 2914, Center for Quantitative Economics (CQE), University of Muenster.
    127. Christian Walkshäusl & Sebastian Lobe, 2010. "Fundamental indexing around the world," Review of Financial Economics, John Wiley & Sons, vol. 19(3), pages 117-127, August.
    128. Gonçalves, Andrei S. & Leonard, Gregory, 2023. "The fundamental-to-market ratio and the value premium decline," Journal of Financial Economics, Elsevier, vol. 147(2), pages 382-405.
    129. Yin, Libo & Liao, Huiyi, 2020. "Firm’s quality increases and the cross-section of stock returns: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 66(C), pages 228-243.
    130. Kent Daniel & David Hirshleifer & Lin Sun, 2020. "Short- and Long-Horizon Behavioral Factors," The Review of Financial Studies, Society for Financial Studies, vol. 33(4), pages 1673-1736.
    131. Chava, Sudheer & Gallmeyer, Michael & Park, Heungju, 2015. "Credit conditions and stock return predictability," Journal of Monetary Economics, Elsevier, vol. 74(C), pages 117-132.
    132. He, Wen & Mi, Lin, 2022. "Institutional investors’ horizon and equity-financed payouts," Journal of Banking & Finance, Elsevier, vol. 134(C).
    133. Kewei Hou & Chen Xue & Lu Zhang, 2017. "Replicating Anomalies," NBER Working Papers 23394, National Bureau of Economic Research, Inc.
    134. Snigaroff, Robert & Wroblewski, David, 2021. "Earnings and liquidity factors," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 508-523.
    135. Huang, Wei & Paul, Donna L., 2017. "Institutional holdings, investment opportunities and dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 152-161.
    136. Campbell, John & Thompson, Samuel P., 2008. "Predicting Excess Stock Returns Out of Sample: Can Anything Beat the Historical Average?," Scholarly Articles 2622619, Harvard University Department of Economics.
    137. Henkel, Sam James & Martin, J. Spencer & Nardari, Federico, 2011. "Time-varying short-horizon predictability," Journal of Financial Economics, Elsevier, vol. 99(3), pages 560-580, March.
    138. Xianfeng Hao & Yudong Wang, 2023. "Forecasting the stock risk premium: A new statistical constraint," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(7), pages 1805-1822, November.
    139. Chyi-Lun Chiou, 2015. "Understanding the Cash Flow-Fundamental Ratio," International Journal of Economics and Financial Issues, Econjournals, vol. 5(1), pages 148-157.
    140. Christoffersen, Peter & Langlois, Hugues, 2013. "The Joint Dynamics of Equity Market Factors," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 48(5), pages 1371-1404, October.
    141. Borja Larrain & Motohiro Yogo, 2007. "Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?," NBER Working Papers 12847, National Bureau of Economic Research, Inc.
    142. Carmelo Giaccotto & Alain Krapl, 2014. "Good News and Bad News about Firm-Level Stock Returns of Internationally Exposed Firms," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 523-550, December.
    143. Broer, Tobias & Kero, Afroditi, 2011. "Great Moderation or Great Mistake: Can rising confidence in low macro-risk explain the boom in asset prices?," CEPR Discussion Papers 8700, C.E.P.R. Discussion Papers.
    144. Miguel A. Iraola & Manuel S. Santos, 2009. "Long Term Asset Price Volatility and Macroeconomic Fluctuations," Working Papers 2010-1, University of Miami, Department of Economics.
    145. José Afonso Faias & Tiago Castel-Branco, 2018. "Out-Of-Sample Stock Return Prediction Using Higher-Order Moments," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 21(06), pages 1-27, September.
    146. Stijn Van Nieuwerburgh & Hanno Lustig, 2005. "The Returns on Human Wealth: Good News on Wall Street is Bad News on Main Street," 2005 Meeting Papers 105, Society for Economic Dynamics.
    147. Adem Atmaz & Suleyman Basak, 2022. "Stock Market and No‐Dividend Stocks," Journal of Finance, American Finance Association, vol. 77(1), pages 545-599, February.
    148. Stephan Jank, 2015. "Changes in the Composition of Publicly Traded Firms: Implications for the Dividend-Price Ratio and Return Predictability," Management Science, INFORMS, vol. 61(6), pages 1362-1377, June.
    149. Chen, Long, 2009. "On the reversal of return and dividend growth predictability: A tale of two periods," Journal of Financial Economics, Elsevier, vol. 92(1), pages 128-151, April.
    150. Paye, Bradley S., 2012. "‘Déjà vol’: Predictive regressions for aggregate stock market volatility using macroeconomic variables," Journal of Financial Economics, Elsevier, vol. 106(3), pages 527-546.
    151. Jianjian Jin, 2013. "Jump-Diffusion Long-Run Risks Models, Variance Risk Premium and Volatility Dynamics," Staff Working Papers 13-12, Bank of Canada.
    152. David Rey, 2005. "Market Timing And Model Uncertainty: An Exploratory Study For The Swiss Stock Market," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 19(3), pages 239-260, October.
    153. Andrew Clare & James Seaton & Peter N. Smith & Stephen Thomas, 2014. "When Growth Beats Value: Removing Tail Risk From Global Equity Momentum Strategies," Discussion Papers 14/09, Department of Economics, University of York.
    154. Luca Benzoni & Pierre Collin-Dufresne & Robert S. Goldstein, 2010. "Explaining asset pricing puzzles associated with the 1987 market crash," Working Paper Series WP-2010-10, Federal Reserve Bank of Chicago.
    155. Georgeta Vintila & Elena Alexandra Nenu, 2015. "An Analysis of Determinants of Corporate Financial Performance: Evidence from the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(3), pages 732-739.
    156. Susana Yu, 2011. "The Changing Nature of Corporate Distributions and Its Implications for Investors," The American Economist, Sage Publications, vol. 56(1), pages 89-103, May.
    157. Gene Amromin & Steven A. Sharpe, 2012. "From the horse’s mouth: how do investor expectations of risk and return vary with economic conditions?," Working Paper Series WP-2012-08, Federal Reserve Bank of Chicago.
    158. Byrne, Joseph & Fu, Rong, 2016. "Stock Return Prediction with Fully Flexible Models and Coefficients," MPRA Paper 75366, University Library of Munich, Germany.
    159. Zhang, Yuzhao, 2014. "Contrarian flows, consumption and expected stock returns," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 101-111.
    160. Harvey, David I & Leybourne, Stephen J & Sollis, Robert & Taylor, AM Robert, 2020. "Real-Time Detection of Regimes of Predictability in the U.S. Equity Premium," Essex Finance Centre Working Papers 27775, University of Essex, Essex Business School.
    161. Borup, Daniel, 2019. "Asset pricing model uncertainty," Journal of Empirical Finance, Elsevier, vol. 54(C), pages 166-189.
    162. Ralph S. J. Koijen & Juan Carlos Rodríguez & Alessandro Sbuelz, 2009. "Momentum and Mean Reversion in Strategic Asset Allocation," Management Science, INFORMS, vol. 55(7), pages 1199-1213, July.
    163. Kellard, Neil M. & Nankervis, John C. & Papadimitriou, Fotios I., 2010. "Predicting the equity premium with dividend ratios: Reconciling the evidence," Journal of Empirical Finance, Elsevier, vol. 17(4), pages 539-551, September.
    164. Cakici, Nusret & Zaremba, Adam & Bianchi, Robert J. & Pham, Nga, 2021. "False discoveries in the anomaly research: New insights from the Stock Exchange of Melbourne (1927–1987)," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    165. Jank, Stephan, 2012. "Changes in the composition of publicly traded firms: Implications for the dividend-price ratio and return predictability," CFR Working Papers 12-08, University of Cologne, Centre for Financial Research (CFR).
    166. Maria Elisabete Duante Neves, 2017. "Payout and Firm's Catering," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 104-132.
    167. Xiao Chen & Jin Hyuk Choi & Kasper Larsen & Duane J. Seppi, 2022. "Learning about latent dynamic trading demand $$^*$$ ∗," Mathematics and Financial Economics, Springer, volume 16, number 1, February.
    168. Hanno Lustig & Stijn Van Nieuwerburgh, 2005. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street," NBER Working Papers 11564, National Bureau of Economic Research, Inc.
    169. Nuno Silva, 2015. "Time-Varying Stock Return Predictability: The Eurozone Case," Notas Económicas, Faculty of Economics, University of Coimbra, issue 41, pages 28-38, June.
    170. von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
    171. Ting-Kai Chou & Hsuan-Ling Feng, 2019. "Multiple directorships and the value of cash holdings," Review of Quantitative Finance and Accounting, Springer, vol. 53(3), pages 663-699, October.
    172. Thorsten Lehnert, 2022. "Corporate managers, price noise and the investment factor," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-18, December.
    173. Anup K. Basu & Brigette Forbes & Henk Berkman, 2014. "Does fundamental indexation lead to better risk-adjusted returns? New evidence from Australian Securities Exchange," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 54(3), pages 699-728, September.
    174. Jozef Barunik & Martin Hronec & Ondrej Tobek, 2024. "Predicting the distributions of stock returns around the globe in the era of big data and learning," Papers 2408.07497, arXiv.org.
    175. Song, Xiaojing & Tippett, Mark & Vivian, Andrew, 2017. "Assessing abnormal returns: the case of Chinese M&A acquiring firms," Research in International Business and Finance, Elsevier, vol. 42(C), pages 191-207.
    176. Gonçalves, Andrei S., 2021. "The short duration premium," Journal of Financial Economics, Elsevier, vol. 141(3), pages 919-945.
    177. Brawn, Derek A. & Šević, Aleksandar, 2018. "“Firm size matters: Industry sector, firm age and volatility do too in determining which publicly-listed US firms pay a dividend”," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 132-152.
    178. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
    179. Douglas Cumming & Fanyu Lu & Limin Xu & Chia-Feng (Jeffrey) Yu, 2024. "Are Companies Offloading Risk onto Employees in Times of Uncertainty? Insights from Corporate Pension Plans," Journal of Business Ethics, Springer, vol. 195(3), pages 579-598, December.
    180. Chen, Sichong, 2012. "The predictability of aggregate Japanese stock returns: Implications of dividend yield," International Review of Economics & Finance, Elsevier, vol. 22(1), pages 284-304.
    181. Li, Jun & Wang, Huijun & Yu, Jianfeng, 2021. "Aggregate expected investment growth and stock market returns," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 618-638.
    182. Kraft, Holger & Munk, Claus & Weiss, Farina, 2017. "Predictors and portfolios over the life cycle: Skill vs. luck," SAFE Working Paper Series 139, Leibniz Institute for Financial Research SAFE, revised 2017.
    183. Bessler, Wolfgang & Drobetz, Wolfgang & Zimmermann, Heinz, 2007. "Conditional Performance Evaluation for German Mutual Equity Funds," Working papers 2007/22, Faculty of Business and Economics - University of Basel.
    184. Yufeng Han, 2010. "On the Economic Value of Return Predictability," Annals of Economics and Finance, Society for AEF, vol. 11(1), pages 1-33, May.
    185. Andrew Y. Chen & Tom Zimmermann, 2022. "Open Source Cross-Sectional Asset Pricing," Critical Finance Review, now publishers, vol. 11(2), pages 207-264, May.
    186. Lawrenz, Jochen & Zorn, Josef, 2017. "Predicting international stock returns with conditional price-to-fundamental ratios," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 159-184.
    187. Urooj Khan & Suresh Nallareddy & Ethan Rouen, 2017. "The Role of Taxes in the Disconnect between Corporate Performance and Economic Growth," Harvard Business School Working Papers 18-006, Harvard Business School.
    188. Branger, Nicole & Larsen, Linda Sandris & Munk, Claus, 2013. "Robust portfolio choice with ambiguity and learning about return predictability," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1397-1411.
    189. Kang, Jangkoo & Kim, Tong Suk & Lee, Changjun & Min, Byoung-Kyu, 2011. "Macroeconomic risk and the cross-section of stock returns," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3158-3173.
    190. Lehnert, Thorsten, 2022. "Flight-to-safety and retail investor behavior," International Review of Financial Analysis, Elsevier, vol. 81(C).
    191. Jaewon Choi & Matthew P. Richardson & Robert F. Whitelaw, 2014. "On the Fundamental Relation Between Equity Returns and Interest Rates," NBER Working Papers 20187, National Bureau of Economic Research, Inc.
    192. Donald Robertson & Stephen Wright, 2006. "Dividends, Total Cash Flow to Shareholders, and Predictive Return Regressions," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 91-99, February.
    193. Michaely, Roni & Moin, Amani, 2022. "Disappearing and reappearing dividends," Journal of Financial Economics, Elsevier, vol. 143(1), pages 207-226.
    194. Banyi, Monica L. & Kahle, Kathleen M., 2014. "Declining propensity to pay? A re-examination of the lifecycle theory," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 345-366.
    195. Yin Chen & Roni Israelov, 2024. "Income illusions: challenging the high yield stock narrative," Journal of Asset Management, Palgrave Macmillan, vol. 25(2), pages 190-202, March.
    196. Li Guo & Lin Peng & Yubo Tao & Jun Tu, 2017. "Joint News, Attention Spillover,and Market Returns," Papers 1703.02715, arXiv.org, revised Nov 2022.
    197. Rapach, David & Zhou, Guofu, 2013. "Forecasting Stock Returns," Handbook of Economic Forecasting, in: G. Elliott & C. Granger & A. Timmermann (ed.), Handbook of Economic Forecasting, edition 1, volume 2, chapter 0, pages 328-383, Elsevier.
    198. Escobar, Marcos & Ferrando, Sebastian & Rubtsov, Alexey, 2016. "Portfolio choice with stochastic interest rates and learning about stock return predictability," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 347-370.
    199. Fang, Yi & Zhou, Xin & Wen, Yi-Feng & Ou, Qi-Lang, 2024. "Volume and stock returns in the Chinese market," International Review of Financial Analysis, Elsevier, vol. 94(C).
    200. Werner, Thomas & Lemke, Wolfgang, 2009. "The term structure of equity premia in an affine arbitrage-free model of bond and stock market dynamics," Working Paper Series 1045, European Central Bank.
    201. Hanno Lustig, 2005. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street (joint with Stijn Van Nieuwerburgh)," UCLA Economics Online Papers 352, UCLA Department of Economics.
    202. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2007. "Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?," NBER Working Papers 13601, National Bureau of Economic Research, Inc.
    203. Xiao Chen & Jin Hyuk Choi & Kasper Larsen & Duane J. Seppi, 2021. "Learning about latent dynamic trading demand," Papers 2105.13401, arXiv.org, revised Aug 2021.
    204. Long Chen & Zhi Da & Richard Priestley, 2012. "Dividend Smoothing and Predictability," Management Science, INFORMS, vol. 58(10), pages 1834-1853, October.

  20. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.

    Cited by:

    1. Brown, Lawrence D. & Call, Andrew C. & Clement, Michael B. & Sharp, Nathan Y., 2016. "The activities of buy-side analysts and the determinants of their stock recommendations," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 139-156.
    2. Nandkumar Nayar & Ajai K. Singh & Allan A. Zebedee, 2008. "Share Repurchase Offers and Liquidity: An Examination of Temporary and Permanent Effects," Financial Management, Financial Management Association International, vol. 37(2), pages 251-270, June.
    3. Fidrmuc, Jana P. & Jacob, Marcus, 2010. "Culture, agency costs, and dividends," Journal of Comparative Economics, Elsevier, vol. 38(3), pages 321-339, September.
    4. Mieczys³aw Kowerski, 2014. "Dividends And Earnings Quality In Poland," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 9(3), pages 42-51, January.
    5. García-Feijóo, Luis & Hossain, Md Miran & Javakhadze, David, 2021. "Managerial social capital and dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 66(C).
    6. Avanidhar Subrahmanyam, 2008. "Behavioural Finance: A Review and Synthesis," European Financial Management, European Financial Management Association, vol. 14(1), pages 12-29, January.
    7. Navin Chettri & Mekelle J. Kharkongor, 2022. "Dividend Payout and Firm Value Relationship: Role of Age and Size," Emerging Economy Studies, International Management Institute, vol. 8(2), pages 71-81, November.
    8. Abe de Jong & Henry van Beusichem, 2009. "The changing role of dividend policies: an empirical analysis for the Netherlands 1945-2006," Working Papers 9024, Economic History Society.
    9. Huang-Meier, Winifred & Freeman, Mark C., 2015. "Aggregate dividends and consumption smoothing," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 324-335.
    10. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2014. "Does local financial development matter for firm lifecycle in India ?," Policy Research Working Paper Series 7008, The World Bank.
    11. Darren Bernard & Elsa Maria Juliani & Alastair Lawrence, 2024. "Can executives predict how firm news maps to stock price? A field study at the onset of COVID-19," Review of Accounting Studies, Springer, vol. 29(4), pages 3176-3217, December.
    12. Charmaine Glegg & Oneil Harris & Thanh Ngo, 2018. "Corporate social responsibility and the wealth gains from dividend increases," Review of Financial Economics, John Wiley & Sons, vol. 36(2), pages 149-166, April.
    13. Rihanat Idowu Abdulkadir & Nur Adiana Hiau Abdullah & Wong Woei-Chyuan, 2015. "Dividend Policy Changes in The Pre-, Mid-, and Post-Financial Crisis: Evidence from The Nigerian Stock Market," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 11(2), pages 103-126.
    14. Ali, Heba & Hegazy, Aya Yasser, 2022. "Dividend policy, risk and the cross-section of stock returns: Evidence from India," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 169-192.
    15. Fuller, Kathleen P., 2003. "The impact of informed trading on dividend signaling: a theoretical and empirical examination," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 385-407, September.
    16. Imen Ghadhab, 2023. "Bonding, signaling theory and dividend policy: Evidence from multinational firms," Journal of Asset Management, Palgrave Macmillan, vol. 24(1), pages 69-83, February.
    17. Gompers, Paul A. & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2022. "Private equity and Covid-19," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    18. Gareis, Johannes & Mayer, Eric, 2020. "Financial shocks and the relative dynamics of tangible and intangible investment: Evidence from the euro area," Discussion Papers 39/2020, Deutsche Bundesbank.
    19. Peter Cziraki & Evgeny Lyandres & Roni Michaely, 2019. "What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs," Swiss Finance Institute Research Paper Series 19-11, Swiss Finance Institute, revised Mar 2019.
    20. Thesmar, David & Otto, Clemens & Olivier, Jacques, 2017. "CAPM-Based Company (Mis)valuations," CEPR Discussion Papers 12526, C.E.P.R. Discussion Papers.
    21. Caliskan, Deren & Doukas, John A., 2015. "CEO risk preferences and dividend policy decisions," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 18-42.
    22. J. Hobbs & M. I. Schneller, 2012. "Dividend signalling and sustainability," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1395-1408, September.
    23. Smietanka, Pawel & Bloom, Nicholas & Mizen, Paul, 2018. "Business investment, cash holding and uncertainty since the Great Financial Crisis," Bank of England working papers 753, Bank of England.
    24. Daniel A. Bens, 2006. "Discussion of Accounting Discretion in Fair Value Estimates: An Examination of SFAS 142 Goodwill Impairments," Journal of Accounting Research, Wiley Blackwell, vol. 44(2), pages 289-296, May.
    25. Thomas McCluskey & Aoife Broderick & Amanda Boyle & Bruce Burton & David Power, 2010. "Evidence on Irish financial analysts' and fund managers' views about dividends," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 2(2), pages 80-99, June.
    26. Pintu Parui, 2022. "Corporate debt, endogenous dividend rate, instability and growth," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 514-549, May.
    27. García-Meca, Emma & López-Iturriaga, Félix J. & Santana-Martín, Domingo Javier, 2022. "Board gender diversity and dividend payout: The critical mass and the family ties effect," International Review of Financial Analysis, Elsevier, vol. 79(C).
    28. Jeong, Jinho, 2013. "Determinants of dividend smoothing in emerging market: The case of Korea," Emerging Markets Review, Elsevier, vol. 17(C), pages 76-88.
    29. Farrugia, Damien & Graham, Michael & Yawson, Alfred, 2011. "Economic conditions and the motives for multiple open-market share buybacks," Research in International Business and Finance, Elsevier, vol. 25(2), pages 156-168, June.
    30. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    31. Chang, Kiyoung & Kang, Eun & Li, Ying, 2016. "Effect of institutional ownership on dividends: An agency-theory-based analysis," Journal of Business Research, Elsevier, vol. 69(7), pages 2551-2559.
    32. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
    33. Mario Vaupel & David Bendig & Denise Fischer-Kreer & Malte Brettel, 2023. "The Role of Share Repurchases for Firms’ Social and Environmental Sustainability," Journal of Business Ethics, Springer, vol. 183(2), pages 401-428, March.
    34. Mazur, Mieszko & Dang, Man & Vo, Thuy Anh Thi, 2020. "Dividend Policy and the COVID-19 Crisis," MPRA Paper 108765, University Library of Munich, Germany.
    35. Dusan ISAKOV & Dennis Y. CHUNG & Christophe PERIGNON, 2005. "Repurchasing Shares on a Second Trading Line," FAME Research Paper Series rp162, International Center for Financial Asset Management and Engineering.
    36. Herron, Richard & Platt, Katarzyna, 2021. "World dividends and tax shocks," Global Finance Journal, Elsevier, vol. 47(C).
    37. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
    38. Cook, Douglas O. & Zhang, Weiwei, 2022. "CEO option incentives and corporate share repurchases," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 355-376.
    39. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    40. 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.
    41. Keming Li, 2021. "The effect of option trading," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-32, December.
    42. Cindy M. Vojtech, 2012. "The relationship between information asymmetry and dividend policy," Finance and Economics Discussion Series 2012-13, Board of Governors of the Federal Reserve System (U.S.).
    43. Chan, Konan & Ikenberry, David L. & Lee, Inmoo, 2007. "Do managers time the market? Evidence from open-market share repurchases," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2673-2694, September.
    44. Nha Duc Bui & Yun‐Yi Wang & Jin‐Ping Lee, 2022. "Payout policies, government ownership, and financial constraints: Evidence from Vietnam," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 600-636, December.
    45. Steven Young, 2008. "Discussion of Do Acquirers Manage Earnings Prior to a Share for Share Bid," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(5‐6), pages 671-678, June.
    46. Luís Krug Pacheco & Clara Raposo, 2009. "ON the TIMING of INITIAL STOCK REPURCHASES," Working Papers de Gestão (Management Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
    47. Feito Ruiz, Isabel & Renneboog, Luc & Vansteenkiste, Cara, 2018. "Elective Stock and Scrip Dividends," Discussion Paper 2018-031, Tilburg University, Center for Economic Research.
    48. Mark Mietzner, 2017. "Why do firms decide to stop their share repurchase programs?," Review of Managerial Science, Springer, vol. 11(4), pages 815-855, October.
    49. Bechman, Ken L. & Raaballe, Johannes, 2006. "Taxable Cash Dividends," Working Papers 2005-4, Copenhagen Business School, Department of Finance.
    50. Sah, Nilesh B. & Adhikari, Hari P. & Krolikowski, Marcin W. & Malm, James & Nguyen, Thanh T., 2022. "CEO gender and risk aversion: Further evidence using the composition of firm’s cash," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    51. Wang, Ke, 2023. "Essays in corporate risk," Other publications TiSEM 8c076f0d-2c02-40a4-b6d7-e, Tilburg University, School of Economics and Management.
    52. Bo Becker & Zoran Ivković & Scott Weisbenner, 2009. "Local Dividend Clienteles," NBER Working Papers 15175, National Bureau of Economic Research, Inc.
    53. Raj Chetty & Emmanuel Saez, 2005. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 791-833.
    54. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    55. Mihir A. Desai & Dhammika Dharmapala & Winnie Fung, 2005. "Taxation and the Evolution of Aggregate Corporate Ownership Concentration," NBER Working Papers 11469, National Bureau of Economic Research, Inc.
    56. Manuel Muñoz, 2018. "Rethinking Capital Regulation: The Case for a Dividend Prudential Target," CNMV Working Papers CNMV Working Papers no. 6, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
    57. Michael Kinney & Harrison Liu, 2018. "Corporate responses to the repatriation incentives and domestic production activities deduction," Review of Quantitative Finance and Accounting, Springer, vol. 50(2), pages 623-651, February.
    58. Lys, Thomas & Naughton, James P. & Wang, Clare, 2015. "Signaling through corporate accountability reporting," Journal of Accounting and Economics, Elsevier, vol. 60(1), pages 56-72.
    59. Džidić Ante & Živko Igor, 2019. "Internal factors of dividend policy in public firms in Bosnia and Herzegovina," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 5(2), pages 1-16, December.
    60. Paul Tanyi & David B. Smith & Xiaoyan Cheng, 2021. "Does firm payout policy affect shareholders’ dissatisfaction with directors?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 279-320, July.
    61. Andres, Christian & Doumet, Markus & Fernau, Erik & Theissen, Erik, 2013. "The Lintner model revisited: Dividends versus total payouts," CFR Working Papers 14-02, University of Cologne, Centre for Financial Research (CFR).
    62. Lei, Jin & Qiu, Jiaping & Wan, Chi & Yu, Fan, 2021. "Credit risk spillovers and cash holdings," Journal of Corporate Finance, Elsevier, vol. 68(C).
    63. Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki & OGAWA Ryo, 2018. "Stock Repurchases and Corporate Control: Evidence from Japan," Discussion papers 18074, Research Institute of Economy, Trade and Industry (RIETI).
    64. Long, Huaigang & Chiah, Mardy & Zaremba, Adam & Umar, Zaghum, 2024. "Changes in shares outstanding and country stock returns around the world," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 90(C).
    65. Yung, Kenneth & Li, DeQing Diane & Jian, Yi, 2015. "The value of corporate financial flexibility in emerging countries," Journal of Multinational Financial Management, Elsevier, vol. 32, pages 25-41.
    66. Harrison Liu & Edward P. Swanson, 2015. "Is Price Support for Overvalued Equity a Motive for Increasing Share Repurchases?," Working Papers 0171acc, College of Business, University of Texas at San Antonio.
    67. Lee Jong Hwa & Seo Sung Won, 2023. "Foreign Investors and the Peer Effects to Payout Policies," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 17(1), pages 1-14.
    68. Darren K. Hayunga & Clifford P. Stephens, 2009. "Dividend behaviour of US equity REITs," Journal of Property Research, Taylor & Francis Journals, vol. 26(2), pages 105-123, September.
    69. Greta Falavigna & Roberto Ippoliti, 2021. "Financial Constraints and the Sustainability of Dividend Payout Policy," Sustainability, MDPI, vol. 13(11), pages 1-15, June.
    70. Chay, J.B. & Suh, Jungwon, 2009. "Payout policy and cash-flow uncertainty," Journal of Financial Economics, Elsevier, vol. 93(1), pages 88-107, July.
    71. Lee, Bong Soo & Mauck, Nathan, 2014. "Information Asymmetry and the Market Response to Open Market Share Repurchases," MPRA Paper 54066, University Library of Munich, Germany.
    72. Duo Xu & Christopher Gan & Zhaohua Li & Pengcheng Wang, 2021. "Earnings, Working Capital and Dividend Payout: Evidence from the London Stock Exchange," Annals of Economics and Finance, Society for AEF, vol. 22(2), pages 421-449, November.
    73. Chacko Jacob & Jijo Lukose P.J., 2018. "Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 54-82, April.
    74. Jeffrey J. Coulton & Caitlin Ruddock, 2011. "Corporate payout policy in Australia and a test of the life‐cycle theory," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(2), pages 381-407, June.
    75. Ma, Pengfei & Li, Chengcheng & Wang, Xiaoqiong, 2024. "Why do undervalued firms repurchase shares? Evidence based on the market-timing effect in China," Global Finance Journal, Elsevier, vol. 59(C).
    76. Jiang, Fuxiu & Ma, Yunbiao & Shi, Beibei, 2017. "Stock liquidity and dividend payouts," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 295-314.
    77. Sadok El Ghoul & Omrane Guedhami & Hyunseok Kim & Jungwon Suh, 2024. "The persistence and consequences of share repurchases," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(1-2), pages 431-472, January.
    78. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    79. Ciaran Driver & Anna Grosman & Pasquale Scaramozzino & Keagile Lesame, 2023. "Dividends policy and payouts evidence from South Africa," Working Papers 11047, South African Reserve Bank.
    80. Bo Liu & Qing Xu & Jinqiang Yang & Shunchen Zhang, 2017. "Liquidity default, liquidity management and smooth dividends policy," Applied Economics, Taylor & Francis Journals, vol. 49(56), pages 5728-5739, December.
    81. Harry DeAngelo & Linda DeAngelo, 2007. "Payout Policy Pedagogy: What Matters and Why," European Financial Management, European Financial Management Association, vol. 13(1), pages 11-27, January.
    82. Srivastav, Abhishek & Armitage, Seth & Hagendorff, Jens, 2014. "CEO inside debt holdings and risk-shifting: Evidence from bank payout policies," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 41-53.
    83. Bergeron, Claude, 2013. "Dividend sensitivity to economic factors, stock valuation, and long-run risk," Finance Research Letters, Elsevier, vol. 10(4), pages 184-195.
    84. Gamage, Charith B., 2023. "Do adjustment costs influence firms’ target adjustment speeds? International evidence from share repurchase legalization," Journal of International Money and Finance, Elsevier, vol. 131(C).
    85. Jack J.W. Yang & Tsung-Shin Wu, 2014. "Price and Volume Reactions to Cash Dividend Announcements: Evidence from Taiwan," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 8(4), pages 83-96.
    86. Javier Bianchi, 2012. "Efficient Bailouts?," Documentos de Trabajo (working papers) 2012, Department of Economics - dECON.
    87. Rettl, Daniel A. & Stomper, Alex & Zechner, Josef, 2016. "The stability of dividends and wages: Effects of competitor inflexibility," CFS Working Paper Series 549, Center for Financial Studies (CFS).
    88. Geiler, Philipp & Renneboog, Luc, 2015. "Taxes, earnings payout, and payout channel choice," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 37(C), pages 178-203.
    89. Jitka Hilliard & John S. Jahera & Haoran Zhang, 2019. "The US financial crisis and corporate dividend reactions: for better or for worse?," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1165-1193, November.
    90. Hameed, Allaudeen & Xie, Jing, 2019. "Preference for dividends and return comovement," Journal of Financial Economics, Elsevier, vol. 132(1), pages 103-125.
    91. Bond, Philip & Zhong, Hongda, 2016. "Buying high and selling low: stock repurchases and persistent asymmetric information," LSE Research Online Documents on Economics 67011, London School of Economics and Political Science, LSE Library.
    92. Jie He & Xuan Tian & Huan Yang & Luo Zuo, 2020. "Asymmetric Cost Behavior and Dividend Policy," Journal of Accounting Research, Wiley Blackwell, vol. 58(4), pages 989-1021, September.
    93. Jiang, Zhan & Lie, Erik, 2016. "Cash holding adjustments and managerial entrenchment," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 190-205.
    94. Kazuki Onji & Masanori Orihara, 2016. "Taxes, stock ownership, and payout policy: Evidence from a 2011 tax reform in Japan," Discussion papers ron278, Policy Research Institute, Ministry of Finance Japan.
    95. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How Relevant is Dividend Policy under Low Shareholder Protection?," Other publications TiSEM 70e258ee-7fcd-4c5f-83a2-2, Tilburg University, School of Economics and Management.
    96. Marco Belloni & Maciej Grodzicki & Mariusz Jarmuzek, 2024. "Why European banks adjust their dividend payouts?," Journal of Banking Regulation, Palgrave Macmillan, vol. 25(3), pages 284-304, September.
    97. Goncharov, Igor & Werner, Joerg R. & Zimmermann, Jochen, 2009. "Legislative demands and economic realities: Company and group accounts compared," The International Journal of Accounting, Elsevier, vol. 44(4), pages 334-362, December.
    98. María Belén Lozano & Félix J. López‐Iturriaga & Victor Hugo Braz‐Bezerra, 2021. "Regulatory Dualism as an Alternative Trust‐Enhancing Mechanism for Dividends and Debt: Evidence from Brazil," International Review of Finance, International Review of Finance Ltd., vol. 21(1), pages 121-144, March.
    99. Mori, Naoya, 2010. "Tax clientele effects of dividends under intertemporal consumption choices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1089-1097, May.
    100. Colonnello, Stefano & Curatola, Giuliano & Gioffré, Alessandro, 2018. "Pricing sin stocks: Ethical preference vs. risk aversion," SAFE Working Paper Series 216, Leibniz Institute for Financial Research SAFE.
    101. Brown, Philip & How, Janice C.Y. & Verhoeven, Peter, 2008. "The accuracy of analysts' dividend forecasts around the world," Pacific-Basin Finance Journal, Elsevier, vol. 16(4), pages 411-435, September.
    102. Michael Johannes & Arthur Korteweg & Nicholas Polson, 2014. "Sequential Learning, Predictability, and Optimal Portfolio Returns," Journal of Finance, American Finance Association, vol. 69(2), pages 611-644, April.
    103. Hanlon, Michelle & Hoopes, Jeffrey L., 2014. "What do firms do when dividend tax rates change? An examination of alternative payout responses," Journal of Financial Economics, Elsevier, vol. 114(1), pages 105-124.
    104. Driver, Ciaran & Grosman, Anna & Scaramozzino, Pasquale, 2020. "Dividend policy and investor pressure," Economic Modelling, Elsevier, vol. 89(C), pages 559-576.
    105. Marzo Giuseppe, 2014. "Commentary on “Accounting for Value” by Stephen Penman," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 4(2), pages 139-164, July.
    106. Annette Alstadsæter & Erik Fjaerli, 2009. "Neutral Taxation of Shareholder Income? Corporate Responses to an Announced Dividend Tax," CESifo Working Paper Series 2530, CESifo.
    107. Shams Pathan & Robert Faff & Carlos Fernández Méndez & Nicholas Masters, 2016. "Financial constraints and dividend policy," Australian Journal of Management, Australian School of Business, vol. 41(3), pages 484-507, August.
    108. Christof Beuselinck & Luc Desrousseaux, 2024. "Hedge fund activism and corporate intangible capital investments," Review of Quantitative Finance and Accounting, Springer, vol. 63(1), pages 37-61, July.
    109. Ralf Diedrich & Stefan Dierkes & Hans-Christian Gröger, 2022. "A note on the cost of capital with fixed payout ratios," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1559-1575, November.
    110. Kulchania, Manoj, 2013. "Catering driven substitution in corporate payouts," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 180-195.
    111. De Cesari, Amedeo & Espenlaub, Susanne & Khurshed, Arif, 2011. "Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1558-1579.
    112. Eva Liljeblom & Sabur Mollah & Patrik Rotter, 2015. "Do dividends signal future earnings in the Nordic stock markets?," Review of Quantitative Finance and Accounting, Springer, vol. 44(3), pages 493-511, April.
    113. Lai, Karen M.Y. & Saffar, Walid & Zhu, Xindong (Kevin) & Liu, Yiye, 2020. "Political institutions, stock market liquidity and firm dividend policy: Some international evidence," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(1).
    114. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    115. Le Lin & Ke Liao & Deren Xie, 2023. "When Investors Speak, Do Firms Listen? The Role of Investors' Dividend‐related Complaints from Online Earnings Communication Conferences," Abacus, Accounting Foundation, University of Sydney, vol. 59(1), pages 32-75, March.
    116. Liyi Zheng, 2021. "Anticipating the value of share repurchase announcements: The role of short sellers," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3544-3555, July.
    117. Jeffrey R. Brown & Nellie Liang & Scott Weisbenner, 2007. "Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut," Journal of Finance, American Finance Association, vol. 62(4), pages 1935-1965, August.
    118. Christian Andres & André Betzer & Marc Goergen, 2012. "Dividend Policy, Corporate Control and the Tax Status of the Controlling Shareholder," Schumpeter Discussion Papers sdp12006, Universitätsbibliothek Wuppertal, University Library.
    119. Khiar, Mohamed Nasrallah & Kooli, Maher, 2023. "Culture and payout policy: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 70.
    120. Chen, Jie & Song, Wei & Goergen, Marc, 2019. "Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 458-481.
    121. Orihara, Masanori, 2017. "Stock market listing and corporate policy: Evidence from reforms to Japanese corporate law," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 15-36.
    122. Choi, Young Mok & Park, Kunsu & Kim, Woo Sung, 2020. "Corporate hedging and dividend policy: An empirical study of Korean firms," Finance Research Letters, Elsevier, vol. 32(C).
    123. Patrick BISCIARI & Alain DURRE & Alain NYSSENS, 2003. "Stock Market Valuation In The United States," Finance 0312011, University Library of Munich, Germany.
    124. Anshu Agrawal, 2020. "Modified Total Interpretive Structural Model of Corporate Financial Flexibility," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 21(4), pages 369-388, December.
    125. Bong Soo Lee & Nathan Mauck, 2018. "Informed Repurchases, Information Asymmetry and the Market Response to Open Market Share Repurchases," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 21(03), pages 1-32, September.
    126. Wong, Jin Boon & Hasan, Mostafa Monzur, 2021. "Oil shocks and corporate payouts," Energy Economics, Elsevier, vol. 99(C).
    127. Hibbert, Ann Marie & Lawrence, Edward R. & Prakash, Arun J., 2013. "Does knowledge of finance mitigate the gender difference in financial risk-aversion?," Global Finance Journal, Elsevier, vol. 24(2), pages 140-152.
    128. Craig W. Holden & Stacey Jacobsen & Avanidhar Subrahmanyam, 2014. "The Empirical Analysis of Liquidity," Foundations and Trends(R) in Finance, now publishers, vol. 8(4), pages 263-365, December.
    129. Myers, Stewart C & Lambrecht, Bart, 2014. "The Dynamics of Investment, Payout and Debt," CEPR Discussion Papers 9926, C.E.P.R. Discussion Papers.
    130. Drousia, Angeliki & Episcopos, Athanasios & Leledakis, George N. & Pyrgiotakis, Emmanuil, 2020. "EU regulation and open market share repurchases: New evidence," MPRA Paper 102023, University Library of Munich, Germany.
    131. Luis Bauluz & Filip Novokmet & Moritz Schularick, 2022. "The Anatomy of the Global Saving Glut," Working Papers halshs-03693216, HAL.
    132. Ming Dong & Chris Robinson & Chris Veld, 2004. "Why Individual Investors Want Dividends," Finance 0412009, University Library of Munich, Germany.
    133. Thomas J.Flavin & Abhinav Goyal & Thomas O'Connor, 2020. "Role of corporate governance and lifecycle in determining payout precommitment in an emerging economy," Economics Department Working Paper Series n297-20.pdf, Department of Economics, National University of Ireland - Maynooth.
    134. Geoff Willis, 2011. "Why Money Trickles Up - Wealth & Income Distributions," Papers 1105.2122, arXiv.org, revised May 2011.
    135. Lee, Inmoo & Park, Yuen Jung & Pearson, Neil D., 2020. "Repurchases after being well known as good news," Journal of Corporate Finance, Elsevier, vol. 62(C).
    136. Christian Walkshäusl, 2016. "Net payout yields and the cross-section of international stock returns," Journal of Asset Management, Palgrave Macmillan, vol. 17(1), pages 57-67, January.
    137. Magnus Lundin & Nils Gottfries & Charlotte Bucht & Tomas Lindström, 2009. "Price and Investment Dynamics: Theory and Plant‐Level Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(5), pages 907-934, August.
    138. Fuller, Kathleen P. & Goldstein, Michael A., 2011. "Do dividends matter more in declining markets?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 457-473, June.
    139. Fayez A. Elayan & Jingyu Li & Maureen E. Donnelly & Allister W. Young, 2009. "Changes to Income Trust Taxation in Canada: Investor Reaction and Dividend Clientele Theory," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 725-753, June.
    140. Beyer, Brooke & Downes, Jimmy & Rapley, Eric T., 2017. "Internal capital market inefficiencies, shareholder payout, and abnormal leverage," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 39-57.
    141. Meghana Ayyagari & Asli Demirguc-Kunt & Vojislav Maksimovic, 2014. "Who creates jobs in developing countries?," Small Business Economics, Springer, vol. 43(1), pages 75-99, June.
    142. Aunon-Nerin, Daniel & Ehling, Paul, 2008. "Why firms purchase property insurance," Journal of Financial Economics, Elsevier, vol. 90(3), pages 298-312, December.
    143. Jarrad Harford & Sattar A. Mansi & William F. Maxwell, 2012. "Corporate Governance and Firm Cash Holdings in the U.S," Springer Books, in: Sabri Boubaker & Bang Dang Nguyen & Duc Khuong Nguyen (ed.), Corporate Governance, edition 127, pages 107-138, Springer.
    144. Kathryn E. Easterday & Pradyot K. Sen, 2023. "Another look at the dividend-price relationship in the accounting valuation framework," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 879-925, October.
    145. Vassilis Polimenis & Ioannis Neokosmidis, 2019. "Non-stationary dividend-price ratios," Journal of Asset Management, Palgrave Macmillan, vol. 20(7), pages 552-567, December.
    146. Moon, Joonho & Lee, Won Seok & Dattilo, John, 2015. "Determinants of the payout decision in the airline industry," Journal of Air Transport Management, Elsevier, vol. 42(C), pages 282-288.
    147. David S. Koo & Santhosh Ramalingegowda & Yong Yu, 2017. "The effect of financial reporting quality on corporate dividend policy," Review of Accounting Studies, Springer, vol. 22(2), pages 753-790, June.
    148. Pedro Verga Matos & Victor Barros & Joaquim Miranda Sarmento, 2020. "Does ESG Affect the Stability of Dividend Policies in Europe?," Sustainability, MDPI, vol. 12(21), pages 1-15, October.
    149. Amini, Shima & Mohamed, Abdulkadir & Schwienbacher, Armin & Wilson, Nicholas, 2022. "Impact of venture capital holding on firm life cycle: Evidence from IPO firms," Journal of Corporate Finance, Elsevier, vol. 74(C).
    150. Li, Lingxiang, 2016. "New findings on repurchase anomaly — The first-month effect," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 331-349.
    151. Almeida, Heitor & Fos, Vyacheslav & Kronlund, Mathias, 2016. "The real effects of share repurchases," Journal of Financial Economics, Elsevier, vol. 119(1), pages 168-185.
    152. Clemens Sialm & Laura Starks, 2009. "Mutual Fund Tax Clienteles," NBER Working Papers 15327, National Bureau of Economic Research, Inc.
    153. Autore, Don M. & Clarke, Nicholas & Liu, Baixiao, 2019. "Activist investors and open market share repurchases," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    154. Céline Du Boys, 2006. "Pay out policy decisions in France A managerial perspective," Post-Print hal-02057673, HAL.
    155. Benavides, Julian & Berggrun, Luis & Perafan, Hector, 2016. "Dividend payout policies: Evidence from Latin America," Finance Research Letters, Elsevier, vol. 17(C), pages 197-210.
    156. Chang, Saeyoung & Puthenpurackal, John, 2014. "Repurchases of convertible preferred stock and shareholder wealth," Journal of Business Research, Elsevier, vol. 67(4), pages 623-630.
    157. Ai-Chi Hsu & Szu-Hsien Lin, 2010. "Trading Strategies Based On Dividend Yield: Evidence From The Taiwan Stock Market," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(2), pages 71-84.
    158. Szomko Natalia, 2015. "Investor Reaction to Information on Final Dividend Payouts on the Warsaw Stock Exchange – an Event Study Analysis," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 45(1), pages 127-146, March.
    159. Amess, Kevin & Banerji, Sanjay & Lampousis, Athanasios, 2015. "Corporate cash holdings: Causes and consequences," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 421-433.
    160. Ruey-Shii Chen & Tai-Wei Zhang, 2018. "Dividend cuts and predictability," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 42(2), pages 249-267, April.
    161. Jun, Xiao & Li, Mingsheng & Yugang, Chen, 2017. "Catering to behavioral demand for dividends and its potential agency issue," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 269-291.
    162. Moore, David, 2023. "Strategic repurchases and equity sales: Evidence from equity vesting schedules," Journal of Banking & Finance, Elsevier, vol. 146(C).
    163. Nie, Jing & Yin, Libo, 2022. "Do dividends signal safety? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    164. Easterwood, John C. & Paye, Bradley S. & Xie, Yutong, 2021. "Firm uncertainty and corporate policies: The role of stock return skewness," Journal of Corporate Finance, Elsevier, vol. 69(C).
    165. James J. Choi & Adriana Z. Robertson, 2018. "What Matters to Individual Investors? Evidence from the Horse’s Mouth," NBER Working Papers 25019, National Bureau of Economic Research, Inc.
    166. Oded, Jacob, 2009. "Optimal execution of open-market stock repurchase programs," Journal of Financial Markets, Elsevier, vol. 12(4), pages 832-869, November.
    167. Alexander, Cindy R. & Bauguess, Scott W. & Bernile, Gennaro & Lee, Yoon-Ho Alex & Marietta-Westberg, Jennifer, 2013. "Economic effects of SOX Section 404 compliance: A corporate insider perspective," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 267-290.
    168. Aaro Hazak, 2006. "Dividend Decision under Distributed Profit Taxation: Investorís Perspective," Working Papers 145, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    169. Jin Seo Cho & Peter C. B. Phillips & Juwon Seo, 2022. "Parametric Conditional Mean Inference With Functional Data Applied To Lifetime Income Curves," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(1), pages 391-456, February.
    170. Caton, Gary L. & Goh, Jeremy & Lee, Yen Teik & Linn, Scott C., 2016. "Governance and post-repurchase performance," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 155-173.
    171. Akindayomi, Akinloye & Amin, Md Ruhul, 2022. "Does business strategy affect dividend payout policies?," Journal of Business Research, Elsevier, vol. 151(C), pages 531-550.
    172. Colombo, Jéfferson A. & Caldeira, João F., 2018. "The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 402-423.
    173. Jabłoński Bartłomiej, 2016. "Transfer of Profit to Shareholders at Warsaw Stock Exchange in the Period 2009–2013," Folia Oeconomica Stetinensia, Sciendo, vol. 16(1), pages 147-173, December.
    174. Paul Gompers & Steven N. Kaplan & Vladimir Mukharlyamov, 2015. "What Do Private Equity Firms Say They Do?," NBER Working Papers 21133, National Bureau of Economic Research, Inc.
    175. Thomas Flavin & Abhinav Goyal & Thomas O'Connor, 2021. "Corporate governance, life cycle, and payout precommitment: An emerging market study," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(1), pages 179-209, April.
    176. Bräuer, Konstantin & Hackethal, Andreas & Hanspal, Tobin, 2020. "Consuming dividends," SAFE Working Paper Series 280, Leibniz Institute for Financial Research SAFE.
    177. Hillert, Alexander & Maug, Ernst & Obernberger, Stefan, 2016. "Stock repurchases and liquidity," Journal of Financial Economics, Elsevier, vol. 119(1), pages 186-209.
    178. Jordan Schoenfeld, 2020. "Contracts Between Firms and Shareholders," Journal of Accounting Research, Wiley Blackwell, vol. 58(2), pages 383-427, May.
    179. Olga A. Shvetsova & Elena A. Rodionova & Michael Z. Epstein, 2018. "Evaluation of investment projects under uncertainty: multi-criteria approach using interval data," Post-Print hal-01858557, HAL.
    180. Mohammad Shahidul Islam & ATM Adnan, 2018. "Factors Influencing Dividend Policy in Bangladesh: Survey Evidence from Listed Manufacturing Companies in Dhaka Stock Exchange," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 4(2), pages 156-173.
    181. Sikalidis, Alexandros & Bozos, Konstantinos & Voulgaris, Georgios, 2023. "Asymmetric effects of fair value adjustments on dividend policy," International Review of Financial Analysis, Elsevier, vol. 90(C).
    182. Ming-Hui Wang & Mei-Chu Ke & Day-Yang Liu & Yen-Sheng Huang, 2011. "Dividend Policy And The Life Cycle Hypothesis: Evidence From Taiwan," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 33-52.
    183. Fang, Hongyan & Song, Zhihui & Nofsinger, John R. & Wang, Yuyue, 2017. "Trading restrictions and firm dividends: The share lockup expiration experience in China," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 83-98.
    184. Anani, Makafui & Elwasify, Eman Ibrahem, 2023. "Regulatory capital management and available-for-sale securities: Evidence from the Covid-19 pandemic," Finance Research Letters, Elsevier, vol. 58(PA).
    185. Khan, Naimat U. & Shah Jehan, Qurat Ul Ain & Shah, Attaullah, 2017. "Impact of taxation on dividend policy: Evidence from Pakistan," Research in International Business and Finance, Elsevier, vol. 42(C), pages 365-375.
    186. Kim, Joon Ho, 2018. "Asset specificity and firm value: Evidence from mergers," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 375-412.
    187. 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.
    188. Jakub Kwiatkowski, 2017. "R&D activity and dividend policy of companies listed on the Warsaw Stock Exchange," Working Papers of Economics of European Integration Division 1702, The Univeristy of Gdansk, Faculty of Economics, Economics of European Integration Division.
    189. Grey, Colette & Flynn, Antoinette & Donnelly, Ray, 2020. "Management compensation contracts and distribution policies in the US technology sector," International Review of Financial Analysis, Elsevier, vol. 67(C).
    190. Steven A. Sharpe & Gustavo A. Suarez, 2013. "The insensitivity of investment to interest rates: Evidence from a survey of CFOs," Finance and Economics Discussion Series 2014-2, Board of Governors of the Federal Reserve System (U.S.).
    191. Luís Krug Pacheco & Clara Raposo, 2009. "THE CAPITAL and CASH FLOW SOURCES and USES of INITIAL STOCK REPURCHASE FIRMS," Working Papers de Gestão (Management Working Papers) 07, Católica Porto Business School, Universidade Católica Portuguesa.
    192. Alex Backwell & Thomas A. McWalter & Peter H. Ritchken, 2022. "On buybacks, dilutions, dividends, and the pricing of stock‐based claims," Mathematical Finance, Wiley Blackwell, vol. 32(1), pages 273-308, January.
    193. Zhou, Lu Jolly & Kong, Weimin & Li, Yunshen, 2023. "Cross-listing and predation risk in product markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    194. Zhiqi Chen & Xiaoqiao Wang, 2020. "Specific investment, supplier vulnerability and profit risks," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(9-10), pages 1215-1237, October.
    195. Mai, Nhat Chi, 2012. "Market timing, taxes and capital structure: evidence from Vietnam," OSF Preprints t3mvs, Center for Open Science.
    196. Ufuk Ince & James Owers, 2012. "The interaction of corporate dividend policy and capital structure decisions under differential tax regimes," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(1), pages 33-57, January.
    197. Laurence Booth & Christos Ntantamis & Jun Zhou, 2015. "Financial Constraints, R&D Investment, and the Value of Cash Holdings," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(04), pages 1-24, December.
    198. Drobetz, Wolfgang & Gounopoulos, Dimitrios & Merikas, Andreas & Schröder, Henning, 2013. "Capital structure decisions of globally-listed shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 52(C), pages 49-76.
    199. Tong, Jiao & Bremer, Marc, 2016. "Stock repurchases in Japan: A solution to excessive corporate saving?," Journal of the Japanese and International Economies, Elsevier, vol. 41(C), pages 41-56.
    200. Bergstresser, Daniel & Pontiff, Jeffrey, 2013. "Investment taxation and portfolio performance," Journal of Public Economics, Elsevier, vol. 97(C), pages 245-257.
    201. Johnson, Shane A. & Lin, Ji-Chai & Roy Song, Kyojik, 2006. "Dividend policy, signaling, and discounts on closed-end funds," Journal of Financial Economics, Elsevier, vol. 81(3), pages 539-562, September.
    202. Jabłoński Bartłomiej & Kuczowic Jacek, 2015. "Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange," Folia Oeconomica Stetinensia, Sciendo, vol. 15(1), pages 69-82, June.
    203. Jieqi Guan & Brian M. Lam & Ching Chi Lam & Ming Liu, 2022. "CEO overconfidence and the level of short-selling activity," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 685-708, February.
    204. Suman, Samridhi & Singh, Shveta, 2022. "The Role of Multiple Large Shareholders in Dividend Payouts: Evidence from India," American Business Review, Pompea College of Business, University of New Haven, vol. 25(1), pages 120-151, May.
    205. Lin, Ji-Chai & Stephens, Clifford P. & Wu, YiLin, 2014. "Limited attention, share repurchases, and takeover risk," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 283-301.
    206. Arnold, Matthias M. & Rathgeber, Andreas W. & Stöckl, Stefan, 2014. "Determinants of corporate hedging: A (statistical) meta-analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(4), pages 443-458.
    207. Ken Yook & Partha Gangopadhyay, 2011. "A comprehensive examination of the wealth effects of recent stock repurchase announcements," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 509-529, November.
    208. Drousia, Angeliki & Episcopos, Athanasios & Leledakis, George N., 2016. "Market Reaction to Actual Daily Share Repurchases in Greece," MPRA Paper 83039, University Library of Munich, Germany, revised 01 Aug 2017.
    209. Bøhren, Øyvind & Josefsen, Morten G. & Steen, Pål E., 2012. "Stakeholder conflicts and dividend policy," Journal of Banking & Finance, Elsevier, vol. 36(10), pages 2852-2864.
    210. Louis, Henock & White, Hal, 2007. "Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior," Journal of Financial Economics, Elsevier, vol. 85(1), pages 205-233, July.
    211. Francesco Bianchi & Cosmin L. Ilut & Martin Schneider, 2018. "Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(2), pages 810-854.
    212. 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.
    213. Parui, Pintu, 2021. "Financialization and endogenous technological change: A post-Kaleckian perspective," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 221-244.
    214. Moortgat, Leentje & Annaert, Jan & Deloof, Marc, 2017. "Investor protection, taxation and dividend policy: Long-run evidence, 1838–2012," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 113-131.
    215. Les Coleman & Sean Pinder, 2010. "What were they thinking? Reports from interviews with senior finance executives in the lead-up to the GFC," Applied Financial Economics, Taylor & Francis Journals, vol. 20(1-2), pages 7-14.
    216. Harry Huizinga & Luc Laeven & Gaëtan Nicodème, 2007. "Capital Structure and International Debt Shifting," Working Papers CEB 07-015.RS, ULB -- Universite Libre de Bruxelles.
    217. Bruce K. Bennett & Michael E. Bradbury, 2010. "An analysis of the reasons for the asymmetries surrounding earnings benchmarks," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(3), pages 529-554, September.
    218. Haruvy, E. & Noussair, C.N. & Powell, O.R., 2012. "The Impact of Asset Repurchases and Issues in an Experimental Market," Other publications TiSEM 8f1cf177-abfb-4cf3-8649-0, Tilburg University, School of Economics and Management.
    219. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    220. Aerts, Walter & Campenhout, Geert Van & Caneghem, Tom Van, 2008. "Clustering in dividends: Do managers rely on cognitive reference points?," Journal of Economic Psychology, Elsevier, vol. 29(3), pages 276-284, June.
    221. Manish Gupta, 2011. "Dividends and Cost of Capital - An Empirical Study on REITs," ERES eres2011_56, European Real Estate Society (ERES).
    222. Hribar, Paul & Jenkins, Nicole Thorne & Johnson, W. Bruce, 2006. "Stock repurchases as an earnings management device," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 3-27, April.
    223. Mori, Naoya & Ikeda, Naoshi, 2015. "Majority support of shareholders, monitoring incentive, and dividend policy," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 1-10.
    224. Huang, Wei & Goodell, John W. & Goyal, Abhinav, 2021. "In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007–2009 financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    225. Graham, John R. & Harvey, Campbell R. & Puri, Manju, 2013. "Managerial attitudes and corporate actions," Journal of Financial Economics, Elsevier, vol. 109(1), pages 103-121.
    226. Hiroaki Sasaki & Shinya Fujita, 2014. "Pro-shareholder income distribution, debt accumulation, and cyclical fluctuations in a post-Keynesian model with labor supply constraints," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(1), pages 10-30, April.
    227. Cho, Thummim & Polk, Christopher, 2024. "Putting the price in asset pricing," LSE Research Online Documents on Economics 120805, London School of Economics and Political Science, LSE Library.
    228. Manoj Kulchania, 2013. "Market Micrsotructure Changes Around Accelerated Share Repurchase Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(1), pages 91-114, January.
    229. Michaely, Roni & Qian, Meijun, 2022. "Does stock market liquidity affect dividends?," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    230. Graham, John R. & Harvey, Campbell R. & Rajgopal, Shiva, 2005. "The economic implications of corporate financial reporting," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 3-73, December.
    231. Décamps, Jean-Paul & Villeneuve, Stéphane, 2015. "Integrating profitability prospects and cash management," TSE Working Papers 15-570, Toulouse School of Economics (TSE).
    232. Charles G. Ham & Zachary R. Kaplan & Steven Utke, 2023. "Attention to dividends, inattention to earnings?," Review of Accounting Studies, Springer, vol. 28(1), pages 265-306, March.
    233. Chris Mitchell, 2019. "The Lock-In Effect and the Corporate Payout Puzzle," ISER Discussion Paper 1070r, Institute of Social and Economic Research, Osaka University, revised Aug 2021.
    234. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    235. Edwards, Alexander & Shevlin, Terry, 2011. "The value of a flow-through entity in an integrated corporate tax system," Journal of Financial Economics, Elsevier, vol. 101(2), pages 473-491, August.
    236. Stylianos Asimakopoulos & James Malley & Apostolis Philippopoulos, 2024. "The Firm-level and Aggregate E¤ects of Corporate Payout Policy," Working Papers 2024_13, Business School - Economics, University of Glasgow.
    237. Maio, Paulo & Xu, Danielle, 2020. "Cash-flow or return predictability at long horizons? The case of earnings yield," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 172-192.
    238. Chongyu Wang & Jeffrey P. Cohen & John L. Glascock, 2019. "Geographic Proximity and Competition for Scarce Capital: Evidence from U.S. REITs," International Real Estate Review, Global Social Science Institute, vol. 22(4), pages 535-570.
    239. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    240. Qurat Ul Ain & Xianghui Yuan & Hafiz Mustansar Javaid & Jinkai Zhao & Li Xiang, 2021. "Board Gender Diversity and Dividend Policy in Chinese Listed Firms," SAGE Open, , vol. 11(1), pages 21582440219, February.
    241. Lai, Tat-kei & Ng, Travis, 2017. "Does dividend tax impede competition for corporate charters?," Journal of Comparative Economics, Elsevier, vol. 45(4), pages 751-772.
    242. Agarwalla, Sobhesh Kumar & Jacob, Joshy & Vasudevan, Ellapulli, 2015. "Market overreaction to poor long-run performance? A case of repurchase firms in India," IIMA Working Papers WP2015-02-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    243. Yuan‐Teng Hsu & Chia‐Wei Huang, 2020. "Why do stock repurchases change over time?," European Financial Management, European Financial Management Association, vol. 26(4), pages 938-957, September.
    244. Hong, Harrison & Wang, Jiang & Yu, Jialin, 2008. "Firms as buyers of last resort," Journal of Financial Economics, Elsevier, vol. 88(1), pages 119-145, April.
    245. Bonaimé, Alice Adams & Öztekin, Özde & Warr, Richard S., 2014. "Capital structure, equity mispricing, and stock repurchases," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 182-200.
    246. Chin-Sheng Huang & Chun-Fan You & Hsiao-Fen Hsiao, 2017. "Dividends and Subsequent Profitability: An Examination of a Dual Dividend Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(01), pages 1-35, March.
    247. Ravinder Kumar Arora, 2022. "Why Do Indian Companies Repurchase Their Shares?," Global Business Review, International Management Institute, vol. 23(1), pages 205-217, February.
    248. Jennifer Blouin & Jana Raedy & Douglas Shackelford, 2010. "Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes," NBER Working Papers 16129, National Bureau of Economic Research, Inc.
    249. Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Discussion Paper 2005-61, Tilburg University, Center for Economic Research.
    250. Graham, John R. & Harvey, Campbell R. & Puri, Manju, 2015. "Capital allocation and delegation of decision-making authority within firms," Journal of Financial Economics, Elsevier, vol. 115(3), pages 449-470.
    251. Roni Michaely & Amir Rubin & Alexander Vedrashko, 2014. "Corporate Governance and the Timing of Earnings Announcements," Review of Finance, European Finance Association, vol. 18(6), pages 2003-2044.
    252. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
    253. Wang, Zigan & Yin, Qie Ellie & Yu, Luping, 2021. "Real effects of share repurchases legalization on corporate behaviors," Journal of Financial Economics, Elsevier, vol. 140(1), pages 197-219.
    254. Andrey B. Ankudinov, 2023. "Dividend policy and ownership structure of Russian companies: An empirical analysis of the crisis years," Upravlenets, Ural State University of Economics, vol. 14(3), pages 71-85, July.
    255. Paolo Guasoni & Gur Huberman & Dan Ren, 2020. "Shortfall aversion," Mathematical Finance, Wiley Blackwell, vol. 30(3), pages 869-920, July.
    256. Geiler, P.H.M. & Renneboog, L.D.R., 2014. "Executive Remuneration and the Payout Decision," Other publications TiSEM d9ae7344-0a29-4aa0-a016-8, Tilburg University, School of Economics and Management.
    257. Sephton, Peter, 2023. "Threshold cointegration and asymmetries between dividends and earnings news," Finance Research Letters, Elsevier, vol. 58(PB).
    258. Hui Liang James & Hongxia Wang, 2021. "Independent director tenure and dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1057-1091, May.
    259. Zhe An & Wenlian Gao & Donghui Li & Dezhu Ye, 2022. "Dividend payouts, cash‐flow uncertainty and the role of institutions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1356-1390, July.
    260. Esqueda, Omar A., 2016. "Signaling, corporate governance, and the equilibrium dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 186-199.
    261. Jun, Sang-gyung & Jung, Mookwon & Walkling, Ralph A., 2009. "Share repurchase, executive options and wealth changes to stockholders and bondholders," Journal of Corporate Finance, Elsevier, vol. 15(2), pages 212-229, April.
    262. Adhikari, Binay K. & Agrawal, Anup, 2018. "Peer influence on payout policies," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 615-637.
    263. Francis, Bill & Hasan, Iftekhar & Li, Lingxiang, 2015. "Evidence for the existence of downward real earnings management," Bank of Finland Research Discussion Papers 13/2015, Bank of Finland.
    264. Dionne, Georges & Ouederni, Karima, 2011. "Corporate risk management and dividend signaling theory," Finance Research Letters, Elsevier, vol. 8(4), pages 188-195.
    265. Thomas David & Edith Ginglinger, 2015. "When Cutting Dividends Is Not Bad News: The Case Of Optional Stock Dividends," Post-Print hal-01637541, HAL.
    266. Grennan, Jillian, 2019. "Dividend payments as a response to peer influence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 549-570.
    267. Brunzell, Tor & Liljeblom, Eva & Löflund, Anders & Vaihekoski, Mika, 2014. "Dividend policy in Nordic listed firms," Global Finance Journal, Elsevier, vol. 25(2), pages 124-135.
    268. Bukalska Elżbieta & Skibińska-Fabrowska Ilona, 2023. "Corporate Investment in Bank-Dependent Companies in Crisis Time," Central European Economic Journal, Sciendo, vol. 10(57), pages 1-22, January.
    269. Massa, Massimo & Rehman, Zahid & Vermaelen, Theo, 2007. "Mimicking repurchases," Journal of Financial Economics, Elsevier, vol. 84(3), pages 624-666, June.
    270. Waelchli, Urs & Zeller, Jonas, 2013. "Old captains at the helm: Chairman age and firm performance," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1612-1628.
    271. Walkshäusl, Christian, 2015. "Equity financing activities and European value-growth returns," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 27-40.
    272. S. I. Lutsenko, 2018. "Influence Of Information Signals On The Future Earnings," Strategic decisions and risk management, Real Economy Publishing House, issue 4.
    273. Jules H. van Binsbergen & John Graham & Jie Yang, 2010. "The Cost of Debt," NBER Working Papers 16023, National Bureau of Economic Research, Inc.
    274. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.
    275. SHIRABE, Yuji & 調, 勇二, 2017. "Market Overreaction to Bad News and Share Repurchase: Evidence from Japan," Working Paper Series 215, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
    276. Breuer, Wolfgang & Rieger, M. Oliver & Soypak, K. Can, 2014. "The behavioral foundations of corporate dividend policy a cross-country analysis," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 247-265.
    277. Atsushi Chino & Joon Ho Kim, 2022. "Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut," Financial Management, Financial Management Association International, vol. 51(2), pages 539-571, June.
    278. Nabaraj Adhikari, Ph.D., 2014. "Managers’ Views on Dividend Policy of Nepalese Enterprises," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 26(1), pages 90-120, April.
    279. Ante Džidić Silvije Orsag, 2019. "Dividend Smoothing and Investor Protection," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 22(2), pages 55-70, November.
    280. Hwang Hee Lee & Frederick Dongchuhl Oh, 2022. "The role of credit default swaps in determining corporate payout policy," Financial Management, Financial Management Association International, vol. 51(2), pages 635-661, June.
    281. Peter Cziraki & Christian Laux & Gyöngyi Lóránth, 2024. "Understanding Bank Payouts during the Crisis of 2007–2009," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 191-234.
    282. Lee, King Fuei, 2018. "Peer Effects on Firm Dividend Policies in Taiwan," MPRA Paper 103102, University Library of Munich, Germany.
    283. Tzu-Chun Sheng & Alvin Chang & Shu-Hui Lan & Shih-Cheng Li, 2020. "Analysis of the Dividend Policy Decision-Making Mechanism of Chinese and Taiwanese Lithium Battery Industries," Mathematics, MDPI, vol. 8(10), pages 1-16, October.
    284. Chen, Xiaoqi & Li, Weiping & Torsin, Wouter & Tsang, Albert, 2024. "Dividend policy under mandatory ESG reporting," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    285. Duraj, Kamila & Grunow, Daniela & Chaliasos, Michael & Laudenbach, Christine & Siegel, Stephan, 2024. "Rethinking the stock market participation puzzle: A qualitative approach," IMFS Working Paper Series 210, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    286. Richard W. Kopcke, 2005. "The taxation of equity, dividends, and stock prices," Public Policy Discussion Paper 05-1, Federal Reserve Bank of Boston.
    287. Akhigbe, Aigbe & Whyte, Ann Marie, 2012. "Does the use of stock incentives influence the payout policy of financial institutions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 63-71.
    288. Claudia Curi & Maurizio Murgia, 2017. "Divestitures and the financial conglomerate excess value," BEMPS - Bozen Economics & Management Paper Series BEMPS43, Faculty of Economics and Management at the Free University of Bozen.
    289. Ishikawa, Masaya & Takahashi, Hidetomo, 2011. "Testing the managerial timing ability: Evidence from stock repurchases in Japan," Finance Research Letters, Elsevier, vol. 8(1), pages 21-27, March.
    290. Cronqvist, Henrik & Low, Angie & Nilsson, Mattias, 2007. "Does Corporate Culture Matter for Firm Policies?," SIFR Research Report Series 48, Institute for Financial Research.
    291. Kenneth Khang & Tao‐Hsien Dolly King, 2006. "Does Dividend Policy Relate to Cross‐Sectional Variation in Information Asymmetry? Evidence from Returns to Insider Trades," Financial Management, Financial Management Association International, vol. 35(4), pages 71-94, December.
    292. Jian Cao & Thomas R. Kubick & Adi N. S. Masli, 2017. "Do corporate payouts signal going-concern risk for auditors? Evidence from audit reports for companies in financial distress," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 599-631, October.
    293. Krieger, Kevin & Lee, Bong-Soo & Mauck, Nathan, 2013. "Do senior citizens prefer dividends? Local clienteles vs. firm characteristics," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 150-165.
    294. Harakeh, Mostafa, 2020. "Dividend policy and corporate investment under information shocks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
    295. López-Iturriaga, Félix J. & Santana Martín, Domingo Javier, 2019. "The payout policy of politically connected firms: Tunnelling or reputation?," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    296. Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
    297. Liu, Chinpiao & Chen, An-Sing, 2015. "Do firms use dividend changes to signal future profitability? A simultaneous equation analysis," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 194-207.
    298. Ulrike Malmendier, 2018. "Behavioral Corporate Finance," NBER Working Papers 25162, National Bureau of Economic Research, Inc.
    299. Brockman, Paul & Howe, John S. & Mortal, Sandra, 2008. "Stock market liquidity and the decision to repurchase," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 446-459, September.
    300. Lee, King Fuei, 2011. "Demographics, dividend clienteles and the dividend premium," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(4), pages 368-375.
    301. Winston Pontoh, 2016. "The Motives behind Dividend Policy," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 29-40.
    302. Malcolm Baker & Jeffrey Wurgler, 2012. "Dividends as Reference Points: A Behavioral Signaling Approach," NBER Working Papers 18242, National Bureau of Economic Research, Inc.
    303. Imhof, Michael J. & Seavey, Scott E., 2014. "Corporate risk-taking, firm value and high levels of managerial earnings forecasts," Advances in accounting, Elsevier, vol. 30(2), pages 328-337.
    304. Ilona Babenko & Yuri Tserlukevich & Pengcheng Wan, 2020. "Is Market Timing Good for Shareholders?," Management Science, INFORMS, vol. 66(8), pages 3542-3560, August.
    305. Almeida, Heitor & Campello, Murillo & Laranjeira, Bruno & Weisbenner, Scott, 2012. "Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis," Critical Finance Review, now publishers, vol. 1(1), pages 3-58, January.
    306. Adra, Samer & Gao, Yang & Huang, Jin & Yuan, Jiayi, 2023. "Geopolitical risk and corporate payout policy," International Review of Financial Analysis, Elsevier, vol. 87(C).
    307. Evgeniou, Theodoros & Vermaelen, Theo, 2017. "Share buybacks and gender diversity," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 669-686.
    308. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    309. Alquhaif, Abdulsalam & Al-Gamrh, Bakr & Abdul Latif, Rohaida, 2020. "An overview of share buybacks: A descriptive case from Malaysia," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    310. Chao, Ching-Hsiang & Huang, Chih-Jen, 2022. "Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    311. Zhang, Haiyan, 2008. "Corporate governance and dividend policy: A comparison of Chinese firms listed in Hong Kong and in the Mainland," China Economic Review, Elsevier, vol. 19(3), pages 437-459, September.
    312. Truong, Thanh & Heaney, Richard, 2007. "Largest shareholder and dividend policy around the world," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 667-687, December.
    313. Chino, Atsushi, 2016. "Do labor unions affect firm payout policy?: Operating leverage and rent extraction effects," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 156-178.
    314. Annette Alstadsæter & Wojciech Kopczuk & Kjetil Telle, 2014. "Are Closely Held Firms Tax Shelters?," NBER Chapters, in: Tax Policy and the Economy, Volume 28, pages 1-32, National Bureau of Economic Research, Inc.
    315. Trinh, Quoc Dat & Haddad, Christian & Tran, Kim Thuan, 2022. "Financial reporting quality and dividend policy: New evidence from an international level," International Review of Financial Analysis, Elsevier, vol. 80(C).
    316. Islam Mohammad Shahidul & Adnan Atm, 2019. "Dividend Practices in Listed Companies: Study on the Manufacturing Sector of Bangladesh," Management of Organizations: Systematic Research, Sciendo, vol. 81(1), pages 1-19, June.
    317. Bassam M. ABU-ABBAS, 2021. "The Role of Dividends on Equity Valuation: Evidence from the GCC Countries," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 162-180, June.
    318. Deqiu Chen & Yujing Ma & Xiumin Martin & Roni Michaely, 2020. "On the Fast Track: Information Acquisition Costs and Information Production," Swiss Finance Institute Research Paper Series 20-14, Swiss Finance Institute.
    319. Lin, Tsui-Jung & Chen, Yi-Pei & Tsai, Han-Fang, 2017. "The relationship among information asymmetry, dividend policy and ownership structure," Finance Research Letters, Elsevier, vol. 20(C), pages 1-12.
    320. Price, S. McKay & Doran, James S. & Peterson, David R. & Bliss, Barbara A., 2012. "Earnings conference calls and stock returns: The incremental informativeness of textual tone," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 992-1011.
    321. Basil Al-Najjar & Yacine Belghitar, 2014. "Do corporate governance mechanisms affect cash dividends? An empirical investigation of UK firms," International Review of Applied Economics, Taylor & Francis Journals, vol. 28(4), pages 524-538, July.
    322. Nyborg, Kjell & Wang, Zexi, 2019. "Corporate cash holdings: Stock liquidity and the repurchase motive," CEPR Discussion Papers 13791, C.E.P.R. Discussion Papers.
    323. Pornsit Jiraporn & Sang Mook Lee, 2018. "Do Co†Opted Directors Influence Dividend Policy?," Financial Management, Financial Management Association International, vol. 47(2), pages 349-381, June.
    324. Wang, Li-Hsun & Lin, Chu-Hsiung & Fung, Hung-Gay & Chen, Hsien-Ming, 2013. "An analysis of stock repurchase in Taiwan," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 497-513.
    325. Andreas Charitou & Neophytos Lambertides & Giorgos Theodoulou, 2010. "The Effect of Past Earnings and Dividend Patterns on the Information Content of Dividends When Earnings Are Reduced," Abacus, Accounting Foundation, University of Sydney, vol. 46(2), pages 153-187, June.
    326. Jacob, Martin & Alstadsæter, Annette, 2013. "Payout policies of privately held firms: Flexibility and the role of income taxes," arqus Discussion Papers in Quantitative Tax Research 152, arqus - Arbeitskreis Quantitative Steuerlehre.
    327. Jerald E. Pinto & Thomas R. Robinson & John D. Stowe, 2019. "Equity valuation: A survey of professional practice," Review of Financial Economics, John Wiley & Sons, vol. 37(2), pages 219-233, April.
    328. Alex Edmans & Tom Gosling & Dirk Jenter, 2021. "CEO Compensation: Evidence from the Field," CESifo Working Paper Series 9162, CESifo.
    329. José M. Marín & Antoni Sureda-Gomila, 2007. "Firms vs. insiders as traders of last resort," Working Papers 2007-21, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
    330. Shu, Shaowen & Peng, Wei, 2024. "How does product market competition affect dividend smoothing? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 177-192.
    331. Holmen, Martin & Knopf, John D. & Peterson, Stefan, 2008. "Inside shareholders' effective tax rates and dividends," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1860-1869, September.
    332. Devra L. Golbe & Ingmar Nyman, 2010. "How do share repurchases affect ownership concentration?," Economics Working Paper Archive at Hunter College 430, Hunter College Department of Economics, revised 2012.
    333. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
    334. Xin Yao Li & Pei-Wen Chen, 2020. "Meeting Dividend Thresholds Through Earnings Management of Listed Companies in South Africa," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 10(6), pages 1-5.
    335. Jordan, Bradford D. & Liu, Mark H. & Wu, Qun, 2014. "Corporate payout policy in dual-class firms," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 1-19.
    336. Seifert, Bruce & Gonenc, Halit, 2012. "Issuing and repurchasing: The influence of mispricing, corporate life cycle and financing waves," Journal of Multinational Financial Management, Elsevier, vol. 22(3), pages 66-81.
    337. Naresh Gopal & Ravi S. Mateti & Duong Nguyen & Gopala Vasudevan, 2024. "Stock buybacks and growth opportunities," Review of Quantitative Finance and Accounting, Springer, vol. 63(4), pages 1413-1429, November.
    338. Huang, Chin-Sheng & You, Chun-Fan & Lin, Szu-Hsien, 2009. "Cash dividends, stock dividends and subsequent earnings growth," Pacific-Basin Finance Journal, Elsevier, vol. 17(5), pages 594-610, November.
    339. Jean Canil & Sigitas Karpavičius & Chia‐Feng (Jeffrey) Yu, 2023. "CEO mobility and corporate payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(9-10), pages 1743-1778, October.
    340. Ritika Jain, 2022. "State Ownership and Dividend Decisions: Economic Versus Political Determinants," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 20(1), pages 23-42, March.
    341. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    342. Baker, H. Kent & Dutta, Shantanu & Saadi, Samir, 2008. "Impact of financial and multinational operations on manager perceptions of dividends," Global Finance Journal, Elsevier, vol. 19(2), pages 171-186.
    343. Laura Kawano, 2014. "The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 114-136, February.
    344. Radina R. Blagoeva & Korcan Kavusan & Justin J. P. Jansen, 2020. "Who violates expectations when? How firms' growth and dividend reputations affect investors' reactions to acquisitions," Strategic Management Journal, Wiley Blackwell, vol. 41(9), pages 1712-1742, September.
    345. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2018. "Risk-sensitive Basel Regulations and Firms' Access to Credit: Direct and Indirect Effects," IIMA Working Papers WP 2018-10-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    346. Zhiyao Chen & Ran Duchin, 2024. "Do Nonfinancial Firms Use Financial Assets to Take Risk?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 1-37.
    347. Unsal, Omer & Brodmann, Jennifer, 2019. "Workplace environment and payout policy," Journal of Economics and Business, Elsevier, vol. 106(C).
    348. Aoki, Yasuharu, 2023. "The effect of dividend smoothing on bond spreads: Evidence from Japan," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 621-637.
    349. Ester Chen & Ilanit Gavious & Nadav Steinberg, 2019. "Dividends from unrealized earnings and default risk," Review of Accounting Studies, Springer, vol. 24(2), pages 491-535, June.
    350. Olga A. Shvetsova & Elena A. Rodionova & Michael Z. Epstein, 2018. "Evaluation of investment projects under uncertainty: multi-criteria approach using interval data," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 5(4), pages 914-928, June.
    351. Dang, Viet Anh & Kim, Minjoo & Shin, Yongcheol, 2015. "In search of robust methods for dynamic panel data models in empirical corporate finance," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 84-98.
    352. Menkhoff, Lukas, 2010. "The Use of Technical Analysis by Fund Managers: International Evidence," Hannover Economic Papers (HEP) dp-446, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    353. Kanas, Angelos, 2014. "Default risk and equity prices in the U.S. banking sector: Regime switching effects of regulatory changes," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 33(C), pages 244-258.
    354. Lóránth, Gyöngyi & Laux, Christian & Cziraki, Peter, 2016. "Understanding Bank Payouts during the Crisis of 2007-2009," CEPR Discussion Papers 11453, C.E.P.R. Discussion Papers.
    355. Fernau, Erik & Hirsch, Stefan, 2019. "What drives dividend smoothing? A meta regression analysis of the Lintner model," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 255-273.
    356. Espahbodi, Reza & Liu, Nan & Weigand, Robert A., 2022. "Opportunistic earnings management or performance-related effects? Evidence from dividend-paying firms," Global Finance Journal, Elsevier, vol. 54(C).
    357. Balachandran, Balasingham & Nguyen, Justin Hung, 2018. "Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 249-267.
    358. Chinmoy Ghosh & Le Sun, 2014. "Agency Cost, Dividend Policy and Growth: The Special Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 660-708, May.
    359. Fu, Richard & Subramanian, Ajay, 2011. "Leverage and debt maturity choices by undiversified owner-managers," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 888-913, September.
    360. Andreou, Panayiotis C. & Cooper, Ilan & de Olalla Lopez, Ignacio Garcia & Louca, Christodoulos, 2018. "Managerial overconfidence and the buyback anomaly," Journal of Empirical Finance, Elsevier, vol. 49(C), pages 142-156.
    361. Subramanian Rama Iyer & Harry Feng & Ramesh P. Rao, 2017. "Payout flexibility and capital expenditure," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 633-659, October.
    362. Wang, David Han-Min, 2010. "Corporate investment, financing, and dividend policies in the high-tech industry," Journal of Business Research, Elsevier, vol. 63(5), pages 486-489, May.
    363. Christian Andres & André Betzer & Markus Doumet & Erik Theissen, 2018. "Open Market Share Repurchases in Germany: A Conditional Event Study Approach," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 417-444, December.
    364. Bessler, Wolfgang & Gonenc, Halit & Tinoco, Mario Hernandez, 2023. "Information asymmetry, agency costs, and payout policies: An international analysis of IFRS adoption and the global financial crisis," Economic Systems, Elsevier, vol. 47(4).
    365. Cholifah Bahri & Mahsina S. E & Asmie Poniwati, 2017. "The influence of undervaluation, free cash flow, leverage and dispersion of ownerships toward company’s stock repurchase (An empirical study of Indonesia stock exchange public listed companies)," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 3(5), pages 235-247.
    366. Caroline Marie-Jeanne, 2012. "Le renouveau du paiement du dividende en actions," Post-Print hal-02043506, HAL.
    367. Ye, Dezhu & Deng, Jie & Liu, Yi & Szewczyk, Samuel H. & Chen, Xiao, 2019. "Does board gender diversity increase dividend payouts? Analysis of global evidence," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-26.
    368. Gow-Cheng Huang & Kartono Liano & Ming-Shiun Pan, 2009. "REIT Open-Market Stock Repurchases and Profitability," The Journal of Real Estate Finance and Economics, Springer, vol. 39(4), pages 439-449, November.
    369. Julan Du & Charles Ka Yui Leung & Derek Chu, 2014. "Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings," International Real Estate Review, Global Social Science Institute, vol. 17(3), pages 301-357.
    370. Kien Cao & Thuy Nguyen & Hong Nguyen & Hien Bui, 2020. "Incomplete Share Repurchase Programs in Vietnam: Completion Rates and Short-Term Returns," IJFS, MDPI, vol. 8(3), pages 1-16, September.
    371. Dittmar, Amy K. & Dittmar, Robert F., 2008. "The timing of financing decisions: An examination of the correlation in financing waves," Journal of Financial Economics, Elsevier, vol. 90(1), pages 59-83, October.
    372. Gil Cohen & Joseph Yagil, 2010. "Sectorial differences in corporate financial behavior: an international survey," The European Journal of Finance, Taylor & Francis Journals, vol. 16(3), pages 245-262.
    373. Mark D. Walker & Keven Yost, 2022. "Seasoned equity offerings and payout policy," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(3), pages 695-718, September.
    374. Yeh, Tsung-ming, 2017. "Determinants and consequences of shareholder proposals: The cases of board election, charter amendment, and profit disposal," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 245-261.
    375. Javakhadze, David & Ferris, Stephen P. & Sen, Nilanjan, 2014. "An international analysis of dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 200-220.
    376. Anton Miglo, 2020. "Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations," JRFM, MDPI, vol. 13(12), pages 1-25, November.
    377. Deshmukh, Sanjay & Goel, Anand M. & Howe, Keith M., 2013. "CEO overconfidence and dividend policy," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 440-463.
    378. Shuping Chen & Terry Shevlin & Yen H. Tong, 2007. "Does the Pricing of Financial Reporting Quality Change Around Dividend Changes?," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 1-40, March.
    379. Cho, Jin Seo & Kim, Tae-hwan & Shin, Yongcheol, 2015. "Quantile cointegration in the autoregressive distributed-lag modeling framework," Journal of Econometrics, Elsevier, vol. 188(1), pages 281-300.
    380. Bargeron, Leonce & Kulchania, Manoj & Thomas, Shawn, 2011. "Accelerated share repurchases," Journal of Financial Economics, Elsevier, vol. 101(1), pages 69-89, July.
    381. Marc Gürtler & Nora Hartmann, 2007. "The Equity Premium Puzzle And Emotional Asset Pricing," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 10(06), pages 939-965.
    382. Johannes A. Skjeltorp & Bernt Arne Ødegaard, 2004. "The ownership structure of repurchasing firms," Working Paper 2004/7, Norges Bank.
    383. William Mullins & Antoinette Schoar, 2013. "How do CEOs see their Role? Management Philosophy and Styles in Family and Non-Family Firms," NBER Working Papers 19395, National Bureau of Economic Research, Inc.
    384. Wang, Jiaxin & Cheng, Ruonan & Huang, Yong & Yan, Chao, 2023. "The pre-IPO dividend and IPO underpricing: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    385. Seo, Myung Hwan & Shin, Yongcheol, 2016. "Dynamic panels with threshold effect and endogeneity," Journal of Econometrics, Elsevier, vol. 195(2), pages 169-186.
    386. Huilin Zhang & Sabri Boubaker & Xiaroan Ni, 2024. "Litigating Payouts or Not? Evidence from Universal Demand Laws," Post-Print hal-04432414, HAL.
    387. Matthew Adeolu Abata & Stephen Oseko Migiro & Joseph Olorunfemi Akande & Raredzo Layton, 2017. "Does Capital Structure Impact on the Performance of South African Listed Firms?," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 13(6), pages 334-350, DECEMBER.
    388. Jiao, Yang, 2024. "Financial crises, bailouts and monetary policy in open economies," Journal of International Economics, Elsevier, vol. 151(C).
    389. Boudry, Walter I. & Kallberg, Jarl G. & Liu, Crocker H., 2013. "Investment opportunities and share repurchases," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 23-38.
    390. Jakub Rysanek & Jaromir Tonner & Stanislav Tvrz & Osvald Vasicek, 2012. "Monetary Policy Implications of Financial Frictions in the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(5), pages 413-429, November.
    391. Dong, Longxu & Zhang, Haomin & Huang, Yongjian, 2024. "Dual-class share structure and dividend smoothing," Finance Research Letters, Elsevier, vol. 61(C).
    392. Cosmin Octavian Cepoi & Victor Dragotă & Ruxandra Trifan & Andreea Iordache, 2023. "Probability of informed trading during the COVID-19 pandemic: the case of the Romanian stock market," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    393. Bens, Daniel A. & Nagar, Venky & Skinner, Douglas J. & Wong, M. H. Franco, 2003. "Employee stock options, EPS dilution, and stock repurchases," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 51-90, December.
    394. Randall Morck & Bernard Yeung, 2005. "Dividend Taxation and Corporate Governance," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 163-180, Summer.
    395. Patrice Charlier & Céline Duboys, 2011. "Gouvernance familiale et politique de distribution aux actionnaires," Revue Finance Contrôle Stratégie, revues.org, vol. 14(1), pages 5-31., March.
    396. Murhadi, Werner-Ria, 2008. "Study On Dividend Policy: Antecedent and Its Impact On Share Price," MPRA Paper 25596, University Library of Munich, Germany.
    397. Takuma Kochiyama & Ryosuke Nakamura & Akinobu Shuto, 2021. "How do bank lenders use borrowers’ financial statements? Evidence from a survey of Japanese banks," CARF F-Series CARF-F-522, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    398. Jin Seo Cho & Matthew Greenwood-Nimmo & Yongcheol Shin, 2023. "The Asymmetric Response of Dividends to Earnings News," Working papers 2023rwp-210, Yonsei University, Yonsei Economics Research Institute.
    399. Avramov, Doron & Li, Minwen & Wang, Hao, 2021. "Predicting corporate policies using downside risk: A machine learning approach," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 1-26.
    400. A. Mantovi, 2011. "Dividends, sustainability and relevance," Economics Department Working Papers 2011-EP03, Department of Economics, Parma University (Italy).
    401. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    402. Michael Machokoto, 2021. "Do financial constraints really matter? A case of understudied African firms," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4670-4705, July.
    403. Igor Goncharov & Sander Triest, 2014. "Unintended Consequences of Changing Accounting Standards: The Case of Fair Value Accounting and Mandatory Dividends," Abacus, Accounting Foundation, University of Sydney, vol. 50(3), pages 341-367, September.
    404. Michelle Bergmann, 2016. "The Rise in Dividend Payments," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 47-56, March.
    405. Habib, Ahsan & Hasan, Mostafa Monzur, 2019. "Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 188-201.
    406. Dungey, Mardi & Flavin, Thomas & O'Connor, Thomas & Wosser, Michael, 2022. "Non-financial corporations and systemic risk," Journal of Corporate Finance, Elsevier, vol. 72(C).
    407. Kamal Anouar & Nicolas Aubert, 2016. "Does the catering theory of dividend apply to the French listed firms?," Post-Print halshs-01401867, HAL.
    408. Rapp, Marc Steffen & Schmid, Thomas & Urban, Daniel, 2014. "The value of financial flexibility and corporate financial policy," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 288-302.
    409. Ijaz Ali & Ali Gohar & Omar Meharzi, 2017. "Why do Firms Change Their Dividend Policy?," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 411-422.
    410. Yousefi, Hamed & Yung, Kenneth & Najand, Mohammad, 2023. "From low resource slack to inflexibility: The share price effect of operational efficiency," International Review of Financial Analysis, Elsevier, vol. 90(C).
    411. Balasingham Balachandran & Keryn Chalmers & Janto Haman, 2008. "On‐market share buybacks, exercisable share options and earnings management," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(1), pages 25-49, March.
    412. Hussein Abedi Shamsabadi & Byung S. Min & Imen Tebourbi & Mohammad Nourani, 2020. "Corporate Governance in Australia: Share Repurchases under an Imputation Tax System," Capital Markets Review, Malaysian Finance Association, vol. 28(1), pages 1-23.
    413. Apergis, Nicholas & Chasiotis, Ioannis & Georgantopoulos, Andreas G. & Konstantios, Dimitrios, 2021. "The integration of share repurchases into investment decision-making: Evidence from Japan," International Review of Financial Analysis, Elsevier, vol. 78(C).
    414. Szyszka Adam, 2014. "Factors Influencing IPO Decisions. Do Corporate Managers Use Market and Corporate Timing? A Survey," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 42(1), pages 30-39, June.
    415. Chan, Konan & Chen, Hung-Kun & Hu, Shing-yang & Liu, Yu-Jane, 2018. "Share pledges and margin call pressure," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 96-117.
    416. Kuzucu, Narman, 2015. "A survey of managerial perspective on corporate dividend policy: evidence from Turkish listed firms," MPRA Paper 69801, University Library of Munich, Germany.
    417. Gould, Graeme P., 2019. "Repurchases and intended program length," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 234-247.
    418. Andriosopoulos, Dimitrios & Gaganis, Chrysovalantis & Pasiouras, Fotios & Zopounidis, Constantin, 2012. "An application of multicriteria decision aid models in the prediction of open market share repurchases," Omega, Elsevier, vol. 40(6), pages 882-890.
    419. Buchanan, Bonnie & Silvola, Hanna & Vähämaa, Emilia, 2023. "Sustainability and private investors," Bank of Finland Research Discussion Papers 14/2023, Bank of Finland.
    420. D. Daniel Keum, 2021. "Innovation, short‐termism, and the cost of strong corporate governance," Strategic Management Journal, Wiley Blackwell, vol. 42(1), pages 3-29, January.
    421. Floyd, Eric & Li, Nan & Skinner, Douglas J., 2015. "Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends," Journal of Financial Economics, Elsevier, vol. 118(2), pages 299-316.
    422. Balli, Faruk & Agyemang, Abraham & Gregory-Allen, Russell & Ozer Balli, Hatice, 2022. "Corporate dividend smoothing: The role of cross-listing," Journal of Corporate Finance, Elsevier, vol. 72(C).
    423. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.
    424. Jyoti Gupta & Florian Wagner, 2018. "The Announcement Effect of Open-Market Share Buybacks: The Case for European Firms," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(8), pages 117-117, August.
    425. Ali Akyol & Jin S. Kim & Chander Shekhar, 2014. "The Causes and Consequences of Accelerated Stock Repurchases," International Review of Finance, International Review of Finance Ltd., vol. 14(3), pages 319-343, September.
    426. Batabyal, Sourav & Robinson, Richard, 2017. "Capital change and stability when dividends convey signals," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 158-167.
    427. Kamal Anouar, 2013. "L'incitation des dirigeants à distribuer de la valeur créée est-elle liée à une prime de dividende positive ?," Working Papers halshs-00796406, HAL.
    428. Nhut H. Nguyen & David Y. Wang, 2013. "Stock dividends in China: signalling or liquidity explanations?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(2), pages 513-535, June.
    429. Xiao, MingFang & Cao, June & Chiang, Yao-Min, 2022. "Kiss the baby for the nurse's sake? - Guaranteeing employees' stock purchase against loss program," International Review of Financial Analysis, Elsevier, vol. 81(C).
    430. Ralf Diedrich & Stefan Dierkes & Johannes Sümpelmann, 2023. "Valuation with share repurchases and personal taxes," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(7-8), pages 1502-1524, July.
    431. Trojanowski, G., 2004. "Ownership structure as a mechanism of corporate governance," Other publications TiSEM 5dbc874d-d1d0-44a5-9717-8, Tilburg University, School of Economics and Management.
    432. Paul Gompers & William Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2016. "How Do Venture Capitalists Make Decisions?," NBER Working Papers 22587, National Bureau of Economic Research, Inc.
    433. rondi, laura & cambini, carlo & bremberger, francisca & gugler, klaus, 2013. "Dividend Policy in Regulated Firms," MPRA Paper 48043, University Library of Munich, Germany.
    434. Hamdi Ben-Nasr, 2015. "Government Ownership and Dividend Policy: Evidence from Newly Privatised Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(5-6), pages 665-704, June.
    435. Camelia M Kuhnen & Gregory R Samanez-Larkin & Brian Knutson, 2013. "Serotonergic Genotypes, Neuroticism, and Financial Choices," PLOS ONE, Public Library of Science, vol. 8(1), pages 1-9, January.
    436. Danilo Stojanovic, 2022. "The 2003 Tax Reform and Corporate Payout Policy in the US," CERGE-EI Working Papers wp727, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    437. Norman Strong, 2004. "Discussion of What Role Taxes and Regulation? A Second Look at Open Market Share Buyback Activity in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(1‐2), pages 293-295, January.
    438. Cuong Nguyen, 2019. "The asymmetry in firms’ mechanisms of cash holdings adjustments: evidence from the G-5 economies," Review of Quantitative Finance and Accounting, Springer, vol. 53(2), pages 429-463, August.
    439. Yilin Luo & Chenkai Ni & James Thewissen, 2024. "Currency flotation and dividend policies: Evidence from China's central parity reform," Financial Management, Financial Management Association International, vol. 53(1), pages 145-174, March.
    440. John R. Graham, 2022. "Presidential Address: Corporate Finance and Reality," Journal of Finance, American Finance Association, vol. 77(4), pages 1975-2049, August.
    441. Fazli Haleem, 2011. "Modeling Dividend Behavior in Pakistan," Information Management and Business Review, AMH International, vol. 3(6), pages 289-301.
    442. Jingyu Gao & Adi Masli & Ikseon Suh & Jingchang Xu, 2021. "The Influence of a Family Business Climate and CEO–CFO Relationship Quality on Misreporting Conduct," Journal of Business Ethics, Springer, vol. 171(1), pages 99-122, June.
    443. Ntantamis, Christos & Zhou, Jun, 2022. "Corporate payout, cash holdings, and the COVID-19 crisis: Evidence from the G-7 countries," Finance Research Letters, Elsevier, vol. 50(C).
    444. Lee, King Fuei, 2010. "Retail minority shareholders and corporate reputation as determinant of dividend policy in Australia," Pacific-Basin Finance Journal, Elsevier, vol. 18(4), pages 351-368, September.
    445. Davide Pettenuzzo & Riccardo Sabbatucci & Allan Timmermann, 2020. "Cash Flow News and Stock Price Dynamics," Journal of Finance, American Finance Association, vol. 75(4), pages 2221-2270, August.
    446. Avanzi, Benjamin & Wong, Bernard, 2012. "On a mean reverting dividend strategy with Brownian motion," Insurance: Mathematics and Economics, Elsevier, vol. 51(2), pages 229-238.
    447. Nishant B. Labhane & Jitendra Mahakud, 2018. "Dividend Smoothing and Business Groups: Evidence from Indian Companies," Global Business Review, International Management Institute, vol. 19(3), pages 690-706, June.
    448. VanDalsem, Shane A., 2019. "Sacrificing corporate investment for stock repurchases: Are family firms different?," Journal of Economics and Business, Elsevier, vol. 104(C), pages 1-1.
    449. Evans O. Boamah & Shantanu Banerjee, 2024. "The beguiling behaviour of narcissistic CEOs: Evidence from repurchase announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(3-4), pages 717-755, March.
    450. Dodig Ante & Dzidic Ante, 2022. "Dividend Policies in Volatile Transitioning Markets," Zagreb International Review of Economics and Business, Sciendo, vol. 25(1), pages 111-132.
    451. Evgeniou, Theodoros & de Fortuny, Enric Junqué & Nassuphis, Nick & Vermaelen, Theo, 2018. "Volatility and the buyback anomaly," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 32-53.
    452. Forti, Cristiano & Schiozer, Rafael F., 2015. "Bank dividends and signaling to information-sensitive depositors," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 1-11.
    453. Nekat, Kai & Nippel, Peter, 2007. "The impact of a firm's payout policy on stock prices and shareholders' wealth in an inefficient market," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 619, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    454. Cao, Zhangfan & Chen, Steven Xianglong & Harakeh, Mostafa & Lee, Edward, 2022. "Do non-financial factors influence corporate dividend policies? Evidence from business strategy," International Review of Financial Analysis, Elsevier, vol. 82(C).
    455. Yao, Wenyun & Zhang, Lei & Hu, Jianxiong, 2020. "Does having a semimandatory dividend policy enhance investor confidence? Research on dividend-financing behavior," Economic Systems, Elsevier, vol. 44(4).
    456. Sunaina Kanojia & Bunny Singh Bhatia, 2022. "Corporate governance and dividend policy of the US and Indian companies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(4), pages 1339-1373, December.
    457. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
    458. Byun, Jinho & Kim, Kihun & Liao, Rose C. & Pan, Carrie, 2021. "The Impact of Investor Sentiment on Catering Incentives around the World," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 71(C).
    459. Boulton, Thomas J. & Braga-Alves, Marcus V. & Shastri, Kuldeep, 2012. "Payout policy in Brazil: Dividends versus interest on equity," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 968-979.
    460. Alok Bhargava, 2010. "An econometric analysis of dividends and share repurchases by US firms," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 173(3), pages 631-656, July.
    461. Huang, Wei & Paul, Donna L., 2017. "Institutional holdings, investment opportunities and dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 152-161.
    462. Liang, Woan-lih, 2016. "Sensitivity to investor sentiment and stock performance of open market share repurchases," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 75-94.
    463. Paolo Saona & Pablo San Martín, 2018. "Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors," Review of Managerial Science, Springer, vol. 12(1), pages 65-112, January.
    464. Nicholas Guest & S. P. Kothari & Parth Venkat, 2023. "Share repurchases on trial: Large‐sample evidence on share price performance, executive compensation, and corporate investment," Financial Management, Financial Management Association International, vol. 52(1), pages 19-40, March.
    465. Aktas, Nihat & Boone, Audra & Croci, Ettore & Signori, Andrea, 2021. "Reductions in CEO career horizons and corporate policies," Journal of Corporate Finance, Elsevier, vol. 66(C).
    466. Henkel, Sam James & Martin, J. Spencer & Nardari, Federico, 2011. "Time-varying short-horizon predictability," Journal of Financial Economics, Elsevier, vol. 99(3), pages 560-580, March.
    467. Gaurav Kankanhalli & Alan Kwan, 2024. "Bargaining power in the market for intellectual property: Evidence from licensing contract terms," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 21(1), pages 109-173, March.
    468. Gunnar Bårdsen & Jurgen Doornik & Jan Tore Klovland, 2004. "A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s," Working Paper 2004/4, Norges Bank.
    469. Seth, Rama & Mahenthiran, Sakthi, 2022. "Impact of dividend payouts and corporate social responsibility on firm value – Evidence from India," Journal of Business Research, Elsevier, vol. 146(C), pages 571-581.
    470. Muhammad Usman Kemal & Sadaf Kashif, 2018. "Investor’s behavior towards dividend paying out firms," Prizren Social Science Journal, SHIKS, vol. 2(2), pages 12-26, December.
    471. Anneleen Michiels & Wim Voordeckers & Nadine Lybaert & Tensie Steijvers, 2015. "Dividends and family governance practices in private family firms," Small Business Economics, Springer, vol. 44(2), pages 299-314, February.
    472. Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki & OGAWA Ryo, 2023. "Managing Ownership by Management," Discussion papers 23022, Research Institute of Economy, Trade and Industry (RIETI).
    473. Suleman, Muhammad Tahir & Yaghoubi, Mona, 2022. "Infectious disease and corporate activities," Economics Letters, Elsevier, vol. 212(C).
    474. Chen, Mingqin & Xie, Jing & Li, Yue, 2022. "Heterogeneity of dividend smoothing: A strategic response to peer competition in China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
    475. Yusuke Takasu & Makoto Nakano, 2012. "What Do Smoothed Earnings Tell Us about the Future?," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 2, pages 1-32, December.
    476. Bliss, Barbara A. & Cheng, Yingmei & Denis, David J., 2015. "Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis," Journal of Financial Economics, Elsevier, vol. 115(3), pages 521-540.
    477. Mahmoud Al-Rdaydeh & Ammar Yaser Almansour & Mohammad Ahmad Al-Omari, 2018. "Moderating effect of competitive strategies on the relation between financial leverage and firm performance: evidence from Jordan," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(3), pages 626-641, June.
    478. Borja Larrain & Motohiro Yogo, 2007. "Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?," NBER Working Papers 12847, National Bureau of Economic Research, Inc.
    479. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    480. Papanastasopoulos, Georgios, 2017. "Accrual anomaly and corporate financing activities," Finance Research Letters, Elsevier, vol. 20(C), pages 125-129.
    481. Olivier Dessaint & Jacques Olivier & Clemens A Otto & David Thesmar, 2021. "CAPM-Based Company (Mis)valuations [Credit lines as monitored liquidity insurance: Theory and evidence]," The Review of Financial Studies, Society for Financial Studies, vol. 34(1), pages 1-66.
    482. Kristine Watson Hankins & Mark J. Flannery & M. Nimalendran, 2008. "The Effect of Fiduciary Standards on Institutions' Preference for Dividend‐Paying Stocks," Financial Management, Financial Management Association International, vol. 37(4), pages 647-671, December.
    483. Bilinski, Pawel & Lyssimachou, Danielle, 2018. "Dividend guidance to manage analyst dividend expectations," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 53-68.
    484. Brounen, D. & de Jong, A. & Koedijk, C.G., 2004. "Corporate Finance In Europe Confronting Theory With Practice," ERIM Report Series Research in Management ERS-2004-002-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    485. Hu, Zhenyu & Chang, Jui-Chin, 2022. "Does air pollution affect dividend policy," Finance Research Letters, Elsevier, vol. 49(C).
    486. De Cesari, Amedeo & Espenlaub, Susanne & Khurshed, Arif & Simkovic, Michael, 2012. "The effects of ownership and stock liquidity on the timing of repurchase transactions," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1023-1050.
    487. Deng, Lu & Li, Sifei & Liao, Mingqing, 2017. "Dividends and earnings quality: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 255-268.
    488. Fei Leng & Kevin Zhao, 2014. "Insider trading around open-market share repurchases," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(3), pages 461-491, July.
    489. Nilakshi Borah & Hui Liang James & Jung Chul Park, 2020. "Does CEO inside debt compensation benefit both shareholders and debtholders?," Review of Quantitative Finance and Accounting, Springer, vol. 54(1), pages 159-203, January.
    490. Xiaomeng Chen & Andreas Hellmann & Safdar R. Mithani, 2020. "The Effect of Fair Value Adjustments on Dividend Policy Under Mandatory International Financial Reporting Standards Adoption: Australian Evidence," Abacus, Accounting Foundation, University of Sydney, vol. 56(3), pages 436-453, September.
    491. Adhikari, Binay Kumar & Agrawal, Anup, 2016. "Does local religiosity matter for bank risk-taking?," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 272-293.
    492. Dung Viet Tran, 2020. "Economic policy uncertainty and bank dividend policy," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 67(3), pages 339-361, September.
    493. Liu, Tong & Mao, Yifei & Tian, Xuan, 2023. "The role of human capital: Evidence from corporate innovation," Journal of Empirical Finance, Elsevier, vol. 74(C).
    494. Chauhan, Yogesh & Lakshmi, K. Rajya & Dey, Dipanjan Kumar, 2016. "Corporate governance practices, self-dealings, and firm performance: Evidence from India," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 274-289.
    495. Kent Baker, H. & De Ridder, Adri, 2018. "Payout policy in industrial and financial firms," Global Finance Journal, Elsevier, vol. 37(C), pages 138-151.
    496. Hélène Rainelli-Le Montagner, 2008. "Finance d'entreprise:voix nouvelles et nouvelles voies," Revue Finance Contrôle Stratégie, revues.org, vol. 11(Special), pages 291-313, June.
    497. Chen, Peter & Karabarbounis, Loukas & Neiman, Brent, 2017. "The global rise of corporate saving," Journal of Monetary Economics, Elsevier, vol. 89(C), pages 1-19.
    498. Chronopoulos, Dimitris K. & Johari, Edie Erman Che & Scholtens, Bert & Sobiech, Anna L. & Wilson, John O.S. & Yilmaz, Muhammed H., 2023. "Competition and bank dividends," Journal of International Money and Finance, Elsevier, vol. 137(C).
    499. Pirgaip, Burak & Dinçergök, Burcu, 2019. "Share repurchases under uncertainty: U.S. evidence," Finance Research Letters, Elsevier, vol. 30(C), pages 130-138.
    500. Benlemlih, Mohammed, 2019. "Corporate social responsibility and dividend policy," Research in International Business and Finance, Elsevier, vol. 47(C), pages 114-138.
    501. Hsu, Junming & Young, Weiju & Huang, Yu-Wen, 2021. "Investors' reactions and firms' actions in the Covid-19 period: The case of Taiwan," International Review of Financial Analysis, Elsevier, vol. 78(C).
    502. Stephan Jank, 2015. "Changes in the Composition of Publicly Traded Firms: Implications for the Dividend-Price Ratio and Return Predictability," Management Science, INFORMS, vol. 61(6), pages 1362-1377, June.
    503. Zhong, Huaming & Guo, Yaoting & Mohamed Al-Duais, Zinb Abduljabbar, 2024. "Accelerated depreciation of fixed assets and cash dividend distribution," The North American Journal of Economics and Finance, Elsevier, vol. 71(C).
    504. Amy Dittmar, 2008. "Corporate Cash Policy and How to Manage it with Stock Repurchases," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(3), pages 22-34, June.
    505. Chowdhury, Hasibul & Rahman, Shofiqur, 2023. "Do tournament incentives affect corporate dividend policy?," Journal of Banking & Finance, Elsevier, vol. 152(C).
    506. Patrice Charlier & Céline Du Boys, 2011. "Family governance and payout policies to shareholders [Gouvernance familiale et politique de distribution aux actionnaires]," Post-Print hal-01470330, HAL.
    507. Aggarwal, Raj & Dow, Sandra M., 2012. "Dividends and strength of Japanese business group affiliation," Journal of Economics and Business, Elsevier, vol. 64(3), pages 214-230.
    508. Cheng-few Lee & James Juichia Lin, 2023. "Generalized dividend behavior model and dividend smoothing: theory and empirical evidence," Review of Quantitative Finance and Accounting, Springer, vol. 61(4), pages 1529-1561, November.
    509. Huang, Chia-Wei, 2015. "Takeover vulnerability and the credibility of signaling: The case of open-market share repurchases," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 405-417.
    510. Adhiraj Sodhi & Aleksandar Stojanovic, 2024. "Deregulating the Volume Limit on Share Repurchases," IJFS, MDPI, vol. 12(3), pages 1-22, September.
    511. Zeidan, Rodrigo & Galil, Koresh & Shapir, Offer Moshe, 2018. "Do ultimate owners follow the pecking order theory?," The Quarterly Review of Economics and Finance, Elsevier, vol. 67(C), pages 45-50.
    512. Katarina Culkova & Adriana Csikosovaa & Maria Janoskova, 2015. "Development Of Risk Payment Index In Slovakia Comparing With Chosen Eu Countries," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 12(1), pages 37-47, DEcember.
    513. Lie, Erik, 2005. "Operating performance following open market share repurchase announcements," Journal of Accounting and Economics, Elsevier, vol. 39(3), pages 411-436, September.
    514. Gürtler, Marc & Hartmann, Nora, 2004. "The equity premium puzzle and emotional asset pricing," Working Papers FW10V3, Technische Universität Braunschweig, Institute of Finance.
    515. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2004. "Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?," NBER Working Papers 10301, National Bureau of Economic Research, Inc.
    516. Balachandran, Balasingham & Krishnamurti, Chandrasekhar & Theobald, Michael & Vidanapathirana, Berty, 2012. "Dividend reductions, the timing of dividend payments and information content," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1232-1247.
    517. Luzi Hail & Ahmed Tahoun & Clare Wang, 2014. "Dividend Payouts and Information Shocks," Journal of Accounting Research, Wiley Blackwell, vol. 52(2), pages 403-456, May.
    518. Pornsit Jiraporn & Pandej Chintrakarn, 2009. "Staggered Boards, Managerial Entrenchment, and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 36(1), pages 1-19, August.
    519. Thomas McCluskey & Bruce Burton & David Power, 2007. "Evidence on Irish financial directors' views about dividends," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 4(2), pages 115-132, June.
    520. Balli, Faruk & De Bruin, Anne & Balli, Hatice Ozer & Karimov, Jamshid, 2020. "Corporate net income and payout smoothing under Shari'ah compliance," Pacific-Basin Finance Journal, Elsevier, vol. 60(C).
    521. Kamal Anouar, 2013. "L'Exces De Confiance Des Dirigeants Et La Decision De Distribution De Dividendes : Une Analyse Lexicale," Working Papers halshs-00797635, HAL.
    522. Christine Brown & Daniel Norman, 2010. "Management choice of buyback method: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(4), pages 767-782, December.
    523. Andres, Christian & Hofbaur, Ulrich, 2017. "Do what you did four quarters ago: Trends and implications of quarterly dividends," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 139-158.
    524. Hazhir Rahmandad & Rebecca Henderson & Nelson P. Repenning, 2018. "Making the Numbers? “Short Termism” and the Puzzle of Only Occasional Disaster," Management Science, INFORMS, vol. 64(3), pages 1328-1347, March.
    525. Taipalus, Katja, 2006. "Bubbles in the Finnish and US equities markets," Bank of Finland Scientific Monographs, Bank of Finland, volume 0, number sm2006_035, July.
    526. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    527. L. Ruzhanskaya & S. Lukyanov, 2010. "Dividend Policy of Russian Companies and the Investors Interests," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 3.
    528. Oded, Jacob, 2011. "Stock repurchases: How firms choose between a self tender offer and an open-market program," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3174-3187.
    529. Satoru Yamaguchi, 2021. "Inflexibility of Share Repurchases," International Review of Finance, International Review of Finance Ltd., vol. 21(1), pages 255-281, March.
    530. Chintrakarn, Pandej & Chatjuthamard, Pattanaporn & Tong, Shenghui & Jiraporn, Pornsit, 2018. "How do powerful CEOs view dividends and stock repurchases? Evidence from the CEO pay slice (CPS)," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 49-64.
    531. Jo-Yu Wang & Chih-Hsuan Chang & Juo-Lien Wang, 2024. "Do Prior Financial Events to Share Repurchase Announcements Matter?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 23(2), pages 197-226, June.
    532. Mullins, William & Schoar, Antoinette, 2016. "How do CEOs see their roles? Management philosophies and styles in family and non-family firms," Journal of Financial Economics, Elsevier, vol. 119(1), pages 24-43.
    533. Borup, Daniel, 2019. "Asset pricing model uncertainty," Journal of Empirical Finance, Elsevier, vol. 54(C), pages 166-189.
    534. Rubin, Amir & Smith, Daniel R., 2009. "Institutional ownership, volatility and dividends," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 627-639, April.
    535. Espahbodi, Reza & Liu, Nan & Westbrook, Amy, 2016. "The effects of the 2006 SEC executive compensation disclosure rules on managerial incentives," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 241-256.
    536. Hoang, Edward C. & Hoxha, Indrit, 2016. "Corporate payout smoothing: A variance decomposition approach," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 1-13.
    537. Thomas O'Connor, 2004. "Are the domestic investors of firms cross-listed in the United States better protected," Money Macro and Finance (MMF) Research Group Conference 2004 20, Money Macro and Finance Research Group.
    538. Frank Obenpong Kwabi & Emmanuel Adegbite & Ernest Ezeani & Chizindu Wonu & Henry Mumbi, 2024. "Political uncertainty and stock market liquidity, size, and transaction cost: The role of institutional quality," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2030-2048, April.
    539. Jayanta Kumar Seal & Jasbir Singh Matharu, 2018. "Long-Term Performance of Buybacks in India," Global Business Review, International Management Institute, vol. 19(6), pages 1554-1566, December.
    540. Deng, Lu & Li, Sifei & Liao, Mingqing & Wu, Weixing, 2013. "Dividends, investment and cash flow uncertainty: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 112-124.
    541. Kathleen Kahle & René M. Stulz, 2020. "Why Are Corporate Payouts So High in the 2000s?," NBER Working Papers 26958, National Bureau of Economic Research, Inc.
    542. Dialdin Osman & Elsaudi Mohammed, 2010. "Dividend Policy In Saudi Arabia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 99-113.
    543. Kexin Chen & Kyunghyun Park & Hoi Ying Wong, 2024. "Robust dividend policy: Equivalence of Epstein-Zin and Maenhout preferences," Papers 2406.12305, arXiv.org.
    544. Balachandran, Balasingham & Khan, Arifur & Mather, Paul & Theobald, Michael, 2019. "Insider ownership and dividend policy in an imputation tax environment," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 153-167.
    545. Jiang, Zhan & Kim, Kenneth A. & Lie, Erik & Yang, Sean, 2013. "Share repurchases, catering, and dividend substitution," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 36-50.
    546. Varvara V. Nazarova & Anastasia A. Ivanova, 2022. "Payment to Investors Policy Choice: US Market Research," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 89-107, February.
    547. Shankar Kumar Singh Jha & Usama Aziz, 2019. "Analysis of the Interaction between Dividend Policy and Firm Performance in Manufacturing Sector," Information Management and Business Review, AMH International, vol. 10(4), pages 14-21.
    548. Casalin, Fabrizio & Dia, Enzo, 2014. "Adjustment costs, financial frictions and aggregate investment," Journal of Economics and Business, Elsevier, vol. 75(C), pages 60-79.
    549. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2013. "Size and age of establishments: evidence from developing countries," Policy Research Working Paper Series 6718, The World Bank.
    550. Banyi, Monica & Caplan, Dennis, 2016. "Do firms follow GAAP when they record share repurchases?," Advances in accounting, Elsevier, vol. 34(C), pages 41-54.
    551. Jeon, Jin Q. & Lee, Cheolwoo & Moffett, Clay M., 2011. "Effects of foreign ownership on payout policy: Evidence from the Korean market," Journal of Financial Markets, Elsevier, vol. 14(2), pages 344-375, May.
    552. He, Wen & Ng, Lilian & Zaiats, Nataliya & Zhang, Bohui, 2017. "Dividend policy and earnings management across countries," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 267-286.
    553. Jank, Stephan, 2012. "Changes in the composition of publicly traded firms: Implications for the dividend-price ratio and return predictability," CFR Working Papers 12-08, University of Cologne, Centre for Financial Research (CFR).
    554. Kevin Krieger & Nathan Mauck, 2024. "Sustainability and Dividends: Complements or Substitutes?," Sustainability, MDPI, vol. 16(14), pages 1-16, July.
    555. Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2016. "Financialisation and crisis in an agent based macroeconomic model," Economic Modelling, Elsevier, vol. 52(PA), pages 162-172.
    556. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    557. Lampenius, Niklas & Shevlin, Terry & Stenzel, Arthur, 2021. "Measuring corporate tax rate and tax base avoidance of U.S. Domestic and U.S. multinational firms," Journal of Accounting and Economics, Elsevier, vol. 72(1).
    558. Jingfeng An & Gordon Gemmill & Dylan C. Thomas, 2012. "The Agency Effect of Repurchases on Closed†End Funds," European Financial Management, European Financial Management Association, vol. 18(2), pages 240-270, March.
    559. Steven Hegemann & Iuliana Ismailescu, 2017. "The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(02), pages 1-31, June.
    560. Kent Baker, H. & Kilincarslan, Erhan & Arsal, Alper Haktan, 2018. "Dividend policy in Turkey: Survey evidence from Borsa Istanbul firms," Global Finance Journal, Elsevier, vol. 35(C), pages 43-57.
    561. Fairchild, Richard & Guney, Yilmaz & Thanatawee, Yordying, 2014. "Corporate dividend policy in Thailand: Theory and evidence," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 129-151.
    562. Janis Berzins & Øyvind Bøhren & Bogdan Stacescu, 2018. "Shareholder Conflicts and Dividends [A theory of dividends based on tax clienteles]," Review of Finance, European Finance Association, vol. 22(5), pages 1807-1840.
    563. Maria Elisabete Duante Neves, 2017. "Payout and Firm's Catering," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 104-132.
    564. Bark, Jaehyung & Kang, Pyung Kyung, 2024. "Stewardship code adoption and firms’ decisions on treasury shares: Evidence from South Korea," Research in International Business and Finance, Elsevier, vol. 71(C).
    565. Michael Gibbins & Susan A. McCracken & Steve E. Salterio, 2007. "The Chief Financial Officer's Perspective on Auditor†Client Negotiations," Contemporary Accounting Research, John Wiley & Sons, vol. 24(2), pages 387-422, June.
    566. Jorge Hernández-Pérez & Salvador Cruz Rambaud & Tomás Lorenzana de la Varga, 2019. "Economic situation, the key to understanding the links between CEOs’ personal traits and the financial structure of large private companies," PLOS ONE, Public Library of Science, vol. 14(7), pages 1-15, July.
    567. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    568. Céline Du Boys, 2009. "Is payout policy part of the corporate governance system? The case of France," Post-Print hal-01290737, HAL.
    569. Subramanian Rama Iyer & Ramesh P. Rao, 2017. "Share Repurchases And The Flexibility Hypothesis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 40(3), pages 287-313, September.
    570. Call, Andrew C. & Emett, Scott A. & Maksymov, Eldar & Sharp, Nathan Y., 2022. "Meet the press: Survey evidence on financial journalists as information intermediaries," Journal of Accounting and Economics, Elsevier, vol. 73(2).
    571. Gao, Lei & Zhang, Joseph H., 2015. "Firms’ earnings smoothing, corporate social responsibility, and valuation," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 108-127.
    572. Iwaki, Hiromichi & Saito, Junyu, 2022. "Does rollover risk matter to payout policies? Evidence from Japanese listed firms," Journal of Economics and Business, Elsevier, vol. 120(C).
    573. Rhee, KyungJae & Park, Kyung Suh, 2018. "Changes in dividend smoothing after the financial crisis," Economics Letters, Elsevier, vol. 172(C), pages 37-39.
    574. Booth, Laurence & Wang, Mengying & Zhou, Jun, 2019. "Import competition and financial flexibility: Evidence from corporate payout policy," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 382-396.
    575. Lily Nguyen & Le Vu & Xiangkang Yin, 2021. "Share repurchases and firm innovation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1665-1695, April.
    576. Lo, Agnes W.Y. & Wong, Raymond M.K. & Firth, Michael, 2010. "Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 225-235, April.
    577. Sun, Liang & Yu, Huaibing, 2022. "The effects of busy board on firm’s probability to pay dividends," Research in International Business and Finance, Elsevier, vol. 60(C).
    578. Yang Pan & Peng Huang & Anandasivam Gopal, 2019. "Storm Clouds on the Horizon? New Entry Threats and R&D Investments in the U.S. IT Industry," Information Systems Research, INFORMS, vol. 30(2), pages 540-562, June.
    579. David Schröder, 2013. "Asset allocation in private wealth management: Theory versus practice," Journal of Asset Management, Palgrave Macmillan, vol. 14(3), pages 162-181, June.
    580. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    581. Krieger, Kevin & Mauck, Nathan & Pruitt, Stephen W., 2021. "The impact of the COVID-19 pandemic on dividends," Finance Research Letters, Elsevier, vol. 42(C).
    582. Ham, Charles G. & Kaplan, Zachary R. & Leary, Mark T., 2020. "Do dividends convey information about future earnings?," Journal of Financial Economics, Elsevier, vol. 136(2), pages 547-570.
    583. Pascal Busch & Stefan Obernberger, 2017. "Actual Share Repurchases, Price Efficiency, and the Information Content of Stock Prices," The Review of Financial Studies, Society for Financial Studies, vol. 30(1), pages 324-362.
    584. Buchanan, Bonnie G. & Cao, Cathy Xuying & Liljeblom, Eva & Weihrich, Susan, 2017. "Uncertainty and firm dividend policy—A natural experiment," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 179-197.
    585. Richard Herron, 2022. "Payout policy and the interaction of firm-level and country-level governance," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 1-39, January.
    586. Jacob, Marcus & Jacob, Martin, 2013. "Taxation and the cash flow sensitivity of dividends," Economics Letters, Elsevier, vol. 118(1), pages 186-188.
    587. Nguyen, Truong-Giang, 2020. "Stock liquidity and dividend policy: Evidence from an imputation tax environment," International Review of Financial Analysis, Elsevier, vol. 72(C).
    588. Franck Bancel & Usha R. Mittoo, 2009. "Why Do European Firms Go Public?," European Financial Management, European Financial Management Association, vol. 15(4), pages 844-884, September.
    589. Jennifer K Gippel, 2013. "A revolution in finance?," Australian Journal of Management, Australian School of Business, vol. 38(1), pages 125-146, April.
    590. Kumar, Praveen & Langberg, Nisan & Oded, Jacob & Sivaramakrishnan, K., 2017. "Voluntary disclosure and strategic stock repurchases," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 207-230.
    591. von Eije, Henk & Goyal, Abhinav & Muckley, Cal B., 2014. "Does the information content of payout initiations and omissions influence firm risks?," Journal of Econometrics, Elsevier, vol. 183(2), pages 222-229.
    592. Dong, Ming & Dutordoir, Marie & Veld, Chris, 2019. "How can we improve inferences from surveys? A new look at the convertible debt questions from the Graham and Harvey survey data," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 61(C), pages 213-222.
    593. Cheng-Few Lee & Woan-lih Liang & Fu-Lai Lin & Yating Yang, 2016. "Applications of simultaneous equations in finance research: methods and empirical results," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 943-971, November.
    594. von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
    595. Chuo-Hsuan Lee & Chengo Hsieh & Xiaofeng Peng, 2005. "Why do reits engage in open-market repurchases?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(3), pages 313-320, September.
    596. Szládek, Dániel, 2024. "Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai [Share repurchases instead of dividend payments?. The evolution of payout policies and ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 154-175.
    597. Patrizia Gazzola & Stefano Amelio & Daniele Grechi & Fragkoulis Papagiannis, 2021. "NPO Funding in Italy: The Role and the Contribution of Corporate Governance," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(12), pages 1-1, July.
    598. Stefan Dierkes & Ulrich Schäfer, 2021. "Valuation of firms with multiple business units," Journal of Business Economics, Springer, vol. 91(4), pages 401-432, May.
    599. Basil Al-Najjar & Yacine Belghitar, 2012. "The information content of cashflows in the context of dividend smoothing," Economic Issues Journal Articles, Economic Issues, vol. 17(2), pages 57-70, September.
    600. Paul McGuinness & Kevin Lam & João Vieito, 2015. "Gender and other major board characteristics in China: Explaining corporate dividend policy and governance," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 989-1038, December.
    601. Atif Ellahie & Zachary Kaplan, 2021. "Show Me the Money! Dividend Policy in Countries with Weak Institutions," Journal of Accounting Research, Wiley Blackwell, vol. 59(2), pages 613-655, May.
    602. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    603. Harris, Oneil & Madura, Jeff, 2011. "Why are proposed spinoffs withdrawn?," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 69-81, February.
    604. Chazi, Abdelaziz & Boubakri, Narjess & Zanella, Fernando, 2011. "Corporate dividend policy in practice: Evidence from an emerging market with a tax-free environment," Pacific-Basin Finance Journal, Elsevier, vol. 19(2), pages 245-259, April.
    605. Cappa, Francesco & Oriani, Raffaele & Pinelli, Michele & De Massis, Alfredo, 2019. "When does crowdsourcing benefit firm stock market performance?," Research Policy, Elsevier, vol. 48(9), pages 1-1.
    606. Kjell G. Nyborg & Zexi Wang, 2019. "The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motive," Swiss Finance Institute Research Paper Series 19-30, Swiss Finance Institute, revised Dec 2020.
    607. Zubaida Batool & Attiya Yasmin Javid, 2014. "Dividend Policy and Role of Corporate Governance in Manufacturing Sector of Pakistan," PIDE-Working Papers 2014:109, Pakistan Institute of Development Economics.
    608. Liyu He & Sue Wright & Elaine Evans, 2021. "The impact of managerial discretion on fair value information in the Australian agricultural sector," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1897-1930, April.
    609. Oleg Turygin, 2018. "Internal Sources to Increase Financing for Fixed Investments in a Company," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 1498-1511.
    610. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2013. "Legal Institutions, Ownership Concentration, and Stock Repurchases Around the World: Signal Mimicking?," The International Journal of Accounting, Elsevier, vol. 48(4), pages 427-458.
    611. Mohammad Shahidul Islam, 2018. "Dividend Practices In Listed Banks Of Bangladesh," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 7(2), pages 43-61.
    612. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    613. Liu, Harrison & Swanson, Edward P., 2016. "Is price support a motive for increasing share repurchases?," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 77-91.
    614. Brawn, Derek A. & Šević, Aleksandar, 2018. "“Firm size matters: Industry sector, firm age and volatility do too in determining which publicly-listed US firms pay a dividend”," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 132-152.
    615. Graham, John R. & Harvey, Campbell R., 2005. "The long-run equity risk premium," Finance Research Letters, Elsevier, vol. 2(4), pages 185-194, December.
    616. Ha, Chang Yong & Im, Hyun Joong & Kang, Ya, 2017. "Sticky dividends: A new explanation," Finance Research Letters, Elsevier, vol. 23(C), pages 69-79.
    617. Geetanjali Pinto & Shailesh Rastogi, 2019. "Sectoral Analysis of Factors Influencing Dividend Policy: Case of an Emerging Financial Market," JRFM, MDPI, vol. 12(3), pages 1-18, June.
    618. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
    619. Banerjee, Suman & Humphery-Jenner, Mark & Nanda, Vikram, 2018. "Does CEO bias escalate repurchase activity?," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 105-126.
    620. Bradley Benson & Travis Davidson & Hui James & Hongxia Wang, 2022. "Board busyness and corporate payout: are all busy directors the same?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3711-3759, September.
    621. Dang, Viet A. & De Cesari, Amedeo & Phan, Hieu V., 2021. "Employment protection and share repurchases: Evidence from wrongful discharge laws," Journal of Corporate Finance, Elsevier, vol. 69(C).
    622. Parui, Pintu, 2020. "Corporate Debt, Rentiers' Portfolio Dynamics, Instability and Growth: A neo-Kaleckian Perspective," MPRA Paper 102870, University Library of Munich, Germany.
    623. Robert Joliet & Aline Muller, 2015. "Dividends and Foreign Performance Signaling," Multinational Finance Journal, Multinational Finance Journal, vol. 19(2), pages 77-107, June.
    624. Kong, Dongmin & Ji, Mianmian, 2024. "Individual investors’ dividend tax reform and investment efficiency," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1102-1119.
    625. Mubashir Ali Khan & Fareeha Abbasi & Muhammad Azeem Ahmad & Imran Arshad, 2020. "What Determines A Dividend Policy Of Listed Non-Financial Firms Of Pakistan," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 16(2), pages 103-121.
    626. Briano-Turrent, Guadalupe D.C. & Li, Mingsheng & Peng, Hongfeng, 2020. "The impact of family-CEOs and their demographic characteristics on dividend payouts: Evidence from Latin America," Research in International Business and Finance, Elsevier, vol. 51(C).
    627. Kaprielyan, Margarita & Brady, Kevin, 2018. "The role of dividend policy in cross-border mergers and acquisitions," Journal of Multinational Financial Management, Elsevier, vol. 47, pages 14-30.
    628. De Ridder, Adri, 2015. "Additional evidence on the frequency of share repurchases and managerial timing," The Quarterly Review of Economics and Finance, Elsevier, vol. 56(C), pages 154-164.
    629. Chen, Hsuan-Chi & Harper, Joel T. & Iyer, Subramanian R., 2018. "Economic shock and share repurchases," The North American Journal of Economics and Finance, Elsevier, vol. 44(C), pages 254-264.
    630. Henock Louis & Amy X. Sun & Hal White, 2010. "Insider Trading after Repurchase Tender Offer Announcements: Timing versus Informed Trading," Financial Management, Financial Management Association International, vol. 39(1), pages 301-322, March.
    631. Wang, Ling, 2020. "Unconventional monetary policy and stock repurchases: Firm-level evidence from a comparison between the United States and Japan," Research in International Business and Finance, Elsevier, vol. 51(C).
    632. Stephen R. Foerster & Stephen G. Sapp, 2006. "The changing role of dividends: a firm‐level study from the nineteenth to the twenty‐first century," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1316-1344, November.
    633. Khan, Kanwal Iqbal & Ghafoor, Muhammad Mudassar & Sheeraz, Muhammad & Mahmood, Shahid, 2018. "Pay or not to Pay Dividends: Company Policy and Investor Expectations," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 7(1), pages 137-157.
    634. Sharier Azim Khan, 2021. "Leverage target and payout policy," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(1), pages 53-79, April.
    635. Isakov, Dusan & Weisskopf, Jean-Philippe, 2013. "Do not wake sleeping dogs: Pay-out policies in founding family firms," FSES Working Papers 443, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    636. Boubaker, Sabri & Eshraghi, Arman & Liu, Yifan, 2024. "Stock Liquidity Sidedness and Share Repurchase," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    637. James Juichia Lin & Cheng-Few Lee, 2021. "Does managerial reluctance of dividend cuts signal future earnings?," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 453-478, February.
    638. Nicolosi, Gina, 2013. "Demographics of dividends," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 54-70.
    639. Darija Prša & Aljoša Šestanoviæ & Ivo Ramljak, 2022. "Factors influencing dividend payout policy: Evidence from listed non-financial firms of the Zagreb Stock Exchange," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 40(2), pages 441-457.
    640. Janice CY How & Kian Ngo & Peter Verhoeven, 2011. "Dividend initiations and long-run IPO performance," Australian Journal of Management, Australian School of Business, vol. 36(2), pages 267-286, August.
    641. Hue Hwa Au Yong & Christine Brown & Chloe Choy Yeing Ho, 2014. "Off-Market Buybacks in Australia: Evidence of Abnormal Trading around Key Dates," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 551-585, December.
    642. Leentje Moortgat & Jan Annaert & Marc Deloof, 2024. "The long-run persistence in dividend policy," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 18(3), pages 621-651, September.
    643. Sander Hoog, 2018. "The Limits to Credit Growth: Mitigation Policies and Macroprudential Regulations to Foster Macrofinancial Stability and Sustainable Debt," Computational Economics, Springer;Society for Computational Economics, vol. 52(3), pages 873-920, October.
    644. Chris M. Lawrey & Kathleen P. Fuller & Brandon C. L. Morris, 2020. "Paying dividends: Cash or credit?," Journal of Asset Management, Palgrave Macmillan, vol. 21(6), pages 513-523, October.
    645. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    646. Stephen P. Ferris & Gregory Noronha & Emre Unlu, 2010. "The More, the Merrier: An International Analysis of the Frequency of Dividend Payment," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(1‐2), pages 148-170, January.
    647. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2014. "Direct evidence of dividend tax clienteles," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 1-12.
    648. Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
    649. DeAngelo, Harry & DeAngelo, Linda, 2006. "The irrelevance of the MM dividend irrelevance theorem," Journal of Financial Economics, Elsevier, vol. 79(2), pages 293-315, February.
    650. Andor, Gyorgy & Mohanty, Sunil K. & Toth, Tamas, 2015. "Capital budgeting practices: A survey of Central and Eastern European firms," Emerging Markets Review, Elsevier, vol. 23(C), pages 148-172.
    651. Bukalska Elżbieta, 2019. "Testing trade-off theory and pecking order theory under managerial overconfidence," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(2), pages 99-117, June.
    652. Gryglewicz, Sebastian, 2011. "A theory of corporate financial decisions with liquidity and solvency concerns," Journal of Financial Economics, Elsevier, vol. 99(2), pages 365-384, February.
    653. Bulan, Laarni & Hull, Tyler, 2013. "The impact of technical defaults on dividend policy," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 814-823.
    654. Chan, Konan & Ikenberry, David L. & Lee, Inmoo & Wang, Yanzhi, 2010. "Share repurchases as a potential tool to mislead investors," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 137-158, April.
    655. John R. Graham & Michelle Hanlon & Terry Shevlin, 2011. "Real Effects of Accounting Rules: Evidence from Multinational Firms’ Investment Location and Profit Repatriation Decisions," Journal of Accounting Research, Wiley Blackwell, vol. 49(1), pages 137-185, March.
    656. Shapiro, Dmitry & Zhuang, Anan, 2015. "Dividends as a signaling device and the disappearing dividend puzzle," Journal of Economics and Business, Elsevier, vol. 79(C), pages 62-81.
    657. Dennis Oswald & Steven Young, 2004. "What Role Taxes and Regulation? A Second Look at Open Market Share Buyback Activity in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(1‐2), pages 257-292, January.
    658. Kim, Min & Stice, Derrald & Stice, Han & White, Roger M., 2021. "Stop the presses! Or wait, we might need them: Firm responses to local newspaper closures and layoffs," Journal of Corporate Finance, Elsevier, vol. 69(C).
    659. Denis, David J., 2011. "Financial flexibility and corporate liquidity," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 667-674, June.
    660. Margaret (Peg) Horan, 2012. "Are Buybacks Increasing Eps?," Accounting & Taxation, The Institute for Business and Finance Research, vol. 4(1), pages 11-24.
    661. Francis, Bill B. & Samuel, Gilna & Wu, Qiang, 2023. "The impact of short selling on dividend smoothing," Journal of Financial Stability, Elsevier, vol. 65(C).
    662. Shumi Akhtar, 2018. "Dividend payout determinants for Australian Multinational and Domestic Corporations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 11-55, March.
    663. Lauren LoRe & Mahfuz Raihan, 2016. "Corporate Payouts, Macroeconomic Influences and Industry Effects," Applied Finance and Accounting, Redfame publishing, vol. 2(2), pages 100-112, August.
    664. Thomas J. Chemmanur & Zeyu Sun & Jing Xie, 2024. "Keeping up with the Joneses: Corporate Dividends and Common Institutional Blockholders," Working Papers 202407, University of Macau, Faculty of Business Administration.
    665. Chou, Robin K. & Wang, Yu-Chun & Jimmy Yang, J., 2021. "Share pledging, payout policy, and the value of cash holdings," Journal of Empirical Finance, Elsevier, vol. 61(C), pages 18-33.
    666. Ali Nejadmalayeri & Subramanian Rama Iyer & Manohar Singh, 2017. "Is there an optimally diversified conglomerate? Gleaning answers from capital markets," Review of Quantitative Finance and Accounting, Springer, vol. 49(1), pages 117-158, July.
    667. Dittmar, Amy & Field, Laura Casares, 2015. "Can managers time the market? Evidence using repurchase price data," Journal of Financial Economics, Elsevier, vol. 115(2), pages 261-282.
    668. Jesse Edgerton, 2013. "Four facts about dividend payouts and the 2003 tax cut," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(5), pages 769-784, October.
    669. Jain, Bharat A. & Shekhar, Chander & Torbey, Violet, 2009. "Payout initiation by IPO firms: The choice between dividends and share repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1275-1297, November.
    670. Michaely, Roni & Moin, Amani, 2022. "Disappearing and reappearing dividends," Journal of Financial Economics, Elsevier, vol. 143(1), pages 207-226.
    671. Joos, Peter & Plesko, George, 2004. "Costly Dividend Signaling: The Case of Loss Firms with Negative Cash Flows," Working papers Costly Dividend Signaling, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    672. Justin Hung Nguyen & Buhui Qiu, 2022. "The effect of skilled labor intensity on corporate dividend payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 963-1010, May.
    673. KOCHIYAMA, Takuma & 河内山, 拓磨 & SEKI, Koreyoshi, 2017. "Discretion in the Deferred Tax Valuation Allowance and Its Impact on Firms' Dividend Payouts," Working Paper Series 209, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
    674. Jeffrey J. Coulton & Caitlin M. S. Ruddock & Stephen L. Taylor, 2014. "The Informativeness of Dividends and Associated Tax Credits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1309-1336, November.
    675. Ying Wang & Mingsheng Li & Amina Kamar, 2022. "Environmental Concerns and Impression Offsetting: New Evidence on Dividend Payout," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 31(2-3), pages 87-118, July.
    676. Banyi, Monica L. & Kahle, Kathleen M., 2014. "Declining propensity to pay? A re-examination of the lifecycle theory," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 345-366.
    677. Hayley Baker & Millicent Chang & Choy Yeing (Chloe) Ho, 2021. "Value of dividend signaling in uncertain times," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1419-1440, December.
    678. Kambar Farooq & Muhammad Azeem & Chin Man Chui & Jun (Tony) Ruan, 2023. "Board Connections and Dividend Policy," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 983-1040, December.
    679. Céline Du Boys, 2008. "Politiques de distribution des entreprises françaises : critères de choix entre dividende et rachat d'actions," Post-Print hal-02057683, HAL.
    680. Christine Brown & John Handley & James O'Day, 2015. "The Dividend Substitution Hypothesis: Australian Evidence," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 37-62, March.
    681. Ouyang, Puman & Zhong, Ligang, 2023. "Asset redeployability and dividend payout policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 91-105.
    682. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    683. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2008. "Managerial Response to the May 2003 Dividend Tax Cut," Financial Management, Financial Management Association International, vol. 37(4), pages 611-624, December.
    684. Haleem, Fazli & Javid, Attiya Yasmin, 2011. "Modeling Dividend Behavior in Pakistan," MPRA Paper 37564, University Library of Munich, Germany.
    685. Ioannis Chasiotis & Andreas G. Georgantopoulos, 2021. "The flexibility of corporate payouts vis-à-vis capital investment: some UK evidence," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 18(1), pages 181-201, February.
    686. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    687. Francesco Menoncin & Paolo Panteghini & Luca Regis, 2021. "Optimal Firm's Dividend and Capital Structure for Mean Reverting Profitability," CESifo Working Paper Series 9407, CESifo.
    688. Yook, Ken C., 2010. "Long-run stock performance following stock repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(3), pages 323-331, August.
    689. Lins, Karl V. & Servaes, Henri & Tufano, Peter, 2010. "What drives corporate liquidity? An international survey of cash holdings and lines of credit," Journal of Financial Economics, Elsevier, vol. 98(1), pages 160-176, October.
    690. Igor Goncharov & David Veenman, 2014. "Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends," European Accounting Review, Taylor & Francis Journals, vol. 23(1), pages 25-55, May.
    691. Aneel Keswani & Jing Yang & Steven Young, 2007. "Do Share Buybacks Provide Price Support? Evidence From Mandatory Non‐Trading Periods," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(5‐6), pages 840-860, June.
    692. Barron, Daniel & Georgiadis, George & Swinkels, Jeroen M., 2020. "Optimal contracts with a risk-taking agent," Theoretical Economics, Econometric Society, vol. 15(2), May.
    693. Shaojie Lai & Qing Wang & Jiangze Du & Shuwen Pi, 2021. "Has the Propensity to Pay Dividends Declined? Evidence from the US Banking Sector," JRFM, MDPI, vol. 14(3), pages 1-14, March.
    694. Smith, Deborah Drummond & Pennathur, Anita K. & Marciniak, Marek R., 2017. "Why do CEOs agree to the discipline of dividends?," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 38-48.
    695. De Cesari, Amedeo, 2012. "Expropriation of minority shareholders and payout policy," The British Accounting Review, Elsevier, vol. 44(4), pages 207-220.
    696. Dempsey, Stephen J. & Sheng, Hainan, 2023. "Dividend change announcements, ROE, and the cost of equity capital," International Review of Financial Analysis, Elsevier, vol. 86(C).
    697. He, Wen & Zhang, Feida, 2022. "Languages and dividends," The British Accounting Review, Elsevier, vol. 54(6).
    698. Azi Ben-Rephael & Jacob Oded & Avi Wohl, 2014. "Do Firms Buy Their Stock at Bargain Prices? Evidence from Actual Stock Repurchase Disclosures," Review of Finance, European Finance Association, vol. 18(4), pages 1299-1340.
    699. Drienko, Jo & Khorsand, Bardia, 2023. "Dividend hibernation and future earnings: When no dividend news is good news," Journal of Corporate Finance, Elsevier, vol. 83(C).
    700. Lin, Winston T. & Chiang, Chung-Yean, 2011. "The impacts of country characteristics upon the value of information technology as measured by productive efficiency," International Journal of Production Economics, Elsevier, vol. 132(1), pages 13-33, July.
    701. Hiroyuki Ishikawa, 2011. "Empirical Analysis on the Dividend Life-Cycle Theory: Evidence from Japan," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 1, pages 39-60, December.
    702. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    703. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2008. "The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence," National Tax Journal, National Tax Association;National Tax Journal, vol. 61(3), pages 381-396, September.
    704. Claude Bergeron, 2024. "Inflation, risk, and dividend growth," SN Business & Economics, Springer, vol. 4(7), pages 1-21, July.
    705. Sah, Nilesh B., 2021. "Cash is Queen: Female CEOs’ propensity to hoard cash," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
    706. Kenneth Hogholm & Victor Hogholm, 2017. "Open Market Repurchase Programs - Evidence from Finland," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(12), pages 13-23, December.
    707. Shumi Akhtar, 2018. "Dividend policies across multinational and domestic corporations – an international study," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 669-695, September.
    708. Daniel, Naveen D. & Denis, David J. & Naveen, Lalitha, 2008. "Do firms manage earnings to meet dividend thresholds," Journal of Accounting and Economics, Elsevier, vol. 45(1), pages 2-26, March.
    709. Hu, May & Tuilautala, Mataiasi & Kang, Yuni, 2019. "Bandwagon effect: Special dividend payments," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 339-363.
    710. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2007. "Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?," NBER Working Papers 13601, National Bureau of Economic Research, Inc.
    711. Steinberg, Nadav & Wohl, Avi, 2024. "Market timing in open market bond repurchases," Journal of Banking & Finance, Elsevier, vol. 161(C).
    712. Urszula Mrzyglod & Sabina Nowak & Magdalena Mosionek-Schweda & Jakub M. Kwiatkowski, 2021. "What drives the dividend decisions in BRICS countries?," Oeconomia Copernicana, Institute of Economic Research, vol. 12(3), pages 593-629, September.
    713. Jaehee Gim & SooCheong Jang, 2024. "The determinants of aggressive share buybacks: An empirical examination of U.S. publicly traded restaurant firms," Tourism Economics, , vol. 30(1), pages 132-151, February.
    714. Santhi Appannan Author_Email: santhi_appannan@yahoo.com & Lee Wei Sim, 2011. "A Study On Leading Determinants Of Dividend Policy In Malaysia Listed Companies For Food Industry Under Consumer Product Sector," 2nd International Conference on Business and Economic Research (2nd ICBER 2011) Proceeding 2011-209, Conference Master Resources.
    715. Dyussembina, Saule & Park, Kunsu, 2024. "Book-tax differences, dividend payout, and firm value," International Review of Financial Analysis, Elsevier, vol. 91(C).
    716. Claude Bergeron, 2013. "Dividend growth, stock valuation, and long-run risk," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(4), pages 547-559, October.
    717. Zechner, Josef & Cejnek, Georg & Randl, Otto, 2020. "The Covid-19 Pandemic and Corporate Dividend Policy," CEPR Discussion Papers 14571, C.E.P.R. Discussion Papers.
    718. Riccetti, Luca & Russo, Alberto & Mauro, Gallegati, 2013. "Financial Regulation in an Agent Based Macroeconomic Model," MPRA Paper 51013, University Library of Munich, Germany.
    719. Benjamin Avanzi & Vincent Tu & Bernard Wong, 2016. "A Note on Realistic Dividends in Actuarial Surplus Models," Risks, MDPI, vol. 4(4), pages 1-9, October.
    720. Martin Boileau & Nathalie Moyen, 2016. "Corporate Cash Holdings And Credit Line Usage," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(4), pages 1481-1506, November.
    721. Schauten, M.B.J. & Spronk, J., 2006. "Optimal Capital Structure: Reflections on Economic and Other Values," ERIM Report Series Research in Management ERS-2006-074-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    722. Wu, Xiang & Zhang, Bing, 2024. "Retail investors’ escaping from the bottom and clustering at the top of the trend in China," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 875-904.
    723. Rubin, Amir & Segal, Dan, 2015. "The effects of economic growth on income inequality in the US," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 258-273.
    724. Bonaimé, Alice A. & Hankins, Kristine W. & Jordan, Bradford D., 2016. "The cost of financial flexibility: Evidence from share repurchases," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 345-362.
    725. Maria PRISACARIU & Diana - Ramona PATRASCU (SANDU), 2013. "The Repurchase Of Shares - Another Form Of Rewarding Investors - A Theoretical Approach," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 3(3), pages 75-81, June.
    726. Long Chen & Zhi Da & Richard Priestley, 2012. "Dividend Smoothing and Predictability," Management Science, INFORMS, vol. 58(10), pages 1834-1853, October.
    727. Steven A. Sharpe & Gustavo A. Suarez, 2021. "Why Isn’t Business Investment More Sensitive to Interest Rates? Evidence from Surveys," Management Science, INFORMS, vol. 67(2), pages 720-741, February.
    728. Berezinets, I. & Ilina, Y. & Alekseeva, L., 2014. "Ownership structure and dividend policy: A study of Russian public companies with dual class shares," Working Papers 6384, Graduate School of Management, St. Petersburg State University.
    729. Jian Cao & Yun Cheng & Joanna Golden & Joseph H. Zhang, 2019. "Managerial ability, forecasting quality, and open-market repurchase program completion," Review of Quantitative Finance and Accounting, Springer, vol. 53(3), pages 871-894, October.
    730. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
    731. Ijaz Ali & Noor Muhammad & Ali Gohar, 2017. "Do Firms Use Dividend Changes to Signal Future Earnings? An Investigation Based on Market Rationality," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(4), pages 20-34, April.
    732. Dhananjaya K & Krishna Raj, 2018. "Market value and capital structure: A study of Indian manufacturing firms," Working Papers 421, Institute for Social and Economic Change, Bangalore.
    733. Kim, Seonhyeon & Thompson, Ephraim Kwashie & Kim, Changki, 2023. "Credit rating and managerial behavior in investment decision making: Evidence from the Korean market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).

  21. Franklin Allen & Roni Michaely, 2002. "Payout Policy," Center for Financial Institutions Working Papers 01-21, Wharton School Center for Financial Institutions, University of Pennsylvania.

    Cited by:

    1. Huang-Meier, Winifred & Freeman, Mark C., 2015. "Aggregate dividends and consumption smoothing," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 324-335.
    2. Fuller, Kathleen P., 2003. "The impact of informed trading on dividend signaling: a theoretical and empirical examination," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 385-407, September.
    3. Caliskan, Deren & Doukas, John A., 2015. "CEO risk preferences and dividend policy decisions," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 18-42.
    4. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    5. Chang, Kiyoung & Kang, Eun & Li, Ying, 2016. "Effect of institutional ownership on dividends: An agency-theory-based analysis," Journal of Business Research, Elsevier, vol. 69(7), pages 2551-2559.
    6. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
    7. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
    8. 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.
    9. Bechman, Ken L. & Raaballe, Johannes, 2006. "Taxable Cash Dividends," Working Papers 2005-4, Copenhagen Business School, Department of Finance.
    10. Büyükşahin, Bahattin & Robe, Michel A., 2014. "Speculators, commodities and cross-market linkages," Journal of International Money and Finance, Elsevier, vol. 42(C), pages 38-70.
    11. Raj Chetty & Emmanuel Saez, 2005. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 791-833.
    12. Lys, Thomas & Naughton, James P. & Wang, Clare, 2015. "Signaling through corporate accountability reporting," Journal of Accounting and Economics, Elsevier, vol. 60(1), pages 56-72.
    13. Hortlund, Per, 2005. "Do Inflation and High Taxes Increase Bank Leverage?," SSE/EFI Working Paper Series in Economics and Finance 612, Stockholm School of Economics.
    14. Clemens Sialm, 2005. "Tax Changes and Asset Pricing: Time-Series Evidence," NBER Working Papers 11756, National Bureau of Economic Research, Inc.
    15. Urban Jermann & Vincenzo Quadrini, 2006. "Financial Innovations and Macroeconomic Volatility," NBER Working Papers 12308, National Bureau of Economic Research, Inc.
    16. Jacob Boudoukh & Roni Michaely & Matthew Richardson & Michael R. Roberts, 2007. "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing," Journal of Finance, American Finance Association, vol. 62(2), pages 877-915, April.
    17. Jiang, Fuxiu & Ma, Yunbiao & Shi, Beibei, 2017. "Stock liquidity and dividend payouts," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 295-314.
    18. Geiler, Philipp & Renneboog, Luc, 2015. "Taxes, earnings payout, and payout channel choice," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 37(C), pages 178-203.
    19. Jiang, Zhan & Lie, Erik, 2016. "Cash holding adjustments and managerial entrenchment," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 190-205.
    20. Longstaff, Francis A. & Piazzesi, Monika, 2004. "Corporate earnings and the equity premium," Journal of Financial Economics, Elsevier, vol. 74(3), pages 401-421, December.
    21. Mori, Naoya, 2010. "Tax clientele effects of dividends under intertemporal consumption choices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1089-1097, May.
    22. Annette Alstadsæter & Erik Fjaerli, 2009. "Neutral Taxation of Shareholder Income? Corporate Responses to an Announced Dividend Tax," CESifo Working Paper Series 2530, CESifo.
    23. Kulchania, Manoj, 2013. "Catering driven substitution in corporate payouts," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 180-195.
    24. Boland, Michael A. & Golden, Bill B. & Tsoodle, Leah J., 2008. "Agency Theory Issues in the Food Processing Industry," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(2), pages 1-12, August.
    25. Kort, Peter M. & Murto, Pauli & Pawlina, Grzegorz, 2010. "Uncertainty and stepwise investment," European Journal of Operational Research, Elsevier, vol. 202(1), pages 196-203, April.
    26. Jeffrey R. Brown & Nellie Liang & Scott Weisbenner, 2007. "Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut," Journal of Finance, American Finance Association, vol. 62(4), pages 1935-1965, August.
    27. Ming Dong & Chris Robinson & Chris Veld, 2004. "Why Individual Investors Want Dividends," Finance 0412009, University Library of Munich, Germany.
    28. Fuller, Kathleen P. & Goldstein, Michael A., 2011. "Do dividends matter more in declining markets?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 457-473, June.
    29. Beyer, Brooke & Downes, Jimmy & Rapley, Eric T., 2017. "Internal capital market inefficiencies, shareholder payout, and abnormal leverage," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 39-57.
    30. Aunon-Nerin, Daniel & Ehling, Paul, 2008. "Why firms purchase property insurance," Journal of Financial Economics, Elsevier, vol. 90(3), pages 298-312, December.
    31. Mr. Wim Fonteyne, 2007. "Cooperative Banks in Europe—Policy Issues," IMF Working Papers 2007/159, International Monetary Fund.
    32. Bernhardt, Dan & Robertson, Fiona J., 1993. "Testing Dividend Signalling Models," Working Papers 828, California Institute of Technology, Division of the Humanities and Social Sciences.
    33. Oded, Jacob, 2009. "Optimal execution of open-market stock repurchase programs," Journal of Financial Markets, Elsevier, vol. 12(4), pages 832-869, November.
    34. Aaro Hazak, 2006. "Dividend Decision under Distributed Profit Taxation: Investorís Perspective," Working Papers 145, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    35. Patrice Charlier & Céline Du Boys, 2009. "Gouvernance Familiale Et Repartition De La Valeur : Etude Des Politiques De Distribution Aux Actionnaires Des Entreprises Familiales Cotees," Post-Print halshs-00455729, HAL.
    36. Malcolm Baker & Jeffrey Wurgler, 2003. "A Catering Theory of Dividends," NBER Working Papers 9542, National Bureau of Economic Research, Inc.
    37. Jakub Kwiatkowski, 2017. "R&D activity and dividend policy of companies listed on the Warsaw Stock Exchange," Working Papers of Economics of European Integration Division 1702, The Univeristy of Gdansk, Faculty of Economics, Economics of European Integration Division.
    38. Bergstresser, Daniel & Pontiff, Jeffrey, 2013. "Investment taxation and portfolio performance," Journal of Public Economics, Elsevier, vol. 97(C), pages 245-257.
    39. Johnson, Shane A. & Lin, Ji-Chai & Roy Song, Kyojik, 2006. "Dividend policy, signaling, and discounts on closed-end funds," Journal of Financial Economics, Elsevier, vol. 81(3), pages 539-562, September.
    40. Arnold, Matthias M. & Rathgeber, Andreas W. & Stöckl, Stefan, 2014. "Determinants of corporate hedging: A (statistical) meta-analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(4), pages 443-458.
    41. Bøhren, Øyvind & Josefsen, Morten G. & Steen, Pål E., 2012. "Stakeholder conflicts and dividend policy," Journal of Banking & Finance, Elsevier, vol. 36(10), pages 2852-2864.
    42. Francesco Bianchi & Cosmin L. Ilut & Martin Schneider, 2018. "Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(2), pages 810-854.
    43. Moortgat, Leentje & Annaert, Jan & Deloof, Marc, 2017. "Investor protection, taxation and dividend policy: Long-run evidence, 1838–2012," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 113-131.
    44. Harry Huizinga & Luc Laeven & Gaëtan Nicodème, 2007. "Capital Structure and International Debt Shifting," Working Papers CEB 07-015.RS, ULB -- Universite Libre de Bruxelles.
    45. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    46. Aerts, Walter & Campenhout, Geert Van & Caneghem, Tom Van, 2008. "Clustering in dividends: Do managers rely on cognitive reference points?," Journal of Economic Psychology, Elsevier, vol. 29(3), pages 276-284, June.
    47. Clemens Sialm, 2006. "Investment Taxes and Equity Returns," NBER Working Papers 12146, National Bureau of Economic Research, Inc.
    48. Mori, Naoya & Ikeda, Naoshi, 2015. "Majority support of shareholders, monitoring incentive, and dividend policy," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 1-10.
    49. Joshua Abor & Godfred A. Bokpin, 2010. "Investment opportunities, corporate finance, and dividend payout policy," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 27(3), pages 180-194, August.
    50. Graham, John R. & Harvey, Campbell R. & Rajgopal, Shiva, 2005. "The economic implications of corporate financial reporting," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 3-73, December.
    51. Décamps, Jean-Paul & Villeneuve, Stéphane, 2015. "Integrating profitability prospects and cash management," TSE Working Papers 15-570, Toulouse School of Economics (TSE).
    52. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    53. Jiraporn, Pornsit, 2006. "Share repurchases, shareholder rights, and corporate governance provisions," The North American Journal of Economics and Finance, Elsevier, vol. 17(1), pages 35-47, March.
    54. Edwards, Alexander & Shevlin, Terry, 2011. "The value of a flow-through entity in an integrated corporate tax system," Journal of Financial Economics, Elsevier, vol. 101(2), pages 473-491, August.
    55. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    56. Arturo, Ramirez Verdugo, 2004. "Dividend Signaling and Unions," MPRA Paper 2273, University Library of Munich, Germany, revised 04 Oct 2006.
    57. Esqueda, Omar A., 2016. "Signaling, corporate governance, and the equilibrium dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 186-199.
    58. Dionne, Georges & Ouederni, Karima, 2011. "Corporate risk management and dividend signaling theory," Finance Research Letters, Elsevier, vol. 8(4), pages 188-195.
    59. Wang, Hao, 2011. "Managerial entrenchment, equity payout and capital structure," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 36-50, January.
    60. Jay Shanken & Guofu Zhou, 2007. "Estimating and testing beta pricing models: Alternative methods and their performance in simulations," CEMA Working Papers 275, China Economics and Management Academy, Central University of Finance and Economics.
    61. Richard W. Kopcke, 2005. "The taxation of equity, dividends, and stock prices," Public Policy Discussion Paper 05-1, Federal Reserve Bank of Boston.
    62. Jian Cao & Thomas R. Kubick & Adi N. S. Masli, 2017. "Do corporate payouts signal going-concern risk for auditors? Evidence from audit reports for companies in financial distress," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 599-631, October.
    63. Brockman, Paul & Howe, John S. & Mortal, Sandra, 2008. "Stock market liquidity and the decision to repurchase," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 446-459, September.
    64. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    65. Truong, Thanh & Heaney, Richard, 2007. "Largest shareholder and dividend policy around the world," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 667-687, December.
    66. Chino, Atsushi, 2016. "Do labor unions affect firm payout policy?: Operating leverage and rent extraction effects," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 156-178.
    67. Annette Alstadsæter & Wojciech Kopczuk & Kjetil Telle, 2014. "Are Closely Held Firms Tax Shelters?," NBER Chapters, in: Tax Policy and the Economy, Volume 28, pages 1-32, National Bureau of Economic Research, Inc.
    68. Henryk Gurgul & Pawe³ Majdosz & Roland Mestel, 2006. "Implications of Dividend Announcements for the Stock Prices and Trading Volumes of DAX Companies (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(1-2), pages 58-68, January.
    69. Lin, Tsui-Jung & Chen, Yi-Pei & Tsai, Han-Fang, 2017. "The relationship among information asymmetry, dividend policy and ownership structure," Finance Research Letters, Elsevier, vol. 20(C), pages 1-12.
    70. Price, S. McKay & Doran, James S. & Peterson, David R. & Bliss, Barbara A., 2012. "Earnings conference calls and stock returns: The incremental informativeness of textual tone," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 992-1011.
    71. Andriosopoulos, Dimitris & Lasfer, Meziane, 2015. "The market valuation of share repurchases in Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 327-339.
    72. Holmen, Martin & Knopf, John D. & Peterson, Stefan, 2008. "Inside shareholders' effective tax rates and dividends," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1860-1869, September.
    73. Devra L. Golbe & Ingmar Nyman, 2010. "How do share repurchases affect ownership concentration?," Economics Working Paper Archive at Hunter College 430, Hunter College Department of Economics, revised 2012.
    74. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
    75. Huang, Chin-Sheng & You, Chun-Fan & Lin, Szu-Hsien, 2009. "Cash dividends, stock dividends and subsequent earnings growth," Pacific-Basin Finance Journal, Elsevier, vol. 17(5), pages 594-610, November.
    76. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    77. Lin, Hsuan-Chu & Chen, Ren-Raw & Chou, Ting-Kai & Long, Michael, 2017. "What lies beneath the implementation of expensing equity-based compensation?," Pacific-Basin Finance Journal, Elsevier, vol. 46(PA), pages 78-93.
    78. Lóránth, Gyöngyi & Laux, Christian & Cziraki, Peter, 2016. "Understanding Bank Payouts during the Crisis of 2007-2009," CEPR Discussion Papers 11453, C.E.P.R. Discussion Papers.
    79. Chinmoy Ghosh & Le Sun, 2014. "Agency Cost, Dividend Policy and Growth: The Special Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 660-708, May.
    80. Francois Gourio & Jianjun Miao, "undated". "Transitional Dynamics of Dividend Tax Reform," Boston University - Department of Economics - Working Papers Series wp2008-021, Boston University - Department of Economics.
    81. Deshmukh, Sanjay & Goel, Anand M. & Howe, Keith M., 2013. "CEO overconfidence and dividend policy," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 440-463.
    82. Bargeron, Leonce & Kulchania, Manoj & Thomas, Shawn, 2011. "Accelerated share repurchases," Journal of Financial Economics, Elsevier, vol. 101(1), pages 69-89, July.
    83. Patrice Charlier & Céline Duboys, 2011. "Gouvernance familiale et politique de distribution aux actionnaires," Revue Finance Contrôle Stratégie, revues.org, vol. 14(1), pages 5-31., March.
    84. Murhadi, Werner-Ria, 2008. "Study On Dividend Policy: Antecedent and Its Impact On Share Price," MPRA Paper 25596, University Library of Munich, Germany.
    85. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    86. Kamal Anouar & Nicolas Aubert, 2016. "Does the catering theory of dividend apply to the French listed firms?," Post-Print halshs-01401867, HAL.
    87. Andriosopoulos, Dimitrios & Gaganis, Chrysovalantis & Pasiouras, Fotios & Zopounidis, Constantin, 2012. "An application of multicriteria decision aid models in the prediction of open market share repurchases," Omega, Elsevier, vol. 40(6), pages 882-890.
    88. Kamal Anouar, 2013. "L'incitation des dirigeants à distribuer de la valeur créée est-elle liée à une prime de dividende positive ?," Working Papers halshs-00796406, HAL.
    89. Aggarwal, Raj & Kyaw, NyoNyo Aung, 2010. "Capital structure, dividend policy, and multinationality: Theory versus empirical evidence," International Review of Financial Analysis, Elsevier, vol. 19(2), pages 140-150, March.
    90. Randall Morck, 2005. "How to Eliminate Pyramidal Business Groups: The Double Taxation of Intercorporate Dividends and Other Incisive Uses of Tax Policy," NBER Chapters, in: Tax Policy and the Economy, Volume 19, pages 135-179, National Bureau of Economic Research, Inc.
    91. Francois Gourio & Jianjun Miao, 2010. "Online Appendix to "Transitional Dynamics of Dividend and Capital Gains Tax Cuts"," Online Appendices 08-187, Review of Economic Dynamics.
    92. Lee, King Fuei, 2010. "Retail minority shareholders and corporate reputation as determinant of dividend policy in Australia," Pacific-Basin Finance Journal, Elsevier, vol. 18(4), pages 351-368, September.
    93. Sharma, Vineeta, 2011. "Independent directors and the propensity to pay dividends," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1001-1015, September.
    94. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
    95. Beker, Pablo F, 2007. "Market Selection and Payout Policy Under Majority Rule," The Warwick Economics Research Paper Series (TWERPS) 814, University of Warwick, Department of Economics.
    96. Henry, Darren, 2011. "Ownership structure and tax-friendly dividends," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2747-2760, October.
    97. Gunnar Bårdsen & Jurgen Doornik & Jan Tore Klovland, 2004. "A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s," Working Paper 2004/4, Norges Bank.
    98. Borja Larrain & Motohiro Yogo, 2007. "Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?," NBER Working Papers 12847, National Bureau of Economic Research, Inc.
    99. Adhikari, Binay Kumar & Agrawal, Anup, 2016. "Does local religiosity matter for bank risk-taking?," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 272-293.
    100. Salvatore Cardillo & Jacopo Raponi, 2023. "EU banks' dividend policies: main determinants and the role of capital ratios," Temi di discussione (Economic working papers) 1403, Bank of Italy, Economic Research and International Relations Area.
    101. Patrice Charlier & Céline Du Boys, 2011. "Family governance and payout policies to shareholders [Gouvernance familiale et politique de distribution aux actionnaires]," Post-Print hal-01470330, HAL.
    102. Aggarwal, Raj & Dow, Sandra M., 2012. "Dividends and strength of Japanese business group affiliation," Journal of Economics and Business, Elsevier, vol. 64(3), pages 214-230.
    103. Pattenden, Kerry & Twite, Garry, 2008. "Taxes and dividend policy under alternative tax regimes," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 1-16, February.
    104. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2004. "Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?," NBER Working Papers 10301, National Bureau of Economic Research, Inc.
    105. Balachandran, Balasingham & Krishnamurti, Chandrasekhar & Theobald, Michael & Vidanapathirana, Berty, 2012. "Dividend reductions, the timing of dividend payments and information content," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1232-1247.
    106. Pornsit Jiraporn & Pandej Chintrakarn, 2009. "Staggered Boards, Managerial Entrenchment, and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 36(1), pages 1-19, August.
    107. Thomas McCluskey & Bruce Burton & David Power, 2007. "Evidence on Irish financial directors' views about dividends," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 4(2), pages 115-132, June.
    108. Kamal Anouar, 2013. "L'Exces De Confiance Des Dirigeants Et La Decision De Distribution De Dividendes : Une Analyse Lexicale," Working Papers halshs-00797635, HAL.
    109. Oded, Jacob, 2011. "Stock repurchases: How firms choose between a self tender offer and an open-market program," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3174-3187.
    110. Igan, Deniz & de Paula, Aureo & Pinheiro, Marcelo, 2006. "Liquidity and Dividend Policy," MPRA Paper 29409, University Library of Munich, Germany, revised 2010.
    111. Woo-Jong Lee, 2011. "Managerial entrenchment and the value of dividends," Review of Quantitative Finance and Accounting, Springer, vol. 36(2), pages 297-322, February.
    112. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    113. Peyer, Urs & Vermaelen, Theo, 2016. "Political affiliation and dividend tax avoidance: Evidence from the 2013 fiscal cliff," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 136-149.
    114. Hortlund, Per, 2005. "Does Inflation and High Taxes Increase Bank Leverage?," Ratio Working Papers 69, The Ratio Institute.
    115. Kumar, Praveen & Langberg, Nisan & Oded, Jacob & Sivaramakrishnan, K., 2017. "Voluntary disclosure and strategic stock repurchases," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 207-230.
    116. von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
    117. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    118. Wen-Hsiu Chou & William Hardin & Matthew Hill & G. Kelly, 2013. "Dividends, Values and Agency Costs in REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 91-114, January.
    119. Chazi, Abdelaziz & Boubakri, Narjess & Zanella, Fernando, 2011. "Corporate dividend policy in practice: Evidence from an emerging market with a tax-free environment," Pacific-Basin Finance Journal, Elsevier, vol. 19(2), pages 245-259, April.
    120. Zubaida Batool & Attiya Yasmin Javid, 2014. "Dividend Policy and Role of Corporate Governance in Manufacturing Sector of Pakistan," PIDE-Working Papers 2014:109, Pakistan Institute of Development Economics.
    121. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2013. "Legal Institutions, Ownership Concentration, and Stock Repurchases Around the World: Signal Mimicking?," The International Journal of Accounting, Elsevier, vol. 48(4), pages 427-458.
    122. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    123. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
    124. de Jong, Abe & van Dijk, Ronald & Veld, Chris, 2003. "The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design," International Review of Financial Analysis, Elsevier, vol. 12(4), pages 349-377.
    125. Chae, Joon & Kim, Sungmin & Lee, Eun Jung, 2009. "How corporate governance affects payout policy under agency problems and external financing constraints," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2093-2101, November.
    126. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    127. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2014. "Direct evidence of dividend tax clienteles," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 1-12.
    128. DeAngelo, Harry & DeAngelo, Linda, 2006. "The irrelevance of the MM dividend irrelevance theorem," Journal of Financial Economics, Elsevier, vol. 79(2), pages 293-315, February.
    129. Aaro Hazak, 2007. "Companiesí Financial Decisions under the Distributed Profit Taxation Regime of Estonia," Working Papers 155, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    130. Christophe, Faugere, 2003. "A Required Yield Theory of Stock Market Valuation and Treasury Yield Determination," MPRA Paper 15579, University Library of Munich, Germany, revised 04 Jun 2009.
    131. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    132. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    133. Julian Alworth & Giampaolo Arachi, 2008. "Taxation Policy in EMU - Julian Alworth and Giampaolo Arachi," European Economy - Economic Papers 2008 - 2015 310, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    134. Santhi Appannan Author_Email: santhi_appannan@yahoo.com & Lee Wei Sim, 2011. "A Study On Leading Determinants Of Dividend Policy In Malaysia Listed Companies For Food Industry Under Consumer Product Sector," 2nd International Conference on Business and Economic Research (2nd ICBER 2011) Proceeding 2011-209, Conference Master Resources.
    135. François Gourio & Jianjun Miao, 2010. "Transitional Dynamics of Dividend and Capital Gains Tax Cuts," NBER Working Papers 16157, National Bureau of Economic Research, Inc.

  22. Guillermo Llorente & Roni Michaely & Gideon Saar & Jiang Wang, 2001. "Dynamic Volume-Return Relation of Individual Stocks," NBER Working Papers 8312, National Bureau of Economic Research, Inc.

    Cited by:

    1. David Ling & Gianluca Marcato & Pat McAllister, 2009. "Dynamics of Asset Prices and Transaction Activity in Illiquid Markets: the Case of Private Commercial Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 359-383, October.
    2. Benjamin M. Blau & Ryan J. Whitby, 2014. "Speculative Trading In Reits," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 37(1), pages 55-74, February.
    3. Yue Zhao & Difang Wan, 2018. "Institutional high frequency trading and price discovery: Evidence from an emerging commodity futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(2), pages 243-270, February.
    4. Stambaugh, Robert F. & Pástor, Luboš, 2002. "Liquidity Risk and Expected Stock Returns," CEPR Discussion Papers 3494, C.E.P.R. Discussion Papers.
    5. Banerjee, Snehal & Green, Brett, 2015. "Signal or noise? Uncertainty and learning about whether other traders are informed," Journal of Financial Economics, Elsevier, vol. 117(2), pages 398-423.
    6. Thierry Foucault & Laurent Fresard, 2014. "Learning from peers' stock prices and corporate investment," Post-Print hal-00977071, HAL.
    7. Smaniotto, Emanuelle Nava & Neto, Giacomo Balbinotto, 2022. "Speculative trading in Bitcoin: A Brazilian market evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 85(C), pages 47-54.
    8. Xiao Li & Linda Du, 2023. "Bitcoin daily price prediction through understanding blockchain transaction pattern with machine learning methods," Journal of Combinatorial Optimization, Springer, vol. 45(1), pages 1-24, January.
    9. Hau, Liya & Zhu, Huiming & Shahbaz, Muhammad & Sun, Wuqin, 2021. "Does transaction activity predict Bitcoin returns? Evidence from quantile-on-quantile analysis," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    10. Urom, Christian & Ndubuisi, Gideon & Guesmi, Khaled, 2022. "Dynamic dependence and predictability between volume and return of Non-Fungible Tokens (NFTs): The roles of market factors and geopolitical risks," Finance Research Letters, Elsevier, vol. 50(C).
    11. Anita Todea, 2018. "Culture And Stock Price Reaction To Private Information," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 21, pages 117-130, June.
    12. Olkhov, Victor, 2023. "The Market-Based Probability of Stock Returns," MPRA Paper 116234, University Library of Munich, Germany.
    13. Duong, Huu Nhan & Kalev, Petko S., 2013. "Anonymity and order submissions," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 101-118.
    14. Bennett, Benjamin & Stulz, René & Wang, Zexi, 2020. "Does the stock market make firms more productive?," Journal of Financial Economics, Elsevier, vol. 136(2), pages 281-306.
    15. Chue, Timothy K. & Gul, Ferdinand A. & Mian, G. Mujtaba, 2019. "Aggregate investor sentiment and stock return synchronicity," Journal of Banking & Finance, Elsevier, vol. 108(C).
    16. Allen, Franklin & Haas, Marlene D. & Nowak, Eric & Tengulov, Angel, 2021. "Market efficiency and limits to arbitrage: Evidence from the Volkswagen short squeeze," Journal of Financial Economics, Elsevier, vol. 142(1), pages 166-194.
    17. Covrig, Vicentiu & Ng, Lilian, 2004. "Volume autocorrelation, information, and investor trading," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2155-2174, September.
    18. Gagnon, Louis & Karolyi, G. Andrew, 2009. "Information, Trading Volume, and International Stock Return Comovements: Evidence from Cross-Listed Stocks," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(4), pages 953-986, August.
    19. Abhinava Tripathi, 2021. "The Arrival of Information and Price Adjustment Across Extreme Quantiles: Global Evidence," IIM Kozhikode Society & Management Review, , vol. 10(1), pages 7-19, January.
    20. Isabel Figuerola‐Ferretti & Ioannis Paraskevopoulos & Tao Tang, 2018. "Pairs‐trading and spread persistence in the European stock market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(9), pages 998-1023, September.
    21. Ravi, Rahul & Hong, Youna, 2014. "Firm opacity and financial market information asymmetry," Journal of Empirical Finance, Elsevier, vol. 25(C), pages 83-94.
    22. Olkhov, Victor, 2022. "The Market-Based Asset Price Probability," MPRA Paper 115382, University Library of Munich, Germany, revised 16 Nov 2022.
    23. Stoffman, Noah, 2014. "Who trades with whom? Individuals, institutions, and returns," Journal of Financial Markets, Elsevier, vol. 21(C), pages 50-75.
    24. Dong-Hyun Ahn & Jacob Boudoukh & Matthew Richardson & Robert F. Whitelaw, 1999. "Behavioralize This! International Evidence on Autocorrelation Patterns of Stock Index and Futures Returns," NBER Working Papers 7214, National Bureau of Economic Research, Inc.
    25. Vo, Xuan Vinh, 2017. "Trading of foreign investors and stock returns in an emerging market - Evidence from Vietnam," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 88-93.
    26. Schmeling, Maik & Medhat, Mamdouh, 2021. "Short-term Momentum," CEPR Discussion Papers 15857, C.E.P.R. Discussion Papers.
    27. Jasjit Singh & Ajay K. Agrawal, 2010. "Recruiting for Ideas: How Firms Exploit the Prior Inventions of New Hires," NBER Working Papers 15869, National Bureau of Economic Research, Inc.
    28. Martijn Cremers & Jianping Mei, 2004. "Turning Over Turnover," Yale School of Management Working Papers ysm429, Yale School of Management, revised 01 May 2008.
    29. Guriev, Sergei & Durnev, Art, 2007. "The Resource Curse: A Corporate Transparency Channel," CEPR Discussion Papers 6547, C.E.P.R. Discussion Papers.
    30. Masahiro Yamada & Takatoshi Ito, 2020. "Price Discovery and Liquidity Recovery: Forex Market Reactions to Macro Announcements," NBER Working Papers 27036, National Bureau of Economic Research, Inc.
    31. Park, Tae-Jun & Lee, Youngjoo & Song, Kyojik “Roy”, 2014. "Informed trading before positive vs. negative earnings surprises," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 228-241.
    32. Lof, Matthijs & Bommel, Jos van, 2018. "Asymmetric information and the distribution of trading volume," Bank of Finland Research Discussion Papers 1/2018, Bank of Finland.
    33. Hu, Jinshuai & Li, Annie Yuansha & Zhang, Feida (Frank), 2014. "Does accounting conservatism improve the corporate information environment?," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 23(1), pages 32-43.
    34. Eaton, Gregory W. & Green, T. Clifton & Roseman, Brian S. & Wu, Yanbin, 2022. "Retail trader sophistication and stock market quality: Evidence from brokerage outages," Journal of Financial Economics, Elsevier, vol. 146(2), pages 502-528.
    35. Albuquerque, Rui & Miao, Jianjun, 2014. "Advance information and asset prices," Journal of Economic Theory, Elsevier, vol. 149(C), pages 236-275.
    36. Blau, Benjamin M., 2017. "Price dynamics and speculative trading in bitcoin," Research in International Business and Finance, Elsevier, vol. 41(C), pages 493-499.
    37. Elina Pradkhan, 2016. "Information Content of Trading Activity in Precious Metals Futures Markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 36(5), pages 421-456, May.
    38. Dong-Hyun Ahn & Jacob Boudoukh & Matthew Richardson & Robert Whitelaw, 1999. "Behavioralize This! International Evidence on Autocorrelation Patterns of Stock Index and Futures Returns," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-040, New York University, Leonard N. Stern School of Business-.
    39. Villena, Marcelo J. & Reus, Lorenzo, 2016. "On the strategic behavior of large investors: A mean-variance portfolio approach," European Journal of Operational Research, Elsevier, vol. 254(2), pages 679-688.
    40. Marco Wölfle, 2009. "Information-based trade in Russia and the effects of listing abroad," Economic Change and Restructuring, Springer, vol. 42(4), pages 229-262, November.
    41. Cakici, Nusret & Shahzad, Syed Jawad Hussain & Będowska-Sójka, Barbara & Zaremba, Adam, 2024. "Machine learning and the cross-section of cryptocurrency returns," International Review of Financial Analysis, Elsevier, vol. 94(C).
    42. Go, You-How & Lau, Wee-Yeap, 2020. "The impact of global financial crisis on informational efficiency: Evidence from price-volume relation in crude palm oil futures market," Journal of Commodity Markets, Elsevier, vol. 17(C).
    43. Li, Ming-Yuan Leon, 2009. "Value or volume strategy?," Finance Research Letters, Elsevier, vol. 6(4), pages 210-218, December.
    44. Gilberto Loureiro & Alvaro G. Taboada, 2013. "Do Improvements in the Information Environment Affect Real Investment Decisions?," NIPE Working Papers 20/2013, NIPE - Universidade do Minho.
    45. Shah, Mohay Ud Din & Shah, Attaullah & Khan, Safi Ullah, 2017. "Herding behavior in the Pakistan stock exchange: Some new insights," Research in International Business and Finance, Elsevier, vol. 42(C), pages 865-873.
    46. Roll, Richard & Schwartz, Eduardo & Subrahmanyam, Avanidhar, 2014. "Trading activity in the equity market and its contingent claims: An empirical investigation," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 13-35.
    47. Liyi Zheng, 2021. "Anticipating the value of share repurchase announcements: The role of short sellers," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3544-3555, July.
    48. Stefan Nagel, 2011. "Evaporating Liquidity," NBER Working Papers 17653, National Bureau of Economic Research, Inc.
    49. Yue, Yao & Li, Xuerong & Zhang, Dingxuan & Wang, Shouyang, 2021. "How cryptocurrency affects economy? A network analysis using bibliometric methods," International Review of Financial Analysis, Elsevier, vol. 77(C).
    50. Rui Albuquerque & Tarun Ramadorai & Sumudu W. Watugala, 2014. "Trade Credit and Cross-country Predictable Firm Returns," Staff Discussion Papers 14-04, Office of Financial Research, US Department of the Treasury.
    51. Vayanos, Dimitri & Wang, Jiang, 2012. "Market liquidity - theory and empirical evidence," LSE Research Online Documents on Economics 119044, London School of Economics and Political Science, LSE Library.
    52. Noureddine Benlagha & Wael Hemrit, 2018. "The Dynamic and Dependence of Takaful and Conventional Stock Return Behaviours: Evidence from the Insurance Industry in Saudi Arabia," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 25(4), pages 285-323, December.
    53. Serge Darolles & Gaëlle Le Fol, 2014. "Trading volume and Arbitrage," Post-Print hal-01632841, HAL.
    54. Giovanni Cespa & Xavier Vives, 2011. "Higher Order Expectations, Illiquidity, and Short-term Trading," CSEF Working Papers 276, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    55. Wang, Zijun & Qian, Yan & Wang, Shiwen, 2018. "Dynamic trading volume and stock return relation: Does it hold out of sample?," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 195-210.
    56. Vives, Xavier & Cespa, Giovanni, 2009. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CEPR Discussion Papers 7506, C.E.P.R. Discussion Papers.
    57. Bartosz Gębka & Dobromił Serwa, 2012. "Liquidity needs, private information, feedback trading: verifying motives to trade," NBP Working Papers 119, Narodowy Bank Polski.
    58. Kang, Moonsoo & Khaksari, S. & Nam, Kiseok, 2018. "Corporate investment, short-term return reversal, and stock liquidity," Journal of Financial Markets, Elsevier, vol. 39(C), pages 68-83.
    59. Eric Ghysels & João Pereira, 2003. "On Portfolio Choice, Liquidity, and Short Selling: A Nonparametric Investigation," CIRANO Working Papers 2003s-27, CIRANO.
    60. Art Durnev & Vihang Errunza & Alexander Molchanov, 2009. "Property rights protection, corporate transparency, and growth," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 40(9), pages 1533-1562, December.
    61. Tosun, Onur Kemal, 2022. "Do investors react differently? Evidence from hospitality sector during the covid-19 pandemic," Finance Research Letters, Elsevier, vol. 49(C).
    62. Chen, Jiayuan & Gong, Di & Muckley, Cal, 2020. "Stock market illiquidity, bargaining power and the cost of borrowing," Journal of Empirical Finance, Elsevier, vol. 58(C), pages 181-206.
    63. Daniele Bianchi & Mykola Babiak & Alexander Dickerson, 2022. "Trading Volume and Liquidity Provision in Cryptocurrency Markets," CERGE-EI Working Papers wp730, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    64. Johnson, Travis L. & So, Eric C., 2012. "The option to stock volume ratio and future returns," Journal of Financial Economics, Elsevier, vol. 106(2), pages 262-286.
    65. Yuewen Xiao & Xiangkang Yin & Jing Zhao, 2020. "Jumps, News, And Subsequent Return Dynamics: An Intraday Study," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(3), pages 705-731, August.
    66. Hendershott, Terrence & Seasholes, Mark S., 2014. "Liquidity provision and stock return predictability," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 140-151.
    67. Daniele Bianchi & Mykola Babiak, 2021. "A Factor Model for Cryptocurrency Returns," CERGE-EI Working Papers wp710, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    68. Peress, Joël & Schmidt, Daniel, 2017. "Noise Traders Incarnate: Describing a Realistic Noise Trading Process," CEPR Discussion Papers 12434, C.E.P.R. Discussion Papers.
    69. Avanidhar Subrahmanyam, 2005. "Distinguishing Between Rationales for Short‐Horizon Predictability of Stock Returns," The Financial Review, Eastern Finance Association, vol. 40(1), pages 11-35, February.
    70. Czech, Robert & Huang, Shiyang & Lou, Dong & Wang, Tianyu, 2020. "Informed trading in government bond markets," Bank of England working papers 871, Bank of England.
    71. Alizadeh, Amir H. & Tamvakis, Michael, 2016. "Market conditions, trader types and price–volume relation in energy futures markets," Energy Economics, Elsevier, vol. 56(C), pages 134-149.
    72. Lee, Yen-Hsien & Wang, David K., 2016. "Information content of investor trading behavior: Evidence from Taiwan index options market," Pacific-Basin Finance Journal, Elsevier, vol. 38(C), pages 149-160.
    73. Nagano, Mamoru, 2018. "What promotes/prevents firm bond issuance in emerging economies: Bank–firm relationship or information asymmetry?," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 161-177.
    74. Kinnunen, Jyri, 2017. "Dynamic cross-autocorrelation in stock returns," Journal of Empirical Finance, Elsevier, vol. 40(C), pages 162-173.
    75. Smimou, K., 2014. "Consumer attitudes, stock market liquidity, and the macro economy: A Canadian perspective," International Review of Financial Analysis, Elsevier, vol. 33(C), pages 186-209.
    76. Todea, Alexandru & Petrescu, Daiana Florina, 2021. "Is stock price informativeness shaped by our genes?," Economic Modelling, Elsevier, vol. 103(C).
    77. Fernandes, Nuno & Ferreira, Miguel A., 2008. "Does international cross-listing improve the information environment," Journal of Financial Economics, Elsevier, vol. 88(2), pages 216-244, May.
    78. Peress, Joël, 2013. "The Media and the Diffusion of Information in Financial Markets: Evidence from Newspaper Strikes," CEPR Discussion Papers 9653, C.E.P.R. Discussion Papers.
    79. Yuan, Yu, 2015. "Market-wide attention, trading, and stock returns," Journal of Financial Economics, Elsevier, vol. 116(3), pages 548-564.
    80. Masahiro Watanabe, 2003. "A Model of Stochastic Liquidity," Yale School of Management Working Papers ysm385, Yale School of Management.
    81. Andrade, Sandro C. & Chang, Charles & Seasholes, Mark S., 2008. "Trading imbalances, predictable reversals, and cross-stock price pressure," Journal of Financial Economics, Elsevier, vol. 88(2), pages 406-423, May.
    82. Ryan Flugum & Svetlana Orlova & Andrew Prevost & Li Sun, 2021. "Distracted institutions, information asymmetry and stock price stability," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 2015-2048, October.
    83. Anna Obizhaeva, 2009. "Portfolio Transitions and Stock Price Dynamics," Working Papers w0224, Center for Economic and Financial Research (CEFIR).
    84. Art Durnev & Amrita Nain, "undated". "The Unanticipated Effects of Insider Trading Regulation," American Law & Economics Association Annual Meetings 1023, American Law & Economics Association.
    85. Alhaj-Yaseen, Yaseen S. & Barkoulas, John T. & Ouandlous, Arav, 2020. "Liberalization and asymmetric information flow dynamics in the Chinese equity markets," The Journal of Economic Asymmetries, Elsevier, vol. 21(C).
    86. Takahashi, Hidetomo, 2010. "Short-sale inflow and stock returns: Evidence from Japan," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2403-2412, October.
    87. Cetin Ciner, 2003. "Dynamic Linkages Between Trading Volume and Price Movements: Evidence for Small Firm Stocks," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 8(1), pages 87-102, Spring.
    88. Marshall, Ben R. & Nguyen, Justin Hung & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021. "Does a change in the information environment affect labor adjustment costs?," International Review of Financial Analysis, Elsevier, vol. 74(C).
    89. You‐How Go & Wee‐Yeap Lau, 2023. "What do we know about informational efficiency? Three puzzles and the new direction forward," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1489-1525, September.
    90. Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2018. "Politics and liquidity," Journal of Financial Markets, Elsevier, vol. 38(C), pages 1-13.
    91. Todea Anita, 2018. "Financial Literacy and Stock Price Informativeness: a Cross-Country Study," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 63(1), pages 63-72, April.
    92. Ngene, Geoffrey M. & Mungai, Ann Nduati, 2022. "Stock returns, trading volume, and volatility: The case of African stock markets," International Review of Financial Analysis, Elsevier, vol. 82(C).
    93. Giovanni Cespa & Xavier Vives, 2011. "Expectations, Liquidity, and Short-term Trading," CESifo Working Paper Series 3390, CESifo.
    94. Thierry Foucault & David Thesmar & David Sraer, 2008. "Individual Investors and Volatility," Working Papers hal-00578370, HAL.
    95. Jullavut Kittiakaraskun & Yiuman Tse & George H.K. Wang, 2011. "The Impact of Trading Activity by Trader Types on Asymmetric Volatility in Nasdaq-100 Index Futures," Working Papers 0021, College of Business, University of Texas at San Antonio.
    96. Zhang, Dingxuan & Sun, Yuying & Duan, Hongbo & Hong, Yongmiao & Wang, Shouyang, 2023. "Speculation or currency? Multi-scale analysis of cryptocurrencies—The case of Bitcoin," International Review of Financial Analysis, Elsevier, vol. 88(C).
    97. Nagano, Mamoru, 2017. "Sukuk issuance and information asymmetry: Why do firms issue sukuk?," Pacific-Basin Finance Journal, Elsevier, vol. 42(C), pages 142-157.
    98. Gupta, Suman & Das, Debojyoti & Hasim, Haslifah & Tiwari, Aviral Kumar, 2018. "The dynamic relationship between stock returns and trading volume revisited: A MODWT-VAR approach," Finance Research Letters, Elsevier, vol. 27(C), pages 91-98.
    99. Nimalendran, M. & Ritter, Jay R. & Zhang, Donghang, 2007. "Do today's trades affect tomorrow's IPO allocations?," Journal of Financial Economics, Elsevier, vol. 84(1), pages 87-109, April.
    100. Choi, Darwin, 2019. "Disposition sales and stock market liquidity," Journal of Financial Markets, Elsevier, vol. 45(C), pages 19-36.
    101. Andrew W. Lo & Jiang Wang, 2001. "Trading Volume: Implications of An Intertemporal Capital Asset Pricing Model," NBER Working Papers 8565, National Bureau of Economic Research, Inc.
    102. Joel Hasbrouck, 1999. "Trading Fast and Slow: Security Market Events in Real Time," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-012, New York University, Leonard N. Stern School of Business-.
    103. Ghulam Sarwar, 2004. "The informational role of option trading volume in the S&P 500 futures options markets," Applied Financial Economics, Taylor & Francis Journals, vol. 14(16), pages 1197-1210.
    104. Han-Ching Huang & Yung-An Huang, 2023. "The Impact of Industry Specialist on the Relationship between Returns and Future Earnings," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 13(2), pages 1-6.
    105. Martijn Cremers & Jianping Mei, 2004. "Turning Over Turnover," Yale School of Management Working Papers ysm429, Yale School of Management, revised 01 May 2008.
    106. Vincent Bogousslavsky & Vyacheslav Fos & Dmitriy Muravyev, 2024. "Informed Trading Intensity," Journal of Finance, American Finance Association, vol. 79(2), pages 903-948, April.
    107. Gianna Figá-Talamanca & Marco Patacca, 2019. "Does market attention affect Bitcoin returns and volatility?," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 42(1), pages 135-155, June.
    108. Anna Obizhaeva, 2009. "Portfolio Transitions and Stock Price Dynamics," Working Papers w0224, New Economic School (NES).
    109. Yaseen S. Alhaj-Yaseen & Eddery Lam & John T. Barkoulas, 2012. "Going public abroad: the dynamics of return spillovers in an atypical international cross listing case," Applied Financial Economics, Taylor & Francis Journals, vol. 22(24), pages 2035-2046, December.
    110. Bin Li & Steven C. H. Hoi, 2012. "Online Portfolio Selection: A Survey," Papers 1212.2129, arXiv.org, revised May 2013.
    111. Chan, Stephen & Chu, Jeffrey & Zhang, Yuanyuan & Nadarajah, Saralees, 2022. "An extreme value analysis of the tail relationships between returns and volumes for high frequency cryptocurrencies," Research in International Business and Finance, Elsevier, vol. 59(C).
    112. Lili Li & Shan Leng & Jun Yang & Mei Yu, 2016. "Stock Market Autoregressive Dynamics: A Multinational Comparative Study with Quantile Regression," Mathematical Problems in Engineering, Hindawi, vol. 2016, pages 1-15, September.
    113. Jiang, Guolin & Mahoney, Paul G. & Mei, Jianping, 2005. "Market manipulation: A comprehensive study of stock pools," Journal of Financial Economics, Elsevier, vol. 77(1), pages 147-170, July.
    114. Pereira da Silva, Paulo, 2021. "Do managers pay attention to the market? A review of the relationship between stock price informativeness and investment," Journal of Multinational Financial Management, Elsevier, vol. 59(C).
    115. Li, Haiqi & Kim, Hyung-Gun & Park, Sung Y., 2015. "The role of financial speculation in the energy future markets: A new time-varying coefficient approach," Economic Modelling, Elsevier, vol. 51(C), pages 112-122.
    116. Harakeh, Mostafa, 2020. "Dividend policy and corporate investment under information shocks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
    117. Saif Ullah & Nadia Massoud & Barry Scholnick, 2014. "The Impact of Fraudulent False Information on Equity Values," Journal of Business Ethics, Springer, vol. 120(2), pages 219-235, March.
    118. Agarwal, Vikas & Jiang, Wei & Tang, Yuehua & Yang, Baozhong, 2011. "Uncovering hedge fund skill from the portfolio holdings they hide," CFR Working Papers 10-09 [rev.], University of Cologne, Centre for Financial Research (CFR).
    119. Amil Dasgupta & Andrea Prat & Michela Verardo, 2011. "The Price Impact of Institutional Herding," The Review of Financial Studies, Society for Financial Studies, vol. 24(3), pages 892-925.
    120. Ben-Nasr, Hamdi & Cosset, Jean-Claude, 2014. "State Ownership, Political Institutions, and Stock Price Informativeness: Evidence from Privatization," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 179-199.
    121. Tosun, Onur Kemal & Eshraghi, Arman, 2022. "Corporate decisions in times of war: Evidence from the Russia-Ukraine conflict," Finance Research Letters, Elsevier, vol. 48(C).
    122. Chai, Daniel & Faff, Robert & Gharghori, Philip, 2010. "New evidence on the relation between stock liquidity and measures of trading activity," International Review of Financial Analysis, Elsevier, vol. 19(3), pages 181-192, June.
    123. Dan Li & Geng Li, 2021. "Whose Disagreement Matters? Household Belief Dispersion and Stock Trading Volume [Belief dispersion in the stock market]," Review of Finance, European Finance Association, vol. 25(6), pages 1859-1900.
    124. Shiyang Huang & Maureen O’Hara & Zhuo Zhong, 2021. "Innovation and Informed Trading: Evidence from Industry ETFs [Short interest, institutional ownership, and stock returns]," The Review of Financial Studies, Society for Financial Studies, vol. 34(3), pages 1280-1316.
    125. Rani Hoitash & Murugappa (Murgie) Krishnan, 2008. "Herding, momentum and investor over-reaction," Review of Quantitative Finance and Accounting, Springer, vol. 30(1), pages 25-47, January.
    126. Ijaz Ur Rehman & Nurul Shahnaz Mahdzan & Rozaimah Zainudin, 2016. "Is the relationship between macroeconomy and stock market liquidity mutually reinforcing? Evidence from an emerging market," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 9(3), pages 294-316.
    127. Andrey Kudryavtsev, 2019. "The Effect Of Trading Volumes On Stock Returns Following Large Price Moves," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 64(220), pages 85-116, January –.
    128. Mu-Shun Wang, 2016. "Idiosyncratic volatility, executive compensation and corporate governance: examination of the direct and moderate effects," Review of Managerial Science, Springer, vol. 10(2), pages 213-244, March.
    129. Marcus Alexander Ong, 2015. "An information theoretic analysis of stock returns, volatility and trading volumes," Applied Economics, Taylor & Francis Journals, vol. 47(36), pages 3891-3906, August.
    130. Geoffrey M. Ngene & Parker Benefield & Allen K. Lynch, 2018. "Asymmetric and nonlinear dynamics in sovereign credit risk markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(5), pages 563-585, May.
    131. Ouarda Moatemri & Abdelfeteh El-Bori, 2017. "Trading Volume Levels and Stock Returns: Empirical Behavioral Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 632-638.
    132. Frank, Murray Z. & Sanati, Ali, 2018. "How does the stock market absorb shocks?," Journal of Financial Economics, Elsevier, vol. 129(1), pages 136-153.
    133. Bartram, Sohnke M. & Bodnar, Gordon M., 2006. "Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets," MPRA Paper 13064, University Library of Munich, Germany, revised 02 Nov 2008.
    134. Petacchi, Reining, 2015. "Information asymmetry and capital structure: Evidence from regulation FD," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 143-162.
    135. Juan Cruces & Enrique Kawamura, 2005. "Insider Trading and Corporate Governance in Latin America," Research Department Publications 3206, Inter-American Development Bank, Research Department.
    136. Boyce Watkins, 2007. "The economic and predictive value of trading volume growth: a tale of three moments," Applied Financial Economics, Taylor & Francis Journals, vol. 17(18), pages 1489-1509.
    137. Ahmad, Muhammad Munir & Hunjra, Ahmed Imran & Taskin, Dilvin, 2023. "Do asymmetric information and leverage affect investment decisions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 337-345.
    138. Olkhov, Victor, 2023. "Economic Theory as Successive Approximations of Statistical Moments," MPRA Paper 118722, University Library of Munich, Germany.
    139. Chung, Chune Young & Wang, Kainan, 2016. "The impact of individual investor trading on information asymmetry in the Korean stock market," The North American Journal of Economics and Finance, Elsevier, vol. 37(C), pages 472-484.
    140. Dimitrios Koutmos, 2023. "Investor sentiment and bitcoin prices," Review of Quantitative Finance and Accounting, Springer, vol. 60(1), pages 1-29, January.
    141. Hsin, Chin-Wen & Tseng, Po-Wen, 2012. "Stock price synchronicities and speculative trading in emerging markets," Journal of Multinational Financial Management, Elsevier, vol. 22(3), pages 82-109.
    142. Phan, Dinh Hoang Bach & Sharma, Susan Sunila & Narayan, Paresh Kumar, 2015. "Stock return forecasting: some new evidence," Working Papers fe_2015_13, Deakin University, Department of Economics.
    143. Gębka, Bartosz & Serwa, Dobromił, 2015. "The elusive nature of motives to trade: Evidence from international stock markets," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 147-157.
    144. Shen, Xieyang & Yang, Sijie & Chen, Yulin & Zeng, Jianyu, 2022. "How does economic policy uncertainty influence managers' learning from peers' stock prices? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    145. Guy D. Fernando & Ahmed M. Abdel‐Meguid & Randal J. Elder, 2010. "Audit quality attributes, client size and cost of equity capital," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 9(4), pages 363-381, November.
    146. Peress, Joël & Schmidt, Daniel, 2024. "Uncertainty about What's in the Price," CEPR Discussion Papers 19273, C.E.P.R. Discussion Papers.
    147. Kao, Erin H., 2011. "Momentum and reversals in Taiwan index futures returns during periods of extreme trading imbalance," International Review of Economics & Finance, Elsevier, vol. 20(3), pages 459-467, June.
    148. Anderson, Robert M. & Eom, Kyong Shik & Hahn, Sang Buhm & Park, Jong-Ho, 2013. "Autocorrelation and partial price adjustment," Journal of Empirical Finance, Elsevier, vol. 24(C), pages 78-93.
    149. Gurleen Sahota & Balwinder Singh, 2016. "The Empirical Investigation of Causal Relationship between Intraday Return and Volume in Indian Stock Market," Vision, , vol. 20(3), pages 199-210, September.
    150. Ellouz SIWAR, 2011. "The Impact Of Overconfidence Bias And Disposition Effect On The Volume Of Transaction And The Volatility Of The French Stock Market," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 6(1(15)/ Sp), pages 61-83.
    151. Michael Weigerding & Michael Hanke, 2018. "Drivers of seasonal return patterns in German stocks," Business Research, Springer;German Academic Association for Business Research, vol. 11(1), pages 173-196, February.
    152. Saskia ter Ellen & Willem F.C. Verschoor & Remco C.J. Zwinkels, 2016. "Agreeing on disagreement: heterogeneity or uncertainty?," Working Paper 2016/4, Norges Bank.
    153. Chiao, Chaoshin & Lin, Tung-Ying & Lee, Cheng-Few, 2017. "The reactions to on-air stock reports: Prices, volume, and order submission behavior," Pacific-Basin Finance Journal, Elsevier, vol. 44(C), pages 27-46.
    154. Martin Bugeja & Meiting Lu & Yaowen Shan & Thomas To, 2021. "The probability of informed trading and mergers and acquisitions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 169-203, March.
    155. Alhaj-Yaseen, Yaseen S. & Rao, Xi & Jin, Yinghua, 2017. "Market liberalization and the extent of informed trading: Evidence from China’s equity markets," Journal of Multinational Financial Management, Elsevier, vol. 39(C), pages 78-99.
    156. Andrey Kudryavtsev, 2017. "The Effect of Stock Return Sequences on Trading Volumes," IJFS, MDPI, vol. 5(4), pages 1-15, October.
    157. Li, Shasha & Yang, Biao, 2023. "Green investing, information asymmetry, and capital structure," IWH Discussion Papers 20/2023, Halle Institute for Economic Research (IWH).
    158. Millicent Chang & Xiaolin Qian & Jing Yu & Yvonne See, 2017. "Does director trading change the information environment?," Australian Journal of Management, Australian School of Business, vol. 42(2), pages 205-229, May.
    159. Lubos Pastor & Pietro Veronesi, 2009. "Learning in Financial Markets," NBER Working Papers 14646, National Bureau of Economic Research, Inc.
    160. Andrikopoulos, Andreas & Angelidis, Timotheos & Skintzi, Vasiliki, 2012. "Illiquidity, return and risk in G7 stock markets: interdependencies and spillovers," MPRA Paper 40003, University Library of Munich, Germany.
    161. Zhang, Hao & Luo, Xian & Han, Minghui & Liu, Xiaojuan, 2021. "Cultural diversity in ownership and stock liquidity commonality: Evidence from China," Finance Research Letters, Elsevier, vol. 40(C).
    162. Savor, Pavel G., 2012. "Stock returns after major price shocks: The impact of information," Journal of Financial Economics, Elsevier, vol. 106(3), pages 635-659.
    163. Palani-Rajan Kadapakkam & Timothy Krause & Yiuman Tse, 2015. "Exchange traded funds, size-based portfolios, and market efficiency," Review of Quantitative Finance and Accounting, Springer, vol. 45(1), pages 89-110, July.
    164. Jena, Sangram Keshari & Lahiani, Amine & Tiwari, Aviral Kumar & Roubaud, David, 2021. "Uncovering the complex asymmetric relationship between trading activity and commodity futures price: Evidenced from QNARDL study," Resources Policy, Elsevier, vol. 74(C).
    165. Wang, Zijun, 2021. "The high volume return premium and economic fundamentals," Journal of Financial Economics, Elsevier, vol. 140(1), pages 325-345.
    166. Juan Jose Cruces & Enrique L. Kawamura, 2005. "Insider Trading and Corporate Governance in Latin America: A Sequential Trade Model Approach," Working Papers 86, Universidad de San Andres, Departamento de Economia, revised Dec 2005.
    167. Gebka, Bartosz & Wohar, Mark E., 2013. "Causality between trading volume and returns: Evidence from quantile regressions," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 144-159.
    168. Smimou, K. & Khallouli, W., 2015. "Does the Euro affect the dynamic relation between stock market liquidity and the business cycle?," Emerging Markets Review, Elsevier, vol. 25(C), pages 125-153.
    169. Chen Yang, 2015. "An Empirical Study of Liquidity and Return Autocorrelations in the Chinese Stock Market," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 22(3), pages 261-282, September.
    170. Asani Sarkar & Robert A. Schwartz, 2007. "Market sidedness: insights into motives for trade initiation," Staff Reports 292, Federal Reserve Bank of New York.
    171. Alizadeh, Amir H., 2013. "Trading volume and volatility in the shipping forward freight market," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 49(1), pages 250-265.
    172. Leilei Shi & Bing Han & Yingzi Zhu & Liyan Han & Yiwen Wang & Yan Piao, 2023. "Market Crowds' Trading Behaviors, Agreement Prices, and the Implications of Trading Volume," Papers 2310.05322, arXiv.org.
    173. Wang, Dong-Hua & Suo, Yuan-Yuan & Yu, Xiao-Wen & Lei, Man, 2013. "Price–volume cross-correlation analysis of CSI300 index futures," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(5), pages 1172-1179.
    174. Ashok Chanabasangouda Patil & Shailesh Rastogi, 2019. "Time-Varying Price–Volume Relationship and Adaptive Market Efficiency: A Survey of the Empirical Literature," JRFM, MDPI, vol. 12(2), pages 1-18, June.
    175. Ciner, Cetin & Karagozoglu, Ahmet K., 2008. "Information asymmetry, speculation and foreign trading activity: Emerging market evidence," International Review of Financial Analysis, Elsevier, vol. 17(4), pages 664-680, September.
    176. Bams, Dennis & Honarvar, Iman, 2021. "VIX and liquidity premium," International Review of Financial Analysis, Elsevier, vol. 74(C).
    177. Michael R. King & Maksym Padalko, 2005. "Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?," Staff Working Papers 05-3, Bank of Canada.
    178. Bartosz Gebka, 2005. "Dynamic volume-return relationship: evidence from an emerging capital market," Applied Financial Economics, Taylor & Francis Journals, vol. 15(14), pages 1019-1029.
    179. Ana C. Silva & Gonzalo A. Chavez & Roy A. Wiggins III, 2015. "Earnings Management, Country Governance, and Cross-listing," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 7(1), pages 4-20, January.
    180. Asani Sarkar & Robert A. Schwartz, 2006. "Two-sided markets and intertemporal trade clustering: insights into trading motives," Staff Reports 246, Federal Reserve Bank of New York.
    181. Awartani, Basel & Belkhir, Mohamed & Boubaker, Sabri & Maghyereh, Aktham, 2016. "Corporate debt maturity in the MENA region: Does institutional quality matter?," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 309-325.
    182. Yamada, Masahiro & Ito, Takatoshi, 2022. "Price discovery and liquidity recovery: Forex market reactions to macro announcements," Journal of International Money and Finance, Elsevier, vol. 120(C).
    183. Tomasz Wójtowicz, 2017. "High-volume return premium on the stock markets in Warsaw and Vienna," Bank i Kredyt, Narodowy Bank Polski, vol. 48(4), pages 375-402.
    184. Hsiao-Peng Fu, 2014. "Long-Term Profitability of Volume-Based Price Momentum in Taiwan," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(2), pages 1-7, April.
    185. Armando Gomes & Gordon Phillips, 2005. "Why Do Public Firms Issue Private and Public Securities?," NBER Working Papers 11294, National Bureau of Economic Research, Inc.
    186. Ryan G. Chacon & Dan W. French & Kuntara Pukthuanthong, 2021. "The Information Content of NAV Estimates," The Journal of Real Estate Finance and Economics, Springer, vol. 63(4), pages 598-629, November.
    187. Nguyen Ngoc Anh Le & Xiangkang Yin & Jing Zhao, 2020. "Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex‐dividend day: the case of Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3775-3812, December.
    188. Subrahmanyam, Avanidhar, 2008. "Learning from experience and trading volume," Review of Financial Economics, Elsevier, vol. 17(4), pages 245-260, December.
    189. Foued Saâdaoui, 2013. "The Price and Trading Volume Dynamics Relationship in the EEX Power Market: A Wavelet Modeling," Computational Economics, Springer;Society for Computational Economics, vol. 42(1), pages 47-69, June.
    190. Dan Li & Geng Li, 2014. "Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume," Finance and Economics Discussion Series 2014-35, Board of Governors of the Federal Reserve System (U.S.).
    191. Chu, Jeffrey & Chan, Stephen & Zhang, Yuanyuan, 2023. "An analysis of the return–volume relationship in decentralised finance (DeFi)," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 236-254.
    192. Gębka, Bartosz & Wohar, Mark E., 2013. "The determinants of quantile autocorrelations: Evidence from the UK," International Review of Financial Analysis, Elsevier, vol. 29(C), pages 51-61.
    193. Ciner, Cetin, 2015. "Time variation in systematic risk, returns and trading volume: Evidence from precious metals mining stocks," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 277-283.
    194. Wu, Weili & Zhu, Feifei, 2023. "ETF ownership and informational efficiency of underlying stocks: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    195. Anderson, Robert M. & Eom, Kyong Shik & Hahn, Sang Buhm & Park, Jong-Ho, 2007. "Stock Return Autocorrelation is Not Spurious," Department of Economics, Working Paper Series qt2k7414sv, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    196. Pawan Jain & Wen-Jun Xue, 2017. "Global Investigation of Return Autocorrelation and its Determinants," Working Papers 1704, Florida International University, Department of Economics.
    197. Bardong, Florian & Bartram, Söhnke M. & Yadav, Pradeep K., 2005. "Informed Trading, Information Asymmetry and Pricing of Information Risk: Empirical Evidence from the NYSE," MPRA Paper 13586, University Library of Munich, Germany, revised 10 Oct 2008.
    198. Chou, Pin-Huang & Huang, Tsung-Yu & Yang, Hung-Jeh, 2013. "Arbitrage risk and the turnover anomaly," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4172-4182.
    199. Ma, Chaoqun & Mi, Xianhua & Cai, Zongwu, 2020. "Nonlinear and time-varying risk premia," China Economic Review, Elsevier, vol. 62(C).
    200. Dong, Xi & Feng, Shu & Ling, Leng & Song, Pingping, 2017. "Dynamic autocorrelation of intraday stock returns," Finance Research Letters, Elsevier, vol. 20(C), pages 274-280.
    201. Avanidhar Subrahmanyam, 2008. "Learning from experience and trading volume," Review of Financial Economics, John Wiley & Sons, vol. 17(4), pages 245-260, December.
    202. Wenjing Ouyang & Samuel H. Szewczyk, 2018. "Stock price informativeness on the sensitivity of strategic M&A investment to Q," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 745-774, April.
    203. Ghysels, Eric & Pereira, João Pedro, 2008. "Liquidity and conditional portfolio choice: A nonparametric investigation," Journal of Empirical Finance, Elsevier, vol. 15(4), pages 679-699, September.
    204. Haiqiang Chen & Terence Chong & Jushan Bai, 2012. "Theory and Applications of TAR Model with Two Threshold Variables," Econometric Reviews, Taylor & Francis Journals, vol. 31(2), pages 142-170.
    205. Liu, Wenchien & Miu, Peter & Chang, Yuanchen & Ozdemir, Bogie, 2012. "Information asymmetry and bank regulation: Can the spread of debt contracts be explained by recovery rates?," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 123-150.
    206. Travis L. Johnson & Eric C. So, 2018. "A Simple Multimarket Measure of Information Asymmetry," Management Science, INFORMS, vol. 64(3), pages 1055-1080, March.
    207. Lei, Qin & Wu, Guojun, 2005. "Time-varying informed and uninformed trading activities," Journal of Financial Markets, Elsevier, vol. 8(2), pages 153-181, May.
    208. Simon Gervais & Ron Kaniel & Dan Mingelgrin, "undated". "The High Volume Return Premium," Rodney L. White Center for Financial Research Working Papers 01-99, Wharton School Rodney L. White Center for Financial Research.
    209. Federico D'Amario & Milos Ciganovic, 2022. "Forecasting Cryptocurrencies Log-Returns: a LASSO-VAR and Sentiment Approach," Papers 2210.00883, arXiv.org.
    210. Zhaodan Huang & James B. Heian, 2010. "Trading‐Volume Shocks And Stock Returns: An Empirical Analysis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 33(2), pages 153-177, June.
    211. Anderson, Ronald C. & Reeb, David M. & Zhang, Yuzhao & Zhao, Wanli, 2013. "The efficacy of regulatory intervention: Evidence from the distribution of informed option trading," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4337-4352.
    212. Omid Sabbaghi & Navid Sabbaghi, 2014. "An empirical analysis of the Carbon Financial Instrument," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(2), pages 209-234, April.
    213. Bartosz Gębka, 2012. "The Dynamic Relation Between Returns, Trading Volume, And Volatility: Lessons From Spillovers Between Asia And The United States," Bulletin of Economic Research, Wiley Blackwell, vol. 64(1), pages 65-90, January.
    214. Zolotoy, L., 2008. "Empirical essays on the information transfer between and the informational efficiency of stock markets," Other publications TiSEM 2a2652c6-1060-4622-8721-8, Tilburg University, School of Economics and Management.
    215. Yue, Tian & Li, Tianjiao & Ruan, Xinfeng, 2023. "Does short-term momentum exist in China?," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    216. Bilal Hafeez & M. Humayun Kabir & Udomsak Wongchoti, 2022. "Are retail investors really passive? Shareholder activism in the digital age," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(3-4), pages 423-460, March.
    217. Corredor, Pilar & Ferrer, Elena & Santamaria, Rafael, 2015. "Sentiment-prone investors and volatility dynamics between spot and futures markets," International Review of Economics & Finance, Elsevier, vol. 35(C), pages 180-196.
    218. Georgios A. Panos & Tatja Karkkainen & Adele Atkinson, 2020. "Financial Literacy and Attitudes to Cryptocurrencies," Working Papers 2020_26, Business School - Economics, University of Glasgow.
    219. Bian, Jiangze & Chan, Kalok & Fong, Wai-Ming, 2020. "Investor participation and the volatility-volume relation: Evidence from an emerging market," Emerging Markets Review, Elsevier, vol. 45(C).
    220. Boulis Ibrahim & Janusz Brzeszczynski, 2013. "Interdependence of Stock Markets Before and After the Global Financial Crisis of 2007," CFI Discussion Papers 1305, Centre for Finance and Investment, Heriot Watt University.
    221. von Beschwitz, Bastian & Chuprinin, Oleg & Massa, Massimo, 2017. "Why Do Short Sellers Like Qualitative News?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(2), pages 645-675, April.
    222. Palani-Rajan Kadapakkam & Timothy Krause & Yiuman Tse, 2013. "Exchange Traded Funds, Size-Based Portfolios, And Market Efficiency," Working Papers 0214fin, College of Business, University of Texas at San Antonio.
    223. Yongchern Su & Weiling Tseng & Peiwen Chen, 2009. "Intraday return and order imbalance relation in NASDAQ speculative new highs," Applied Economics Letters, Taylor & Francis Journals, vol. 16(8), pages 863-869.
    224. Alsubaie, Abdullah & Najand, Mohammad, 2009. "Abnormal trading volume and autoregressive behavior in weekly stock returns in the Saudi stock market," Emerging Markets Review, Elsevier, vol. 10(3), pages 207-225, September.
    225. Juan Cruces & Enrique Kawamura, 2005. "Transacciones basadas en información privilegiada y conducción empresarial en América Latina," Research Department Publications 3207, Inter-American Development Bank, Research Department.
    226. Donghua Zhou & Yujie Zhao & Philip T Lin & Bin Li & Adrian (Waikong) Cheung, 2019. "Can microblogging information disclosure reduce stock price synchronicity? Evidence from China," Australian Journal of Management, Australian School of Business, vol. 44(2), pages 282-305, May.
    227. Masahiro Watanabe, 2003. "A Model of Stochastic Liquidity," Yale School of Management Working Papers ysm385, Yale School of Management.
    228. Han-Ching Huang & Yong-Chern Su & Yao-Hsuan Chang, 2014. "Dynamic Return-Order Imbalance Relationship Response To Leveraged Buyout Announcements," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 8(2), pages 55-63.
    229. Beata Szetela & Grzegorz Mentel & Yuriy Bilan & Urszula Mentel, 2021. "The relationship between trend and volume on the bitcoin market," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(1), pages 25-42, March.
    230. Jose Gutierrez & Yiuman Tse, 2009. "NYSE execution quality subsequent to migration to hybrid," Review of Quantitative Finance and Accounting, Springer, vol. 33(1), pages 59-81, July.
    231. Li, Shasha & Yang, Biao, 2024. "Green Investing, Information Asymmetry, and Capital Structure," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302416, Verein für Socialpolitik / German Economic Association.
    232. Chuang, Wen-I & Lee, Bong-Soo, 2006. "An empirical evaluation of the overconfidence hypothesis," Journal of Banking & Finance, Elsevier, vol. 30(9), pages 2489-2515, September.
    233. Jiang, Hao & Li, Yi & Sun, Zheng & Wang, Ashley, 2022. "Does mutual fund illiquidity introduce fragility into asset prices? Evidence from the corporate bond market," Journal of Financial Economics, Elsevier, vol. 143(1), pages 277-302.
    234. Shangkun Deng & Chenguang Wang & Zhe Fu & Mingyue Wang, 2021. "An Intelligent System for Insider Trading Identification in Chinese Security Market," Computational Economics, Springer;Society for Computational Economics, vol. 57(2), pages 593-616, February.
    235. Olkhov, Victor, 2022. "Introduction of the Market-Based Price Autocorrelation," MPRA Paper 112003, University Library of Munich, Germany.
    236. Zhang, Yihao & Tao, Lingfeng, 2019. "Haze, investor attention and China's stock markets: Evidence from internet stock forum," Finance Research Letters, Elsevier, vol. 31(C).
    237. Luo, Dan & Mao, Yipeng, 2021. "Fundamental volatility and informative trading volume in a rational expectations equilibrium," Economic Modelling, Elsevier, vol. 105(C).
    238. Nguyen, Cuong & Hoang, Lai & Shim, Jungwook & Truong, Phuong, 2020. "Internet search intensity, liquidity and returns in emerging markets," Research in International Business and Finance, Elsevier, vol. 52(C).
    239. Martin Dierker & Jung-Wook Kim & Jason Lee & Randall Morck, 2016. "Investors’ Interacting Demand and Supply Curves for Common Stocks," Review of Finance, European Finance Association, vol. 20(4), pages 1517-1547.
    240. Marco Wölfle, 2015. "Information-Based Trade in German Real Estate and Equity Markets," Risks, MDPI, vol. 3(4), pages 1-26, December.
    241. Pierpaolo Battigalli & Carlo Chiarella & Stefano Gatti & Tommaso Orlando, 2017. "M&A negotiations with limited information: how do opaque firms buy and get bought?," Working Papers 596, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    242. Durnev, Art A. & Nain, Amrita S., 2007. "Does insider trading regulation deter private information trading? International evidence," Pacific-Basin Finance Journal, Elsevier, vol. 15(5), pages 409-433, November.
    243. Joel Peress & Daniel Schmidt, 2020. "Glued to the TV: Distracted Noise Traders and Stock Market Liquidity," Journal of Finance, American Finance Association, vol. 75(2), pages 1083-1133, April.
    244. Ouyang, Liangyi & Cao, Bolong, 2020. "Selective pump-and-dump: The manipulation of their top holdings by Chinese mutual funds around quarter-ends," Emerging Markets Review, Elsevier, vol. 44(C).
    245. Pankaj K. Jain & Mohamed Mekhaimer & Sandra Mortal, 2020. "Commonality in liquidity and multilateral trading facilities," The Financial Review, Eastern Finance Association, vol. 55(3), pages 481-502, August.
    246. Chordia, Tarun & Roll, Richard & Subrahmanyam, Avanidhar, 2011. "Recent trends in trading activity and market quality," Journal of Financial Economics, Elsevier, vol. 101(2), pages 243-263, August.
    247. Klößner, Stefan & Becker, Martin & Friedmann, Ralph, 2012. "Modeling and measuring intraday overreaction of stock prices," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1152-1163.
    248. Oleg Chuprinin & Massimo Massa & Bastian von Beschwitz, 2015. "Why Do Short Sellers Like Qualitative News?," International Finance Discussion Papers 1149, Board of Governors of the Federal Reserve System (U.S.).
    249. Wongchoti, Udomsak & Wu, Fei & Young, Martin, 2009. "Buy and sell dynamics following high market returns: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 18(1-2), pages 12-20, March.
    250. Soebhag, Amar, 2023. "Option gamma and stock returns," Journal of Empirical Finance, Elsevier, vol. 74(C).
    251. Dasgupta, Amil & Prat, Andrea & Verardo, Michela, 2010. "The price impact of institutional herding," LSE Research Online Documents on Economics 119088, London School of Economics and Political Science, LSE Library.
    252. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    253. Tosun, Onur Kemal, 2021. "Cyber-attacks and stock market activity," International Review of Financial Analysis, Elsevier, vol. 76(C).
    254. YongChern Su & HanChing Huang, 2008. "Dynamic causality between intraday return and order imbalance in NASDAQ speculative top gainers," Applied Financial Economics, Taylor & Francis Journals, vol. 18(18), pages 1489-1499.
    255. Haizhen Wang & Ratthachat Chatpatanasiri & Pairote Sattayatham, 2017. "Stock Trading Using PE ratio: A Dynamic Bayesian Network Modeling on Behavioral Finance and Fundamental Investment," Papers 1706.02985, arXiv.org.
    256. Jorge Casado & Luis Muga & Rafael Santamaria, 2013. "The effect of US holidays on the European markets: when the cat’s away…," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(1), pages 111-136, March.
    257. So, Eric C. & Wang, Sean, 2014. "News-driven return reversals: Liquidity provision ahead of earnings announcements," Journal of Financial Economics, Elsevier, vol. 114(1), pages 20-35.
    258. Olkhov, Victor, 2022. "Price and Payoff Autocorrelations in the Consumption-Based Asset Pricing Model," MPRA Paper 112255, University Library of Munich, Germany.
    259. Kemal Tosun, Onur & Eshraghi, Arman & Muradoglu, Gulnur, 2023. "Learning financial survival from disasters," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    260. Diefeng Peng & Yulei Rao & Mei Wang, 2016. "Do Top 10 Lists of Daily Stock Returns Attract Investor Attention? Evidence from a Natural Experiment," International Review of Finance, International Review of Finance Ltd., vol. 16(4), pages 565-593, December.
    261. ap Gwilym, O. & Kita, A. & Wang, Q., 2014. "Speculate against speculative demand," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 212-221.
    262. Prevost, Andrew K. & Wongchoti, Udomsak & Marshall, Ben R., 2016. "Does institutional shareholder activism stimulate corporate information flow?," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 105-117.
    263. Blau, Benjamin M. & Smith, Jason M., 2014. "Autocorrelation in daily short-sale volume," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(1), pages 31-41.
    264. Li, Wei & Rhee, Ghon & Wang, Steven Shuye, 2017. "Differences in herding: Individual vs. institutional investors," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 174-185.
    265. Ryan G. Chacon & Thibaut G. Morillon & Ruixiang Wang, 2023. "Will the reddit rebellion take you to the moon? Evidence from WallStreetBets," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 37(1), pages 1-25, March.
    266. Christopher Hrdlicka, 2022. "Trading Volume and Time Varying Betas [Alpha or beta in the eye of the beholder: what drives hedge fund flows?]," Review of Finance, European Finance Association, vol. 26(1), pages 79-116.
    267. Shuang Feng & Jon T. Stewart, 2015. "A Review of Market Segmentation and Inefficiencies of the Chinese Stock Market," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 4(4), pages 18-28, October.
    268. Vayanos, Dimitri & Wang, Jiang, 2013. "Market Liquidity—Theory and Empirical Evidence ," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1289-1361, Elsevier.
    269. Han-Ching Huang & Yong-Chern Su & Tze-Yi Lin, 2016. "Market Efficiency of Commercial Bank in Financial Crisis," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 756-764.
    270. Tribhuvan N. Puri & George C. Philippatos, 2008. "Asymmetric Volume‐Return Relation and Concentrated Trading in LIFFE Futures," European Financial Management, European Financial Management Association, vol. 14(3), pages 528-563, June.
    271. Zhang, Xuetong & Zhang, Weiguo, 2023. "Information asymmetry, sentiment interactions, and asset price," The North American Journal of Economics and Finance, Elsevier, vol. 67(C).
    272. Liang, Xiaoqing & Young, Virginia R., 2018. "Annuitization and asset allocation under exponential utility," Insurance: Mathematics and Economics, Elsevier, vol. 79(C), pages 167-183.
    273. Dominique Guegan & Chafic Merhy, 2010. "A Note on fair Value and Illiquid Markets," Post-Print halshs-00460856, HAL.
    274. Hamdi Ben-Nasr & Abdullah Alshwer, 2015. "How Informed Stock Trading Can Affect Labor Investment Efficiency," Proceedings of Business and Management Conferences 2304077, International Institute of Social and Economic Sciences.
    275. Peter Koudijs, 2013. "'Those Who Know Most': Insider Trading in 18th c. Amsterdam," NBER Working Papers 18845, National Bureau of Economic Research, Inc.
    276. Liyi Zheng, 2020. "The type of corporate announcements and its implication on trading behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 629-659, April.
    277. Nasiri, S. & Bektas, E. & Jafari, G.R., 2018. "The impact of trading volume on the stock market credibility: Bohmian quantum potential approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 512(C), pages 1104-1112.
    278. Gebka, Bartosz, 2006. "Leaders and Laggards: International Evidence on Spillovers in Returns, Variance, and Trading Volume," Working Paper Series 2006,1, European University Viadrina Frankfurt (Oder), The Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe.
    279. Karolyi, G. Andrew & Lee, Kuan Hui & van Dijk, Mathijs A., 2007. "Common Patterns in Commonality in Returns, Liquidity, and Turnover around the World," Working Paper Series 2007-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    280. Xu, Liao & Yin, Xiangkang & Zhao, Jing, 2019. "The sidedness and informativeness of ETF trading and the market efficiency of their underlying indexes," Pacific-Basin Finance Journal, Elsevier, vol. 58(C).
    281. Dong-Hyun Ahn & Jacob Boudoukh & Matthew Richardson & Robert F. Whitelaw, 2002. "Partial Adjustment or Stale Prices? Implications from Stock Index and Futures Return Autocorrelations," The Review of Financial Studies, Society for Financial Studies, vol. 15(2), pages 655-689, March.
    282. Xiao, Yuewen & Zhao, Jing, 2021. "Price dynamics of individual stocks: Jumps and information," Finance Research Letters, Elsevier, vol. 38(C).
    283. Ouyang, Wenjing & Szewczyk, Samuel H., 2016. "Do managers learn from the market? Firm level evidence in merger investment," Finance Research Letters, Elsevier, vol. 19(C), pages 139-145.
    284. Chia-Hao Lee & Pei-I Chou, 2012. "Trading Activity and Financial Market Integration," The Financial Review, Eastern Finance Association, vol. 47(3), pages 589-616, August.
    285. Fenghua, Wen & Xiaoguang, Yang, 2009. "Empirical study on relationship between persistence-free trading volume and stock return volatility," Global Finance Journal, Elsevier, vol. 20(2), pages 119-127.
    286. Yang, Jinyu & Dong, Dayong & Cao, Jiawei, 2024. "Seemingly manipulated anomaly: Evidence from corporate site visits," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
    287. Ivashchenko, Alexey, 2024. "Corporate bond price reversals," Journal of Financial Markets, Elsevier, vol. 68(C).
    288. Zhang, Tai-Wei & Chueh, Horace & Hsu, Yao Hua, 2015. "Day-of-the-week trading patterns of informed and uninformed traders in Taiwan's foreign exchange market," Economic Modelling, Elsevier, vol. 47(C), pages 271-279.

  23. Roni Michaely & Richard H. Thaler & Kent Womack, 1994. "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?," NBER Working Papers 4778, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ashiq Ali & Oktay Urcan, 2012. "Dividend increases and future earnings," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 19(1), pages 12-25.
    2. Hirshleifer, David & Jiang, Danling, 2007. "A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns," MPRA Paper 20636, University Library of Munich, Germany, revised 10 Feb 2010.
    3. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
    4. Jin Ginger Wu & Lu Zhang, 2010. "Does Risk Explain Anomalies? Evidence from Expected Return Estimates," NBER Working Papers 15950, National Bureau of Economic Research, Inc.
    5. Lin, Jing & An, Yunbi & Yang, Jun & Liang, Yinhe, 2019. "Price inversion and post lock-up period returns on private investments in public equity in China: An interest transfer perspective," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 47-84.
    6. Balasingham Balachandran & Tuan Anh Nguyen, 2004. "Signalling power of special dividends in an imputation environment," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 44(3), pages 277-297, November.
    7. He, Qing & Gan, Jingyun & Wang, Shuwan & Chong, Terence Tai Leung, 2018. "The Effects of Trading Suspensions in China," MPRA Paper 92037, University Library of Munich, Germany.
    8. Kewei Hou & Chen Xue & Lu Zhang, 2012. "Digesting Anomalies: An Investment Approach," NBER Working Papers 18435, National Bureau of Economic Research, Inc.
    9. Xi He & Mingsheng Li & Jing Shi & Garry Twite, 2016. "Why do firms pay stock dividends: Is it just a stock split?," Australian Journal of Management, Australian School of Business, vol. 41(3), pages 508-537, August.
    10. KENT D. DANIEL & David Hirshleifer & AVANIDHAR SUBRAHMANYAM, 2004. "A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions," Finance 0412006, University Library of Munich, Germany.
    11. Ali, Heba & Hegazy, Aya Yasser, 2022. "Dividend policy, risk and the cross-section of stock returns: Evidence from India," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 169-192.
    12. Alexandre Madelaine, 2024. "Negative Externalities of Regulation: Identity‐relevant Information in Mandatory Short‐selling Disclosures," Abacus, Accounting Foundation, University of Sydney, vol. 60(4), pages 892-934, December.
    13. Paul B. McGuinness, 2024. "Research note: An investigation of the relation between pre-IPO dividends and vendor sales," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 889-910, April.
    14. Gikas Hardouvelis & Georgios Papanastasopoulos & Dimitrios Thomakos & Tao Wang, 2012. "External Financing, Growth and Stock Returns," European Financial Management, European Financial Management Association, vol. 18(5), pages 790-815, November.
    15. Sébastien Dereeper & Frédéric Romon, 2006. "Rachats d’actions versus dividendes:effet de substitution sur le marché boursier français?," Revue Finance Contrôle Stratégie, revues.org, vol. 9(1), pages 157-186, March.
    16. Kuo-Chung Chang & Yu-Kai Gao & Shih-Cheng Lee, 2020. "The Effect of Data Theft on a Firm’s Short-Term and Long-Term Market Value," Mathematics, MDPI, vol. 8(5), pages 1-21, May.
    17. J. Hobbs & M. I. Schneller, 2012. "Dividend signalling and sustainability," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1395-1408, September.
    18. Madsen, J. B. & Milas, C., 2003. "The price-dividend relationship in inflationary and deflationary regimes," Working Papers 03/05, Department of Economics, City University London.
    19. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    20. Michailova, Julija & Katter, Joana K. Q., 2013. "Thoughts on quantifying overconfidence in economic experiments," MPRA Paper 53112, University Library of Munich, Germany, revised Jan 2014.
    21. Sheridan Titman & Chishen Wei. Wei & Bin Zhao, 2021. "Corporate Actions and the Manipulation of Retail Investors in China: An Analysis of Stock Splits," NBER Working Papers 29212, National Bureau of Economic Research, Inc.
    22. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    23. 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.
    24. Luís Krug Pacheco & Clara Raposo, 2009. "ON the TIMING of INITIAL STOCK REPURCHASES," Working Papers de Gestão (Management Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
    25. Feito Ruiz, Isabel & Renneboog, Luc & Vansteenkiste, Cara, 2018. "Elective Stock and Scrip Dividends," Discussion Paper 2018-031, Tilburg University, Center for Economic Research.
    26. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    27. Andres, Christian & Doumet, Markus & Fernau, Erik & Theissen, Erik, 2013. "The Lintner model revisited: Dividends versus total payouts," CFR Working Papers 14-02, University of Cologne, Centre for Financial Research (CFR).
    28. Taufiq Choudhry & Ranadeva Jayasekera, 2015. "Level of efficiency in the UK equity market: empirical study of the effects of the global financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 44(2), pages 213-242, February.
    29. Hoang, Khoa & Huang, Ronghong & Truong, Helen, 2023. "Resurrecting the market factor: A case of data mining across international markets," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    30. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    31. Balasingham Balachandran, 2003. "UK interim and final dividend reductions: a note on price reaction," The European Journal of Finance, Taylor & Francis Journals, vol. 9(4), pages 379-390.
    32. Chemmanur, Thomas J. & He, Jie & Hu, Gang & Liu, Helen, 2010. "Is dividend smoothing universal?: New insights from a comparative study of dividend policies in Hong Kong and the U.S," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 413-430, September.
    33. Jitka Hilliard & John S. Jahera & Haoran Zhang, 2019. "The US financial crisis and corporate dividend reactions: for better or for worse?," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1165-1193, November.
    34. Hameed, Allaudeen & Xie, Jing, 2019. "Preference for dividends and return comovement," Journal of Financial Economics, Elsevier, vol. 132(1), pages 103-125.
    35. Eugene F Fama, "undated". "Market Efficiency, Long-Term Returns, and Behavioral Finance," CRSP working papers 448, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    36. Alon Brav & Christopher Geczy & Paul A. Gompers, "undated". "Is the Abnormal Return Following Equity Issuances Anomalous?," Rodney L. White Center for Financial Research Working Papers 2-99, Wharton School Rodney L. White Center for Financial Research.
    37. Jannis Bischof & Ulf Brüggemann & Holger Daske, 2023. "Asset Reclassifications and Bank Recapitalization During the Financial Crisis," Management Science, INFORMS, vol. 69(1), pages 75-100, January.
    38. Dr. Jeetendra Dangol, 2016. "Nepalese Stock Market Efficiency in Respect of Cash and Stock Dividend Announcement," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 7(3), pages 60-71, September.
    39. Keunbae Ahn, 2021. "Predictable Fluctuations in the Cross-Section and Time-Series of Asset Prices," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2021, January-A.
    40. Nicholas Barberis & Andrei Shleifer & Robert W. Vishny, 1997. "A Model of Investor Sentiment," NBER Working Papers 5926, National Bureau of Economic Research, Inc.
    41. Paul Docherty & Steve Easton, 2012. "Market efficiency and continuous information arrival: evidence from prediction markets," Applied Economics, Taylor & Francis Journals, vol. 44(19), pages 2461-2471, July.
    42. Chen, Zhijuan & Lin, William T. & Ma, Changfeng & Tsai, Shih-Chuan, 2014. "Liquidity provisions by individual investor trading prior to dividend announcements: Evidence from Taiwan," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 358-374.
    43. Weichuan Deng & Pawel Polak & Abolfazl Safikhani & Ronakdilip Shah, 2023. "A Unified Framework for Fast Large-Scale Portfolio Optimization," Papers 2303.12751, arXiv.org, revised Nov 2023.
    44. David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, August.
    45. Long, Huaigang & Zaremba, Adam & Zhou, Wenyu & Bouri, Elie, 2022. "Macroeconomics matter: Leading economic indicators and the cross-section of global stock returns," Journal of Financial Markets, Elsevier, vol. 61(C).
    46. Jacobs, Heiko, 2015. "What explains the dynamics of 100 anomalies?," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 65-85.
    47. Eva Liljeblom & Sabur Mollah & Patrik Rotter, 2015. "Do dividends signal future earnings in the Nordic stock markets?," Review of Quantitative Finance and Accounting, Springer, vol. 44(3), pages 493-511, April.
    48. Owen Lamont & Christopher Polk & Jesus Saa-Requejo, "undated". "Financial Constraints and Stock Returns."," CRSP working papers 451, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    49. Jandik, Tomas & Makhija, Anil K., 2005. "Debt, debt structure and corporate performance after unsuccessful takeovers: evidence from targets that remain independent," Journal of Corporate Finance, Elsevier, vol. 11(5), pages 882-914, October.
    50. Engelen, P.J. & Kabir, M.R., 2001. "Empirical Evidence on the Role of Trading Suspensions in Disseminating New Information to the Capital Market," Other publications TiSEM 28eafb93-739c-4826-a624-d, Tilburg University, School of Economics and Management.
    51. Chen, Jie & Song, Wei & Goergen, Marc, 2019. "Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 458-481.
    52. Kawakami, Kei, 2016. "Market size matters: A model of excess volatility in large markets," Journal of Financial Markets, Elsevier, vol. 28(C), pages 24-45.
    53. Jiang, George J. & Zhu, Kevin X., 2017. "Information Shocks and Short-Term Market Underreaction," Journal of Financial Economics, Elsevier, vol. 124(1), pages 43-64.
    54. Fuller, Kathleen P. & Goldstein, Michael A., 2011. "Do dividends matter more in declining markets?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 457-473, June.
    55. Low, Soo-Wah & Glorfeld, Louis & Hearth, Douglas & Rimbey, James N., 2001. "The link between bank monitoring and corporate dividend policy: The case of dividend omissions," Journal of Banking & Finance, Elsevier, vol. 25(11), pages 2069-2087, November.
    56. Kent Daniel & Sheridan Titman, 2003. "Market Reactions to Tangible and Intangible Information," NBER Working Papers 9743, National Bureau of Economic Research, Inc.
    57. Lee, Inmoo & Loughran, Tim, 1998. "Performance following convertible bond issuance," Journal of Corporate Finance, Elsevier, vol. 4(2), pages 185-207, June.
    58. Christi Wann & D. Long, 2009. "Do liquidity induced changes in aggregate dividends signal aggregate future earnings growth?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 33(1), pages 1-12, January.
    59. Szomko Natalia, 2015. "Investor Reaction to Information on Final Dividend Payouts on the Warsaw Stock Exchange – an Event Study Analysis," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 45(1), pages 127-146, March.
    60. Assem Safieddine & Sheridan Titman, 1997. "Debt and Corporate Performance: Evidence from Unsuccessful Takeovers," NBER Working Papers 6068, National Bureau of Economic Research, Inc.
    61. Nguyen, Nhut H. & Truong, Cameron, 2013. "The information content of stock markets around the world: A cultural explanation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 26(C), pages 1-29.
    62. Ruey-Shii Chen & Tai-Wei Zhang, 2018. "Dividend cuts and predictability," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 42(2), pages 249-267, April.
    63. Alpa Dhanani, 2005. "Corporate Dividend Policy: The Views of British Financial Managers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(7‐8), pages 1625-1672, September.
    64. Hunjra, Ahmed Imran & Bilal, Muhammad & Shafi, Haroon & Ullah, Ikram & Rehman, Kashif-Ur-, 2010. "Patterns of capital structure and dividend policy in Pakistani corporate sector and their impact on organization performance," MPRA Paper 40658, University Library of Munich, Germany.
    65. Dherment-Ferere, Isabelle & Köke, Jens & Renneboog, Luc, 2001. "Corporate monitoring by blockholders in Europe: empirical evidence of managerial disciplining in Belgium, France, Germany, and the UK," ZEW Discussion Papers 01-24, ZEW - Leibniz Centre for European Economic Research.
    66. Aaro Hazak, 2006. "Dividend Decision under Distributed Profit Taxation: Investorís Perspective," Working Papers 145, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    67. Bebchuk, Lucian A. & Cohen, Alma & Wang, Charles C.Y., 2013. "Learning and the disappearing association between governance and returns," Journal of Financial Economics, Elsevier, vol. 108(2), pages 323-348.
    68. Jais, Mohamad & Abdul Karim, Bakri & Funaoka, Kenta & Abidin, Azlan Zainol, 2009. "Dividend Announcements and Stock Market Reaction," MPRA Paper 19779, University Library of Munich, Germany.
    69. Yawson, Alfred, 2009. "Interaction effects of restructuring decisions on operating profit following performance shocks," Journal of Economics and Business, Elsevier, vol. 61(3), pages 216-237.
    70. Laeeq Ahmad & Yasir Iftikhar & Sarmad Ejaz & Waqas Baig & Kashif Nadeem & Rabia Shahid, 2019. "Dividend Policy and Share Price volatility: Evidence From Pakistan Stock Exchange of Listed Commercial Banks," Issues in Economics and Business, Macrothink Institute, vol. 5(1), pages 35-44, June.
    71. David Lee & Alexandre Mas, 2009. "Long-Run Impacts of Unions on Firms: New Evidence from Financial Markets, 1961-1999," NBER Working Papers 14709, National Bureau of Economic Research, Inc.
    72. Wael Bousselmi & Patrick Sentis & Marc Willinger, 2018. "Impact of the Brexit vote announcement on long-run market performance," CEE-M Working Papers hal-01954920, CEE-M, Universtiy of Montpellier, CNRS, INRA, Montpellier SupAgro.
    73. Bernoth, Kerstin & Pick, Andreas, 2011. "Forecasting the fragility of the banking and insurance sectors," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 807-818, April.
    74. Renneboog, Luc, 2000. "Ownership, managerial control and the governance of companies listed on the Brussels stock exchange," Journal of Banking & Finance, Elsevier, vol. 24(12), pages 1959-1995, December.
    75. Kolari, James W. & Pynnonen, Seppo & Tuncez, Ahmet M., 2021. "Further evidence on long-run abnormal returns after corporate events," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 421-439.
    76. Luís Miguel Serra Coelho & Rúben Miguel Torcato Peixinho, 2011. "The intraindustry effects of going concern audit reports," CEFAGE-UE Working Papers 2011_23, University of Evora, CEFAGE-UE (Portugal).
    77. 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.
    78. Peng Cheng & David McMillan, 2015. "Do initial reserves signal long-term IPO stock performance?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1018697-101, December.
    79. Bartram, Söhnke M. & Grinblatt, Mark, 2018. "Agnostic fundamental analysis works," Journal of Financial Economics, Elsevier, vol. 128(1), pages 125-147.
    80. Guanhao Feng & Stefano Giglio & Dacheng Xiu, 2019. "Taming the Factor Zoo: A Test of New Factors," NBER Working Papers 25481, National Bureau of Economic Research, Inc.
    81. Ralph Chami & Thomas F. Cosimano & Jun Ma & Celine Rochon, 2022. "What’s Different about Bank Holding Companies?," JRFM, MDPI, vol. 15(5), pages 1-32, April.
    82. Hayunga, Darren K. & Holowczak, Richard D. & Lung, Peter P. & Nishikawa, Takeshi, 2012. "Derivatives traders’ reaction to mispricing in the underlying equity," Journal of Banking & Finance, Elsevier, vol. 36(9), pages 2438-2454.
    83. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2011. "The contribution of stock repurchases to the value of the firm and cash holdings around the world," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 152-166, February.
    84. Syed Emad Azhar Ali & Fong-Woon Lai & Rohail Hassan & Muhammad Kashif Shad, 2021. "The Long-Run Impact of Information Security Breach Announcements on Investors’ Confidence: The Context of Efficient Market Hypothesis," Sustainability, MDPI, vol. 13(3), pages 1-27, January.
    85. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-002, Tilburg University, Tilburg Law and Economic Center.
    86. Choi, Darwin & Hui, Sam K., 2014. "The role of surprise: Understanding overreaction and underreaction to unanticipated events using in-play soccer betting market," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 614-629.
    87. Blazej Prusak & Marcin Potrykus, 2020. "Short-term Price Reaction to Involuntary Bankruptcies Filed in Bad Faith: Empirical Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 873-889.
    88. Michael J. Cooper & Huseyin Gulen & Michael J. Schill, 2008. "Asset Growth and the Cross‐Section of Stock Returns," Journal of Finance, American Finance Association, vol. 63(4), pages 1609-1651, August.
    89. 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.
    90. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    91. H. Kent Baker & David M. Smith, 2006. "In search of a residual dividend policy," Review of Financial Economics, John Wiley & Sons, vol. 15(1), pages 1-18.
    92. Fukuda, Atsuo, 2000. "Dividend changes and earnings performance in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 8(1), pages 53-66, March.
    93. Larry H. P. Lang & Mara Faccio & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March.
    94. Chen, Sheng-Syan & Wang, Yanzhi, 2012. "Financial constraints and share repurchases," Journal of Financial Economics, Elsevier, vol. 105(2), pages 311-331.
    95. Terrance Odean., 1996. "Volume, Volatility, Price and Profit When All Trader Are Above Average," Research Program in Finance Working Papers RPF-266, University of California at Berkeley.
    96. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    97. Katsushi Suzuki, 2015. "Unique Dividends for Retail Shareholders: Evidence from Shareholder Perks," Discussion Papers 2015-20, Kobe University, Graduate School of Business Administration.
    98. Roberto Gómez‐Cram, 2022. "Late to Recessions: Stocks and the Business Cycle," Journal of Finance, American Finance Association, vol. 77(2), pages 923-966, April.
    99. Chin-Sheng Huang & Chun-Fan You & Hsiao-Fen Hsiao, 2017. "Dividends and Subsequent Profitability: An Examination of a Dual Dividend Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(01), pages 1-35, March.
    100. Geiler, P.H.M. & Renneboog, L.D.R., 2014. "Executive Remuneration and the Payout Decision," Other publications TiSEM d9ae7344-0a29-4aa0-a016-8, Tilburg University, School of Economics and Management.
    101. Hui Liang James & Hongxia Wang, 2021. "Independent director tenure and dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1057-1091, May.
    102. Zhan, Feng & Proelss, Juliane & Schweizer, Denis, 2020. "China: From imitator to innovator?," Emerging Markets Review, Elsevier, vol. 42(C).
    103. Grennan, Jillian, 2019. "Dividend payments as a response to peer influence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 549-570.
    104. Lie, Erik, 2005. "Operating performance following dividend decreases and omissions," Journal of Corporate Finance, Elsevier, vol. 12(1), pages 27-53, December.
    105. Scott Walker, 2015. "Repeated Dividend Increases: A Collection of Four Essays," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2015, January-A.
    106. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.
    107. Eisdorfer, Assaf & Giaccotto, Carmelo & White, Reilly, 2015. "Do corporate managers skimp on shareholders' dividends to protect their own retirement funds?," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 257-277.
    108. Randolph B. Cohen & Paul A. Gompers & Tuomo Vuolteenaho, 2002. "Who Underreacts to Cash-Flow News? Evidence from Trading between Individuals and Institutions," NBER Working Papers 8793, National Bureau of Economic Research, Inc.
    109. Sánchez-Granero, M.A. & Balladares, K.A. & Ramos-Requena, J.P. & Trinidad-Segovia, J.E., 2020. "Testing the efficient market hypothesis in Latin American stock markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 540(C).
    110. Mihir A. Desai & Li Jin, 2007. "Institutional Tax Clienteles and Payout Policy," NBER Working Papers 13283, National Bureau of Economic Research, Inc.
    111. Erica X. N. Li & Dmitry Livdan & Lu Zhang, 2009. "Anomalies," The Review of Financial Studies, Society for Financial Studies, vol. 22(11), pages 4301-4334, November.
    112. Peter Cziraki & Christian Laux & Gyöngyi Lóránth, 2024. "Understanding Bank Payouts during the Crisis of 2007–2009," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 191-234.
    113. De Nard, Gianluca & Zhao, Zhao, 2022. "A large-dimensional test for cross-sectional anomalies:Efficient sorting revisited," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 654-676.
    114. Kristoffer Pons Bertelsen, 2022. "The Prior Adaptive Group Lasso and the Factor Zoo," CREATES Research Papers 2022-05, Department of Economics and Business Economics, Aarhus University.
    115. Jensen, Gerald R. & Lundstrum, Leonard L. & Miller, Robert E., 2010. "What do dividend reductions signal?," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 736-747, December.
    116. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2007. "Direct Evidence of Dividend Tax Clienteles," SIFR Research Report Series 51, Institute for Financial Research.
    117. Kenneth Khang & Tao‐Hsien Dolly King, 2006. "Does Dividend Policy Relate to Cross‐Sectional Variation in Information Asymmetry? Evidence from Returns to Insider Trades," Financial Management, Financial Management Association International, vol. 35(4), pages 71-94, December.
    118. Toudas, Kanellos & Karathanassis, George, 2007. "Corporate Governance and Firm Performance: Results from Greek Firms," MPRA Paper 6414, University Library of Munich, Germany.
    119. Amitava Roy, 2015. "Dividend Policy, Ownership Structure and Corporate Governance: An Empirical Analysis of Indian Firms," Indian Journal of Corporate Governance, , vol. 8(1), pages 1-33, June.
    120. Gong, Aibo & Ke, Shaowei & Qiu, Yawen & Shen, Rui, 2022. "Robust pricing under strategic trading," Journal of Economic Theory, Elsevier, vol. 199(C).
    121. Lee, King Fuei, 2011. "Demographics, dividend clienteles and the dividend premium," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(4), pages 368-375.
    122. Liang, Hui & Moreau, Laura & Park, Jung Chul, 2011. "Investment opportunities and dividend omissions," Journal of Business Research, Elsevier, vol. 64(10), pages 1108-1115, October.
    123. Jiaju Miao & Pawel Polak, 2023. "Online Ensemble of Models for Optimal Predictive Performance with Applications to Sector Rotation Strategy," Papers 2304.09947, arXiv.org.
    124. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, August.
    125. Chen, Fan, 2016. "The wealth effects of dividend announcements on bondholders: New evidence from the over-the-counter market," Journal of Economics and Business, Elsevier, vol. 86(C), pages 52-75.
    126. Jaideep Chowdhury & Gokhan Sonaer & Umut Celiker, 2018. "Market share growth and stock returns," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(S1), pages 97-129, November.
    127. Andreas Charitou & Neophytos Lambertides & Giorgos Theodoulou, 2010. "The Effect of Past Earnings and Dividend Patterns on the Information Content of Dividends When Earnings Are Reduced," Abacus, Accounting Foundation, University of Sydney, vol. 46(2), pages 153-187, June.
    128. Lee, Bong Soo & Mauck, Nathan, 2016. "Dividend initiations, increases and idiosyncratic volatility," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 47-60.
    129. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    130. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    131. Naresh Gopal & Ravi S. Mateti & Duong Nguyen & Gopala Vasudevan, 2024. "Stock buybacks and growth opportunities," Review of Quantitative Finance and Accounting, Springer, vol. 63(4), pages 1413-1429, November.
    132. Paweł Mielcarz & Paweł Paszczyk, 2010. "Increasing Shareholders Value through NPV-Negative Projects," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 4(3), October.
    133. Jean Canil & Sigitas Karpavičius & Chia‐Feng (Jeffrey) Yu, 2023. "CEO mobility and corporate payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(9-10), pages 1743-1778, October.
    134. Doowon Ryu & Doojin Ryu & Joon Ho Hwang, 2017. "Corporate governance, product-market competition, and stock returns: evidence from the Korean market," Asian Business & Management, Palgrave Macmillan, vol. 16(1), pages 50-91, April.
    135. Jiyoon Lee, 2021. "Information Asymmetry, Mispricing, and Security Issuance," Journal of Finance, American Finance Association, vol. 76(6), pages 3401-3446, December.
    136. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    137. DeLisle, R. Jared & Ferguson, Michael F. & Kassa, Haimanot & Zaynutdinova, Gulnara R., 2021. "Hazard stocks and expected returns," Journal of Banking & Finance, Elsevier, vol. 125(C).
    138. Frank, Murray Z. & Sanati, Ali, 2018. "How does the stock market absorb shocks?," Journal of Financial Economics, Elsevier, vol. 129(1), pages 136-153.
    139. BHATTACHARYA, Debarati & LI, Wei-Hsien & RHEE, S. Ghon, 2016. "Does Better Corporate Governance Encourage Higher Payout? : Risk, Agency Cost, and Dividend Policy," Discussion paper series HIAS-E-20, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    140. Gianluca De Nard & Simon Hediger & Markus Leippold, 2022. "Subsampled factor models for asset pricing: The rise of Vasa," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(6), pages 1217-1247, September.
    141. Matthias Bank & Ralf Baumann, 2015. "Market efficiency under ad hoc information: evidence from Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 29(3), pages 173-206, August.
    142. Harrison Hong & Jeremy C. Stein, 1997. "A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset Markets," NBER Working Papers 6324, National Bureau of Economic Research, Inc.
    143. Subramanian Rama Iyer & Harry Feng & Ramesh P. Rao, 2017. "Payout flexibility and capital expenditure," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 633-659, October.
    144. Gosnell, Thomas F. & Keown, Arthur J. & Pinkerton, John M., 1996. "The intraday speed of stock price adjustment to major dividend changes: Bid-ask bounce and order flow imbalances," Journal of Banking & Finance, Elsevier, vol. 20(2), pages 247-266, March.
    145. Dittmar, Amy & Duchin, Ran & Zhang, Shuran, 2020. "The timing and consequences of seasoned equity offerings: A regression discontinuity approach," Journal of Financial Economics, Elsevier, vol. 138(1), pages 254-276.
    146. Papanastasopoulos, Georgios & Thomakos, Dimitrios & Wang, Tao, 2011. "Accruals and the performance of stock returns following external financing activities," The British Accounting Review, Elsevier, vol. 43(3), pages 214-229.
    147. Golubov, Andrey & Lasfer, Meziane & Vitkova, Valeriya, 2020. "Active catering to dividend clienteles: Evidence from takeovers," Journal of Financial Economics, Elsevier, vol. 137(3), pages 815-836.
    148. Karen Balladares & José Pedro Ramos-Requena & Juan Evangelista Trinidad-Segovia & Miguel Angel Sánchez-Granero, 2021. "Statistical Arbitrage in Emerging Markets: A Global Test of Efficiency," Mathematics, MDPI, vol. 9(2), pages 1-20, January.
    149. William Cheung & Li Jiang, 2016. "Does free cash flow problem contribute to excess stock return synchronicity?," Review of Quantitative Finance and Accounting, Springer, vol. 46(1), pages 123-140, January.
    150. Charness, Gary & Gneezy, Uri, 2003. "Portfolio Choice and Risk Attitudes: An Experiment," University of California at Santa Barbara, Economics Working Paper Series qt7vz7w609, Department of Economics, UC Santa Barbara.
    151. Sophie Manigart & Koen De Waele, 1999. "Choice dividends and contemporaneous earnings announcements on a small stock market: an empirical study," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 161, pages 27-56.
    152. Shuping Chen & Terry Shevlin & Yen H. Tong, 2007. "Does the Pricing of Financial Reporting Quality Change Around Dividend Changes?," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 1-40, March.
    153. Johannes A. Skjeltorp & Bernt Arne Ødegaard, 2004. "The ownership structure of repurchasing firms," Working Paper 2004/7, Norges Bank.
    154. Wang, Jiaxin & Cheng, Ruonan & Huang, Yong & Yan, Chao, 2023. "The pre-IPO dividend and IPO underpricing: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    155. Jacobs, Heiko, 2020. "Hype or help? Journalists’ perceptions of mispriced stocks," Journal of Economic Behavior & Organization, Elsevier, vol. 178(C), pages 550-565.
    156. Timmermann, Allan & Pettenuzzo, Davide & Sabbatucci, Riccardo, 2020. "Dividend Suspensions and Cash Flow Risk during the Covid-19 Pandemic," CEPR Discussion Papers 14921, C.E.P.R. Discussion Papers.
    157. Karpavičius, Sigitas & Yu, Fan, 2022. "Do idiosyncratic technology shocks induce peer effects?," Journal of Corporate Finance, Elsevier, vol. 77(C).
    158. Keith M. Howe & Steve Vogt & Jia He, 2003. "The Effect of Managerial Ownership on the Short‐ and Long‐run Response to Cash Distributions," The Financial Review, Eastern Finance Association, vol. 38(2), pages 179-196, May.
    159. Henry, Darren & Nguyen, Lily & Pham, Viet Hung, 2017. "Institutional trading before dividend reduction announcements," Journal of Financial Markets, Elsevier, vol. 36(C), pages 40-55.
    160. Weiping Li & Xuezhi Zhang & Shuyi Cheng & Xiaohang Ren, 2024. "Clear the air via dividends: Corporates' response to air pollution," Business Strategy and the Environment, Wiley Blackwell, vol. 33(4), pages 3383-3396, May.
    161. Sung Gyun Mun & SooCheong (Shawn) Jang, 2022. "Explaining the asset growth anomaly in the restaurant industry: Motivations and consequences," Tourism Economics, , vol. 28(1), pages 62-82, February.
    162. Shahram Amini & Vijay Singal, 2020. "Are earnings predictable?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(3), pages 528-562, July.
    163. Jiang, George J. & Liu, Chang, 2021. "Getting on board: The monitoring effect of institutional directors," Journal of Corporate Finance, Elsevier, vol. 67(C).
    164. Alexander Kerl & Carolin Schürg & Andreas Walter, 2014. "The impact of Financial Times Deutschland news on stock prices: post-announcement drifts and inattention of investors," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 28(4), pages 409-436, November.
    165. Jeong‐Bon Kim & Le Luo & Hong Xie, 2024. "Do dividends mitigate bad news hoarding, overinvestments, and stock price crash risk?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3999-4038, December.
    166. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
    167. Rapp, Marc Steffen & Schmid, Thomas & Urban, Daniel, 2014. "The value of financial flexibility and corporate financial policy," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 288-302.
    168. Taffler, Richard J. & Lu, Jeffrey & Kausar, Asad, 2004. "In denial? Stock market underreaction to going-concern audit report disclosures," Journal of Accounting and Economics, Elsevier, vol. 38(1), pages 263-296, December.
    169. Paraskevi Katsiampa & Paul B. McGuinness & Jean-Philippe Serbera & Kun Zhao, 2022. "The financial and prudential performance of Chinese banks and Fintech lenders in the era of digitalization," Review of Quantitative Finance and Accounting, Springer, vol. 58(4), pages 1451-1503, May.
    170. Chin-Sheng Huang & Chun-Fan You & Hueh-Chen Lin, 2014. "Dividend-Yield Trading Strategies: Evidence from the Chinese Stock Market," International Journal of Economics and Financial Issues, Econjournals, vol. 4(2), pages 382-399.
    171. Anwar Boumosleh & Brandon Cline, 2015. "Outside Director Stock Options and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 381-410, June.
    172. Harada, Kimie & Nguyen, Pascal, 2005. "Dividend change context and signaling efficiency in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 13(5), pages 504-522, November.
    173. Durand, Robert B. & Patterson, Fernando M. & Shank, Corey A., 2021. "Behavioral biases in the NFL gambling market: Overreaction to news and the recency bias," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    174. Xin Che & Kathleen P. Fuller, 2020. "What does the timing of dividend reductions signal?," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 1035-1061, October.
    175. Jakobsen, Jan & Voetmann, Torben, 1999. "Post-Acquisition Performance in the Short and Long Run Evidence from the Copenhagen Stock Exchange 1993-1997," Working Papers 2000-4, Copenhagen Business School, Department of Finance.
    176. Asad Kausar & Richard J. Taffler & Christine Tan, 2009. "The Going‐Concern Market Anomaly," Journal of Accounting Research, Wiley Blackwell, vol. 47(1), pages 213-239, March.
    177. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.
    178. Ragnar E. Juelsrud & Plamen T. Nenov, 2022. "Dividend Signaling and Bank Payouts in the Great Financial Crisis," Working Paper 2022/9, Norges Bank.
    179. Pontiff, Jeffrey, 2006. "Costly arbitrage and the myth of idiosyncratic risk," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 35-52, October.
    180. John S. Howe & Reza Houston, 2016. "Earnings Management, Earnings Surprises, and Distressed Firms," Accounting and Finance Research, Sciedu Press, vol. 5(1), pages 1-64, February.
    181. Avishek Bhandari & Joanna Golden & Kenton Walker & Joseph H. Zhang, 2022. "The relationship between stock repurchase completion rates, firm reputation and financial reporting quality: a commitment‐trust theory perspective," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2687-2724, June.
    182. Kontoghiorghes, Alex, 2022. "Do personal taxes affect investment decisions and stock returns?," Bank of England working papers 988, Bank of England.
    183. Butler, Alexander W. & Cornaggia, Jess & Grullon, Gustavo & Weston, James P., 2011. "Corporate financing decisions, managerial market timing, and real investment," Journal of Financial Economics, Elsevier, vol. 101(3), pages 666-683, September.
    184. Stephen X. H. Gong, 2008. "Event Study in Transport Research: Methodology and Applications," Transport Reviews, Taylor & Francis Journals, vol. 29(2), pages 207-222, May.
    185. Monika MURAWSKA, 2014. "Buy back, split, dywidenda a kurs akcji. Wyniki badań spółek notowanych na giełdzie papierów wartościowych w Warszawie," Nowoczesne Systemy Zarządzania. Modern Management Systems, Military University of Technology, Faculty of Security, Logistics and Management, Institute of Organization and Management, issue 1, pages 291-300.
    186. Jan Bo Jakobsen & Torben Voetmann, 2005. "A New Approach for Interpreting Long-Run Returns, Applied to IPO and SEO Stocks," Annals of Economics and Finance, Society for AEF, vol. 6(2), pages 337-363, November.
    187. Forti, Cristiano & Schiozer, Rafael F., 2015. "Bank dividends and signaling to information-sensitive depositors," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 1-11.
    188. Cao, Zhangfan & Chen, Steven Xianglong & Harakeh, Mostafa & Lee, Edward, 2022. "Do non-financial factors influence corporate dividend policies? Evidence from business strategy," International Review of Financial Analysis, Elsevier, vol. 82(C).
    189. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
    190. Lizińska Joanna & Czapiewski Leszek, 2019. "Long-Term Equity Performance in Poland – Searching for Answers with the Calendar-Time Portfolio Approach," Folia Oeconomica Stetinensia, Sciendo, vol. 19(1), pages 43-55, June.
    191. Mills, Brian M. & Salaga, Steven, 2018. "A natural experiment for efficient markets: Information quality and influential agents," Journal of Financial Markets, Elsevier, vol. 40(C), pages 23-39.
    192. Thomas Post & Helmut Gründl & Lisa Schmidl & Mark S. Dorfman, 2007. "Implications of IFRS for the European Insurance Industry—Insights From Capital Market Theory," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 10(2), pages 247-265, September.
    193. Aleksandra Pieloch-Babiarz, 2022. "Catering to investor sentiment for dividends: contestability or collusion of the largest shareholders?," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(2), pages 435-457, June.
    194. Rodney D. Boehme & Sorin M. Sorescu, 2002. "The Long‐run Performance Following Dividend Initiations and Resumptions: Underreaction or Product of Chance?," Journal of Finance, American Finance Association, vol. 57(2), pages 871-900, April.
    195. Seonhyeon Kim & Jin-young Jung & Sung-woo Cho, 2021. "Does Information Asymmetry Affect Dividend Policy? Analysis Using Market Microstructure Variables," Sustainability, MDPI, vol. 13(7), pages 1-19, March.
    196. Juan Carlos Gómez-Sala, 2001. "Rentabilidad y liquidez alrededor de la fecha de desdoblamiento de las acciones," Investigaciones Economicas, Fundación SEPI, vol. 25(1), pages 171-202, January.
    197. Obregón, Carlos, 2018. "Beyond behavioral economics: who is the economic man," MPRA Paper 89653, University Library of Munich, Germany.
    198. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    199. Erica X. N. Li & Dmitry Livdan & Lu Zhang, 2006. "Optimal Market Timing," NBER Working Papers 12014, National Bureau of Economic Research, Inc.
    200. Youngsoo Kim & Jung Chul Park, 2022. "Presidential power and stock returns," Financial Management, Financial Management Association International, vol. 51(2), pages 455-499, June.
    201. Aelee Jun & David R. Gallagher & Graham H. Partington, 2011. "Institutional Dividend Clienteles Under an Imputation Tax System," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(1-2), pages 198-224, January.
    202. Bui, Dien Giau & Kong, De-Rong & Lin, Chih-Yung & Lin, Tse-Chun, 2023. "Momentum in machine learning: Evidence from the Taiwan stock market," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    203. Arman Kosedag & Jinhu Qian, 2009. "Do Dividend Clienteles Explain Price Reactions To Dividend Changes?," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 3(1), pages 47-57.
    204. Bessembinder, Hendrik & Zhang, Feng, 2013. "Firm characteristics and long-run stock returns after corporate events," Journal of Financial Economics, Elsevier, vol. 109(1), pages 83-102.
    205. Cooper, Ian A. & Lambertides, Neophytos, 2018. "Large dividend increases and leverage," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 17-33.
    206. Xiaoting Wei & Cameron Truong & Viet Do, 2020. "When are dividend increases bad for corporate bonds?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1295-1326, June.
    207. Douglas, Alan V. S., 2001. "Managerial replacement and corporate financial policy with endogenous manager-specific value," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 25-52, March.
    208. KONISHI, Masaru & 小西, 大 & SAITO, Junyu, 2023. "Do firms consider stakeholder interests as a means to create shareholder value or as the ultimate goal? Evidence from Japanese dividend policies," Working Paper Series G-1-27, Hitotsubashi University Center for Financial Research.
    209. Jandik, Tomas & Makhija, Anil K., 2004. "Debt, Debt Structure and Corporate Performance after Unsuccessful Takeovers: Evidence from Targets that Remain Independent," Working Paper Series 2005-6, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    210. Antoniou, Constantinos & Harrison, Glenn & Lau, Morten & Read, Daniel, 2015. "Information Characteristics and Errors in Expectations: Experimental Evidence," IZA Discussion Papers 9387, Institute of Labor Economics (IZA).
    211. Richardson, Scott & Tuna, Irem & Wysocki, Peter, 2010. "Accounting anomalies and fundamental analysis: A review of recent research advances," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 410-454, December.
    212. Michailova, Julija, 2010. "Development of the overconfidence measurement instrument for the economic experiment," MPRA Paper 34799, University Library of Munich, Germany, revised Nov 2011.
    213. Pattenden, Kerry & Twite, Garry, 2008. "Taxes and dividend policy under alternative tax regimes," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 1-16, February.
    214. Duquette, Nicolas J. & Ohrn, Eric C., 2018. "Corporate charitable foundations, executive entrenchment, and shareholder distributions," Journal of Economic Behavior & Organization, Elsevier, vol. 152(C), pages 235-253.
    215. Magdalena Mikolajek-Gocejna & Tomasz Urbas, 2023. "Rational Investors or Rational Expectations in Efficient Market Hypothesis?," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 13(2), pages 167-188.
    216. Balachandran, Balasingham & Krishnamurti, Chandrasekhar & Theobald, Michael & Vidanapathirana, Berty, 2012. "Dividend reductions, the timing of dividend payments and information content," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1232-1247.
    217. Kothari, S. P. & Warner, Jerold B., 1997. "Measuring long-horizon security price performance," Journal of Financial Economics, Elsevier, vol. 43(3), pages 301-339, March.
    218. Galariotis, Emilios C. & Holmes, Phil & Ma, Xiaodong S., 2007. "Contrarian and momentum profitability revisited: Evidence from the London Stock Exchange 1964-2005," Journal of Multinational Financial Management, Elsevier, vol. 17(5), pages 432-447, December.
    219. Satoru Yamaguchi, 2021. "Inflexibility of Share Repurchases," International Review of Finance, International Review of Finance Ltd., vol. 21(1), pages 255-281, March.
    220. Nguyen, Pascal, 2005. "Market underreaction and predictability in the cross-section of Japanese stock returns," Journal of Multinational Financial Management, Elsevier, vol. 15(3), pages 193-210, July.
    221. Borup, Daniel, 2019. "Asset pricing model uncertainty," Journal of Empirical Finance, Elsevier, vol. 54(C), pages 166-189.
    222. Lipson, Marc L. & Mortal, Sandra & Schill, Michael J., 2011. "On the Scope and Drivers of the Asset Growth Effect," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(6), pages 1651-1682, December.
    223. Ahern, Kenneth R., 2009. "Sample selection and event study estimation," Journal of Empirical Finance, Elsevier, vol. 16(3), pages 466-482, June.
    224. Gil S. Bae, 1996. "Post-Announcement Drifts Associated With Dividend Changes," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 19(4), pages 541-559, December.
    225. Gengnan Chiang, 2016. "Exploring the transitional behavior among value and growth stocks," Review of Quantitative Finance and Accounting, Springer, vol. 47(3), pages 543-563, October.
    226. Rydqvist, Kristian & Dahlquist, Magnus & Robertsson, Göran, 2006. "Direct Evidence of Dividend Tax Clienteles," CEPR Discussion Papers 6005, C.E.P.R. Discussion Papers.
    227. Shaif Jarallah & Wali Ullah, 2014. "Evolving corporate governance and the dividends behaviour regime in Japan," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(3), pages 279-303, September.
    228. Jack J.W. Yang & Tsung-Hsin Wu, 2015. "Announcement Effect of Cash Dividend Changes around Ex-Dividend Days: Evidence from Taiwan," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 9(2), pages 77-91.
    229. Desai, Hemang & Jain, Prem C., 1999. "Firm performance and focus: long-run stock market performance following spinoffs," Journal of Financial Economics, Elsevier, vol. 54(1), pages 75-101, October.
    230. Prusak Błażej & Potrykus Marcin, 2022. "Stock price reaction to an arrangement approval in restructuring proceedings – the case of Poland," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(3), pages 279-298, September.
    231. Zaremba, Adam & Cakici, Nusret & Bianchi, Robert J. & Long, Huaigang, 2023. "Interest rate changes and the cross-section of global equity returns," Journal of Economic Dynamics and Control, Elsevier, vol. 147(C).
    232. Wu, Juan (Julie) & Zhang, Jianzhong (Andrew), 2019. "Short selling and market anomalies," Journal of Financial Markets, Elsevier, vol. 46(C).
    233. Dhaliwal, Dan & Zhen Li, Oliver & Trezevant, Robert, 2003. "Is a dividend tax penalty incorporated into the return on a firm's common stock?," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 155-178, June.
    234. Nadja Guenster & Rob Bauer & Jeroen Derwall & Kees Koedijk, 2011. "The Economic Value of Corporate Eco†Efficiency," European Financial Management, European Financial Management Association, vol. 17(4), pages 679-704, September.
    235. Jeon, Jin Q. & Lee, Cheolwoo & Moffett, Clay M., 2011. "Effects of foreign ownership on payout policy: Evidence from the Korean market," Journal of Financial Markets, Elsevier, vol. 14(2), pages 344-375, May.
    236. Karpavičius, Sigitas & Yu, Fan, 2018. "Dividend premium: Are dividend-paying stocks worth more?," International Review of Financial Analysis, Elsevier, vol. 56(C), pages 112-126.
    237. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    238. Sang-Gun Lee & Byeonghwa Park & Si-Hyeon Kim & Hong-Hee Lee, 2012. "Innovation and imitation effects in the mobile telecommunication service market," Service Business, Springer;Pan-Pacific Business Association, vol. 6(3), pages 265-278, September.
    239. Sullivan, Michael & Zhang, Andrew (Jianzhong), 2011. "Are investment and financing anomalies two sides of the same coin?," Journal of Empirical Finance, Elsevier, vol. 18(4), pages 616-633, September.
    240. Haina Ding & Alexander Molchanov & Philip Stork, 2011. "The value of celebrity endorsements: A stock market perspective," Marketing Letters, Springer, vol. 22(2), pages 147-163, June.
    241. Jeffrey Jones & Jenny Gu & Pu Liu, 2014. "Do dividend initiations signal a reduction in risk? Evidence from the option market," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 143-158, January.
    242. Faccio, Mara & Lang, Larry H.P. & Leung, Joanne, 2000. "Dividends and Exploration," Working Paper Series 19016, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    243. Basse, Tobias & Klein, Tony & Vigne, Samuel A. & Wegener, Christoph, 2021. "U.S. stock prices and the dot.com-bubble: Can dividend policy rescue the efficient market hypothesis?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    244. Chen, K. C. & Wu, Lifan, 2001. "Introduction and expiration effects of derivative equity warrants in Hong Kong," International Review of Financial Analysis, Elsevier, vol. 10(1), pages 37-52.
    245. K. H. Nguyen, 2014. "Impact of a dividend initiation wave on shareholder wealth," Applied Financial Economics, Taylor & Francis Journals, vol. 24(8), pages 573-586, April.
    246. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    247. Krieger, Kevin & Mauck, Nathan & Pruitt, Stephen W., 2021. "The impact of the COVID-19 pandemic on dividends," Finance Research Letters, Elsevier, vol. 42(C).
    248. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    249. von Eije, Henk & Goyal, Abhinav & Muckley, Cal B., 2014. "Does the information content of payout initiations and omissions influence firm risks?," Journal of Econometrics, Elsevier, vol. 183(2), pages 222-229.
    250. Hunjra, Ahmed Imran & Niazi, Ghulam Shabbir Khan & Akbar, Syed Waqar & Rehman, Kashif-Ur-, 2011. "Application of finance techniques: an empirical analysis of pakistani corporate sector," MPRA Paper 40675, University Library of Munich, Germany.
    251. Ali Bayat & Marc Goergen & Panagiotis Koutroumpis & Xingjie Wei, 2022. "Between Scylla and Charybdis: CEO Political Ideology, Dividends and Downsizing During the Pandemic," Working Papers 936, Queen Mary University of London, School of Economics and Finance.
    252. Junbyoung Oh & Zhen Sun & Kineung Choo, 2023. "Financial Market Reactions to Patent Litigation: An Event Study of Litigation in Korea," Korean Economic Review, Korean Economic Association, vol. 39, pages 175-203.
    253. Sheng-Syan Chen & Robin Chou & Yun-Chi Lee, 2014. "The long-term performance following dividend initiations and resumptions revisited," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(4), pages 643-657, October.
    254. Paul McGuinness & Kevin Lam & João Vieito, 2015. "Gender and other major board characteristics in China: Explaining corporate dividend policy and governance," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 989-1038, December.
    255. Farhan Ahmed & Neha Advani & Sahabia Kanwal, 2018. "Earnings Management and Dividend Policy: Empirical Evidence from Major Sectors of Pakistan," International Journal of Economics and Financial Issues, Econjournals, vol. 8(3), pages 182-190.
    256. Tran, Vu Le, 2023. "Sentiment and covariance characteristics," International Review of Financial Analysis, Elsevier, vol. 86(C).
    257. Titman, Sheridan & Wei, Chishen & Zhao, Bin, 2022. "Corporate actions and the manipulation of retail investors in China: An analysis of stock splits," Journal of Financial Economics, Elsevier, vol. 145(3), pages 762-787.
    258. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
    259. Sadaf Anwar & Shveta Singh & P. K. Jain, 2017. "Impact of Cash Dividend Announcements: Evidence from the Indian Manufacturing Companies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 16(1), pages 29-60, April.
    260. Beaulieu, Marie-claude & Cosset, Jean-Claude & Essaddam, Naceur, 2002. "The Impact of Political Risk on the Volatility of Stock Returns: the Case of Canada," Cahiers de recherche 0208, CIRPEE.
    261. Bradley Benson & Travis Davidson & Hui James & Hongxia Wang, 2022. "Board busyness and corporate payout: are all busy directors the same?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3711-3759, September.
    262. Johannes Maier & Clemens König, 2016. "A Model of Reference-Dependent Belief Updating," CESifo Working Paper Series 6156, CESifo.
    263. Pritamani, Mahesh & Singal, Vijay, 2001. "Return predictability following large price changes and information releases," Journal of Banking & Finance, Elsevier, vol. 25(4), pages 631-656, April.
    264. B. Douglas Bernheim & Lee S. Redding, 2001. "Optimal Money Burning: Theory and Application to Corporate Dividends," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 10(4), pages 463-507, December.
    265. Asem, Ebenezer & Alam, Shamsul, 2015. "Market movements and the excess cash theory," The Quarterly Review of Economics and Finance, Elsevier, vol. 55(C), pages 140-149.
    266. Chanchal Chatterjee & Paromita Dutta & Sankarshan Basu, 2024. "Evidence-based Stock Price Behaviour Around Cash Dividend Announcements in an Emerging Market Set-up," Global Business Review, International Management Institute, vol. 25(2_suppl), pages 265-282, April.
    267. Nicholas Barberis & Richard Thaler, 2002. "A Survey of Behavioral Finance," NBER Working Papers 9222, National Bureau of Economic Research, Inc.
    268. Edmans, Alex, 2011. "Does the stock market fully value intangibles? Employee satisfaction and equity prices," Journal of Financial Economics, Elsevier, vol. 101(3), pages 621-640, September.
    269. Wang, Ling, 2020. "Unconventional monetary policy and stock repurchases: Firm-level evidence from a comparison between the United States and Japan," Research in International Business and Finance, Elsevier, vol. 51(C).
    270. Sardar M.N. Islam & Sethapong Watanapalachaikul & Colin Clark, 2007. "Some Tests of the Efficiency of the Emerging Financial Markets," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 6(3), pages 291-302, December.
    271. Stephen R. Foerster & Stephen G. Sapp, 2006. "The changing role of dividends: a firm‐level study from the nineteenth to the twenty‐first century," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1316-1344, November.
    272. Nicolosi, Gina, 2013. "Demographics of dividends," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 54-70.
    273. Choudhry, Taufiq & Jayasekera, Ranadeva, 2012. "Comparison of efficiency characteristics between the banking sectors of US and UK during the global financial crisis of 2007–2011," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 106-116.
    274. Janice CY How & Kian Ngo & Peter Verhoeven, 2011. "Dividend initiations and long-run IPO performance," Australian Journal of Management, Australian School of Business, vol. 36(2), pages 267-286, August.
    275. Hediger, Simon & Michel, Loris & Näf, Jeffrey, 2022. "On the use of random forest for two-sample testing," Computational Statistics & Data Analysis, Elsevier, vol. 170(C).
    276. Chung, San-Lin & Liu, Wen-Rang & Tsai, Wei-Che, 2014. "The impact of derivatives hedging on the stock market: Evidence from Taiwan’s covered warrants market," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 123-133.
    277. Choudhry, Taufiq & Jayasekera, Ranadeva, 2014. "Market efficiency during the global financial crisis: Empirical evidence from European banks," Journal of International Money and Finance, Elsevier, vol. 49(PB), pages 299-318.
    278. José Emilio Farinós, 2001. "Rendimientos anormales de las OPV en España," Investigaciones Economicas, Fundación SEPI, vol. 25(2), pages 417-437, May.
    279. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2014. "Direct evidence of dividend tax clienteles," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 1-12.
    280. Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
    281. Andrew Y. Chen & Tom Zimmermann, 2022. "Open Source Cross-Sectional Asset Pricing," Critical Finance Review, now publishers, vol. 11(2), pages 207-264, May.
    282. Oral Erdogan & Ari Yezegel, 2009. "The news of no news in stock markets," Quantitative Finance, Taylor & Francis Journals, vol. 9(8), pages 897-909.
    283. Francis, Bill B. & Samuel, Gilna & Wu, Qiang, 2023. "The impact of short selling on dividend smoothing," Journal of Financial Stability, Elsevier, vol. 65(C).
    284. Thomas J. Chemmanur & Zeyu Sun & Jing Xie, 2024. "Keeping up with the Joneses: Corporate Dividends and Common Institutional Blockholders," Working Papers 202407, University of Macau, Faculty of Business Administration.
    285. Bloomfield, Robert & Libby, Robert & Nelson, Mark W., 2000. "Underreactions, overreactions and moderated confidence," Journal of Financial Markets, Elsevier, vol. 3(2), pages 113-137, May.
    286. Emilios Galariotis, 2004. "Sources of contrarian profits and return predictability in emerging markets," Applied Financial Economics, Taylor & Francis Journals, vol. 14(14), pages 1027-1034.
    287. Huang, Yuan & Lam, F.Y. Eric C. & Wei, K.C. John, 2014. "The q-theory explanation for the external financing effect: New evidence," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 69-81.
    288. Hirshleifer, David & Jiang, Danling, 2007. "Commonality in Misvaluation, Equity Financing, and the Cross Section of Stock Returns," MPRA Paper 16134, University Library of Munich, Germany, revised 08 Jul 2009.
    289. Ian McManus & Owain Ap Gwilym & Stephen Thomas, 2004. "The Role of Payout Ratio in the Relationship Between Stock Returns and Dividend Yield," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(9‐10), pages 1355-1387, November.
    290. Hayley Baker & Millicent Chang & Choy Yeing (Chloe) Ho, 2021. "Value of dividend signaling in uncertain times," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1419-1440, December.
    291. Peter-Jan Engelen, 2006. "Difficulties in the criminal prosecution of insider trading—A clinical study of the Bekaert case," European Journal of Law and Economics, Springer, vol. 22(2), pages 121-141, September.
    292. Yin Chen & Roni Israelov, 2024. "Income illusions: challenging the high yield stock narrative," Journal of Asset Management, Palgrave Macmillan, vol. 25(2), pages 190-202, March.
    293. Timm O. Sprenger & Philipp G. Sandner & Andranik Tumasjan & Isabell M. Welpe, 2014. "News or Noise? Using Twitter to Identify and Understand Company-specific News Flow," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(7-8), pages 791-830, September.
    294. Green, Colin P. & HomRoy, Swarnodeep, 2020. "Bringing Connections Onboard: The Value of Political Influence," IZA Discussion Papers 13392, Institute of Labor Economics (IZA).
    295. Bayless, Mark & Jay, Nancy R., 2001. "An examination of the performance of SEOs using a comparison period approach6," Journal of Economics and Business, Elsevier, vol. 53(4), pages 359-386.
    296. Chanchal Chatterjee & Paromita Dutta, 2017. "Price Behaviour Around Dividend Announcements in the Indian Equity Market in the Existence of Corporate Dividend Tax," Global Business Review, International Management Institute, vol. 18(2), pages 402-415, April.
    297. Sabur Mollah, 2007. "Price Reaction To Dividend Initiations And Omissions In Emerging Market: Evidence From Pre And Post Market Crisis In Bangladesh," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 1(2), pages 51-68.
    298. Frankfurter, George M. & McGoun, Elton G., 2002. "Resistance is futile: the assimilation of behavioral finance," Journal of Economic Behavior & Organization, Elsevier, vol. 48(4), pages 375-389, August.
    299. Ivo Welch, 2016. "Levered Returns," NBER Working Papers 22150, National Bureau of Economic Research, Inc.
    300. Hiroyuki Ishikawa, 2011. "Empirical Analysis on the Dividend Life-Cycle Theory: Evidence from Japan," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 1, pages 39-60, December.
    301. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    302. Claude Bergeron, 2024. "Inflation, risk, and dividend growth," SN Business & Economics, Springer, vol. 4(7), pages 1-21, July.
    303. Daniel, Naveen D. & Denis, David J. & Naveen, Lalitha, 2008. "Do firms manage earnings to meet dividend thresholds," Journal of Accounting and Economics, Elsevier, vol. 45(1), pages 2-26, March.
    304. Morgan, Gareth & Thomas, Stephen, 1998. "Taxes, dividend yields and returns in the UK equity market," Journal of Banking & Finance, Elsevier, vol. 22(4), pages 405-423, May.
    305. Pawel Bilinski & Norman Strong, 2013. "Managers’ Private Information, Investor Underreaction and Long†Run SEO Performance," European Financial Management, European Financial Management Association, vol. 19(5), pages 956-990, November.
    306. P. J. Engelen, 2006. "An Economic Analysis of the Bekaert NV Insider Trading Case," Working Papers 06-04, Utrecht School of Economics.
    307. Emanuele Bajo, 2010. "The Information Content of Abnormal Trading Volume," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 950-978, July.
    308. Jegadeesh, Narasimhan & Karceski, Jason, 2009. "Long-run performance evaluation: Correlation and heteroskedasticity-consistent tests," Journal of Empirical Finance, Elsevier, vol. 16(1), pages 101-111, January.
    309. Benjamin Avanzi & Vincent Tu & Bernard Wong, 2016. "A Note on Realistic Dividends in Actuarial Surplus Models," Risks, MDPI, vol. 4(4), pages 1-9, October.
    310. Luís M. S. Coelho & Rúben M. T. Peixinho & Siri Terjensen, 2012. "Going concern opinions are not bad news: Evidence from industry rivals," Working Papers Department of Economics 2012/16, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    311. Bask, Mikael, 2020. "Pure announcement and time effects in the dividend-discount model," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 266-270.
    312. Błażej Prusak & Marcin Potrykus, 2021. "Short-Term Price Reaction to Filing for Bankruptcy and Restructuring Proceedings—The Case of Poland," Risks, MDPI, vol. 9(3), pages 1-14, March.
    313. Michael N. Young & TJ Troy N. Chuahay & Yen-Hsien Lee & John Francis T. Diaz & Yogi Tri Prasetyo & Satria Fadil Persada & Reny Nadilfatin, 2022. "Portfolio Optimization Considering Behavioral Stocks with Return Scenario Generation," Mathematics, MDPI, vol. 10(22), pages 1-20, November.

  24. Franklin Allen & Roni Michaely, "undated". "Dividend Policy (Reprint 050)," Rodney L. White Center for Financial Research Working Papers 14-94, Wharton School Rodney L. White Center for Financial Research.

    Cited by:

    1. Seifert, Bruce, 1997. "Earnings and dividend changes: An international study," Journal of Multinational Financial Management, Elsevier, vol. 7(1), pages 71-81, April.
    2. Murray Frank & Ravi Jagannathan, 1997. "Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes," Staff Report 229, Federal Reserve Bank of Minneapolis.

  25. Shlomo Benartzi & Roni Michaely & Richard Thaler, "undated". "Do Changes in Dividends Signal the Future or the Past?," CRSP working papers 327, Center for Research in Security Prices, Graduate School of Business, University of Chicago.

    Cited by:

    1. Ashiq Ali & Oktay Urcan, 2012. "Dividend increases and future earnings," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 19(1), pages 12-25.
    2. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
    3. Mehdi Nezami & Kapil R. Tuli & Shantanu Dutta, 2022. "Shareholder wealth implications of software firms’ transition to cloud computing: a marketing perspective," Journal of the Academy of Marketing Science, Springer, vol. 50(3), pages 538-562, May.
    4. Balasingham Balachandran & Tuan Anh Nguyen, 2004. "Signalling power of special dividends in an imputation environment," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 44(3), pages 277-297, November.
    5. Abe de Jong & Henry van Beusichem, 2009. "The changing role of dividend policies: an empirical analysis for the Netherlands 1945-2006," Working Papers 9024, Economic History Society.
    6. Huang-Meier, Winifred & Freeman, Mark C., 2015. "Aggregate dividends and consumption smoothing," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 324-335.
    7. Charmaine Glegg & Oneil Harris & Thanh Ngo, 2018. "Corporate social responsibility and the wealth gains from dividend increases," Review of Financial Economics, John Wiley & Sons, vol. 36(2), pages 149-166, April.
    8. Lee, King Fuei, 2010. "An Empirical Study of Dividend Payout and Future Earnings in Singapore," MPRA Paper 23067, University Library of Munich, Germany.
    9. Ali, Heba & Hegazy, Aya Yasser, 2022. "Dividend policy, risk and the cross-section of stock returns: Evidence from India," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 169-192.
    10. Fuller, Kathleen P., 2003. "The impact of informed trading on dividend signaling: a theoretical and empirical examination," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 385-407, September.
    11. Imen Ghadhab, 2023. "Bonding, signaling theory and dividend policy: Evidence from multinational firms," Journal of Asset Management, Palgrave Macmillan, vol. 24(1), pages 69-83, February.
    12. Małgorzata Snarska & Tomasz K. Wisniewski & Andrzej Zygula, 2020. "Are Emerging Markets Efficient? Evidence from Informational Content of Dividend Changes in Polish Stock Market," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 687-717.
    13. Paul B. McGuinness, 2024. "Research note: An investigation of the relation between pre-IPO dividends and vendor sales," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 889-910, April.
    14. Alderson, Michael J. & Betker, Brian L. & Halford, Joseph T., 2021. "Fictitious dividend cuts in the CRSP data," Journal of Corporate Finance, Elsevier, vol. 71(C).
    15. Qin, Wei & Liang, Quanxi & Jiao, Yan & Lu, Meiting & Shan, Yaowen, 2022. "Social trust and dividend payouts: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 72(C).
    16. J. Hobbs & M. I. Schneller, 2012. "Dividend signalling and sustainability," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1395-1408, September.
    17. Toru Yoshikawa & Abdul A. Rasheed, 2010. "Family Control and Ownership Monitoring in Family‐Controlled Firms in Japan," Journal of Management Studies, Wiley Blackwell, vol. 47(2), pages 274-295, March.
    18. Farrugia, Damien & Graham, Michael & Yawson, Alfred, 2011. "Economic conditions and the motives for multiple open-market share buybacks," Research in International Business and Finance, Elsevier, vol. 25(2), pages 156-168, June.
    19. Mihir A. Desai & C. Fritz Foley & James R. Hines Jr., 2002. "Dividend Policy inside the Firm," NBER Working Papers 8698, National Bureau of Economic Research, Inc.
    20. Fabio Braggion & Lyndon Moore, 2011. "Dividend Policies in an Unregulated Market: The London Stock Exchange, 1895--1905," The Review of Financial Studies, Society for Financial Studies, vol. 24(9), pages 2935-2973.
    21. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    22. Mazur, Mieszko & Dang, Man & Vo, Thuy Anh Thi, 2020. "Dividend Policy and the COVID-19 Crisis," MPRA Paper 108765, University Library of Munich, Germany.
    23. Ranjan D'Mello & Oranee Tawatnuntachai & Devrim Yaman, 2003. "Why Do Firms Issue Equity after Splitting Stocks?," The Financial Review, Eastern Finance Association, vol. 38(3), pages 323-350, August.
    24. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    25. 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.
    26. Luís Krug Pacheco & Clara Raposo, 2009. "ON the TIMING of INITIAL STOCK REPURCHASES," Working Papers de Gestão (Management Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
    27. Chou, De-Wai & Liu, Yi & Zantout, Zaher, 2009. "Long-term stock performance following extraordinary and special cash dividends," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(1), pages 54-73, February.
    28. Tsai, Hui-Ju & Wu, Yangru, 2015. "Bond and stock market response to unexpected dividend changes," Journal of Empirical Finance, Elsevier, vol. 30(C), pages 1-15.
    29. Castriota, Stefano, 2018. "Does Excellence Pay Off? Quality, Reputation and Vertical Integration in the Wine Market," 2018 Annual Meeting, August 5-7, Washington, D.C. 273802, Agricultural and Applied Economics Association.
    30. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    31. Paul Tanyi & David B. Smith & Xiaoyan Cheng, 2021. "Does firm payout policy affect shareholders’ dissatisfaction with directors?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 279-320, July.
    32. Roger M. Kunz & Sandro Rosa‐Majhensek, 2008. "Stock Splits in Switzerland: To Signal or Not to Signal?," Financial Management, Financial Management Association International, vol. 37(2), pages 193-226, June.
    33. 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.
    34. Hull, Tyler J., 2015. "How the timing of dividend reductions can signal value," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 114-131.
    35. Chay, J.B. & Suh, Jungwon, 2009. "Payout policy and cash-flow uncertainty," Journal of Financial Economics, Elsevier, vol. 93(1), pages 88-107, July.
    36. Chacko Jacob & Jijo Lukose P.J., 2018. "Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 54-82, April.
    37. Wen-Chuan Miao & Hsiou-Wei Lin, 2023. "Return On Equity Estimates And Fourquadrant Square Position: Evidence From Taiwan," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 17(1), pages 1-16.
    38. Jeffrey J. Coulton & Caitlin Ruddock, 2011. "Corporate payout policy in Australia and a test of the life‐cycle theory," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(2), pages 381-407, June.
    39. Jacob Boudoukh & Roni Michaely & Matthew Richardson & Michael R. Roberts, 2007. "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing," Journal of Finance, American Finance Association, vol. 62(2), pages 877-915, April.
    40. Wei Hao & Udomsak Wongchoti & Martin Young & Jianguo Chen, 2021. "R2 and the corporate signaling effect," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1353-1381, December.
    41. Barth, Mary E. & Kasznik, Ron, 1999. "Share repurchases and intangible assets," Journal of Accounting and Economics, Elsevier, vol. 28(2), pages 211-241, December.
    42. Philippe GAUD & Martin HOESLI & André BENDER, 2004. "Further Evidence on Debt-Equity Choice," FAME Research Paper Series rp114, International Center for Financial Asset Management and Engineering.
    43. Martin Kapons & Peter Kelly & Robert Stoumbos & Rafael Zambrana, 2023. "Dividends, trust, and firm value," Review of Accounting Studies, Springer, vol. 28(3), pages 1354-1387, September.
    44. Jitka Hilliard & John S. Jahera & Haoran Zhang, 2019. "The US financial crisis and corporate dividend reactions: for better or for worse?," Review of Quantitative Finance and Accounting, Springer, vol. 53(4), pages 1165-1193, November.
    45. Ahmad, Muhammad Farooq & Kowalewski, Oskar, 2021. "Collective bargaining power and corporate cash policy," International Review of Law and Economics, Elsevier, vol. 68(C).
    46. Dr. Jeetendra Dangol, 2016. "Nepalese Stock Market Efficiency in Respect of Cash and Stock Dividend Announcement," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 7(3), pages 60-71, September.
    47. Marco Belloni & Maciej Grodzicki & Mariusz Jarmuzek, 2024. "Why European banks adjust their dividend payouts?," Journal of Banking Regulation, Palgrave Macmillan, vol. 25(3), pages 284-304, September.
    48. Chen, Zhijuan & Lin, William T. & Ma, Changfeng & Tsai, Shih-Chuan, 2014. "Liquidity provisions by individual investor trading prior to dividend announcements: Evidence from Taiwan," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 358-374.
    49. C. Justin Robinson & Prosper Bangwayo-Skeete, 2017. "Parliamentary Elections and Frontier Stock Markets: Evidence from Stock Market Reaction to General Elections in the Commonwealth Caribbean," Global Business Review, International Management Institute, vol. 18(5), pages 1077-1088, October.
    50. Chintrakarn, Pandej & Jiraporn, Pornsit & Treepongkaruna, Sirimon & Mook Lee, Sang, 2022. "The effect of board independence on dividend payouts: A quasi-natural experiment," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
    51. Jacobs, Heiko, 2015. "What explains the dynamics of 100 anomalies?," Journal of Banking & Finance, Elsevier, vol. 57(C), pages 65-85.
    52. Eva Liljeblom & Sabur Mollah & Patrik Rotter, 2015. "Do dividends signal future earnings in the Nordic stock markets?," Review of Quantitative Finance and Accounting, Springer, vol. 44(3), pages 493-511, April.
    53. Chen, Hong-Yi & Gupta, Manak C. & Lee, Alice C. & Lee, Cheng-Few, 2013. "Sustainable growth rate, optimal growth rate, and optimal payout ratio: A joint optimization approach," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1205-1222.
    54. Chen, Jie & Song, Wei & Goergen, Marc, 2019. "Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 458-481.
    55. Kentaro Azuma & Nicolas M. Dahan & Jonathan Doh, 2024. "Shareholder reaction to corporate philanthropy after a natural disaster: an empirical exploration of the “signaling financial prospects” explanation," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1421-1449, September.
    56. Baker, H. Kent & Mukherjee, Tarun K. & Paskelian, Ohannes George, 2006. "How Norwegian managers view dividend policy," Global Finance Journal, Elsevier, vol. 17(1), pages 155-176, September.
    57. Low, Soo-Wah & Glorfeld, Louis & Hearth, Douglas & Rimbey, James N., 2001. "The link between bank monitoring and corporate dividend policy: The case of dividend omissions," Journal of Banking & Finance, Elsevier, vol. 25(11), pages 2069-2087, November.
    58. Kathryn E. Easterday & Pradyot K. Sen, 2023. "Another look at the dividend-price relationship in the accounting valuation framework," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 879-925, October.
    59. Louis T. W. Cheng & Hung‐Gay Fung & Tak Yan Leung, 2009. "Dividend preference of tradable‐share and non‐tradable‐share holders in Mainland China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 49(2), pages 291-316, June.
    60. Ben Howatt & Richard Zuber & John Gandar & Reinhold Lamb, 2009. "Dividends, earnings volatility and information," Applied Financial Economics, Taylor & Francis Journals, vol. 19(7), pages 551-562.
    61. Pedro Verga Matos & Victor Barros & Joaquim Miranda Sarmento, 2020. "Does ESG Affect the Stability of Dividend Policies in Europe?," Sustainability, MDPI, vol. 12(21), pages 1-15, October.
    62. Christi Wann & D. Long, 2009. "Do liquidity induced changes in aggregate dividends signal aggregate future earnings growth?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 33(1), pages 1-12, January.
    63. Céline Du Boys, 2006. "Pay out policy decisions in France A managerial perspective," Post-Print hal-02057673, HAL.
    64. Jasminder Kaur, 2019. "Firm’s Life Cycle Spurs the Dividend Payments: A Fallacy or an Actuality?," Paradigm, , vol. 23(1), pages 36-52, June.
    65. Szomko Natalia, 2015. "Investor Reaction to Information on Final Dividend Payouts on the Warsaw Stock Exchange – an Event Study Analysis," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 45(1), pages 127-146, March.
    66. Alpa Dhanani, 2005. "Corporate Dividend Policy: The Views of British Financial Managers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(7‐8), pages 1625-1672, September.
    67. Hunjra, Ahmed Imran & Bilal, Muhammad & Shafi, Haroon & Ullah, Ikram & Rehman, Kashif-Ur-, 2010. "Patterns of capital structure and dividend policy in Pakistani corporate sector and their impact on organization performance," MPRA Paper 40658, University Library of Munich, Germany.
    68. Nie, Jing & Yin, Libo, 2022. "Do dividends signal safety? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    69. Raj Chetty & Emmanuel Saez, 2010. "Dividend and Corporate Taxation in an Agency Model of the Firm," American Economic Journal: Economic Policy, American Economic Association, vol. 2(3), pages 1-31, August.
    70. Jais, Mohamad & Abdul Karim, Bakri & Funaoka, Kenta & Abidin, Azlan Zainol, 2009. "Dividend Announcements and Stock Market Reaction," MPRA Paper 19779, University Library of Munich, Germany.
    71. Malcolm Baker & Jeffrey Wurgler, 2003. "A Catering Theory of Dividends," NBER Working Papers 9542, National Bureau of Economic Research, Inc.
    72. 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.
    73. Luís Krug Pacheco & Clara Raposo, 2009. "THE CAPITAL and CASH FLOW SOURCES and USES of INITIAL STOCK REPURCHASE FIRMS," Working Papers de Gestão (Management Working Papers) 07, Católica Porto Business School, Universidade Católica Portuguesa.
    74. Jan Bena & Jan Hanousek, 2006. "Rent Extraction by Large Shareholders: Evidence Using Dividend Policy in the Czech Republic," CERGE-EI Working Papers wp291, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    75. Li, Wei & Lie, Erik, 2006. "Dividend changes and catering incentives," Journal of Financial Economics, Elsevier, vol. 80(2), pages 293-308, May.
    76. Ivo Welch, 2002. "Columbus' Egg: The Real Determinant of Capital Structure," NBER Working Papers 8782, National Bureau of Economic Research, Inc.
    77. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2011. "The contribution of stock repurchases to the value of the firm and cash holdings around the world," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 152-166, February.
    78. Vu, Hoang Duong & Pavelková, Drahomíra, 2023. "Determinants of profit repatriation: Evidence from the Czech Republic and OECD countries as a group," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 58-68.
    79. S Devrim Yilmaz & Engelbert Stockhammer, 2019. "Coupling Cycle Mechanisms: Minsky debt cycles and the Multiplier-Accelerator," Working Papers hal-02012724, HAL.
    80. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-002, Tilburg University, Tilburg Law and Economic Center.
    81. 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.
    82. Stuart Archbold & Elisabete F. Simões Vieira, 2010. "Corporate Dividend Policies in Bank-based and Market-based Systems: Survey Evidence from UK and Portugal," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 34-64.
    83. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    84. Huang, Wei & Goodell, John W. & Goyal, Abhinav, 2021. "In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007–2009 financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    85. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2006. "Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory," Journal of Financial Economics, Elsevier, vol. 81(2), pages 227-254, August.
    86. Uddin, Md Hamid, 2016. "Effect of government share ownership on corporate risk taking: Case of the United Arab Emirates," Research in International Business and Finance, Elsevier, vol. 36(C), pages 322-339.
    87. Bornemann, Sven & Kick, Thomas & Memmel, Christoph & Pfingsten, Andreas, 2012. "Are banks using hidden reserves to beat earnings benchmarks? Evidence from Germany," Journal of Banking & Finance, Elsevier, vol. 36(8), pages 2403-2415.
    88. H. Kent Baker & David M. Smith, 2006. "In search of a residual dividend policy," Review of Financial Economics, John Wiley & Sons, vol. 15(1), pages 1-18.
    89. Faruk Bostanci & Eyup Kadioglu & Guven Sayilgan, 2018. "Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market," IJFS, MDPI, vol. 6(4), pages 1-16, November.
    90. Fukuda, Atsuo, 2000. "Dividend changes and earnings performance in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 8(1), pages 53-66, March.
    91. Jianan Guo, 2016. "Ultimate Controlling Shareholders and Dividend Payout Policy in Chinese Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-35, June.
    92. Charles G. Ham & Zachary R. Kaplan & Steven Utke, 2023. "Attention to dividends, inattention to earnings?," Review of Accounting Studies, Springer, vol. 28(1), pages 265-306, March.
    93. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    94. Chin-Sheng Huang & Chun-Fan You & Hsiao-Fen Hsiao, 2017. "Dividends and Subsequent Profitability: An Examination of a Dual Dividend Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(01), pages 1-35, March.
    95. Frantisek Sejkora, 2016. "Prediction model of dividend payment of Czech joint stock companies," International Journal of Entrepreneurial Knowledge, Center for International Scientific Research of VSO and VSPP, vol. 4(2), pages 51-61, December.
    96. Michaely, Roni & Rubin, Amir & Vedrashko, Alexander, 2016. "Are Friday announcements special? Overcoming selection bias," Journal of Financial Economics, Elsevier, vol. 122(1), pages 65-85.
    97. Arturo, Ramirez Verdugo, 2004. "Dividend Signaling and Unions," MPRA Paper 2273, University Library of Munich, Germany, revised 04 Oct 2006.
    98. Adhikari, Binay K. & Agrawal, Anup, 2018. "Peer influence on payout policies," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 615-637.
    99. Grennan, Jillian, 2019. "Dividend payments as a response to peer influence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 549-570.
    100. Lie, Erik, 2005. "Operating performance following dividend decreases and omissions," Journal of Corporate Finance, Elsevier, vol. 12(1), pages 27-53, December.
    101. Louis Cheng & Hung-Gay Fung & Tak Leung, 2007. "Information effects of dividends: Evidence from the Hong Kong market," Review of Quantitative Finance and Accounting, Springer, vol. 28(1), pages 23-54, January.
    102. Scott Walker, 2015. "Repeated Dividend Increases: A Collection of Four Essays," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2015, January-A.
    103. S. I. Lutsenko, 2018. "Influence Of Information Signals On The Future Earnings," Strategic decisions and risk management, Real Economy Publishing House, issue 4.
    104. Shah, Muhammad Hashim & Xiao, Zuoping & Abdullah,, 2023. "Internal pyramid structure, judicial efficiency, firm-level governance and dividend policy," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 764-785.
    105. Ivo Welch, 2002. "Capital Structure and Stock Returns," Yale School of Management Working Papers ysm263, Yale School of Management, revised 01 Aug 2003.
    106. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.
    107. Stefano Castriota & Alessandro Fedele, 2021. "Does Excellence Pay Off? Theory and Evidence from the Wine Market," Discussion Papers 2021/268, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    108. C. Justin Robinson & Prosper Bangwayo-Skeete, 2017. "Semi-strong Form Market Efficiency in Stock Markets with Low Levels of Trading Activity: Evidence from Stock Price Reaction to Major National and International Events," Global Business Review, International Management Institute, vol. 18(6), pages 1447-1464, December.
    109. Atsushi Chino & Joon Ho Kim, 2022. "Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut," Financial Management, Financial Management Association International, vol. 51(2), pages 539-571, June.
    110. Peter Cziraki & Christian Laux & Gyöngyi Lóránth, 2024. "Understanding Bank Payouts during the Crisis of 2007–2009," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 191-234.
    111. Jensen, Gerald R. & Lundstrum, Leonard L. & Miller, Robert E., 2010. "What do dividend reductions signal?," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 736-747, December.
    112. Kenneth Khang & Tao‐Hsien Dolly King, 2006. "Does Dividend Policy Relate to Cross‐Sectional Variation in Information Asymmetry? Evidence from Returns to Insider Trades," Financial Management, Financial Management Association International, vol. 35(4), pages 71-94, December.
    113. Jian Cao & Thomas R. Kubick & Adi N. S. Masli, 2017. "Do corporate payouts signal going-concern risk for auditors? Evidence from audit reports for companies in financial distress," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 599-631, October.
    114. Ruoyun (Lucy) Zhao, 2016. "Dividend Signaling: What Can We Learn from Corporate Bond Responses?," Published Paper Series 2016-3, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    115. Liu, Chinpiao & Chen, An-Sing, 2015. "Do firms use dividend changes to signal future profitability? A simultaneous equation analysis," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 194-207.
    116. Khaled Hussainey & Martin Walker, 2009. "The effects of voluntary disclosure and dividend propensity on prices leading earnings," Accounting and Business Research, Taylor & Francis Journals, vol. 39(1), pages 37-55.
    117. Fan, Liu & Zhang, Xiaoping & Rai, Laxmisha, 2021. "When should star power and eWOM be responsible for the box office performance? - An empirical study based on signaling theory," Journal of Retailing and Consumer Services, Elsevier, vol. 62(C).
    118. Nan-Ting Kuo, 2013. "Dividend tax signaling and the pricing of future earnings: a case of taxable stock dividends," Review of Quantitative Finance and Accounting, Springer, vol. 40(3), pages 539-570, April.
    119. Wang, Li-Hsun & Lin, Chu-Hsiung & Fung, Hung-Gay & Chen, Hsien-Ming, 2013. "An analysis of stock repurchase in Taiwan," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 497-513.
    120. Andreas Charitou & Neophytos Lambertides & Giorgos Theodoulou, 2010. "The Effect of Past Earnings and Dividend Patterns on the Information Content of Dividends When Earnings Are Reduced," Abacus, Accounting Foundation, University of Sydney, vol. 46(2), pages 153-187, June.
    121. Lee, Bong Soo & Mauck, Nathan, 2016. "Dividend initiations, increases and idiosyncratic volatility," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 47-60.
    122. Ghulam Mujtaba Chaudhary & Shujahat Haider Hashmi & Aqeel Younis, 2016. "Does Dividend Announcement Generate Market Signal? Evidence from Pakistan," International Journal of Economics and Financial Issues, Econjournals, vol. 6(1), pages 65-72.
    123. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    124. Kuo, Nan-Ting & Lee, Cheng-Few, 2013. "Effects of dividend tax and signaling on firm valuation: Evidence from taxable stock dividend announcements," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 157-180.
    125. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    126. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    127. Samih Antoine Azar, 2012. "Determinants of Cyclical Aggregate Dividend Behavior," Review of Economics & Finance, Better Advances Press, Canada, vol. 2, pages 71-78, August.
    128. Laetitia Lepetit & Céline Meslier-Crouzille & Leo Indra Wardhana, 2015. "Do Asymmetric Information and Ownership Structure Matter for Dividend Payout Decisions? Evidence from European Banks," Working Papers hal-01186722, HAL.
    129. Lóránth, Gyöngyi & Laux, Christian & Cziraki, Peter, 2016. "Understanding Bank Payouts during the Crisis of 2007-2009," CEPR Discussion Papers 11453, C.E.P.R. Discussion Papers.
    130. L Lepetit & Céline Meslier-Crouzille & F Strobel & Leo Indra Wardhana, 2018. "Bank dividends, agency costs and shareholder and creditor rights," Post-Print hal-03566491, HAL.
    131. Taeyoon Sung & Daehwan Kim & Ludwig Chincarini, 2006. "Corporate scandals and the market response of dividend payout changes," Applied Financial Economics, Taylor & Francis Journals, vol. 16(7), pages 535-549.
    132. Chen, Sheng-Syan & Hsu, Ching-Yu & Huang, Chia-Wei, 2016. "The white squire defense: Evidence from private investments in public equity," Journal of Banking & Finance, Elsevier, vol. 64(C), pages 16-35.
    133. Nikbakht, Ehsan & Polat, Celaleddin, 1998. "A global perspective of P/E ratio determinants: The case of ADRs," Global Finance Journal, Elsevier, vol. 9(2), pages 253-267.
    134. Mbodja Mougoué & Ramesh P. Rao, 2003. "The Information Signaling Hypothesis of Dividends: Evidence from Cointegration and Causality Tests," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3‐4), pages 441-478, April.
    135. Bai-Sian Chen & Hong-Yi Chen & Hsiao-Yin Chen & Fang-Chi Lin, 2022. "Corporate growth and strategic payout policy," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 641-669, August.
    136. Gyimah, Daniel & Gyapong, Ernest, 2021. "Managerial entrenchment and payout policy: A catering effect," International Review of Financial Analysis, Elsevier, vol. 73(C).
    137. Nishant B. Labhane & Jitendra Mahakud, 2016. "Determinants of Dividend Policy of Indian Companies," Paradigm, , vol. 20(1), pages 36-55, June.
    138. Anton Miglo, 2020. "Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations," JRFM, MDPI, vol. 13(12), pages 1-25, November.
    139. Qiang Li & Hua Sun & Seow Ong, 2006. "REIT Splits and Dividend Changes: Tests of Signaling and Information Substitutability," The Journal of Real Estate Finance and Economics, Springer, vol. 33(2), pages 127-150, September.
    140. Leibrecht, Markus & Bellak, Christian & Wild, Michael, 2009. "Does lowering dividend tax rates increase dividends repatriated?: evidence of intra-firm cross-border dividend repatriation policies by German Multinational Enterprises," Discussion Paper Series 1: Economic Studies 2009,19, Deutsche Bundesbank.
    141. Taleb Lotfi, 2018. "Dividend Policy in Tunisia: A Signalling Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(4), pages 84-94, April.
    142. Shuping Chen & Terry Shevlin & Yen H. Tong, 2007. "Does the Pricing of Financial Reporting Quality Change Around Dividend Changes?," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 1-40, March.
    143. DeAngelo, Harry & DeAngelo, Linda & Skinner, Douglas J., 2000. "Special dividends and the evolution of dividend signaling," Journal of Financial Economics, Elsevier, vol. 57(3), pages 309-354, September.
    144. Keith M. Howe & Steve Vogt & Jia He, 2003. "The Effect of Managerial Ownership on the Short‐ and Long‐run Response to Cash Distributions," The Financial Review, Eastern Finance Association, vol. 38(2), pages 179-196, May.
    145. Mr. Alexander Lehmann & Mr. Ashoka Mody, 2004. "International Dividend Repatriations," IMF Working Papers 2004/005, International Monetary Fund.
    146. Tripathy, Niranjan & Wu, Da & Zheng, Yi, 2021. "Dividends and financial health: Evidence from U.S. bank holding companies," Journal of Corporate Finance, Elsevier, vol. 66(C).
    147. Naheed Rabbani, 2017. "The Announcement Effect of Cash Dividend Changes on Share Prices: Evidence from Dhaka Stock Exchange," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(04), pages 1-19, December.
    148. ElBannan, Mona A., 2020. "Does catering behavior persist? Evidence on dividend sentiment in emerging financial markets," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 350-373.
    149. Eyup Kadioglu & Nurcan Ocal, 2016. "Dividend Changes and Future Profitability: Evidence from the Turkish Stock Market," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(3), pages 196-205, March.
    150. Adaoglu, Cahit, 2000. "Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: evidence from an emerging market," Emerging Markets Review, Elsevier, vol. 1(3), pages 252-270, November.
    151. Ijaz Ali & Ali Gohar & Omar Meharzi, 2017. "Why do Firms Change Their Dividend Policy?," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 411-422.
    152. Gürtler, Marc & Hartmann, Nora, 2003. "Behavioral dividend policy," Working Papers FW04V1, Technische Universität Braunschweig, Institute of Finance.
    153. Cheng Few Lee & Manak C. Gupta & Hong-Yi Chen & Alice C. Lee, 2020. "Optimal Payout Ratio Under Uncertainty and the Flexibility Hypothesis: Theory and Empirical Evidence," World Scientific Book Chapters, in: Cheng Few Lee & John C Lee (ed.), HANDBOOK OF FINANCIAL ECONOMETRICS, MATHEMATICS, STATISTICS, AND MACHINE LEARNING, chapter 96, pages 3367-3412, World Scientific Publishing Co. Pte. Ltd..
    154. Kato, Hideaki Kiyoshi & Loewenstein, Uri & Tsay, Wenyuh, 2002. "Dividend policy, cash flow, and investment in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 10(4), pages 443-473, September.
    155. Bhuiyan, Md. Borhan Uddin & Sangchan, Pinprapa & Costa, Mabel D', 2022. "Do Co-opted boards affect the cost of equity capital?," Finance Research Letters, Elsevier, vol. 46(PB).
    156. Syed Ali Raza, Mohd Zaini Abd Karim, 2016. "Do Liquidity and Financial Leverage Constrain the Impact of Firm Size and Dividend Payouts on Share Price in Emerging Economy," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 1(2), pages 71-86, October.
    157. Harada, Kimie & Nguyen, Pascal, 2005. "Dividend change context and signaling efficiency in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 13(5), pages 504-522, November.
    158. Xin Che & Kathleen P. Fuller, 2020. "What does the timing of dividend reductions signal?," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 1035-1061, October.
    159. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.
    160. Ragnar E. Juelsrud & Plamen T. Nenov, 2022. "Dividend Signaling and Bank Payouts in the Great Financial Crisis," Working Paper 2022/9, Norges Bank.
    161. Ahmad Ahmadpour & Mahmoud yahyazadefar & Babak Garmroudi, 2006. "The Influence of Agency Costs on Dividend Policy in an Emerging Market: “Evidence from the Tehran Stock Exchange”," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 11(1), pages 59-80, winter.
    162. Fazli Haleem, 2011. "Modeling Dividend Behavior in Pakistan," Information Management and Business Review, AMH International, vol. 3(6), pages 289-301.
    163. T. McCluskey & B. M. Burton & D. M. Power & C. D. Sinclair, 2006. "Evidence on the Irish stock market's reaction to dividend announcements," Applied Financial Economics, Taylor & Francis Journals, vol. 16(8), pages 617-628.
    164. Ilona Babenko & Rik Sen, 2016. "Do Nonexecutive Employees Have Valuable Information? Evidence from Employee Stock Purchase Plans," Management Science, INFORMS, vol. 62(7), pages 1878-1898, July.
    165. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
    166. William Bradford & Chao Chen & Song Zhu, 2017. "Conservative Accounting, IFRS Convergence and Cash Dividend Payments: Evidence from China," European Financial Management, European Financial Management Association, vol. 23(3), pages 376-414, June.
    167. Huang, Wei & Paul, Donna L., 2017. "Institutional holdings, investment opportunities and dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 152-161.
    168. Bilinski, Pawel & Lyssimachou, Danielle, 2018. "Dividend guidance to manage analyst dividend expectations," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 53-68.
    169. Tao, Qizhi & Nan, Runxi & Li, Haoyu, 2016. "Information content of unexpected dividends under a semi-mandatory dividend policy: An empirical study of China," The North American Journal of Economics and Finance, Elsevier, vol. 37(C), pages 297-318.
    170. Mohit Gupta & Navdeep Aggarwal, 2018. "Signaling Effect of Shifts in Dividend Policy: Evidence from Indian Capital Markets," Business Perspectives and Research, , vol. 6(2), pages 142-153, July.
    171. Deng, Lu & Li, Sifei & Liao, Mingqing, 2017. "Dividends and earnings quality: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 255-268.
    172. Nabaraj Adhikari, Ph.D., 2015. "Determinants of Corporate Dividend Payout in Nepal," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 27(2), pages 53-74, October.
    173. Chronopoulos, Dimitris K. & Johari, Edie Erman Che & Scholtens, Bert & Sobiech, Anna L. & Wilson, John O.S. & Yilmaz, Muhammed H., 2023. "Competition and bank dividends," Journal of International Money and Finance, Elsevier, vol. 137(C).
    174. S. P. Kothari & Susan Shu & Peter D. Wysocki, 2009. "Do Managers Withhold Bad News?," Journal of Accounting Research, Wiley Blackwell, vol. 47(1), pages 241-276, March.
    175. Benlemlih, Mohammed, 2019. "Corporate social responsibility and dividend policy," Research in International Business and Finance, Elsevier, vol. 47(C), pages 114-138.
    176. Cooper, Ian A. & Lambertides, Neophytos, 2018. "Large dividend increases and leverage," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 17-33.
    177. Cheng-few Lee & James Juichia Lin, 2023. "Generalized dividend behavior model and dividend smoothing: theory and empirical evidence," Review of Quantitative Finance and Accounting, Springer, vol. 61(4), pages 1529-1561, November.
    178. Lie, Erik, 2005. "Operating performance following open market share repurchase announcements," Journal of Accounting and Economics, Elsevier, vol. 39(3), pages 411-436, September.
    179. Gürtler, Marc & Hartmann, Nora, 2004. "The equity premium puzzle and emotional asset pricing," Working Papers FW10V3, Technische Universität Braunschweig, Institute of Finance.
    180. Balachandran, Balasingham & Krishnamurti, Chandrasekhar & Theobald, Michael & Vidanapathirana, Berty, 2012. "Dividend reductions, the timing of dividend payments and information content," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1232-1247.
    181. Ebenezer Asem & Vishaal Baulkaran & Pawan Jain & Mark Sunderman, 2022. "Are institutional investors informed? The case of dividend changes for REITS and Industrial Firms," Review of Quantitative Finance and Accounting, Springer, vol. 58(4), pages 1685-1707, May.
    182. Bradford, William & Chen, Chao & Zhu, Song, 2013. "Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 445-464.
    183. Aloisio Araujo & Daniel Gottlieb & Humberto Moreira, 2007. "A model of mixed signals with applications to countersignalling," RAND Journal of Economics, RAND Corporation, vol. 38(4), pages 1020-1043, December.
    184. Rim El Houcine, 2013. "Ownership Structure And Stock Repurchase Policy: Evidence From France," Accounting & Taxation, The Institute for Business and Finance Research, vol. 5(2), pages 45-54.
    185. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    186. Araujo, Aloisio & Moreira, Humberto & Tsuchida, Marcos, 2011. "Do dividend changes signal future earnings?," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 117-134, January.
    187. Woo-Jong Lee, 2011. "Managerial entrenchment and the value of dividends," Review of Quantitative Finance and Accounting, Springer, vol. 36(2), pages 297-322, February.
    188. Jiang, Zhan & Kim, Kenneth A. & Lie, Erik & Yang, Sean, 2013. "Share repurchases, catering, and dividend substitution," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 36-50.
    189. Shaif Jarallah & Wali Ullah, 2014. "Evolving corporate governance and the dividends behaviour regime in Japan," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(3), pages 279-303, September.
    190. Harry DeAngelo & Linda DeAngelo & Rene Stulz, 2004. "Dividend Policy, Agency Costs, and Earned Equity," NBER Working Papers 10599, National Bureau of Economic Research, Inc.
    191. Li, Wanli & Zhou, Jingting & Yan, Ziqiao & Zhang, He, 2020. "Controlling shareholder share pledging and firm cash dividends," Emerging Markets Review, Elsevier, vol. 42(C).
    192. Cakici, Nusret & Zaremba, Adam & Bianchi, Robert J. & Pham, Nga, 2021. "False discoveries in the anomaly research: New insights from the Stock Exchange of Melbourne (1927–1987)," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    193. He, Wen & Ng, Lilian & Zaiats, Nataliya & Zhang, Bohui, 2017. "Dividend policy and earnings management across countries," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 267-286.
    194. Xin Che & Andre P. Liebenberg & Ivonne A. Liebenberg & Brandon C. L. Morris, 2018. "The effect of growth opportunities on the market reaction to dividend cuts: evidence from the 2008 financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 51(1), pages 1-17, July.
    195. Fairchild, Richard & Guney, Yilmaz & Thanatawee, Yordying, 2014. "Corporate dividend policy in Thailand: Theory and evidence," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 129-151.
    196. Nickolaos Travlos & Lenos Trigeorgis & Nikos Vafeas, 2001. "Shareholder Wealth Effects of Dividend Policy Changes in an Emerging Stock Market: The Case of Cyprus," Multinational Finance Journal, Multinational Finance Journal, vol. 5(2), pages 87-112, June.
    197. Maria Elisabete Duante Neves, 2017. "Payout and Firm's Catering," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 104-132.
    198. Marina Damilano & Nicola Miglietta & Enrico Battisti & Fabio Creta, 2021. "Value Creation and Competitive Advantage: Empirical Evidence from Dividend Champions of the S&P 500," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(12), pages 1-50, July.
    199. H. Baker & Gary Powell & E. Veit, 2002. "Revisiting managerial perspectives on dividend policy," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(3), pages 267-283, September.
    200. Kumar, Satish, 2017. "New evidence on stock market reaction to dividend announcements in India," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 327-337.
    201. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    202. Lunawat, Radhika, 2016. "Reputation effects of information sharing," Journal of Economic Behavior & Organization, Elsevier, vol. 131(PA), pages 75-91.
    203. Ham, Charles G. & Kaplan, Zachary R. & Leary, Mark T., 2020. "Do dividends convey information about future earnings?," Journal of Financial Economics, Elsevier, vol. 136(2), pages 547-570.
    204. Ali Bayat & Marc Goergen & Panagiotis Koutroumpis & Xingjie Wei, 2022. "Between Scylla and Charybdis: CEO Political Ideology, Dividends and Downsizing During the Pandemic," Working Papers 936, Queen Mary University of London, School of Economics and Finance.
    205. Hwang, Soosung & Cho, Youngha & Noh, Sanha, 2022. "The cost of overconfidence in public information," International Review of Financial Analysis, Elsevier, vol. 79(C).
    206. Louis, Henock & Robinson, Dahlia, 2005. "Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits," Journal of Accounting and Economics, Elsevier, vol. 39(2), pages 361-380, June.
    207. Glambosky, Mina & Jory, Surendranath Rakesh & Ngo, Thanh Ngoc, 2020. "The wealth effects of mergers and acquisitions by dividend payers," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 154-165.
    208. Paul McGuinness & Kevin Lam & João Vieito, 2015. "Gender and other major board characteristics in China: Explaining corporate dividend policy and governance," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 989-1038, December.
    209. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    210. ROBINSON, C. Justin & BANGWAYO-SKEETE, Prosper, F., 2018. "The Information Content Of Dividend Announcements: Evidence From Frontier Markets With Varying Tax Regimes In Jamaica And Trinidad And Tobago, 2001-2017," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 18(2), pages 73-86.
    211. Odunayo Magret Olarewaju & Mabutho Sibanda & Stephen Oseko Migiro, 2017. "Dynamics of Lintner’s Model in the Dividend Payment Process of Nigerian Banks," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 67(3), pages 79-94, july-Sept.
    212. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    213. Simshauser, Paul, 2023. "On dividend policy and market valuations of Australia’s listed electricity utilities: Regulated vs. merchant," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 696-715.
    214. Sadaf Anwar & Shveta Singh & P. K. Jain, 2017. "Impact of Cash Dividend Announcements: Evidence from the Indian Manufacturing Companies," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 16(1), pages 29-60, April.
    215. Dasilas, Apostolos & Leventis, Stergios, 2011. "Stock market reaction to dividend announcements: Evidence from the Greek stock market," International Review of Economics & Finance, Elsevier, vol. 20(2), pages 302-311, April.
    216. Robert Joliet & Aline Muller, 2015. "Dividends and Foreign Performance Signaling," Multinational Finance Journal, Multinational Finance Journal, vol. 19(2), pages 77-107, June.
    217. Chanchal Chatterjee & Paromita Dutta & Sankarshan Basu, 2024. "Evidence-based Stock Price Behaviour Around Cash Dividend Announcements in an Emerging Market Set-up," Global Business Review, International Management Institute, vol. 25(2_suppl), pages 265-282, April.
    218. Stephen R. Foerster & Stephen G. Sapp, 2006. "The changing role of dividends: a firm‐level study from the nineteenth to the twenty‐first century," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1316-1344, November.
    219. Boubaker, Sabri & Choudhury, Tonmoy & Hasan, Fakhrul & Nguyen, Duc Khuong, 2024. "Firm carbon risk exposure, stock returns, and dividend payment," Journal of Economic Behavior & Organization, Elsevier, vol. 221(C), pages 248-276.
    220. James Juichia Lin & Cheng-Few Lee, 2021. "Does managerial reluctance of dividend cuts signal future earnings?," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 453-478, February.
    221. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    222. Nam, Jouahn & Wang, Jun & Zhang, Ge, 2010. "The impact of the dividend tax cut and managerial stock holdings on corporate dividend policy," Global Finance Journal, Elsevier, vol. 21(3), pages 275-292.
    223. Baker, H. Kent & Powell, Gary E. & Veit, E. Theodore, 2002. "Revisiting the dividend puzzle: Do all of the pieces now fit?," Review of Financial Economics, Elsevier, vol. 11(4), pages 241-261.
    224. Abdou, Hussein A. & Pointon, John & El-Masry, Ahmed & Olugbode, Moji & Lister, Roger J., 2012. "A variable impact neural network analysis of dividend policies and share prices of transportation and related companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 796-813.
    225. Chin-Chen Chien & Cheng-Few Lee & She Chih Chiu, 2016. "Does Corporate Governance Curb Managers’ Opportunistic Behavior of Exploiting Inside Information for Early Exercise of Executive Stock Options?," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-22, March.
    226. Joos, Peter & Plesko, George, 2004. "Costly Dividend Signaling: The Case of Loss Firms with Negative Cash Flows," Working papers Costly Dividend Signaling, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    227. Iqbal, Zahid, 2002. "The effects of bankruptcy filings on the competitors' earnings," International Review of Economics & Finance, Elsevier, vol. 11(1), pages 85-99, April.
    228. Muhammad Akbar & Humayun Habib Baig, 2010. "Reaction of Stock Prices to Dividend Announcements and Market Efficiency in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 15(1), pages 103-125, Jan-Jun.
    229. Ian McManus & Owain Ap Gwilym & Stephen Thomas, 2004. "The Role of Payout Ratio in the Relationship Between Stock Returns and Dividend Yield," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(9‐10), pages 1355-1387, November.
    230. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    231. Haleem, Fazli & Javid, Attiya Yasmin, 2011. "Modeling Dividend Behavior in Pakistan," MPRA Paper 37564, University Library of Munich, Germany.
    232. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    233. Igor Goncharov & David Veenman, 2014. "Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends," European Accounting Review, Taylor & Francis Journals, vol. 23(1), pages 25-55, May.
    234. Smith, Deborah Drummond & Pennathur, Anita K. & Marciniak, Marek R., 2017. "Why do CEOs agree to the discipline of dividends?," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 38-48.
    235. Ivo Welch, 2016. "Levered Returns," NBER Working Papers 22150, National Bureau of Economic Research, Inc.
    236. Dempsey, Stephen J. & Sheng, Hainan, 2023. "Dividend change announcements, ROE, and the cost of equity capital," International Review of Financial Analysis, Elsevier, vol. 86(C).
    237. Drienko, Jo & Khorsand, Bardia, 2023. "Dividend hibernation and future earnings: When no dividend news is good news," Journal of Corporate Finance, Elsevier, vol. 83(C).
    238. Daniel, Naveen D. & Denis, David J. & Naveen, Lalitha, 2008. "Do firms manage earnings to meet dividend thresholds," Journal of Accounting and Economics, Elsevier, vol. 45(1), pages 2-26, March.
    239. Bartram, Söhnke M. & Brown, Philip & How, Janice C.Y. & Verhoeven, Peter, 2007. "Agency Conflicts and Corporate Payout Policies: A Global Study," MPRA Paper 23244, University Library of Munich, Germany.
    240. Namryoung Lee & Jaehong Lee, 2019. "R & D Intensity and Dividend Policy: Evidence from South Korea’s Biotech Firms," Sustainability, MDPI, vol. 11(18), pages 1-21, September.
    241. Wang, Guojun & Wang, Yuetang & Yang, Dan & Cheng, Linyin, 2022. "Dividend commitment and bond yields: An examination of wealth transfer effects," Finance Research Letters, Elsevier, vol. 47(PB).
    242. Ijaz Ali & Noor Muhammad & Ali Gohar, 2017. "Do Firms Use Dividend Changes to Signal Future Earnings? An Investigation Based on Market Rationality," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(4), pages 20-34, April.

Articles

  1. Davidson Heath & Daniele Macciocchi & Roni Michaely & Matthew C. Ringgenberg, 2023. "Does Socially Responsible Investing Change Firm Behavior?," Review of Finance, European Finance Association, vol. 27(6), pages 2057-2083.

    Cited by:

    1. Simeth, Markus & Wehrheim, David, 2024. "On “Innovation and institutional ownership”," Journal of Corporate Finance, Elsevier, vol. 86(C).
    2. Haojun, Wang & Jiazhu, Li, 2024. "Professional experience of CEOs in industry associations and corporate green innovation-empirical evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    3. Emilio Marti & Martin Fuchs & Mark R. DesJardine & Rieneke Slager & Jean‐Pascal Gond, 2024. "The Impact of Sustainable Investing: A Multidisciplinary Review," Journal of Management Studies, Wiley Blackwell, vol. 61(5), pages 2181-2211, July.

  2. Michaely, Roni & Qian, Meijun, 2022. "Does stock market liquidity affect dividends?," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).

    Cited by:

    1. Huang, Ying Sophie & Guo, Feng & Ma, Lina, 2023. "Do M&A funds create value in Chinese listed firms?," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    2. 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.

  3. Chen, Deqiu & Ma, Yujing & Martin, Xiumin & Michaely, Roni, 2022. "On the fast track: Information acquisition costs and information production," Journal of Financial Economics, Elsevier, vol. 143(2), pages 794-823.
    See citations under working paper version above.
  4. Michaely, Roni & Moin, Amani, 2022. "Disappearing and reappearing dividends," Journal of Financial Economics, Elsevier, vol. 143(1), pages 207-226.

    Cited by:

    1. Ciaran Driver & Anna Grosman & Pasquale Scaramozzino & Keagile Lesame, 2023. "Dividends policy and payouts evidence from South Africa," Working Papers 11047, South African Reserve Bank.
    2. Xiaoqiao Wang & Jing Xie & Bohui Zhang & Xiaofeng Zhao, 2024. "Unraveling the Dividend Puzzle: A Field Experiment," Working Papers 202406, University of Macau, Faculty of Business Administration.
    3. SungSup Brian Choi & Kudzai Sauka, 2024. "Dynamics of Dividend Payout in Korean Corporations: A Comprehensive Panel Analysis Across Economic Cycles," JRFM, MDPI, vol. 17(12), pages 1-13, December.
    4. Michaely, Roni & Qian, Meijun, 2022. "Does stock market liquidity affect dividends?," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    5. Stylianos Asimakopoulos & James Malley & Apostolis Philippopoulos, 2024. "The Firm-level and Aggregate E¤ects of Corporate Payout Policy," Working Papers 2024_13, Business School - Economics, University of Glasgow.
    6. Yilin Luo & Chenkai Ni & James Thewissen, 2024. "Currency flotation and dividend policies: Evidence from China's central parity reform," Financial Management, Financial Management Association International, vol. 53(1), pages 145-174, March.
    7. 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.
    8. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    9. Booth, Laurence & Chang, Bin & Zhou, Jun, 2023. "The evolution of corporate payout in Canada," Global Finance Journal, Elsevier, vol. 57(C).
    10. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    11. Thomas J. Chemmanur & Zeyu Sun & Jing Xie, 2024. "Keeping up with the Joneses: Corporate Dividends and Common Institutional Blockholders," Working Papers 202407, University of Macau, Faculty of Business Administration.
    12. Braun, Matías & Rubio, Germán & Tigero, Tamara, 2023. "Payout policy around the world," International Review of Financial Analysis, Elsevier, vol. 89(C).
    13. Yin Chen & Roni Israelov, 2024. "Income illusions: challenging the high yield stock narrative," Journal of Asset Management, Palgrave Macmillan, vol. 25(2), pages 190-202, March.
    14. Merchan Alvarez, Federico Alberto, 2023. "Export impact on dividend policy for big Colombian exporting firms, 2006-2014," Kiel Working Papers 2243, Kiel Institute for the World Economy (IfW Kiel).

  5. Davidson Heath & Daniele Macciocchi & Roni Michaely & Matthew C Ringgenberg, 2022. "Do Index Funds Monitor?," The Review of Financial Studies, Society for Financial Studies, vol. 35(1), pages 91-131.
    See citations under working paper version above.
  6. Duchin, Ran & Martin, Xiumin & Michaely, Roni & Wang, Hanmeng, 2022. "Concierge treatment from banks: Evidence from the paycheck protection program," Journal of Corporate Finance, Elsevier, vol. 72(C).

    Cited by:

    1. Carletti, Elena & Leonello, Agnese & Marquez, Robert, 2023. "Loan guarantees, bank underwriting policies and financial stability," Journal of Financial Economics, Elsevier, vol. 149(2), pages 260-295.
    2. Marsh, W. Blake & Sharma, Padma, 2024. "Loan guarantees in a crisis: An antidote to a credit crunch?," Journal of Financial Stability, Elsevier, vol. 72(C).
    3. Marie Dutordoir & Frederiek Schoubben & Kristof Struyfs & Wouter Torsin, 2024. "Environmental pressure and board gender diversity: Evidence from the European Union Emission Trading System," Business Strategy and the Environment, Wiley Blackwell, vol. 33(5), pages 3911-3935, July.
    4. Bertoni, Fabio & Colombo, Massimo G. & Quas, Anita, 2023. "The long-term effects of loan guarantees on SME performance," Journal of Corporate Finance, Elsevier, vol. 80(C).
    5. Landini, Austin, Kristopher Deming, and Stephan Weiler, 2024. "Can Bank Density Provide Insights on the Appropriation of Disaster Relief Funds? Evidence from the Paycheck Protection Program," The Review of Regional Studies, Southern Regional Science Association, vol. 54(1), pages 1-26.
    6. David P. Glancy, 2023. "Bank Relationships and the Geography of PPP Lending," Finance and Economics Discussion Series 2023-014, Board of Governors of the Federal Reserve System (U.S.).
    7. John M. Griffin & Samuel Kruger & Prateek Mahajan, 2023. "Did FinTech Lenders Facilitate PPP Fraud?," Journal of Finance, American Finance Association, vol. 78(3), pages 1777-1827, June.

  7. Michaely, Roni & Rossi, Stefano & Weber, Michael, 2021. "Signaling safety," Journal of Financial Economics, Elsevier, vol. 139(2), pages 405-427.
    See citations under working paper version above.
  8. Cziraki, Peter & Lyandres, Evgeny & Michaely, Roni, 2021. "What do insiders know? Evidence from insider trading around share repurchases and SEOs," Journal of Corporate Finance, Elsevier, vol. 66(C).
    See citations under working paper version above.
  9. Grennan, Jillian & Michaely, Roni, 2021. "FinTechs and the Market for Financial Analysis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(6), pages 1877-1907, September.
    See citations under working paper version above.
  10. Michelle Lowry & Roni Michaely & Ekaterina Volkova & Francesca Cornelli, 2020. "Information Revealed through the Regulatory Process: Interactions between the SEC and Companies ahead of Their IPO," The Review of Financial Studies, Society for Financial Studies, vol. 33(12), pages 5510-5554.

    Cited by:

    1. Ananthan Nambiar & Tobias Rubel & James McCaull & Jon deVries & Mark Bedau, 2021. "Dropping diversity of products of large US firms: Models and measures," Papers 2110.08367, arXiv.org.
    2. Chris Florackis & Christodoulos Louca & Roni Michaely & Michael Weber, 2020. "Cybersecurity Risk," NBER Working Papers 28196, National Bureau of Economic Research, Inc.
    3. Dimitrios Gounopoulos & Georgios Loukopoulos & Panagiotis Loukopoulos & Geoffrey Wood, 2024. "Corporate Political Activities and the SEC's Oversight Role in the IPO Process," Journal of Management Studies, Wiley Blackwell, vol. 61(2), pages 375-412, March.
    4. Bret A. Johnson & Ling Lei Lisic & Joon Seok Moon & Mengmeng Wang, 2023. "SEC comment letters on form S-4 and M&A accounting quality," Review of Accounting Studies, Springer, vol. 28(2), pages 862-909, June.
    5. Hitoshi Iwasaki & Ying Chen & Jun Tu, 2023. "Topic tones of analyst reports and stock returns: A deep learning approach," International Review of Finance, International Review of Finance Ltd., vol. 23(4), pages 831-858, December.
    6. Daniel Borup & Jorge Wolfgang Hansen & Benjamin Dybro Liengaard & Erik Christian Montes Schütte, 2023. "Quantifying investor narratives and their role during COVID‐19," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(4), pages 512-532, June.
    7. Cyrus Aghamolla & Richard T. Thakor, 2022. "Do Mandatory Disclosure Requirements for Private Firms Increase the Propensity of Going Public?," Journal of Accounting Research, Wiley Blackwell, vol. 60(3), pages 755-804, June.
    8. Longhao Xu & Zhijian James Huang & Fenghua Wen, 2022. "Comment letters and stock price synchronicity: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1387-1421, November.
    9. Simon Fritzsch & Philipp Scharner & Gregor Weiß, 2021. "Estimating the relation between digitalization and the market value of insurers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(3), pages 529-567, September.
    10. Dimitrios Gounopoulos & Georgios Loukopoulos & Panagiotis Loukopoulos, 2024. "Corporate political activism, information transparency and IPO compliance costs," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(1-2), pages 240-275, January.
    11. Tang, Wenjin & Bu, Hui & Zuo, Yuan & Wu, Junjie, 2024. "Unlocking the power of the topic content in news headlines: BERTopic for predicting Chinese corporate bond defaults," Finance Research Letters, Elsevier, vol. 62(PA).
    12. Han, Mengrui & Ying, Qianwei & Huang, Li, 2023. "Firms’ delayed replies and investor confidence: Evidence from M&A comment letters in China," Finance Research Letters, Elsevier, vol. 56(C).

  11. Merkley, Kenneth & Michaely, Roni & Pacelli, Joseph, 2020. "Cultural diversity on Wall Street: Evidence from consensus earnings forecasts," Journal of Accounting and Economics, Elsevier, vol. 70(1).

    Cited by:

    1. Vesa Pursiainen, 2022. "Cultural Biases in Equity Analysis," Journal of Finance, American Finance Association, vol. 77(1), pages 163-211, February.
    2. Dodd, Olga & Frijns, Bart & Garel, Alexandre, 2022. "Cultural diversity among directors and corporate social responsibility," International Review of Financial Analysis, Elsevier, vol. 83(C).
    3. Jung Ho Choi & Joseph Pacelli & Kristina M. Rennekamp & Sorabh Tomar, 2023. "Do Jobseekers Value Diversity Information? Evidence from a Field Experiment and Human Capital Disclosures," Journal of Accounting Research, Wiley Blackwell, vol. 61(3), pages 695-735, June.
    4. Olga Dodd & Bart Frijns & Robin Kaiji Gong & Shushu Liao, 2024. "Board cultural diversity and firm performance under competitive pressures," The Financial Review, Eastern Finance Association, vol. 59(1), pages 89-111, February.
    5. Lin Peng & Siew Hong Teoh & Yakun Wang & Jiawen Yan, 2022. "Face Value: Trait Impressions, Performance Characteristics, and Market Outcomes for Financial Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 60(2), pages 653-705, May.
    6. Zhao, Hong, 2022. "Management team cultural alignment and mergers and acquisitions," Finance Research Letters, Elsevier, vol. 46(PB).
    7. Wang, Ying & Liu, Zisen & Wang, Xin, 2022. "The supply of analysts and earnings forecasts," International Review of Financial Analysis, Elsevier, vol. 84(C).
    8. William C Gerken & Marcus O Painter, 2023. "The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity," The Review of Financial Studies, Society for Financial Studies, vol. 36(2), pages 409-449.
    9. Thomas Canace & Jiao Li & Tao Ma, 2024. "Analyst following and R&D investment," Review of Accounting Studies, Springer, vol. 29(3), pages 2688-2723, September.

  12. Evgeny Lyandres & Maria-Teresa Marchica & Roni Michaely & Roberto Mura, 2019. "Owners’ Portfolio Diversification and Firm Investment," The Review of Financial Studies, Society for Financial Studies, vol. 32(12), pages 4855-4904.

    Cited by:

    1. Mostafa Monzur Hasan & Grantley Taylor & Grant Richardson, 2022. "Brand Capital and Stock Price Crash Risk," Management Science, INFORMS, vol. 68(10), pages 7221-7247, October.

  13. Martin Jacob & Roni Michaely & Maximilian A Müller, 2019. "Consumption Taxes and Corporate Investment," The Review of Financial Studies, Society for Financial Studies, vol. 32(8), pages 3144-3182.
    See citations under working paper version above.
  14. Gustavo Grullon & Yelena Larkin & Roni Michaely, 2019. "Are US Industries Becoming More Concentrated?," Review of Finance, European Finance Association, vol. 23(4), pages 697-743.
    See citations under working paper version above.
  15. Kadan, Ohad & Michaely, Roni & Moulton, Pamela C., 2018. "Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(4), pages 1509-1546, August.

    Cited by:

    1. Jeffrey L. Callen & Ron Kaniel & Dan Segal, 2023. "Filing speed, information leakage, and price formation," Review of Accounting Studies, Springer, vol. 28(3), pages 1618-1656, September.
    2. Stephan, Andrew P. & Walther, Beverly R. & Wellman, Laura A., 2021. "Profiting from connections: Do politicians receive stock tips from brokerage houses?," Journal of Accounting and Economics, Elsevier, vol. 72(1).
    3. Yang, Jin Young & Segara, Reuben, 2020. "Foreign investors’ trading behaviors around merger and acquisition announcements: Evidence from Korea," Finance Research Letters, Elsevier, vol. 37(C).
    4. Lepori, Gabriele M., 2023. "Acute illness symptoms among investment professionals and stock market dynamics: Evidence from New York City," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 165-181.
    5. Linying Lv, 2024. "The Value of Information from Sell-side Analysts," Papers 2411.13813, arXiv.org, revised Dec 2024.
    6. Hsieh, Wen-liang Gideon & Lee, Chin-Shen, 2021. "Who reacts to what information in securities analyst reports? Direct evidence from the investor trade imbalance," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    7. Kong, Dongmin & Lin, Chen & Liu, Shasha & Tan, Weiqiang, 2021. "Whose money is smart? Individual and institutional investors’ trades based on analyst recommendations," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 234-251.
    8. Kim, Karam & Ryu, Doojin & Yang, Heejin, 2021. "Information uncertainty, investor sentiment, and analyst reports," International Review of Financial Analysis, Elsevier, vol. 77(C).
    9. Aziz Simsir, Serif & Simsek, Koray D., 2022. "The market impact of private information before corporate Announcements: Evidence from Turkey," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    10. Li, Mingyi & Yin, Xiangkang & Zhao, Jing, 2020. "Does program trading contribute to excess comovement of stock returns?," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 257-277.
    11. Swem, Nathan, 2022. "Information in financial markets: Who gets it first?," Journal of Banking & Finance, Elsevier, vol. 140(C).
    12. Chen, Rongxin & Lepori, Gabriele M. & Tai, Chung-Ching & Sung, Ming-Chien, 2022. "Explaining cryptocurrency returns: A prospect theory perspective," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    13. Wu, Chen-Hui, 2022. "The informativeness of brokerage reports: Privately-circulated versus publicly-disseminated news," International Review of Financial Analysis, Elsevier, vol. 83(C).
    14. Dammak, Wael & Hamad, Salah Ben & de Peretti, Christian & Eleuch, Hichem, 2023. "Pricing of European currency options considering the dynamic information costs," Global Finance Journal, Elsevier, vol. 58(C).

  16. Kenneth Merkley & Roni Michaely & Joseph Pacelli, 2017. "Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports," Journal of Finance, American Finance Association, vol. 72(3), pages 1285-1334, June.

    Cited by:

    1. Desai, Pranav, 2021. "Essays in corporate finance and innovation," Other publications TiSEM 1ef5fdc6-9c52-43df-be1a-d, Tilburg University, School of Economics and Management.
    2. Foucault, Thierry & Frésard, Laurent, 2021. "Does Alternative Data Improve Financial Forecasting? The Horizon Effect," CEPR Discussion Papers 15786, C.E.P.R. Discussion Papers.
    3. Chan, Jesse & Lin, Steve & Yu, Yong & Zhao, Wuyang, 2018. "Analysts’ stock ownership and stock recommendations," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 476-498.
    4. Vesa Pursiainen, 2022. "Cultural Biases in Equity Analysis," Journal of Finance, American Finance Association, vol. 77(1), pages 163-211, February.
    5. Nicholas Guest & Jaewoo Kim, 2024. "The media response to a loss of analyst coverage," Review of Accounting Studies, Springer, vol. 29(4), pages 3752-3787, December.
    6. Choi, Hae Mi & Gupta-Mukherjee, Swasti, 2022. "Analysts’ reliance on industry-level versus firm-specific information: Implications for information production," Journal of Banking & Finance, Elsevier, vol. 143(C).
    7. Jaehee Gim & Seunghun Shin & Hyejo Hailey Shin, 2024. "Effect of franchising on the reliability of financial analysts’ earnings forecasts: Evidence from publicly traded US restaurant firms," Tourism Economics, , vol. 30(7), pages 1857-1879, November.
    8. Stephen Taylor & Alex Tong, 2020. "How efficient is the market for Australian firms’ earnings information?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 4225-4255, December.
    9. Dang, Chongyu & Foerster, Stephen & Li, Zhichuan (Frank) & Tang, Zhenyang, 2021. "Analyst talent, information, and insider trading," Journal of Corporate Finance, Elsevier, vol. 67(C).
    10. Ravi Kashyap, 2019. "Concepts, Components and Collections of Trading Strategies and Market Color," Papers 1910.02144, arXiv.org, revised Jan 2020.
    11. Lang, Mark & Pinto, Jedson & Sul, Edward, 2024. "MiFID II unbundling and sell-side analyst research," Journal of Accounting and Economics, Elsevier, vol. 77(1).
    12. Aghamolla, Cyrus & Hashimoto, Tadashi, 2020. "Information arrival, delay, and clustering in financial markets with dynamic freeriding," Journal of Financial Economics, Elsevier, vol. 138(1), pages 27-52.
    13. Kim, Karam & Ryu, Doojin & Yu, Jinyoung, 2024. "Star analyst activities and stock price synchronicity: Korean equity market reforms," Emerging Markets Review, Elsevier, vol. 61(C).
    14. Ping Lu & Zhihong Li & Jianhui Liu & Yunxuan Wang, 2021. "Do the Securities Analysts Play the Role of Information Competition or Information Supplement? Empirical Analysis Based on Investor Sentiment," SAGE Open, , vol. 11(4), pages 21582440211, December.
    15. Chen Su, 2023. "The price impact of analyst revisions and the state of the economy: Evidence around the world," The Financial Review, Eastern Finance Association, vol. 58(4), pages 887-930, November.
    16. Kashif Ahmed & Ralf Bebenroth & Jean-Francois Hennart, 2020. "Formal Institutional Uncertainty and Equity Sought on Foreign Market Entry: Does Industry Matter?," Discussion Paper Series DP2020-03, Research Institute for Economics & Business Administration, Kobe University.
    17. Ljungqvist, Alexander & Chang, Yen-Cheng & Tseng, Kevin, 2020. "Do corporate disclosures constrain strategic analyst behavior?," CEPR Discussion Papers 14678, C.E.P.R. Discussion Papers.
    18. Xie, Qichang & Ma, Di & Raza, Muhammad Yousaf & Tang, Songlin & Bai, Dingchuan, 2023. "Toward carbon peaking and neutralization: The heterogeneous stochastic convergence of CO2 emissions and the role of digital inclusive finance," Energy Economics, Elsevier, vol. 125(C).
    19. Fan, Xiaoming, 2024. "Fintech platforms and information service quality from the perspective of investor cognition," Technology in Society, Elsevier, vol. 77(C).
    20. Merkley, Kenneth & Michaely, Roni & Pacelli, Joseph, 2020. "Cultural diversity on Wall Street: Evidence from consensus earnings forecasts," Journal of Accounting and Economics, Elsevier, vol. 70(1).
    21. Cao, June & Li, Wenwen & Bilokha, Alona, 2022. "Low-carbon city initiatives and analyst behaviour: A quasi-natural experiment," Journal of Financial Stability, Elsevier, vol. 62(C).
    22. Hou, Qingsong & Li, Weifang & Teng, Min & Hu, May, 2022. "Just a short-lived glory?The effect of China's anti-corruption on the accuracy of analyst earnings forecasts," Journal of Corporate Finance, Elsevier, vol. 76(C).
    23. Deqiu Chen & Yujing Ma & Xiumin Martin & Roni Michaely, 2020. "On the Fast Track: Information Acquisition Costs and Information Production," Swiss Finance Institute Research Paper Series 20-14, Swiss Finance Institute.
    24. Guo, Yifeng & Mota, Lira, 2021. "Should information be sold separately? Evidence from MiFID II," Journal of Financial Economics, Elsevier, vol. 142(1), pages 97-126.
    25. Pacelli, Joseph, 2019. "Corporate culture and analyst catering⁎," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 120-143.
    26. Dai, Yunhao & Chao, Yang & Wang, Li, 2021. "The brain gain of CFOs in China: The case of analyst forecasts," International Review of Financial Analysis, Elsevier, vol. 75(C).
    27. Goldman, Jim & Peress, Joel, 2023. "Firm R&D and financial analysis: How do they interact?," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    28. Lee, Bryan Byung-Hee & Lee, Jay Junghun, 2024. "Financial statement comparability and analysts’ optimism for accruals," The British Accounting Review, Elsevier, vol. 56(3).
    29. Jose N. Uribe, 2020. "Multipoint contact without forbearance? How coverage synergies shape equity analysts' forecasting performance," Strategic Management Journal, Wiley Blackwell, vol. 41(10), pages 1901-1932, October.
    30. Sanjay Banerjee, 2021. "Does Competition Improve Analysts’ Forecast Informativeness?," Management Science, INFORMS, vol. 67(5), pages 3219-3238, May.
    31. Kong, Dongmin & Liu, Lihua & Liu, Shasha, 2020. "Market information traveling on high-speed rails: The case of analyst forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    32. Zhiyong Zheng & Jian He & Yingjie Yang & Mengting Zhang & Desheng Wu & Yang Bian & Jianhong Cao, 2023. "Does financial leverage volatility induce systemic financial risk? Empirical insight based on the Chinese fintech sector," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1142-1161, March.
    33. Mei-Chen Lin & J. Jimmy Yang, 2023. "Do lottery characteristics matter for analysts’ forecast behavior?," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 1057-1091, October.
    34. Kumar, Alok & Rantala, Ville & Xu, Rosy, 2022. "Social learning and analyst behavior," Journal of Financial Economics, Elsevier, vol. 143(1), pages 434-461.
    35. Yang, Jun & Lu, Jing & Xiang, Cheng, 2020. "Do disclosures of selective access improve market information acquisition fairness? Evidence from company visits in China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    36. Andreas Barth & Valerie Laturnus & Sasan Mansouri & Alexander F. Wagner, 2021. "ICO Analysts," Swiss Finance Institute Research Paper Series 21-26, Swiss Finance Institute.
    37. Liu, Guofang & Fang, Xi & Huang, Yuan & Zhao, Weidong, 2021. "Identifying the role of consumer and producer price index announcements in stock index futures price changes," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 87-101.
    38. Jin, Chuqing, 2024. "Does Competition Between Experts Improve Information Quality: Evidence from the Security Analyst Market," TSE Working Papers 24-1553, Toulouse School of Economics (TSE).
    39. Janssen, Dirk-Jan & Li, Jiangyan & Qiu, Jianying & Weitzel, Utz, 2020. "The disposition effect and underreaction to private information," Journal of Economic Dynamics and Control, Elsevier, vol. 113(C).
    40. Hasibul Chowdhury & Robert Faff & Khoa Hoang, 2021. "Using abnormal analyst coverage to unlock new evidence on stock price crash risk," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1557-1588, April.
    41. Xu Li & Chen Lin & Xintong Zhan, 2019. "Does Change in the Information Environment Affect Financing Choices?," Management Science, INFORMS, vol. 65(12), pages 5676-5696, December.
    42. Zhang, Yuan-Yuan & Zhang, Yue-Jun, 2022. "The impact of institutional analyst forecast divergence on crude oil market: Evidence from the mixed frequency models," International Review of Financial Analysis, Elsevier, vol. 84(C).
    43. Guanming He & Yun Sun & April Zhichao Li, 2024. "Does analysts’ industrial concentration affect the quality of their forecasts?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 38(1), pages 37-91, March.
    44. Vitor Azevedo & Patrick Bielstein & Manuel Gerhart, 2021. "Earnings forecasts: the case for combining analysts’ estimates with a cross-sectional model," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 545-579, February.
    45. Li, Yi & Shen, Dehua & Wang, Pengfei & Zhang, Wei, 2019. "Do analyst recommendations matter for rival companies?," International Review of Financial Analysis, Elsevier, vol. 65(C).
    46. Bingxu Fang & Ole-Kristian Hope & Zhongwei Huang & Rucsandra Moldovan, 2020. "The effects of MiFID II on sell-side analysts, buy-side analysts, and firms," Review of Accounting Studies, Springer, vol. 25(3), pages 855-902, September.
    47. Anselmi, Giulio & Petrella, Giovanni, 2021. "Regulation and stock market quality: The impact of MiFID II provision on research unbundling," International Review of Financial Analysis, Elsevier, vol. 76(C).
    48. Yi Luo & Steven E. Salterio, 2022. "The Effect of Gender on Investors’ Judgments and Decision-Making," Journal of Business Ethics, Springer, vol. 179(1), pages 237-258, August.
    49. Michael Drake & Peter Joos & Joseph Pacelli & Brady Twedt, 2020. "Analyst Forecast Bundling," Management Science, INFORMS, vol. 66(9), pages 4024-4046, September.
    50. Li, Fengfei & Lin, Chen & Lin, Tse-Chun, 2021. "Salient anchor and analyst recommendation downgrade," Journal of Corporate Finance, Elsevier, vol. 69(C).
    51. Chen Su & Hanxiong Zhang & Robert S. Hudson, 2020. "The time‐varying performance of UK analyst recommendation revisions: Do market conditions matter?," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 29(2), pages 65-89, May.
    52. Zheng, Yi & Wu, Da, 2023. "The impact of opacity on bank valuation during the global financial crisis: A channel analysis," International Review of Financial Analysis, Elsevier, vol. 87(C).
    53. Cen, Ling & Chang, Yuk Ying & Dasgupta, Sudipto, 2022. "Do Analysts Learn from Each Other? Evidence from Analysts’ Location Diversity," CEPR Discussion Papers 15057, C.E.P.R. Discussion Papers.
    54. Cici, Gjergji & Shane, Philip B. & Yang, Yanhua Sunny, 2017. "Do connections with buy-side analysts inform sell-side analyst research?," CFR Working Papers 17-04, University of Cologne, Centre for Financial Research (CFR).
    55. Christoph Lohrmann & Alena Lohrmann, 2021. "Accuracy and Predictive Power of Sell-Side Target Prices for Global Clean Energy Companies," Sustainability, MDPI, vol. 13(22), pages 1-27, November.

  17. Martin Jacob & Roni Michaely, 2017. "Taxation and Dividend Policy: The Muting Effect of Agency Issues and Shareholder Conflicts," The Review of Financial Studies, Society for Financial Studies, vol. 30(9), pages 3176-3222.

    Cited by:

    1. Hillmann, Lisa, 2023. "Dividend taxation and the ownership structure of private firms," Journal of Corporate Finance, Elsevier, vol. 79(C).
    2. Spataro, Luca & Crescioli, Tommaso, 2023. "How much capital should be taxed? A review of the quantitative and empirical literature," LSE Research Online Documents on Economics 123640, London School of Economics and Political Science, LSE Library.
    3. Mehrmann, Annika & Sureth-Sloane, Caren, 2017. "Tax loss offset restrictions and biased perception of risky investments," arqus Discussion Papers in Quantitative Tax Research 222, arqus - Arbeitskreis Quantitative Steuerlehre.
    4. David Eberhardt & Nils Linnemann & Martin Thomsen, 2019. "Die Einführung von § 8b Abs. 4 KStG – Eine ökonomische Analyse potentieller Ausweichreaktionen [The Introduction of Sec. 8b (4) Corporate Income Tax Act—An Economic Analysis of Potential Avoidance ," Schmalenbach Journal of Business Research, Springer, vol. 71(3), pages 271-311, November.
    5. María Belén Lozano & Félix J. López‐Iturriaga & Victor Hugo Braz‐Bezerra, 2021. "Regulatory Dualism as an Alternative Trust‐Enhancing Mechanism for Dividends and Debt: Evidence from Brazil," International Review of Finance, International Review of Finance Ltd., vol. 21(1), pages 121-144, March.
    6. Adrien Matray & Charles Boissel, 2020. "Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France," Working Papers 276, Princeton University, Department of Economics, Center for Economic Policy Studies..
    7. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
    8. Bilicka, Katarzyna & Güçeri, Irem & Koumanakos, Evangelos, 2023. "Dividend Taxation and Firm Performance with Heterogeneous Payout Responses," CEPR Discussion Papers 17871, C.E.P.R. Discussion Papers.
    9. Thomas Bauer & Thomas Kourouxous & Peter Krenn, 2018. "Taxation and agency conflicts between firm owners and managers: a review," Business Research, Springer;German Academic Association for Business Research, vol. 11(1), pages 33-76, February.
    10. Josephat Lotto, 2020. "Towards Extending Dividend Puzzle Debate: What Motivates Distribution of Corporate Earnings in Tanzania?," IJFS, MDPI, vol. 8(1), pages 1-14, March.
    11. Mariya N. Ivanova & Henrik Nilsson & Milda Tylaite, 2024. "Yesterday is history, tomorrow is a mystery: Directors’ and CEOs’ prior bankruptcy experiences and the financial risk of their current firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(1-2), pages 595-630, January.
    12. Balachandran, Balasingham & Nguyen, Justin Hung, 2018. "Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 249-267.
    13. L Lepetit & Céline Meslier-Crouzille & F Strobel & Leo Indra Wardhana, 2018. "Bank dividends, agency costs and shareholder and creditor rights," Post-Print hal-03566491, HAL.
    14. Golubov, Andrey & Lasfer, Meziane & Vitkova, Valeriya, 2020. "Active catering to dividend clienteles: Evidence from takeovers," Journal of Financial Economics, Elsevier, vol. 137(3), pages 815-836.
    15. Woei-Chyuan Wong & Sharmilawati Sabki & Angappan Regupathi & Syed Mohd. Na’im Syed Salim, 2019. "Malaysian SMEs’ Liability Structure and Its Impact on Profitability and Growth," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 15(2), pages 77-94.
    16. Yu, Xin & Wang, Yuetang & Chen, Yingrun & Wang, Guojun, 2021. "Dividend payouts and catering to demands: Evidence from a dividend tax reform," International Review of Financial Analysis, Elsevier, vol. 77(C).
    17. Millar, Melanie I. & White, Roger M., 2024. "Do residential property assessed clean energy (PACE) financing programs affect local house price growth?," Journal of Environmental Economics and Management, Elsevier, vol. 124(C).
    18. Jacob, Martin, 2021. "Dividend taxes, employment, and firm productivity," Journal of Corporate Finance, Elsevier, vol. 69(C).
    19. Petutschnig, Matthias & Rünger, Silke, 2017. "The effects of a tax allowance for growth and investment: Empirical evidence from a firm-level analysis," arqus Discussion Papers in Quantitative Tax Research 221, arqus - Arbeitskreis Quantitative Steuerlehre.
    20. DeYoung, Robert & Jang, Karen Y., 2023. "Testing dividend tax theory: Firm and industry heterogeneity," Journal of Financial Intermediation, Elsevier, vol. 56(C).
    21. Berzins, Janis & Bøhren, Øyvind & Stacescu, Bogdan, 2019. "Dividends and taxes: The moderating role of agency conflicts," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 583-604.
    22. Sabrina T. Howell & Filippo Mezzanotti, 2019. "Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits," NBER Working Papers 26486, National Bureau of Economic Research, Inc.
    23. Justin Hung Nguyen & Buhui Qiu, 2022. "The effect of skilled labor intensity on corporate dividend payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 963-1010, May.
    24. Shu Zhang & Peimin Chen & Chunchi Wu, 2024. "Optimal dividend decisions with capital infusion in a dynamic nonterminal bankruptcy model," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 911-951, April.
    25. Abdul Moin & Yilmaz Guney & Izidin El Kalak, 2020. "The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 857-900, October.

  18. Vidhi Chhaochharia & Yaniv Grinstein & Gustavo Grullon & Roni Michaely, 2017. "Product Market Competition and Internal Governance: Evidence from the Sarbanes–Oxley Act," Management Science, INFORMS, vol. 63(5), pages 1405-1424, May.

    Cited by:

    1. Feng, Yuan & Mao, Yihuan & Cai, Jing & Xu, Nan, 2024. "Can board IT expertise improve corporate internal control?," Finance Research Letters, Elsevier, vol. 62(PA).
    2. Lin, Ling & Xiao, Min & Yao, Rongrong & Zhang, Xiaoying, 2024. "Product market liberalization and corporate cash holdings: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    3. Wu, Fang & Cao, June & Zhang, Xiaosan, 2023. "Do non-executive employees matter in curbing corporate financial fraud?," Journal of Business Research, Elsevier, vol. 163(C).
    4. Tosun, Onur Kemal, 2021. "Changes in corporate governance: Externally dictated vs voluntarily determined," International Review of Financial Analysis, Elsevier, vol. 73(C).
    5. David Gempesaw, 2021. "Corporate governance and product market competition: evidence from import tariff reductions," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1437-1473, May.
    6. Kim, Incheol & Lee, Suin & Sharma, Bina, 2023. "Competition law reform and firm performance: Evidence from developing countries," Emerging Markets Review, Elsevier, vol. 56(C).
    7. Chowdhury, Md Raihan Uddin & Xie, Feixue & Hasan, Md Mahmudul, 2023. "Powerful CEOs and investment efficiency," Global Finance Journal, Elsevier, vol. 58(C).
    8. Liu, Chengcheng & Li, Qing & Lin, Yu-En, 2023. "Corporate transparency and firm value: Does market competition play an external governance role?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(1).
    9. Weiwen Li & Yan ‘Anthea’ Zhang & Xinchun Li, 2024. "Reducing Symbolic Compliance: The Presence of Multiple Large Shareholders as an Internal Monitoring Mechanism," Journal of Management Studies, Wiley Blackwell, vol. 61(5), pages 1946-1984, July.
    10. J. Yo-Jud Cheng & Boris Groysberg & Paul Healy & Rajesh Vijayaraghavan, 2021. "Directors’ Perceptions of Board Effectiveness and Internal Operations," Management Science, INFORMS, vol. 67(10), pages 6399-6420, October.
    11. Kong, Dongmin & Kong, Gaowen & Liu, Shasha & Zhu, Ling, 2022. "Does competition cause government decentralization? The case of state-owned enterprises," Journal of Comparative Economics, Elsevier, vol. 50(4), pages 1103-1122.
    12. Chatjuthamard, Pattanaporn & Kijkasiwat, Ploypailin & Jiraporn, Pornsit & Lee, Sang Mook, 2023. "Customer concentration, managerial risk aversion, and independent directors: A quasi-natural experiment," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 358-368.
    13. Mattia Girotti & Federica Salvadè, 2022. "Competition and Agency Problems Within Banks: Evidence from Insider Lending," Management Science, INFORMS, vol. 68(5), pages 3791-3812, May.
    14. Olga Dodd & Bart Frijns & Robin Kaiji Gong & Shushu Liao, 2024. "Board cultural diversity and firm performance under competitive pressures," The Financial Review, Eastern Finance Association, vol. 59(1), pages 89-111, February.
    15. Amairi, Haifa & Gallali, Mohamed Imen & Sassi, Syrine, 2022. "Market pressure and cost of equity: Revisited," Finance Research Letters, Elsevier, vol. 47(PB).
    16. Dai, Yunhao & Chao, Yang & Wang, Li, 2021. "The brain gain of CFOs in China: The case of analyst forecasts," International Review of Financial Analysis, Elsevier, vol. 75(C).
    17. Ujjayini Roy & Indrani Chakraborty, 2023. "Market concentration, agency cost and firm performance: a case study on Indian corporate firms," Economic Change and Restructuring, Springer, vol. 56(4), pages 2645-2693, August.
    18. Hegde, Shantaram & Seth, Rama & Vishwanatha, S.R., 2020. "Ownership concentration and stock returns: Evidence from family firms in India," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    19. Jin, Long & Song, Yuhang & Pan, Changchun, 2024. "Does peer firms' debt default have positive externalities: The investment efficiency perspective," Finance Research Letters, Elsevier, vol. 59(C).
    20. Kim, Tae-Nyun & Lee, Pil-Seng, 2023. "Product market threats and tax avoidance," International Review of Financial Analysis, Elsevier, vol. 86(C).
    21. Cumming, Douglas J. & Nguyen, Giang & Nguyen, My, 2022. "Product market competition, venture capital, and the success of entrepreneurial firms," Journal of Banking & Finance, Elsevier, vol. 144(C).
    22. Ho, Kung-Cheng & Lee, Shih-Cheng & Pan, Lee-Hsien, 2024. "Information disclosure, product market competition and payout policy," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    23. Babar, Md. & Habib, Ahsan, 2021. "Product market competition in accounting, finance, and corporate governance: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 73(C).
    24. Chatjuthamard, Pattanaporn & Jiraporn, Pornsit & Treepongkaruna, Sirimon, 2021. "How do independent directors view generalist vs. specialist CEOs? Evidence from an exogenous regulatory shock," International Review of Financial Analysis, Elsevier, vol. 78(C).
    25. Xin, Zhuoyao & Zhang, Zongyi & Xiang, Cheng, 2024. "Do suppliers value clients’ ESG profiles? Evidence from Chinese firms," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 241-258.
    26. Li, Tianpei (Constance) & Walton, Stephanie, 2023. "Is there a dark side of competition? Product market competition and auditor-client contracting," Advances in accounting, Elsevier, vol. 62(C).
    27. Byungjun Yu & Saixing Zeng & Hongquan Chen & Xiaohua Meng & Chiming Tam, 2021. "Doing more and doing better are two different entities: Different patterns of family control and environmental performance," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 1-20, January.
    28. Wu, Ruei-Shian & Lo, Huai-Chun, 2022. "A Rose has its Thorn: The role of institutional investors in SEO firms’ reporting behavior," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 530-554.

  19. Ambrus Kecskés & Roni Michaely & Kent L. Womack, 2017. "Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?," Management Science, INFORMS, vol. 63(6), pages 1855-1871, June.

    Cited by:

    1. Raj Aggarwal & Dev Mishra & Craig Wilson, 2018. "Analyst recommendations and the implied cost of equity," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 717-743, April.
    2. Menghai Gao & Yuan Ji & Oded Rozenbaum, 2022. "When Do Associate Analysts Matter?," Management Science, INFORMS, vol. 68(5), pages 3925-3948, May.
    3. Lee, Kenneth & Manochin, Melina, 2021. "Sell-side equity analysts and equity sales: a study of interaction," LSE Research Online Documents on Economics 108953, London School of Economics and Political Science, LSE Library.
    4. Lee, Kenneth & Aleksanyan, Mark & Harris, Elaine & Manochin, Melina, 2023. "Throwing in the towel: what happens when analysts' recommendations go wrong?," LSE Research Online Documents on Economics 121412, London School of Economics and Political Science, LSE Library.
    5. Justin Birru & Sinan Gokkaya & Xi Liu & René M. Stulz, 2022. "Are Analyst Short‐Term Trade Ideas Valuable?," Journal of Finance, American Finance Association, vol. 77(3), pages 1829-1875, June.
    6. Chen Su, 2023. "The price impact of analyst revisions and the state of the economy: Evidence around the world," The Financial Review, Eastern Finance Association, vol. 58(4), pages 887-930, November.
    7. Iselin, Michael & Park, Min & Van Buskirk, Andrew, 2021. "Seemingly inconsistent analyst revisions," Journal of Accounting and Economics, Elsevier, vol. 71(1).
    8. Kim, Karam & Ryu, Doojin & Yang, Heejin, 2021. "Information uncertainty, investor sentiment, and analyst reports," International Review of Financial Analysis, Elsevier, vol. 77(C).
    9. Lee, Kenneth & Manochin, Melina, 2021. "Sell-side equity analysts and equity sales: A study of interaction," The British Accounting Review, Elsevier, vol. 53(5).
    10. Xu Li & Chen Lin & Xintong Zhan, 2019. "Does Change in the Information Environment Affect Financing Choices?," Management Science, INFORMS, vol. 65(12), pages 5676-5696, December.
    11. Li, Fengfei & Lin, Chen & Lin, Tse-Chun, 2021. "Salient anchor and analyst recommendation downgrade," Journal of Corporate Finance, Elsevier, vol. 69(C).
    12. Yu‐An Chen & Dan Palmon, 2023. "Financial analysts' bundling across firms: Target prices and stock recommendations," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(4), pages 1047-1102, December.

  20. Alstadsæter, Annette & Jacob, Martin & Michaely, Roni, 2017. "Do dividend taxes affect corporate investment?," Journal of Public Economics, Elsevier, vol. 151(C), pages 74-83.
    See citations under working paper version above.
  21. Michaely, Roni & Rubin, Amir & Vedrashko, Alexander, 2016. "Further evidence on the strategic timing of earnings news: Joint analysis of weekdays and times of day," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 24-45.

    Cited by:

    1. Joonhyun Kim & Yunkyeong Lee, 2023. "Association between Earnings Announcement Behaviors and ESG Performances," Sustainability, MDPI, vol. 15(9), pages 1-16, May.
    2. Garz, Marcel & Maaß, Sabrina, 2021. "Cartels in the European Union, antitrust action, and public attention," Journal of Economic Behavior & Organization, Elsevier, vol. 186(C), pages 533-547.
    3. Chakrabarty, Bidisha & Moulton, Pamela C. & Wang, Xu (Frank), 2022. "Attention: How high-frequency trading improves price efficiency following earnings announcements," Journal of Financial Markets, Elsevier, vol. 57(C).
    4. Sander De Groote & Liesbeth Bruynseels & Ann Gaeremynck, 2023. "Are All Directors Treated Equally? Evidence from Director Turnover Following Opportunistic Insider Selling," Journal of Business Ethics, Springer, vol. 185(1), pages 185-207, June.
    5. Wang, Albert Y. & Young, Michael, 2023. "Mood, attention, and household trading: Evidence from terrorist attacks," Journal of Financial Markets, Elsevier, vol. 66(C).
    6. Andrei, Daniel & Friedman, Henry & Ozel, N. Bugra, 2023. "Economic uncertainty and investor attention," Journal of Financial Economics, Elsevier, vol. 149(2), pages 179-217.
    7. Lin, Huiting & Wang, Maolin & Ding, Ning, 2024. "The role of institutional investor cliques in managers' earnings forecasts," International Review of Financial Analysis, Elsevier, vol. 91(C).
    8. Fink, Josef, 2021. "A review of the Post-Earnings-Announcement Drift," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
    9. He, Wen & Li, Yan, 2020. "Comparing with the average: Reference points and market reactions to above-average earnings surprises," Journal of Banking & Finance, Elsevier, vol. 117(C).
    10. Adra, Samer & Barbopoulos, Leonidas G., 2018. "The valuation effects of investor attention in stock-financed acquisitions," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 108-125.
    11. Barbopoulos, Leonidas G. & Adra, Samer & Saunders, Anthony, 2020. "Macroeconomic news and acquirer returns in M&As: The impact of investor alertness," Journal of Corporate Finance, Elsevier, vol. 64(C).
    12. Kraft, Pepa & Xie, Yuan & Zhou, Ling, 2020. "The intraday timing of rating changes," Journal of Corporate Finance, Elsevier, vol. 60(C).
    13. Aytekin Ertan & Stephen A. Karolyi & Peter W. Kelly & Robert Stoumbos, 2022. "Earnings announcement return extrapolation," Review of Accounting Studies, Springer, vol. 27(1), pages 185-230, March.
    14. Li, Tao & Xiang, Cheng & Liu, Zhuo & Cai, Wenwu, 2020. "Annual report disclosure timing and stock price crash risk," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    15. Xin Cheng & Dan Palmon & Yinan Yang & Cheng Yin, 2023. "Strategic Earnings Announcement Timing and Fraud Detection," Journal of Business Ethics, Springer, vol. 182(3), pages 851-874, January.
    16. Shouyu Yao & Tong Li & Ahmet Sensoy & Zhenming Fang & Feiyang Cheng, 2024. "Investor attention and environmental information disclosure quality: Evidence from heavy pollution industries in China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2971-2990, July.
    17. Zhang, Sijia & Gregoriou, Andros & Wu, He, 2024. "Asymmetric post earnings announcement drift and order flow imbalance: The impact on stock market returns," International Review of Financial Analysis, Elsevier, vol. 94(C).
    18. Doron Israeli & Ron Kasznik & Suhas A. Sridharan, 2022. "Unexpected distractions and investor attention to corporate announcements," Review of Accounting Studies, Springer, vol. 27(2), pages 477-518, June.
    19. Luis Diestre & Benjamin Barber & Juan Santaló, 2020. "The Friday Effect: Firm Lobbying, the Timing of Drug Safety Alerts, and Drug Side Effects," Management Science, INFORMS, vol. 66(8), pages 3677-3698, August.
    20. Drummond, Philip A., 2023. "Market quality surrounding anticipated distraction events: Evidence from the FIFA World Cup," Journal of Financial Markets, Elsevier, vol. 63(C).
    21. Eran Rubin & Amir Rubin, 2021. "On the economic effects of the text completion interface: empirical analysis of financial markets," Electronic Markets, Springer;IIM University of St. Gallen, vol. 31(3), pages 717-735, September.
    22. José Emilio Farinós & Begoña Herrero & Miguel Ángel Latorre, 2021. "Investor Inattention to All-Cash Acquisition Announcements: A Joint Day-Time Analysis in the Spanish Market," Sustainability, MDPI, vol. 13(2), pages 1-22, January.
    23. Julio A. Crego, 2017. "Does Public News Decrease Information Asymmetries? Evidence from the Weekly Petroleum Status Report," Working Papers wp2017_1714, CEMFI.
    24. Blankespoor, Elizabeth & deHaan, Ed & Marinovic, Iván, 2020. "Disclosure processing costs, investors’ information choice, and equity market outcomes: A review," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    25. Wang, Hailong & Hu, Duni, 2024. "Heterogeneous beliefs with information processing capacity constraints and asset pricing in a monetary economy," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).
    26. Ho, Tuan Q. & Nguyen, Y. & Tran, Hieu, 2024. "The impact of insider ownership and institutional ownership on post-earnings-announcement-drift: Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 70(PB).
    27. Yasmeen Idilbi-Bayaa & Mahmoud Qadan, 2022. "Tell Me Why I Do Not Like Mondays," Mathematics, MDPI, vol. 10(11), pages 1-22, May.
    28. Huang, Yin-Siang & Chuang, Hui-Ching & Hasan, Iftekhar & Lin, Chih-Yung, 2021. "The effect of language on investing: Evidence from searches in Chinese versus English," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).

  22. Michaely, Roni & Rubin, Amir & Vedrashko, Alexander, 2016. "Are Friday announcements special? Overcoming selection bias," Journal of Financial Economics, Elsevier, vol. 122(1), pages 65-85.

    Cited by:

    1. Marion Dupire & Christian Haddad & Regine Slagmulder, 2022. "The Importance of Board Risk Oversight in Times of Crisis," Journal of Financial Services Research, Springer;Western Finance Association, vol. 61(3), pages 319-365, June.
    2. Andrei, Daniel & Friedman, Henry & Ozel, N. Bugra, 2023. "Economic uncertainty and investor attention," Journal of Financial Economics, Elsevier, vol. 149(2), pages 179-217.
    3. Yevgeny Mugerman & Nadav Steinberg & Zvi Wiener, 2019. "The Exclamation Mark of Cain: Risk Salience and Mutual Fund Flows," Bank of Israel Working Papers 2019.09, Bank of Israel.
    4. Fenghua Wen & Yujie Yuan & Wei‐Xing Zhou, 2021. "Cross‐shareholding networks and stock price synchronicity: Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 914-948, January.
    5. Marc Zenzius & Christian Flore & Dirk Schiereck, 2022. "Tough times for seasoned equity offerings: performance during the COVID pandemic," Journal of Business Economics, Springer, vol. 92(9), pages 1491-1510, November.
    6. Xu, Yan & Xu, Nianhang & Chan, Kam C. & Li, Zhe, 2021. "Generalists vs. specialists: Who are better acquirers?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    7. He, Wen & Li, Yan, 2020. "Comparing with the average: Reference points and market reactions to above-average earnings surprises," Journal of Banking & Finance, Elsevier, vol. 117(C).
    8. Cheema, Arbab K. & Eshraghi, Arman & Wang, Qingwei, 2023. "Macroeconomic news and price synchronicity," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 390-412.
    9. Chen, Linda H. & Jiang, George J. & Zhu, Kevin X., 2018. "Total attention: The effect of macroeconomic news on market reaction to earnings news," Journal of Banking & Finance, Elsevier, vol. 97(C), pages 142-156.
    10. Kraft, Pepa & Xie, Yuan & Zhou, Ling, 2020. "The intraday timing of rating changes," Journal of Corporate Finance, Elsevier, vol. 60(C).
    11. Nagendra Marisetty & M. Suresh Babu, 2023. "Stocks Abnormal Returns and Rate of Dividend Announcements," International Journal of Business and Management, Canadian Center of Science and Education, vol. 16(11), pages 1-33, February.
    12. Li, Tao & Xiang, Cheng & Liu, Zhuo & Cai, Wenwu, 2020. "Annual report disclosure timing and stock price crash risk," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    13. Xin Cheng & Dan Palmon & Yinan Yang & Cheng Yin, 2023. "Strategic Earnings Announcement Timing and Fraud Detection," Journal of Business Ethics, Springer, vol. 182(3), pages 851-874, January.
    14. Michaely, Roni & Rubin, Amir & Vedrashko, Alexander, 2016. "Further evidence on the strategic timing of earnings news: Joint analysis of weekdays and times of day," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 24-45.
    15. Autore, Don M. & Jiang, Danling, 2019. "The preholiday corporate announcement effect," Journal of Financial Markets, Elsevier, vol. 45(C), pages 61-82.
    16. Boulland, Romain & Dessaint, Olivier, 2017. "Announcing the announcement," Journal of Banking & Finance, Elsevier, vol. 82(C), pages 59-79.
    17. Doron Israeli & Ron Kasznik & Suhas A. Sridharan, 2022. "Unexpected distractions and investor attention to corporate announcements," Review of Accounting Studies, Springer, vol. 27(2), pages 477-518, June.
    18. Larelle Chapple & Lien Duong & Thu Phuong Truong, 2021. "Are Friday announcements special in a continuous disclosure environment?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2031-2067, April.
    19. Huang, Wan & Bai, Yufan & Luo, Hong, 2024. "Customer identity concealing and insider selling profitability: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 85(C).
    20. Boubaker, Sabri & Clark, Ephraim & Mefteh-Wali, Salma, 2020. "Does the CEO elite education affect firm hedging policies?," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 340-354.
    21. José Emilio Farinós & Begoña Herrero & Miguel Ángel Latorre, 2021. "Investor Inattention to All-Cash Acquisition Announcements: A Joint Day-Time Analysis in the Spanish Market," Sustainability, MDPI, vol. 13(2), pages 1-22, January.
    22. Blankespoor, Elizabeth & deHaan, Ed & Marinovic, Iván, 2020. "Disclosure processing costs, investors’ information choice, and equity market outcomes: A review," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    23. Liyi Zheng, 2020. "The type of corporate announcements and its implication on trading behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 629-659, April.
    24. Fenghua Wen & Yujie Yuan & Wei-Xing Zhou, 2019. "Cross-shareholding networks and stock price synchronicity: Evidence from China," Papers 1903.01655, arXiv.org.
    25. Huang, Yin-Siang & Chuang, Hui-Ching & Hasan, Iftekhar & Lin, Chih-Yung, 2021. "The effect of language on investing: Evidence from searches in Chinese versus English," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).

  23. Joan Farre-Mensa & Roni Michaely & Martin Schmalz, 2014. "Payout Policy," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 75-134, December.
    See citations under working paper version above.
  24. Roni Michaely & Amir Rubin & Alexander Vedrashko, 2014. "Corporate Governance and the Timing of Earnings Announcements," Review of Finance, European Finance Association, vol. 18(6), pages 2003-2044.

    Cited by:

    1. Biggerstaff, Lee & Cicero, David & Wintoki, M. Babajide, 2020. "Insider trading patterns," Journal of Corporate Finance, Elsevier, vol. 64(C).
    2. Drummond, Philip A., 2023. "Variable trading hours and market reactions to earnings announcements," Economics Letters, Elsevier, vol. 229(C).
    3. Bai, Min & Qin, Yafeng, 2015. "Short sales constraints and price adjustments to earnings announcements: Evidence from the Hong Kong market," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 304-315.
    4. Wang, Qingxia & Faff, Robert & Zhu, Min, 2022. "Realized moments and the cross-sectional stock returns around earnings announcements," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 408-427.
    5. Akey, Pat & Grégoire, Vincent & Martineau, Charles, 2022. "Price revelation from insider trading: Evidence from hacked earnings news," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1162-1184.
    6. Arif, Salman & Marshall, Nathan T. & Schroeder, Joseph H. & Yohn, Teri Lombardi, 2019. "A growing disparity in earnings disclosure mechanisms: The rise of concurrently released earnings announcements and 10-Ks," Journal of Accounting and Economics, Elsevier, vol. 68(1).
    7. Chan, Kam Fong & Marsh, Terry, 2022. "Asset pricing on earnings announcement days," Journal of Financial Economics, Elsevier, vol. 144(3), pages 1022-1042.
    8. Xia, Jingjing, 2023. "Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(3).
    9. Abe de Jong & Pouyan Ghazizadeh & Frederik P. Schlingemann & Farhan Shazia, 2024. "Why do managers announce the intention to sell large assets?," International Review of Finance, International Review of Finance Ltd., vol. 24(4), pages 641-668, December.
    10. Kraft, Pepa & Xie, Yuan & Zhou, Ling, 2020. "The intraday timing of rating changes," Journal of Corporate Finance, Elsevier, vol. 60(C).
    11. Aziz Simsir, Serif & Simsek, Koray D., 2022. "The market impact of private information before corporate Announcements: Evidence from Turkey," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    12. Aytekin Ertan & Stephen A. Karolyi & Peter W. Kelly & Robert Stoumbos, 2022. "Earnings announcement return extrapolation," Review of Accounting Studies, Springer, vol. 27(1), pages 185-230, March.
    13. Azi Ben-Rephael & Bruce I. Carlin & Zhi Da & Ryan D. Israelsen, 2017. "Demand for Information and Asset Pricing," NBER Working Papers 23274, National Bureau of Economic Research, Inc.
    14. Xin Cheng & Dan Palmon & Yinan Yang & Cheng Yin, 2023. "Strategic Earnings Announcement Timing and Fraud Detection," Journal of Business Ethics, Springer, vol. 182(3), pages 851-874, January.
    15. Michaely, Roni & Rubin, Amir & Vedrashko, Alexander, 2016. "Further evidence on the strategic timing of earnings news: Joint analysis of weekdays and times of day," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 24-45.
    16. Autore, Don M. & Jiang, Danling, 2019. "The preholiday corporate announcement effect," Journal of Financial Markets, Elsevier, vol. 45(C), pages 61-82.
    17. Archana Jain & Chinmay Jain & Christine X. Jiang, 2019. "Early Movers Advantage? Evidence from Short Selling during After‐Hours on Earnings Announcement Days," The Financial Review, Eastern Finance Association, vol. 54(2), pages 235-264, May.
    18. Levi, Shai & Zhang, Xiao-Jun, 2015. "Asymmetric decrease in liquidity trading before earnings announcements and the announcement return premium," Journal of Financial Economics, Elsevier, vol. 118(2), pages 383-398.
    19. Green, Colin P. & Homroy, Swarnodeep, 2018. "Female directors, board committees and firm performance," European Economic Review, Elsevier, vol. 102(C), pages 19-38.
    20. Xiao, Xijuan & Yamamoto, Ryuichi, 2024. "Overnight earnings announcements and preopening price discovery," Japan and the World Economy, Elsevier, vol. 70(C).
    21. Benjamin Segal & Dan Segal, 2016. "Are managers strategic in reporting non-earnings news? Evidence on timing and news bundling," Review of Accounting Studies, Springer, vol. 21(4), pages 1203-1244, December.
    22. Drummond, Philip A., 2023. "Market quality surrounding anticipated distraction events: Evidence from the FIFA World Cup," Journal of Financial Markets, Elsevier, vol. 63(C).
    23. Qadan, Mahmoud & Idilbi-Bayaa, Yasmeen, 2021. "The day-of-the-week-effect on the volatility of commodities," Resources Policy, Elsevier, vol. 71(C).

  25. Roni Michaely & Michael R. Roberts, 2012. "Corporate Dividend Policies: Lessons from Private Firms," The Review of Financial Studies, Society for Financial Studies, vol. 25(3), pages 711-746.

    Cited by:

    1. García-Feijóo, Luis & Hossain, Md Miran & Javakhadze, David, 2021. "Managerial social capital and dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 66(C).
    2. Hillmann, Lisa, 2023. "Dividend taxation and the ownership structure of private firms," Journal of Corporate Finance, Elsevier, vol. 79(C).
    3. Salerno, Dario & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2022. "Fintech and IPO underpricing: An explorative study," Finance Research Letters, Elsevier, vol. 44(C).
    4. Chen, Xiaoqi & Chih-Chieh Chris, Hsieh & Tsang, Albert & Xiang, Yi, 2022. "Cross-border enforcement of securities laws and dividend payouts," The British Accounting Review, Elsevier, vol. 54(6).
    5. Christian Dreyer & Oliver Schulz, 2023. "Policy uncertainty and corporate investment: public versus private firms," Review of Managerial Science, Springer, vol. 17(5), pages 1863-1898, July.
    6. Xiao, Min & You, Jiaxing & Zhao, Jingwen, 2017. "How Does Being Public Affect Firm Investment? Further Evidence from China," The International Journal of Accounting, Elsevier, vol. 52(1), pages 1-21.
    7. Jeong, Jinho, 2013. "Determinants of dividend smoothing in emerging market: The case of Korea," Emerging Markets Review, Elsevier, vol. 17(C), pages 76-88.
    8. Bernstein, Shai & Lerner, Josh & Mezzanotti, Filippo, 2018. "Private Equity and Financial Fragility during the Crisis," Research Papers repec:ecl:stabus:3563, Stanford University, Graduate School of Business.
    9. Sánchez-Ballesta, Juan Pedro & Yagüe, José, 2023. "Tax avoidance and the cost of debt for SMEs: Evidence from Spain," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(2).
    10. Strike Mbulawa & Francis Nathan Okurut & Mogale Ntsosa & Narain Sinha, 2020. "Dynamics of Corporate Dividend Policy under Hyperinflation and Dollarization: A Quantile Regression Approach," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 13(3), pages 70-82, December.
    11. Song, Xiaobao & Yao, Mingan & Su, Wunhong & Lin, Danming, 2021. "The impact of ultimate controller’s ownership on cash dividend policy based on a comparative analysis between owner-management and professional-management modes," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    12. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    13. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How Relevant is Dividend Policy under Low Shareholder Protection?," Other publications TiSEM 70e258ee-7fcd-4c5f-83a2-2, Tilburg University, School of Economics and Management.
    14. Kovermann, Jost & Wendt, Martin, 2019. "Tax avoidance in family firms: Evidence from large private firms," Journal of Contemporary Accounting and Economics, Elsevier, vol. 15(2), pages 145-157.
    15. Bahaj, Saleem A. & Foulis, Angus & Pinter, Gabor, 2016. "The residential collateral channel," LSE Research Online Documents on Economics 86240, London School of Economics and Political Science, LSE Library.
    16. Orihara, Masanori, 2017. "Stock market listing and corporate policy: Evidence from reforms to Japanese corporate law," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 15-36.
    17. Estrin, Saul & Hanousek, Jan & Shamshur, Anastasiya, 2024. "Does it matter who owns firms? Evidence on the impact of supermajority control on private firms in Europe," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    18. Acharya, Viral & Xu, Zhaoxia, 2017. "Financial dependence and innovation: The case of public versus private firms," Journal of Financial Economics, Elsevier, vol. 124(2), pages 223-243.
    19. Ayyagari,Meghana & Demirguc-Kunt,Asli & Maksimovic,Vojislav, 2015. "Are large firms born or made ? evidence from developing countries," Policy Research Working Paper Series 7406, The World Bank.
    20. David S. Koo & Santhosh Ramalingegowda & Yong Yu, 2017. "The effect of financial reporting quality on corporate dividend policy," Review of Accounting Studies, Springer, vol. 22(2), pages 753-790, June.
    21. Englmaier, Florian & Fahn, Matthias, 2018. "Size Matters - \'Over\'investments in a Relational Contracting Setting," Rationality and Competition Discussion Paper Series 62, CRC TRR 190 Rationality and Competition.
    22. Goyal, Abhinav & Jategaonkar, Shrikant P. & Muckley, Cal B., 2020. "Why do privatized firms pay higher dividends?," Journal of Corporate Finance, Elsevier, vol. 60(C).
    23. Silke Rünger & Rainer Niemann & Magdalena Haring, 2019. "Investor taxation, firm heterogeneity and capital structure choice," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 26(4), pages 719-757, August.
    24. Annette Alstadsæter & Martin Jacob & Roni Michaely, 2017. "Do Dividend Taxes Affect Corporate Investment?," NBER Chapters, in: Personal Income Taxation and Household Behavior (TAPES), National Bureau of Economic Research, Inc.
    25. Miller, Danny & Amore, Mario Daniele & Quarato, Fabio & Corbetta, Guido, 2022. "Family Ownership Dispersion and Dividend Payout in Family Firms," Journal of Family Business Strategy, Elsevier, vol. 13(3).
    26. Colombo, Jéfferson A. & Caldeira, João F., 2018. "The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 402-423.
    27. Azmi, Wajahat & Anwer, Zaheer & Mohamad, Shamsher & Shah, Mohamed Eskandar, 2019. "The substitution hypothesis of agency conflicts: Evidence on Shariah compliant equities," Global Finance Journal, Elsevier, vol. 41(C), pages 90-103.
    28. Tahir, Muhammad & Ibrahim, Haslindar & Zulkafli, Abdul Hadi & Mushtaq, Muhammad, 2020. "Corruption, national culture, law and dividend repatriation policy," Journal of Multinational Financial Management, Elsevier, vol. 57.
    29. Almaghrabi, Khadija S., 2023. "Local product market competition and investment home bias," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    30. Mike Adams & Wei Jiang & Tianshu Ma, 2024. "CEO power, corporate risk management, and dividends: disentangling CEO managerial ability from entrenchment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 683-717, February.
    31. Jakub Kwiatkowski, 2017. "R&D activity and dividend policy of companies listed on the Warsaw Stock Exchange," Working Papers of Economics of European Integration Division 1702, The Univeristy of Gdansk, Faculty of Economics, Economics of European Integration Division.
    32. Allen N. Berger & Tanakorn Makaew & Ms. Rima A Turk, 2018. "Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks," IMF Working Papers 2018/158, International Monetary Fund.
    33. Wen Hua Sharpe & Peter Carey & Hong Feng Zhang, 2023. "Being private, Big 4 auditors, and debt raising," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2295-2345, June.
    34. Pham, Nga & Oh, K.B. & Pech, Richard, 2015. "Mergers and acquisitions: CEO duality, operating performance and stock returns in Vietnam," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 298-316.
    35. Brockman, Paul & Tresl, Jiri & Unlu, Emre, 2014. "The impact of insider trading laws on dividend payout policy," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 263-287.
    36. Frank Ranganai Matenda & Mabutho Sibanda & Eriyoti Chikodza & Victor Gumbo, 2021. "Determinants of corporate exposure at default under distressed economic and financial conditions in a developing economy: the case of Zimbabwe," Risk Management, Palgrave Macmillan, vol. 23(1), pages 123-149, June.
    37. Dario Salerno, 2021. "The Impact of Initial Public Offerings on Firms’ Performance: Disentangling Treatment from Self-Selection Effects," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(4), pages 1-1.
    38. Michaely, Roni & Qian, Meijun, 2022. "Does stock market liquidity affect dividends?," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    39. Brad A. Badertscher & Dan Givoly & Sharon P. Katz & Hanna Lee, 2019. "Private Ownership and the Cost of Public Debt: Evidence from the Bond Market," Management Science, INFORMS, vol. 65(1), pages 301-326, January.
    40. Hyunmin Oh & Sambock Park, 2021. "Corporate Sustainable Management, Dividend Policy and Chaebol," Sustainability, MDPI, vol. 13(13), pages 1-19, July.
    41. Muhammad Rizwan & Muhammad SadiqShahid & Muhammad Hassan Bucha3, 2016. "Investor Confidence, Corporate Governance, Stock Liquidity And Dividend Policy," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 12(1), pages 307-327.
    42. Gao, Huasheng & Li, Kai, 2015. "A comparison of CEO pay–performance sensitivity in privately-held and public firms," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 370-388.
    43. ORIHARA Masanori & SUZUKI Takafumi, 2021. "Windfalls? Costs and Benefits of Investment Tax Incentives due to Financial Constraints," Discussion papers 21087, Research Institute of Economy, Trade and Industry (RIETI).
    44. Ante Džidić Silvije Orsag, 2019. "Dividend Smoothing and Investor Protection," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 22(2), pages 55-70, November.
    45. Zhang, Ping & Wang, Yiru & Gao, Jieying, 2023. "Going public and innovation: Evidence from the ChiNext stock market," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 586-613.
    46. Liu, Chinpiao & Chen, An-Sing, 2015. "Do firms use dividend changes to signal future profitability? A simultaneous equation analysis," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 194-207.
    47. Malcolm Baker & Jeffrey Wurgler, 2012. "Dividends as Reference Points: A Behavioral Signaling Approach," NBER Working Papers 18242, National Bureau of Economic Research, Inc.
    48. Annette Alstadsæter & Wojciech Kopczuk & Kjetil Telle, 2014. "Are Closely Held Firms Tax Shelters?," NBER Chapters, in: Tax Policy and the Economy, Volume 28, pages 1-32, National Bureau of Economic Research, Inc.
    49. Jacob, Martin & Alstadsæter, Annette, 2013. "Payout policies of privately held firms: Flexibility and the role of income taxes," arqus Discussion Papers in Quantitative Tax Research 152, arqus - Arbeitskreis Quantitative Steuerlehre.
    50. Alexandros Sikalidis & Konstantinos Bozos & Antonios Chantziaras & Christos Grose, 2022. "Influences of family ownership on dividend policy under mandatory dividend rules," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 939-967, October.
    51. Afzali, Mansoor & Ҫolak, Gönül & Fu, Mengchuan, 2021. "Economic uncertainty and corruption: Evidence from public and private firms," Journal of Financial Stability, Elsevier, vol. 57(C).
    52. Armitage, Seth & Gallagher, Ronan, 2019. "Are pension contributions a threat to shareholder payouts?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 27-42.
    53. Furtado, Bernardo Alves & Eberhardt, Isaque Daniel Rocha, 2015. "Modelo espacial simples da economia: uma proposta teórico-metodológica [A simple spatial economic model: a proposal]," MPRA Paper 67005, University Library of Munich, Germany.
    54. Fernau, Erik & Hirsch, Stefan, 2019. "What drives dividend smoothing? A meta regression analysis of the Lintner model," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 255-273.
    55. Yomna Abdulla & Viet Anh Dang & Arif Khurshed, 2016. "Debt maturity and initial public offerings," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1129-1165, November.
    56. Szabolcs Szikszai & Tamas Badics, 2014. "Enhanced Funds Seeking Higher Returns," Working papers wpaper43, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    57. Yizhong Wang & Linying Lv & Shanqiao Xia, 2022. "Initial public offering, corporate innovation and total factor productivity: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(5), pages 4695-4726, December.
    58. Javakhadze, David & Ferris, Stephen P. & Sen, Nilanjan, 2014. "An international analysis of dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 200-220.
    59. Marcelo Ortiz, 2020. "Financial Disclosure Environment and the Cash Policy of Private Firms," Working Papers 1148, Barcelona School of Economics.
    60. Koga, Yuya & Yamaguchi, Tomoyasu, 2023. "Does mandatory quarterly reporting induce managerial myopic behavior? Evidence from Japan," Finance Research Letters, Elsevier, vol. 56(C).
    61. Jan Hanousek & Jiří Trešl, 2019. "Charakteristiky celkových výplat akcionářům soukromých firem v zemích visegradské skupiny [Firms' Total Payout Characteristics in Visegrad Countries]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(5), pages 458-475.
    62. Dong, Longxu & Zhang, Haomin & Huang, Yongjian, 2024. "Dual-class share structure and dividend smoothing," Finance Research Letters, Elsevier, vol. 61(C).
    63. Andres Christian & Jacob Martin & Ulrich Lennart, 2019. "Takeover Protection and Firm Value," Review of Law & Economics, De Gruyter, vol. 15(1), pages 1-46, March.
    64. ElBannan, Mona A., 2020. "Does catering behavior persist? Evidence on dividend sentiment in emerging financial markets," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 350-373.
    65. Gao, Huasheng & Harford, Jarrad & Li, Kai, 2013. "Determinants of corporate cash policy: Insights from private firms," Journal of Financial Economics, Elsevier, vol. 109(3), pages 623-639.
    66. Kam Fong Chan & John G. Powell & Jing Shi & Tom Smith, 2018. "Dividend persistence and dividend behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 127-147, March.
    67. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 221-235.
    68. Gordon Phillips & Giorgo Sertsios, 2014. "Financing Decisions and Product Introductions of Private and Publicly Traded Firms," NBER Working Papers 20578, National Bureau of Economic Research, Inc.
    69. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    70. Frank Ranganai Matenda & Mabutho Sibanda & Eriyoti Chikodza & Victor Gumbo, 2022. "Bankruptcy prediction for private firms in developing economies: a scoping review and guidance for future research," Management Review Quarterly, Springer, vol. 72(4), pages 927-966, December.
    71. Floyd, Eric & Li, Nan & Skinner, Douglas J., 2015. "Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends," Journal of Financial Economics, Elsevier, vol. 118(2), pages 299-316.
    72. Giulia Romano & Andrea Guerrini, 2019. "Paying Returns to Shareholders of Water Utilities: Evidence from Italy," Sustainability, MDPI, vol. 11(7), pages 1-12, April.
    73. rondi, laura & cambini, carlo & bremberger, francisca & gugler, klaus, 2013. "Dividend Policy in Regulated Firms," MPRA Paper 48043, University Library of Munich, Germany.
    74. Gianluca Gucciardi, 2024. "Do venture capital investments contribute to the achievement of the sustainable development goals?," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 8716-8746, December.
    75. Louise Lindbjerg & Theodor Vladasel, 2021. "Hiring entrepreneurs for innovation," Economics Working Papers 1811, Department of Economics and Business, Universitat Pompeu Fabra.
    76. Nishant B. Labhane & Jitendra Mahakud, 2018. "Dividend Smoothing and Business Groups: Evidence from Indian Companies," Global Business Review, International Management Institute, vol. 19(3), pages 690-706, June.
    77. Dodig Ante & Dzidic Ante, 2022. "Dividend Policies in Volatile Transitioning Markets," Zagreb International Review of Economics and Business, Sciendo, vol. 25(1), pages 111-132.
    78. Bernardo Alves Furtado & Isaque Daniel Rocha Eberhardt, 2015. "A simple agent-based spatial model of the economy: tools for policy," Papers 1510.04967, arXiv.org, revised Oct 2016.
    79. Behr, Patrick & Norden, Lars & Noth, Felix, 2013. "Financial constraints of private firms and bank lending behavior," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3472-3485.
    80. Muhammad Nurul Houqe & Reza M. Monem & Tony van Zijl, 2023. "Business strategy, cash holdings, and dividend payouts," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 3999-4035, December.
    81. Forti, Cristiano & Schiozer, Rafael F., 2015. "Bank dividends and signaling to information-sensitive depositors," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 1-11.
    82. Abdulla, Yomna & Dang, Viet Anh & Khurshed, Arif, 2020. "Suppliers' listing status and trade credit provision," Journal of Corporate Finance, Elsevier, vol. 60(C).
    83. Derrien, François & Frésard, Laurent & Slabik, Victoria & Valta, Philip, 2023. "Industry asset revaluations around public and private acquisitions," Journal of Financial Economics, Elsevier, vol. 147(1), pages 243-269.
    84. Seonhyeon Kim & Jin-young Jung & Sung-woo Cho, 2021. "Does Information Asymmetry Affect Dividend Policy? Analysis Using Market Microstructure Variables," Sustainability, MDPI, vol. 13(7), pages 1-19, March.
    85. Anneleen Michiels & Wim Voordeckers & Nadine Lybaert & Tensie Steijvers, 2015. "Dividends and family governance practices in private family firms," Small Business Economics, Springer, vol. 44(2), pages 299-314, February.
    86. Yu, Zhuangxiong & Zhang, Jie & Li, Jie, 2020. "Does going public imply short-termism in investment behavior? Evidence from China," Emerging Markets Review, Elsevier, vol. 42(C).
    87. Masanori Orihara, 2016. "Stock market listing and corporate policy: Evidence from reforms to Japanese corporate law," Discussion papers ron283, Policy Research Institute, Ministry of Finance Japan.
    88. Florackis, Chris & Kanas, Angelos & Kostakis, Alexandros, 2015. "Dividend policy, managerial ownership and debt financing: A non-parametric perspective," European Journal of Operational Research, Elsevier, vol. 241(3), pages 783-795.
    89. Borisov, Alexander & Ellul, Andrew & Sevilir, Merih, 2021. "Access to public capital markets and employment growth," Journal of Financial Economics, Elsevier, vol. 141(3), pages 896-918.
    90. Evangelos C. Charalambakis, 2014. "On corporate financial distress prediction: what can we learn from private firms in a small open economy?," Working Papers 188, Bank of Greece.
    91. Golubov, Andrey & Xiong, Nan, 2020. "Post-acquisition performance of private acquirers," Journal of Corporate Finance, Elsevier, vol. 60(C).
    92. Kent Baker, H. & De Ridder, Adri, 2018. "Payout policy in industrial and financial firms," Global Finance Journal, Elsevier, vol. 37(C), pages 138-151.
    93. Chronopoulos, Dimitris K. & Johari, Edie Erman Che & Scholtens, Bert & Sobiech, Anna L. & Wilson, John O.S. & Yilmaz, Muhammed H., 2023. "Competition and bank dividends," Journal of International Money and Finance, Elsevier, vol. 137(C).
    94. Kim P. Huynh & Teodora Paligorova & Robert Petrunia, 2018. "Debt financing in private and public firms," Annals of Finance, Springer, vol. 14(4), pages 465-487, November.
    95. Jiang, Fuxiu & Cai, Xinni & Jiang, Zhan & Nofsinger, John R., 2019. "Multiple large shareholders and dividends: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    96. Garel, Alexandre & Martín-Flores, José M. & Petit-Romec, Arthur, 2020. "Stock market listing and the persistence of bank performance across crises," Journal of Banking & Finance, Elsevier, vol. 118(C).
    97. Cheng-few Lee & James Juichia Lin, 2023. "Generalized dividend behavior model and dividend smoothing: theory and empirical evidence," Review of Quantitative Finance and Accounting, Springer, vol. 61(4), pages 1529-1561, November.
    98. Marcelo Ortiz, 2020. "Financial disclosure environment and the cash policy of private firms," Economics Working Papers 1692, Department of Economics and Business, Universitat Pompeu Fabra.
    99. Naeem, Muhammad & Khurram, Shahzad, 2020. "Does a CEO's culture affect dividend policy?," Finance Research Letters, Elsevier, vol. 35(C).
    100. Anwer, Zaheer & Mohamad, Shamsher & Paltrinieri, Andrea & Hassan, M. Kabir, 2021. "Dividend payout policy of Shariah compliant firms: Evidence from United States," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
    101. Anwer, Zaheer & Azmi, Wajahat & Mohamad, Shamsher, 2023. "Shariah screening and corporate governance: The case of constituent stocks of Dow Jones US Indices," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 976-1002.
    102. Xiang, Junyi & Zhu, Ling & Kong, Dongmin, 2023. "Labor cost and corporate tax avoidance," Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 338-358.
    103. Takashi Yoshida, 2021. "The benefit of being public: Evidence from survival analysis of corporate financing," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(4), pages 839-874, December.
    104. Choi, Young Mok & Park, Kunsu, 2019. "Does foreign currency-denominated debt affect dividend payout policy? Evidence from Korea," Journal of Multinational Financial Management, Elsevier, vol. 49(C), pages 20-34.
    105. Abdulla, Yomna & Dang, Viet Anh & Khurshed, Arif, 2017. "Stock market listing and the use of trade credit: Evidence from public and private firms," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 391-410.
    106. Bernardo Alves Furtado & Isaque Daniel Eberhardt, 2016. "Modelo Espacial Simples de uma Economia com Agentes: uma proposta metodológica," Discussion Papers 2181, Instituto de Pesquisa Econômica Aplicada - IPEA.
    107. Masanori Orihara, 2015. "Stock market listing and corporate tax aggressiveness: Evidence from legal reforms in squeeze out in Japan," Discussion papers ron270, Policy Research Institute, Ministry of Finance Japan.
    108. Janis Berzins & Øyvind Bøhren & Bogdan Stacescu, 2018. "Shareholder Conflicts and Dividends [A theory of dividends based on tax clienteles]," Review of Finance, European Finance Association, vol. 22(5), pages 1807-1840.
    109. Drago, Danilo & Gallo, Raffaele, 2020. "The impact of financial crises on the syndicated loan spreads applied to public and private firms," Journal of Financial Stability, Elsevier, vol. 46(C).
    110. Rhee, KyungJae & Park, Kyung Suh, 2018. "Changes in dividend smoothing after the financial crisis," Economics Letters, Elsevier, vol. 172(C), pages 37-39.
    111. Jonathan Wiley, 2014. "Illiquidity Risk in Non-Listed Funds: Evidence from REIT Fund Exits and Redemption Suspensions," The Journal of Real Estate Finance and Economics, Springer, vol. 49(2), pages 205-236, August.
    112. Li, Kai & Wang, Wei, 2016. "Debtor-in-possession financing, loan-to-loan, and loan-to-own," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 121-138.
    113. Berzins, Janis & Bøhren, Øyvind & Stacescu, Bogdan, 2019. "Dividends and taxes: The moderating role of agency conflicts," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 583-604.
    114. Seraina Anagnostopoulou, 2012. "Working Capital Management and Firm Listing Status," Multinational Finance Journal, Multinational Finance Journal, vol. 16(3-4), pages 261-301, September.
    115. Vincent Molly & Anneleen Michiels, 2022. "Dividend decisions in family businesses: A systematic review and research agenda," Journal of Economic Surveys, Wiley Blackwell, vol. 36(4), pages 992-1026, September.
    116. Basil Al-Najjar & Yacine Belghitar, 2012. "The information content of cashflows in the context of dividend smoothing," Economic Issues Journal Articles, Economic Issues, vol. 17(2), pages 57-70, September.
    117. Xu, Jingjing & Huang, Haijie, 2021. "Pay more or pay less? The impact of controlling shareholders' share pledging on firms' dividend payouts," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    118. Brandstetter, Laura & Jacob, Martin, 2013. "Do corporate tax cuts increase investments?," arqus Discussion Papers in Quantitative Tax Research 153, arqus - Arbeitskreis Quantitative Steuerlehre.
    119. Englmaier, Florian & Fahn, Matthias, 2014. "Size Matters - “Over†investments in a Relational Contracting Setting," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 506, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    120. Adrian Mehic, 2021. "FDML versus GMM for Dynamic Panel Models with Roots Near Unity," JRFM, MDPI, vol. 14(9), pages 1-9, August.
    121. Dougal, Casey & Rettl, Daniel A., 2021. "Firm listing status and the investment home bias," Journal of Corporate Finance, Elsevier, vol. 71(C).
    122. Anagnostopoulou, Seraina C. & Avgoustaki, Argyro, 2023. "The impact of human resource practices on corporate investment efficiency," International Review of Financial Analysis, Elsevier, vol. 87(C).
    123. Huang, Chao-Hsi & Hsieh, Yi-Shan, 2021. "Leverage dynamics over the business cycle: Evidence from Taiwan listed and unlisted firms," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 373-391.
    124. Rajdeep Chakraborti & Sandeep Dahiya & Lei Ge & Pedro Gete, 2022. "Credit Stimulus, Executive Ownership, and Firm Leverage," Management Science, INFORMS, vol. 68(10), pages 7682-7700, October.
    125. Ayyagari,Meghana & Demirguc-Kunt,Asli & Maksimovic,Vojislav, 2015. "What determines entrepreneurial outcomes in emerging markets ? the role of initial conditions," Policy Research Working Paper Series 7207, The World Bank.
    126. Ummar Aftab & Attiya Yasmin Javid & Waseem Akhter, 2018. "The Determinants of Cash Holdings around Different Regions of the World," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 10(2), pages 151-182, June.
    127. Evangelos C. Charalambakis & Ian Garrett, 2019. "On corporate financial distress prediction: What can we learn from private firms in a developing economy? Evidence from Greece," Review of Quantitative Finance and Accounting, Springer, vol. 52(2), pages 467-491, February.
    128. Ouyang, Puman & Zhong, Ligang, 2023. "Asset redeployability and dividend payout policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 91-105.
    129. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 200-214.
    130. He, Wen & Zhang, Feida, 2022. "Languages and dividends," The British Accounting Review, Elsevier, vol. 54(6).
    131. Paul Ehling & David Haushalter, 2014. "When does cash matter? Evidence for private firms," Working Papers 1412, Banco de España.
    132. Sanvicente, Antonio Zoratto & Bortoluzzo, Adriana & Bortoluzzo, Mauricio Mesquita, 2017. "Capital structure determinants of financially constrained and unconstrained firms," Textos para discussão 451, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    133. Kim Huynh & Teodora Paligorova & Robert Petrunia, 2013. "Public/Private Transitions and Firm Financing," Staff Working Papers 13-36, Bank of Canada.
    134. Adrian (Waikong) Cheung & May Hu & Jörg Schwiebert, 2018. "Corporate social responsibility and dividend policy," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 787-816, September.
    135. Howell, Sabrina T., 2020. "Firm type variation in the cost of risk management," Journal of Corporate Finance, Elsevier, vol. 64(C).
    136. Mugabe, Douglas & Elbakidze, Levan & Zaynutdinova, Gulnara, 2020. "Investments of publicly traded versus privately held firms: evidence from stranded growth options in the U.S. shale gas industry," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304361, Agricultural and Applied Economics Association.

  26. Mark T. Leary & Roni Michaely, 2011. "Determinants of Dividend Smoothing: Empirical Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 24(10), pages 3197-3249.

    Cited by:

    1. García-Feijóo, Luis & Hossain, Md Miran & Javakhadze, David, 2021. "Managerial social capital and dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 66(C).
    2. Alderson, Michael J. & Betker, Brian L. & Halford, Joseph T., 2021. "Fictitious dividend cuts in the CRSP data," Journal of Corporate Finance, Elsevier, vol. 71(C).
    3. Onali, Enrico, 2016. "Can we predict dividend cuts?," Economics Letters, Elsevier, vol. 146(C), pages 71-76.
    4. Jianjun Miao & Alejandro Rivera, 2016. "Robust Contracts in Continuous Time," Econometrica, Econometric Society, vol. 84(4), pages 1405-1440, July.
    5. Jeong, Jinho, 2013. "Determinants of dividend smoothing in emerging market: The case of Korea," Emerging Markets Review, Elsevier, vol. 17(C), pages 76-88.
    6. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    7. Feito Ruiz, Isabel & Renneboog, Luc & Vansteenkiste, Cara, 2018. "Elective Stock and Scrip Dividends," Discussion Paper 2018-031, Tilburg University, Center for Economic Research.
    8. Manuel Muñoz, 2018. "Rethinking Capital Regulation: The Case for a Dividend Prudential Target," CNMV Working Papers CNMV Working Papers no. 6, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
    9. Andres, Christian & Doumet, Markus & Fernau, Erik & Theissen, Erik, 2013. "The Lintner model revisited: Dividends versus total payouts," CFR Working Papers 14-02, University of Cologne, Centre for Financial Research (CFR).
    10. Javier Bianchi, 2012. "Efficient Bailouts?," Documentos de Trabajo (working papers) 2012, Department of Economics - dECON.
    11. Moin, Abdul & Guney, Yilmaz & Kalak, Izidin El, 2020. "In search of stock repurchases determinants in listed Indonesian firms during regulatory changes," Journal of Economic Behavior & Organization, Elsevier, vol. 176(C), pages 145-165.
    12. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How Relevant is Dividend Policy under Low Shareholder Protection?," Other publications TiSEM 70e258ee-7fcd-4c5f-83a2-2, Tilburg University, School of Economics and Management.
    13. Driver, Ciaran & Grosman, Anna & Scaramozzino, Pasquale, 2020. "Dividend policy and investor pressure," Economic Modelling, Elsevier, vol. 89(C), pages 559-576.
    14. Christoph Görtz & John D. Tsoukalas & Francesco Zanetti, 2020. "News shocks under financial frictions," CAMA Working Papers 2020-94, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    15. Anshu Agrawal, 2020. "Modified Total Interpretive Structural Model of Corporate Financial Flexibility," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 21(4), pages 369-388, December.
    16. Saibene, Giacomo, 2019. "The corporate saving glut," Journal of Macroeconomics, Elsevier, vol. 62(C).
    17. Lan, Chunhua & Doan, Bao, 2022. "Stock price movements: Evidence from global equity markets," Journal of Empirical Finance, Elsevier, vol. 69(C), pages 123-143.
    18. Sebastian Dullien, 2017. "Risk sharing by financial markets in federal systems: What do we really measure?," FMM Working Paper 02-2017, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    19. Tahir, Muhammad & Ibrahim, Haslindar & Zulkafli, Abdul Hadi & Mushtaq, Muhammad, 2020. "Corruption, national culture, law and dividend repatriation policy," Journal of Multinational Financial Management, Elsevier, vol. 57.
    20. Simon Gilchrist & Jae W. Sim & Egon Zakrajšek, 2014. "Uncertainty, Financial Frictions, and Investment Dynamics," NBER Working Papers 20038, National Bureau of Economic Research, Inc.
    21. Kamoto, Shinsuke, 2017. "Managerial innovation incentives, management buyouts, and shareholders' intolerance of failure," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 55-74.
    22. L. Kaas & P. A. Pintus & S. Ray, 2014. "Land Collateral and Labor Market Dynamics in France," Working papers 530, Banque de France.
    23. Suman, Samridhi & Singh, Shveta, 2022. "The Role of Multiple Large Shareholders in Dividend Payouts: Evidence from India," American Business Review, Pompea College of Business, University of New Haven, vol. 25(1), pages 120-151, May.
    24. Ricardo D. Brito & Paulo Sergio O. Ribeiro & Antonio Z. Sanvicente, 2021. "The Substitute Model of Dividends at Work: a change in minority shareholder protection," Working Papers, Department of Economics 2021_25, University of São Paulo (FEA-USP).
    25. Brockman, Paul & Tresl, Jiri & Unlu, Emre, 2014. "The impact of insider trading laws on dividend payout policy," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 263-287.
    26. Décamps, Jean-Paul & Villeneuve, Stéphane, 2015. "Integrating profitability prospects and cash management," TSE Working Papers 15-570, Toulouse School of Economics (TSE).
    27. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    28. Maio, Paulo & Xu, Danielle, 2020. "Cash-flow or return predictability at long horizons? The case of earnings yield," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 172-192.
    29. Wu, Ming & Ohk, Kiyool & Ko, Kwangsoo, 2021. "Does cash-flow news play a better role than discount-rate news? Evidence from global regional stock markets," Journal of International Money and Finance, Elsevier, vol. 110(C).
    30. Hui Liang James & Hongxia Wang, 2021. "Independent director tenure and dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1057-1091, May.
    31. Guedhami, Omrane & Kwok, Chuck C.Y. & Shao, Liang, 2017. "Political freedom and corporate payouts," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 514-529.
    32. Adhikari, Binay K. & Agrawal, Anup, 2018. "Peer influence on payout policies," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 615-637.
    33. Thomas David & Edith Ginglinger, 2015. "When Cutting Dividends Is Not Bad News: The Case Of Optional Stock Dividends," Post-Print hal-01637541, HAL.
    34. Grennan, Jillian, 2019. "Dividend payments as a response to peer influence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 549-570.
    35. Bilicka, Katarzyna & Güçeri, Irem & Koumanakos, Evangelos, 2023. "Dividend Taxation and Firm Performance with Heterogeneous Payout Responses," CEPR Discussion Papers 17871, C.E.P.R. Discussion Papers.
    36. Laszlo Goerke, 2021. "Habit formation and wage determination," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(1), pages 61-76, January.
    37. Priit Jeenas & Josep Pijoan-Mas & Enrique Moral-Benito & Manuel García-Santana & Julian di Giovanni, 2022. "Buy Big or Buy Small? Procurement Policies, Firms’ Financing, and the Macroeconomy," Working Papers 1321, Barcelona School of Economics.
    38. Abramov, Alexander E. (Абрамов, Александр) & Radygin, Alexander (Радыгин, Александр) & Chernova, Maria I. (Чернова, Мария), 2018. "Analysis of the Impact of the Ownership Structure of Russian Companies on Their Performance and Dividend Policy [Анализ Влияния Структуры Собственности Российских Компаний На Показатели Их Деятельн," Working Papers 031817, Russian Presidential Academy of National Economy and Public Administration.
    39. Lee, Sang-Yeob & Hong, Woo-Hyung, 2020. "Does tax really matter for corporate payout policy: Evidence from a policy experiment in South Korea," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    40. Hwang Hee Lee & Frederick Dongchuhl Oh, 2022. "The role of credit default swaps in determining corporate payout policy," Financial Management, Financial Management Association International, vol. 51(2), pages 635-661, June.
    41. Coqueret, Guillaume & Tavin, Bertrand, 2019. "Procedural rationality, asset heterogeneity and market selection," Journal of Mathematical Economics, Elsevier, vol. 82(C), pages 125-149.
    42. Laszlo Goerke, 2020. "An Efficiency-wage Model with Habit Concerns About Wages," IAAEU Discussion Papers 202004, Institute of Labour Law and Industrial Relations in the European Union (IAAEU).
    43. Salikhova, Tatiana & Ugarov, Alexander & Orlova, Svetlana, 2024. "Dividend smoothing and financial transparency," Finance Research Letters, Elsevier, vol. 62(PA).
    44. Malcolm Baker & Jeffrey Wurgler, 2012. "Dividends as Reference Points: A Behavioral Signaling Approach," NBER Working Papers 18242, National Bureau of Economic Research, Inc.
    45. Adra, Samer & Gao, Yang & Huang, Jin & Yuan, Jiayi, 2023. "Geopolitical risk and corporate payout policy," International Review of Financial Analysis, Elsevier, vol. 87(C).
    46. Chen, Jie & Leung, Woon Sau & Goergen, Marc, 2017. "The impact of board gender composition on dividend payouts," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 86-105.
    47. Jacob, Martin & Alstadsæter, Annette, 2013. "Payout policies of privately held firms: Flexibility and the role of income taxes," arqus Discussion Papers in Quantitative Tax Research 152, arqus - Arbeitskreis Quantitative Steuerlehre.
    48. Shu, Shaowen & Peng, Wei, 2024. "How does product market competition affect dividend smoothing? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 177-192.
    49. Chuanzhen Li & Liang Zhao & Yiwen Zhang, 2024. "Economic policy uncertainty and cash dividend policy: evidence from China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-17, December.
    50. Seyed Alireza Athari, 2021. "The effects of institutional settings and risks on bank dividend policy in an emerging market: Evidence from Tobit model," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4493-4515, July.
    51. Aoki, Yasuharu, 2023. "The effect of dividend smoothing on bond spreads: Evidence from Japan," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 621-637.
    52. Armitage, Seth & Gallagher, Ronan, 2019. "Are pension contributions a threat to shareholder payouts?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 27-42.
    53. Laetitia Lepetit & Céline Meslier-Crouzille & Leo Indra Wardhana, 2015. "Do Asymmetric Information and Ownership Structure Matter for Dividend Payout Decisions? Evidence from European Banks," Working Papers hal-01186722, HAL.
    54. Lóránth, Gyöngyi & Laux, Christian & Cziraki, Peter, 2016. "Understanding Bank Payouts during the Crisis of 2007-2009," CEPR Discussion Papers 11453, C.E.P.R. Discussion Papers.
    55. Vu Quang Trinh & Ngan Duong Cao & Linh Hai Dinh & Hong Ngoc Nguyen, 2021. "Boardroom gender diversity and dividend payout strategies: Effects of mergers deals," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6014-6035, October.
    56. Li, Youwei & Liao, Ming & Liu, Yangke, 2023. "How does green credit policy affect polluting firms' dividend policy? The China experience," International Review of Financial Analysis, Elsevier, vol. 88(C).
    57. Fernau, Erik & Hirsch, Stefan, 2019. "What drives dividend smoothing? A meta regression analysis of the Lintner model," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 255-273.
    58. Espahbodi, Reza & Liu, Nan & Weigand, Robert A., 2022. "Opportunistic earnings management or performance-related effects? Evidence from dividend-paying firms," Global Finance Journal, Elsevier, vol. 54(C).
    59. Yomna Abdulla & Viet Anh Dang & Arif Khurshed, 2016. "Debt maturity and initial public offerings," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1129-1165, November.
    60. Bessler, Wolfgang & Drobetz, Wolfgang & Haller, Rebekka & Meier, Iwan, 2013. "The international zero-leverage phenomenon," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 196-221.
    61. Javakhadze, David & Ferris, Stephen P. & Sen, Nilanjan, 2014. "An international analysis of dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 200-220.
    62. Cho, Jin Seo & Kim, Tae-hwan & Shin, Yongcheol, 2015. "Quantile cointegration in the autoregressive distributed-lag modeling framework," Journal of Econometrics, Elsevier, vol. 188(1), pages 281-300.
    63. Seo, Myung Hwan & Shin, Yongcheol, 2016. "Dynamic panels with threshold effect and endogeneity," Journal of Econometrics, Elsevier, vol. 195(2), pages 169-186.
    64. Jan Hanousek & Jiří Trešl, 2019. "Charakteristiky celkových výplat akcionářům soukromých firem v zemích visegradské skupiny [Firms' Total Payout Characteristics in Visegrad Countries]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(5), pages 458-475.
    65. Dong, Longxu & Zhang, Haomin & Huang, Yongjian, 2024. "Dual-class share structure and dividend smoothing," Finance Research Letters, Elsevier, vol. 61(C).
    66. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 221-235.
    67. Pham, Quynh Thi Thuy, 2021. "Stock Return Predictability: Evidence Across US Industries," Finance Research Letters, Elsevier, vol. 38(C).
    68. Jin Seo Cho & Matthew Greenwood-Nimmo & Yongcheol Shin, 2023. "The Asymmetric Response of Dividends to Earnings News," Working papers 2023rwp-210, Yonsei University, Yonsei Economics Research Institute.
    69. Fliers, Philip T., 2019. "What is the relation between financial flexibility and dividend smoothing?," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 98-111.
    70. Oskar Kowalewski & Muhammad Farooq Ahmad & Saqib Aziz & Rwan El-Khatib, 2022. "Firm-Level Political Risk and Dividend Payout," Working Papers 2022-ACF-04, IESEG School of Management.
    71. Floyd, Eric & Li, Nan & Skinner, Douglas J., 2015. "Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends," Journal of Financial Economics, Elsevier, vol. 118(2), pages 299-316.
    72. Balli, Faruk & Agyemang, Abraham & Gregory-Allen, Russell & Ozer Balli, Hatice, 2022. "Corporate dividend smoothing: The role of cross-listing," Journal of Corporate Finance, Elsevier, vol. 72(C).
    73. Campbell, Gareth & Rogers, Meeghan, 2018. "Capital structure volatility in Europe," International Review of Financial Analysis, Elsevier, vol. 55(C), pages 128-139.
    74. Henry Penikas, 2023. "Smoothing the Key Rate Pass-Through: What to Keep in Mind When Interpreting Econometric Estimates," Russian Journal of Money and Finance, Bank of Russia, vol. 82(3), pages 3-34, September.
    75. Whited, Toni M. & Wu, Yufeng & Xiao, Kairong, 2021. "Low interest rates and risk incentives for banks with market power," Journal of Monetary Economics, Elsevier, vol. 121(C), pages 155-174.
    76. rondi, laura & cambini, carlo & bremberger, francisca & gugler, klaus, 2013. "Dividend Policy in Regulated Firms," MPRA Paper 48043, University Library of Munich, Germany.
    77. Yilin Luo & Chenkai Ni & James Thewissen, 2024. "Currency flotation and dividend policies: Evidence from China's central parity reform," Financial Management, Financial Management Association International, vol. 53(1), pages 145-174, March.
    78. Nishant B. Labhane & Jitendra Mahakud, 2018. "Dividend Smoothing and Business Groups: Evidence from Indian Companies," Global Business Review, International Management Institute, vol. 19(3), pages 690-706, June.
    79. Forti, Cristiano & Schiozer, Rafael F., 2015. "Bank dividends and signaling to information-sensitive depositors," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 1-11.
    80. Aleksandra Pieloch-Babiarz, 2022. "Catering to investor sentiment for dividends: contestability or collusion of the largest shareholders?," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(2), pages 435-457, June.
    81. Seth, Rama & Mahenthiran, Sakthi, 2022. "Impact of dividend payouts and corporate social responsibility on firm value – Evidence from India," Journal of Business Research, Elsevier, vol. 146(C), pages 571-581.
    82. Chen, Mingqin & Xie, Jing & Li, Yue, 2022. "Heterogeneity of dividend smoothing: A strategic response to peer competition in China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
    83. Bliss, Barbara A. & Cheng, Yingmei & Denis, David J., 2015. "Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis," Journal of Financial Economics, Elsevier, vol. 115(3), pages 521-540.
    84. Kent Baker, H. & De Ridder, Adri, 2018. "Payout policy in industrial and financial firms," Global Finance Journal, Elsevier, vol. 37(C), pages 138-151.
    85. Saskia ter Ellen & Cars H. Hommes & Remco C.J. Zwinkels, 2017. "Comparing behavioural heterogeneity across asset classes," Working Paper 2017/12, Norges Bank.
    86. Stephan Jank, 2015. "Changes in the Composition of Publicly Traded Firms: Implications for the Dividend-Price Ratio and Return Predictability," Management Science, INFORMS, vol. 61(6), pages 1362-1377, June.
    87. Cheng-few Lee & James Juichia Lin, 2023. "Generalized dividend behavior model and dividend smoothing: theory and empirical evidence," Review of Quantitative Finance and Accounting, Springer, vol. 61(4), pages 1529-1561, November.
    88. Akkoyun, Cagri & Ersahin, Nuri & James, Christopher M., 2023. "Crowded out from the beginning: Impact of government debt on corporate financing," Journal of Financial Intermediation, Elsevier, vol. 56(C).
    89. Andres, Christian & Hofbaur, Ulrich, 2017. "Do what you did four quarters ago: Trends and implications of quarterly dividends," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 139-158.
    90. Emmanuel Caiazzo & Leonardo Gambacorta & Tommaso Oliviero & Hyun Song Shin, 2024. "Corporate payout policy: are financial firms different?," BIS Working Papers 1168, Bank for International Settlements.
    91. Kasahara, Akitada & Orihara, Masanori, 2022. "Family firms’ dividend policies: Evidence from a Japanese tax reform," Finance Research Letters, Elsevier, vol. 45(C).
    92. Hoang, Edward C. & Hoxha, Indrit, 2016. "Corporate payout smoothing: A variance decomposition approach," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 1-13.
    93. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    94. Guillaume Coqueret & Bertrand Tavin, 2019. "Procedural rationality, asset heterogeneity and market selection," Post-Print hal-02312310, HAL.
    95. Basse, Tobias & Klein, Tony & Vigne, Samuel A. & Wegener, Christoph, 2021. "U.S. stock prices and the dot.com-bubble: Can dividend policy rescue the efficient market hypothesis?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    96. Rhee, KyungJae & Park, Kyung Suh, 2018. "Changes in dividend smoothing after the financial crisis," Economics Letters, Elsevier, vol. 172(C), pages 37-39.
    97. Mohsen Jafarian & Fauzias Mat Nor & Izani Ibrahim, 2018. "The Relative Importance of Cash Flow News and Discount Rate News at Driving Stock Price Change," Capital Markets Review, Malaysian Finance Association, vol. 26(1), pages 56-72.
    98. Mark Wallis, 2021. "The effects of relaxing Australia’s statutory dividend restrictions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3685-3733, June.
    99. Al-Malkawi, Husam-Aldin Nizar & Bhatti, M. Ishaq & Magableh, Sohail I., 2014. "On the dividend smoothing, signaling and the global financial crisis," Economic Modelling, Elsevier, vol. 42(C), pages 159-165.
    100. Masoud Taherinia & Mehrdad Matin & Jamal Valipour & Kavian Abdolahi & Peyman Shouryabi & Mohammad Mahdi Barzegar, 2024. "Capital Structure Adjustment Speed and Expected Returns: Examination of Information Asymmetry as a Moderating Role," Papers 2403.06035, arXiv.org.
    101. Krieger, Kevin & Mauck, Nathan & Pruitt, Stephen W., 2021. "The impact of the COVID-19 pandemic on dividends," Finance Research Letters, Elsevier, vol. 42(C).
    102. Ogden, Joseph P. & Wu, Shanhong, 2013. "Reassessing the effect of growth options on leverage," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 182-195.
    103. Xu, Xixiong & Lin, Cuiliang & Wang, Maochuan, 2024. "Does parenting daughters increase corporate cash dividends? Evidence from Chinese family firms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    104. Richard Herron, 2022. "Payout policy and the interaction of firm-level and country-level governance," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 1-39, January.
    105. Basil Al-Najjar & Yacine Belghitar, 2012. "The information content of cashflows in the context of dividend smoothing," Economic Issues Journal Articles, Economic Issues, vol. 17(2), pages 57-70, September.
    106. Paul McGuinness & Kevin Lam & João Vieito, 2015. "Gender and other major board characteristics in China: Explaining corporate dividend policy and governance," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 989-1038, December.
    107. Atif Ellahie & Zachary Kaplan, 2021. "Show Me the Money! Dividend Policy in Countries with Weak Institutions," Journal of Accounting Research, Wiley Blackwell, vol. 59(2), pages 613-655, May.
    108. Bhattacharya, Debarati & Chang, Chia-Wen & Li, Wei-Hsien, 2020. "Stages of firm life cycle, transition, and dividend policy," Finance Research Letters, Elsevier, vol. 33(C).
    109. Attig, Najah & El Ghoul, Sadok & Guedhami, Omrane & Zheng, Xiaolan, 2021. "Dividends and economic policy uncertainty: International evidence," Journal of Corporate Finance, Elsevier, vol. 66(C).
    110. Ha, Chang Yong & Im, Hyun Joong & Kang, Ya, 2017. "Sticky dividends: A new explanation," Finance Research Letters, Elsevier, vol. 23(C), pages 69-79.
    111. Dang, Viet A. & De Cesari, Amedeo & Phan, Hieu V., 2021. "Employment protection and share repurchases: Evidence from wrongful discharge laws," Journal of Corporate Finance, Elsevier, vol. 69(C).
    112. Sharier Azim Khan, 2021. "Leverage target and payout policy," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(1), pages 53-79, April.
    113. James Juichia Lin & Cheng-Few Lee, 2021. "Does managerial reluctance of dividend cuts signal future earnings?," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 453-478, February.
    114. Leentje Moortgat & Jan Annaert & Marc Deloof, 2024. "The long-run persistence in dividend policy," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 18(3), pages 621-651, September.
    115. Dang-Khoa Duong & Thi Thanh-Phuong Phan & Kim-Hung Pho & Michael McAleer, 2020. "Impact of Board Characteristics and State Ownership on Dividend Policy in Vietnam," Advances in Decision Sciences, Asia University, Taiwan, vol. 24(4), pages 1-34, December.
    116. Ebenezer Asem & Shamsul Alam, 2021. "The abnormal return associated with consecutive dividend increases," The European Journal of Finance, Taylor & Francis Journals, vol. 27(3), pages 222-238, February.
    117. Fulvia Fringuellotti & Thomas Kroen, 2024. "Payout Restrictions and Bank Risk-Shifting," Staff Reports 1123, Federal Reserve Bank of New York.
    118. Francis, Bill B. & Samuel, Gilna & Wu, Qiang, 2023. "The impact of short selling on dividend smoothing," Journal of Financial Stability, Elsevier, vol. 65(C).
    119. Benoît D'Udekem, 2014. "Rational Dividend Addiction in Banking," Working Papers CEB 14-013, ULB -- Universite Libre de Bruxelles.
    120. Sørensen, Bent E & Hoffmann, Mathias & Maslov, Egor & Stewen, Iryna, 2018. "Are Banking and Capital Markets Union Complements? Evidence from Channels of Risk Sharing in the Eurozone," CEPR Discussion Papers 13254, C.E.P.R. Discussion Papers.
    121. Justin Hung Nguyen & Buhui Qiu, 2022. "The effect of skilled labor intensity on corporate dividend payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 963-1010, May.
    122. David Blanco‐Alcántara & Jorge Gallud‐Cano & Félix J. López‐Iturriaga & Óscar López‐de‐Foronda, 2022. "Have European banks maintained their payout policy during the crisis? The role of scrip dividends," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4619-4632, October.
    123. Kambar Farooq & Muhammad Azeem & Chin Man Chui & Jun (Tony) Ruan, 2023. "Board Connections and Dividend Policy," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 983-1040, December.
    124. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 200-214.
    125. Bontempi, Maria Elena & Bottazzi, Laura & Golinelli, Roberto, 2020. "A multilevel index of heterogeneous short-term and long-term debt dynamics," Journal of Corporate Finance, Elsevier, vol. 64(C).
    126. Francesco Menoncin & Paolo Panteghini & Luca Regis, 2021. "Optimal Firm's Dividend and Capital Structure for Mean Reverting Profitability," CESifo Working Paper Series 9407, CESifo.
    127. Kong, Dongmin & Ji, Mianmian & Zhang, Fan, 2022. "Individual investors’ dividend tax reform and corporate social responsibility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    128. Drienko, Jo & Khorsand, Bardia, 2023. "Dividend hibernation and future earnings: When no dividend news is good news," Journal of Corporate Finance, Elsevier, vol. 83(C).
    129. Urszula Mrzyglod & Sabina Nowak & Magdalena Mosionek-Schweda & Jakub M. Kwiatkowski, 2021. "What drives the dividend decisions in BRICS countries?," Oeconomia Copernicana, Institute of Economic Research, vol. 12(3), pages 593-629, September.
    130. Tao, Qizhi & Wei, K.C. John & Xiang, Xueman & Yi, Biao, 2022. "Board directors' foreign experience and firm dividend payouts," Journal of Corporate Finance, Elsevier, vol. 75(C).
    131. Petr Jakubik & Saida Teleu, 2022. "Suspension of insurers’ dividends as a response to the COVID-19 crisis: evidence from the European insurance equity market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 785-816, October.
    132. Zechner, Josef & Cejnek, Georg & Randl, Otto, 2020. "The Covid-19 Pandemic and Corporate Dividend Policy," CEPR Discussion Papers 14571, C.E.P.R. Discussion Papers.
    133. Lee, Hanbaek, 2022. "Repeated Transition Method and the Nonlinear Business Cycle with the Corporate Saving Glut," MPRA Paper 115887, University Library of Munich, Germany.
    134. Long Chen & Zhi Da & Richard Priestley, 2012. "Dividend Smoothing and Predictability," Management Science, INFORMS, vol. 58(10), pages 1834-1853, October.
    135. Abdul Moin & Yilmaz Guney & Izidin El Kalak, 2020. "The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 857-900, October.

  27. Alon Brav & Roni Michaely & Michael Roberts & Rebecca Zarutskie, 2009. "Evidence on the Trade‐Off between Risk and Return for IPO and SEO Firms," Financial Management, Financial Management Association International, vol. 38(2), pages 221-252, June.

    Cited by:

    1. Agliardi, Elettra & Amel-Zadeh, Amir & Koussis, Nicos, 2016. "Leverage changes and growth options in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 37-58.
    2. Chen, Long & Zhao, Xinlei, 2006. "On the relation between the market-to-book ratio, growth opportunity, and leverage ratio," Finance Research Letters, Elsevier, vol. 3(4), pages 253-266, December.
    3. Saumitra, Bhaduri, 2012. "Why do firms issue equity? Some evidence from an emerging economy, India," MPRA Paper 38043, University Library of Munich, Germany.
    4. Zhi Da & Ravi Jagannathan & Jianfeng Shen, 2012. "Building Castles in the Air: Evidence from Industry IPO Waves," NBER Working Papers 18555, National Bureau of Economic Research, Inc.

  28. William C. Weld & Roni Michaely & Richard H. Thaler & Shlomo Benartzi, 2009. "The Nominal Share Price Puzzle," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 121-142, Spring.

    Cited by:

    1. Lin, Jing & An, Yunbi & Yang, Jun & Liang, Yinhe, 2019. "Price inversion and post lock-up period returns on private investments in public equity in China: An interest transfer perspective," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 47-84.
    2. Braggion, Fabio & Giannetti, Mariassunta, 2019. "Changing corporate governance norms: Evidence from dual class shares in the UK," Journal of Financial Intermediation, Elsevier, vol. 37(C), pages 15-27.
    3. Kaustia, Markku & Rantala, Ville, 2015. "Social learning and corporate peer effects," Journal of Financial Economics, Elsevier, vol. 117(3), pages 653-669.
    4. Mustafa Disli & Koen Inghelbrecht & Koen Schoors & Hannes Stieperaere, 2019. "Stock Price Anchoring," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 19/966, Ghent University, Faculty of Economics and Business Administration.
    5. Adam Zaremba & Jacob Koby Shemer, 2018. "Price-Based Investment Strategies," Springer Books, Springer, number 978-3-319-91530-2, March.
    6. Cahill, Daniel & G. Baur, Dirk & (Frank) Liu, Zhangxin & W. Yang, Joey, 2020. "I am a blockchain too: How does the market respond to companies’ interest in blockchain?," Journal of Banking & Finance, Elsevier, vol. 113(C).
    7. Iannino, Maria Chiara & Zhang, Min & Zhuk, Sergey, 2024. "Signaling through timing of stock splits," Journal of Corporate Finance, Elsevier, vol. 87(C).
    8. Justin Cox & Bonnie Van Ness & Robert Van Ness, 2022. "Stock splits and retail trading," The Financial Review, Eastern Finance Association, vol. 57(4), pages 731-750, November.
    9. Kee-Hong Bae & Utpal Bhattacharya & Jisok Kang & S. Ghon Rhee, 2019. "Nominal Stock Price Anchors: A Global Phenomenon?," HKUST IEMS Working Paper Series 2019-64, HKUST Institute for Emerging Market Studies, revised May 2019.
    10. Fernando, Chitru S. & Gatchev, Vladimir A. & Spindt, Paul A., 2012. "Institutional ownership, analyst following, and share prices," Journal of Banking & Finance, Elsevier, vol. 36(8), pages 2175-2189.
    11. Jasiniak Magdalena, 2018. "Determinants of Investment Decisions on the Capital Market," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 14(2), pages 1-8, June.
    12. Tadeusz Dudycz & Bogumiła Brycz, 2021. "Why the Par Value of Share Matters to Investors," IJFS, MDPI, vol. 9(1), pages 1-20, March.
    13. Li, Fengfei & Lin, Ji-Chai & Lin, Tse-Chun & Shang, Longfei, 2023. "Behavioral bias, distorted stock prices, and stock splits," Journal of Banking & Finance, Elsevier, vol. 154(C).
    14. Amini, Shima & Buchner, Axel & Cai, Charlie X. & Mohamed, Abdulkadir, 2020. "Why do firms manage their stock price levels?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 67(C).
    15. Devos, Erik & Elliott, William B. & Warr, Richard S., 2015. "CEO opportunism?: Option grants and stock trades around stock splits," Journal of Accounting and Economics, Elsevier, vol. 60(1), pages 18-35.
    16. Li, Xindan & Geng, Ziyang & Subrahmanyam, Avanidhar & Yu, Honghai, 2017. "Do wealthy investors have an informational advantage? Evidence based on account classifications of individual investors," Journal of Empirical Finance, Elsevier, vol. 44(C), pages 1-18.
    17. Métais, Carole & Roger, Tristan, 2022. "Are retail investors less aggressive on small price stocks?," Journal of Financial Markets, Elsevier, vol. 59(PA).
    18. Kelly Shue & Richard R. Townsend, 2019. "Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets," NBER Working Papers 25751, National Bureau of Economic Research, Inc.
    19. Keith Jakob & Ryan Whitby, 2017. "The impact of nominal stock price on ex-dividend price responses," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 939-953, May.
    20. Perez, M. Fabricio & Shkilko, Andriy & Sokolov, Konstantin, 2015. "Factor models for binary financial data," Journal of Banking & Finance, Elsevier, vol. 61(S2), pages 177-188.
    21. Birru, Justin & Wang, Baolian, 2016. "Nominal price illusion," Journal of Financial Economics, Elsevier, vol. 119(3), pages 578-598.
    22. Ashish Pandey, 2021. "Reference Prices and Turnover: Evidence from Small-Capitalization Stocks," JRFM, MDPI, vol. 14(1), pages 1-14, January.
    23. Eric C. Chang & Tse-Chun Lin & Yan Luo & Jinjuan Ren, 2019. "Ex-Day Returns of Stock Distributions: An Anchoring Explanation," Management Science, INFORMS, vol. 65(3), pages 1076-1095, March.
    24. Nhut H. Nguyen & David Y. Wang, 2013. "Stock dividends in China: signalling or liquidity explanations?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(2), pages 513-535, June.
    25. Ahmed M. Elnahas & Pankaj K. Jain & Thomas H. McInish, 2022. "Mixed‐signal stock splits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 934-962, May.
    26. French, Declan & Wu, Yuliang & Li, Youwei, 2016. "Identifying the relative importance of stock characteristics," Journal of Multinational Financial Management, Elsevier, vol. 34(C), pages 80-91.
    27. Adam Zaremba & Rados³aw ¯mudziñski, 2014. "The Low Price Effect On The Polish Market," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 10(1), pages 69-85, June.
    28. Albuquerque, Rui & Song, Shiyun & Yao, Chen, 2017. "The Price Effects of Liquidity Shocks: A Study of SEC’s Tick-Size Experiment," CEPR Discussion Papers 12486, C.E.P.R. Discussion Papers.
    29. Hu, Conghui & Lin, Ji-Chai & Liu, Yu-Jane, 2022. "What are the benefits of attracting gambling investors? Evidence from stock splits in China," Journal of Corporate Finance, Elsevier, vol. 74(C).
    30. Chan, Konan & Li, Fengfei & Lin, Ji-Chai & Lin, Tse-Chun, 2017. "What do stock price levels tell us about the firms?," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 34-50.
    31. Gempesaw, David & Henry, Joseph J. & Velthuis, Raisa, 2022. "Piecing together the extent of retail fractional trading," Global Finance Journal, Elsevier, vol. 54(C).
    32. Cakici, Nusret & Zaremba, Adam & Bianchi, Robert J. & Pham, Nga, 2021. "False discoveries in the anomaly research: New insights from the Stock Exchange of Melbourne (1927–1987)," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    33. Harsimran Sandhu & Kousik Guhathakurta, 2020. "Effects of IPO Offer Price Ranges on Initial Subscription, Initial Turnover and Ownership Structure—Evidence from Indian IPO Market," JRFM, MDPI, vol. 13(11), pages 1-19, November.
    34. Hu, Conghui & Liu, Yu-Jane & Xu, Xin, 2021. "The valuation effect of stock dividends or splits: Evidence from a catering perspective," Journal of Empirical Finance, Elsevier, vol. 61(C), pages 163-179.
    35. Bostan, Ibrahim & Lin, Ji-Chai & Mian, G. Mujtaba, 2024. "Do firms manage their share prices to mitigate investor short-termism?," Journal of Corporate Finance, Elsevier, vol. 84(C).
    36. Kelly Shue & Richard R. Townsend, 2021. "Can the Market Multiply and Divide? Non‐Proportional Thinking in Financial Markets," Journal of Finance, American Finance Association, vol. 76(5), pages 2307-2357, October.
    37. Kristina Minnick & Kartik Raman, 2014. "Why are Stock Splits Declining?," Financial Management, Financial Management Association International, vol. 43(1), pages 29-60, March.
    38. Huang, Lixin & Li, Wei & Wang, Hong & Wu, Liansheng, 2022. "Stock dividend and analyst optimistic bias in earnings forecast," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 643-659.
    39. Albuquerque, Rui & Song, Shiyun & Yao, Chen, 2020. "The price effects of liquidity shocks: A study of the SEC’s tick size experiment," Journal of Financial Economics, Elsevier, vol. 138(3), pages 700-724.
    40. Borsboom, Charlotte & Füllbrunn, Sascha, 2021. "Stock Price Level Effect," MPRA Paper 109286, University Library of Munich, Germany.

  29. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2008. "Managerial Response to the May 2003 Dividend Tax Cut," Financial Management, Financial Management Association International, vol. 37(4), pages 611-624, December.

    Cited by:

    1. Sue-Tzeng Chuang & Ying-Hsiang Chen & Ching-Chieh Lin & Wen-Chih Lee, 2018. "The Impact of Tax Deduction Ratio Reduction on Dividend Payouts Under the Integrated Tax System: Evidence From Taiwan," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 9(3), pages 26-35, July.
    2. Herron, Richard & Platt, Katarzyna, 2021. "World dividends and tax shocks," Global Finance Journal, Elsevier, vol. 47(C).
    3. Hameed, Allaudeen & Xie, Jing, 2019. "Preference for dividends and return comovement," Journal of Financial Economics, Elsevier, vol. 132(1), pages 103-125.
    4. Xiaoqiao Wang & Jing Xie & Bohui Zhang & Xiaofeng Zhao, 2024. "Unraveling the Dividend Puzzle: A Field Experiment," Working Papers 202406, University of Macau, Faculty of Business Administration.
    5. Hanlon, Michelle & Hoopes, Jeffrey L., 2014. "What do firms do when dividend tax rates change? An examination of alternative payout responses," Journal of Financial Economics, Elsevier, vol. 114(1), pages 105-124.
    6. Borgonovo, E. & Gatti, S. & Peccati, L., 2010. "What drives value creation in investment projects? An application of sensitivity analysis to project finance transactions," European Journal of Operational Research, Elsevier, vol. 205(1), pages 227-236, August.
    7. Beladi, Hamid & Chao, Chi Chur & Hu, May, 2016. "The Christmas effect—Special dividend announcements," International Review of Financial Analysis, Elsevier, vol. 43(C), pages 15-30.
    8. Sikalidis, Alexandros & Bozos, Konstantinos & Voulgaris, Georgios, 2023. "Asymmetric effects of fair value adjustments on dividend policy," International Review of Financial Analysis, Elsevier, vol. 90(C).
    9. Zhu, Bo & Hou, Rui, 2022. "Carbon risk and dividend policy: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 84(C).
    10. Jennifer Blouin & Jana Raedy & Douglas Shackelford, 2010. "Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes," NBER Working Papers 16129, National Bureau of Economic Research, Inc.
    11. Lee, Sang-Yeob & Hong, Woo-Hyung, 2020. "Does tax really matter for corporate payout policy: Evidence from a policy experiment in South Korea," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    12. Krieger, Kevin & Lee, Bong-Soo & Mauck, Nathan, 2013. "Do senior citizens prefer dividends? Local clienteles vs. firm characteristics," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 150-165.
    13. Rydqvist, Kristian & Spizman, Joshua & Strebulaev, Ilya, 2014. "Government policy and ownership of equity securities," Journal of Financial Economics, Elsevier, vol. 111(1), pages 70-85.
    14. John Elim, 2019. "Model of Firm Value Indonesian Stock Exchange Case," International Journal of Economics and Financial Issues, Econjournals, vol. 9(3), pages 154-162.
    15. Balachandran, Balasingham & Nguyen, Justin Hung, 2018. "Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 249-267.
    16. Golubov, Andrey & Lasfer, Meziane & Vitkova, Valeriya, 2020. "Active catering to dividend clienteles: Evidence from takeovers," Journal of Financial Economics, Elsevier, vol. 137(3), pages 815-836.
    17. JOSEPH A. McCAHERY & ZACHARIAS SAUTNER & LAURA T. STARKS, 2016. "Behind the Scenes: The Corporate Governance Preferences of Institutional Investors," Journal of Finance, American Finance Association, vol. 71(6), pages 2905-2932, December.
    18. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    19. Kang, Minwook & Ye, Lei Sandy, 2023. "Dividend and corporate income taxation with present-biased consumers," Journal of Banking & Finance, Elsevier, vol. 152(C).
    20. Márcio Telles Portal & Luís Laureano, 2015. "Rebound Effect of Allowance for Corporate Equity on Debt Bias," Working Papers Series 2 15-06, ISCTE-IUL, Business Research Unit (BRU-IUL).
    21. Kristian Rydqvist & Joshua Spizman & Ilya A. Strebulaev, 2011. "Government Policy and Ownership of Financial Assets," NBER Working Papers 17522, National Bureau of Economic Research, Inc.
    22. Batabyal, Sourav & Robinson, Richard, 2017. "Capital change and stability when dividends convey signals," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 158-167.
    23. Jeffrey R. Brown & Anne M. Farrell & Scott J. Weisbenner, 2015. "Decision-Making Approaches and the Propensity to Default: Evidence and Implications," NBER Working Papers 20949, National Bureau of Economic Research, Inc.
    24. John R. Graham, 2022. "Presidential Address: Corporate Finance and Reality," Journal of Finance, American Finance Association, vol. 77(4), pages 1975-2049, August.
    25. Boulton, Thomas J. & Braga-Alves, Marcus V. & Shastri, Kuldeep, 2012. "Payout policy in Brazil: Dividends versus interest on equity," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 968-979.
    26. Balachandran, Balasingham & Khan, Arifur & Mather, Paul & Theobald, Michael, 2019. "Insider ownership and dividend policy in an imputation tax environment," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 153-167.
    27. Karpavičius, Sigitas & Yu, Fan, 2018. "Dividend premium: Are dividend-paying stocks worth more?," International Review of Financial Analysis, Elsevier, vol. 56(C), pages 112-126.
    28. Lampenius, Niklas & Shevlin, Terry & Stenzel, Arthur, 2021. "Measuring corporate tax rate and tax base avoidance of U.S. Domestic and U.S. multinational firms," Journal of Accounting and Economics, Elsevier, vol. 72(1).
    29. Lily Nguyen & Le Vu & Xiangkang Yin, 2021. "Share repurchases and firm innovation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1665-1695, April.
    30. Peyer, Urs & Vermaelen, Theo, 2016. "Political affiliation and dividend tax avoidance: Evidence from the 2013 fiscal cliff," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 136-149.
    31. K. H. Nguyen, 2014. "Impact of a dividend initiation wave on shareholder wealth," Applied Financial Economics, Taylor & Francis Journals, vol. 24(8), pages 573-586, April.
    32. Buchanan, Bonnie G. & Cao, Cathy Xuying & Liljeblom, Eva & Weihrich, Susan, 2017. "Uncertainty and firm dividend policy—A natural experiment," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 179-197.
    33. Berzins, Janis & Bøhren, Øyvind & Stacescu, Bogdan, 2019. "Dividends and taxes: The moderating role of agency conflicts," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 583-604.
    34. Szládek, Dániel, 2024. "Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai [Share repurchases instead of dividend payments?. The evolution of payout policies and ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 154-175.
    35. Bradley Benson & Travis Davidson & Hui James & Hongxia Wang, 2022. "Board busyness and corporate payout: are all busy directors the same?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3711-3759, September.
    36. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    37. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2014. "Direct evidence of dividend tax clienteles," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 1-12.
    38. Jesse Edgerton, 2013. "Four facts about dividend payouts and the 2003 tax cut," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(5), pages 769-784, October.
    39. Officer, Micah S., 2011. "Overinvestment, corporate governance, and dividend initiations," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 710-724, June.
    40. Justin Hung Nguyen & Buhui Qiu, 2022. "The effect of skilled labor intensity on corporate dividend payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 963-1010, May.
    41. Sheikh, Shahbaz, 2021. "CEO inside debt, market structure and payout policy," International Review of Financial Analysis, Elsevier, vol. 76(C).

  30. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2008. "The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence," National Tax Journal, National Tax Association;National Tax Journal, vol. 61(3), pages 381-396, September.

    Cited by:

    1. Akindayomi, Akinloye & Amin, Md Ruhul, 2022. "Does business strategy affect dividend payout policies?," Journal of Business Research, Elsevier, vol. 151(C), pages 531-550.
    2. Colombo, Jéfferson A. & Caldeira, João F., 2018. "The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 402-423.
    3. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
    4. Kowerski Mieczyslaw, 2016. "Can Increasing Dividends be a Symptom of the Financialization of the Polish Economy?," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 12(4), pages 1-19, December.

  31. Jacob Boudoukh & Roni Michaely & Matthew Richardson & Michael R. Roberts, 2007. "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing," Journal of Finance, American Finance Association, vol. 62(2), pages 877-915, April.
    See citations under working paper version above.
  32. Alon Brav & Reuven Lehavy & Roni Michaely, 2005. "Using Expectations to Test Asset Pricing Models," Financial Management, Financial Management Association, vol. 34(3), Fall.

    Cited by:

    1. Aretz, Kevin & Bartram, Söhnke M. & Pope, Peter F., 2011. "Asymmetric Loss Functions and the Rationality of Expected Stock Returns," MPRA Paper 47343, University Library of Munich, Germany.
    2. Mikael C. Bergbrant & Patrick J. Kelly, 2015. "Macroeconomic Expectations and the Size, Value and Momentum Factors," Working Papers w0214, New Economic School (NES).
    3. Raj Aggarwal & Dev Mishra & Craig Wilson, 2018. "Analyst recommendations and the implied cost of equity," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 717-743, April.
    4. Jennifer Juergens & Evan Anderson & Eric Ghysels, 2004. "Do Heterogeneous Beliefs Matter for Asset Pricing?," Econometric Society 2004 North American Summer Meetings 477, Econometric Society.
    5. Clifford S. Asness & Andrea Frazzini & Lasse Heje Pedersen, 2019. "Quality minus junk," Review of Accounting Studies, Springer, vol. 24(1), pages 34-112, March.
    6. Ľuboš Pástor & Meenakshi Sinha & Bhaskaran Swaminathan, 2008. "Estimating the Intertemporal Risk–Return Tradeoff Using the Implied Cost of Capital," Journal of Finance, American Finance Association, vol. 63(6), pages 2859-2897, December.
    7. Jiang, Hao, 2010. "Institutional investors, intangible information, and the book-to-market effect," Journal of Financial Economics, Elsevier, vol. 96(1), pages 98-126, April.
    8. Tsai, Pei-Ling & Hsu, Yuan-Lin & Chih, Hsiang-Hsuan & Lin, Shih-Kuei, 2022. "Theoretical and empirical analysis of options in open market share repurchases of Taiwan companies," International Review of Economics & Finance, Elsevier, vol. 81(C), pages 205-226.
    9. Dechow, Patricia & Ge, Weili & Schrand, Catherine, 2010. "Understanding earnings quality: A review of the proxies, their determinants and their consequences," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 344-401, December.
    10. Daphne Lui & Stanimir Markov & Ane Tamayo, 2007. "What Makes a Stock Risky? Evidence from Sell‐Side Analysts' Risk Ratings," Journal of Accounting Research, Wiley Blackwell, vol. 45(3), pages 629-665, June.
    11. Gerritsen, Dirk F., 2015. "Security analysts’ target prices and takeover premiums," Finance Research Letters, Elsevier, vol. 13(C), pages 205-213.
    12. Ambrus Kecskés & Roni Michaely & Kent L. Womack, 2017. "Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?," Management Science, INFORMS, vol. 63(6), pages 1855-1871, June.
    13. Bacchetta, Philippe & Mertens, Elmar & van Wincoop, Eric, 2009. "Predictability in financial markets: What do survey expectations tell us?," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 406-426, April.
    14. Thesmar , David & Bouchaud , Jean-Philippe & Stefano , Ciliberti & Landier , Augustin & Simon , Guillaume, 2016. "The Excess Returns of 'Quality' Stocks: A Behavioral Anomaly," HEC Research Papers Series 1134, HEC Paris.
    15. Julien Pénasse, 2022. "Understanding Alpha Decay," Management Science, INFORMS, vol. 68(5), pages 3966-3973, May.
    16. Jean-Philippe Bouchaud & Philipp Krueger & Augustin Landier & David Thesmar, 2016. "Sticky Expectations and the Profitability Anomaly," Swiss Finance Institute Research Paper Series 16-60, Swiss Finance Institute.
    17. Pawel Bilinski & Danielle Lyssimachou, 2014. "Risk Interpretation of the CAPM's Beta: Evidence from a New Research Method," Abacus, Accounting Foundation, University of Sydney, vol. 50(2), pages 203-226, June.
    18. Murillo Campello & Long Chen & Lu Zhang, 2005. "Expected returns, yield spreads, and asset pricing tests," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
    19. Todd Houge & Tim Lughran, 2006. "Do Invesrtors Capture the Value Premium?," Financial Management, Financial Management Association International, vol. 35(2), pages 5-19, June.
    20. Jiang, Xiaoquan & Lee, Bong-Soo, 2014. "The intertemporal risk-return relation: A bivariate model approach," Journal of Financial Markets, Elsevier, vol. 18(C), pages 158-181.
    21. Hollis Ashbaugh‐Skaife & Daniel W. Collins & William R. Kinney Jr & Ryan Lafond, 2009. "The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity," Journal of Accounting Research, Wiley Blackwell, vol. 47(1), pages 1-43, March.
    22. Hagemeister, Meike & Kempf, Alexander, 2007. "CAPM und erwartete Renditen: Eine Untersuchung auf Basis der Erwartung von Marktteilnehmern," CFR Working Papers 07-01, University of Cologne, Centre for Financial Research (CFR).
    23. Gene Amromin & Steven A. Sharpe, 2014. "From the Horse's Mouth: Economic Conditions and Investor Expectations of Risk and Return," Management Science, INFORMS, vol. 60(4), pages 845-866, April.
    24. Szakmary, Andrew C. & Conover, C. Mitchell & Lancaster, Carol, 2008. "An examination of Value Line's long-term projections," Journal of Banking & Finance, Elsevier, vol. 32(5), pages 820-833, May.
    25. Persakis, Anthony & Iatridis, George Emmanuel, 2015. "Cost of capital, audit and earnings quality under financial crisis: A global empirical investigation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 38(C), pages 3-24.
    26. Jie Zhou, 2013. "Analysts’ Target Prices and Stock Recommendations," Accounting and Finance Research, Sciedu Press, vol. 2(1), pages 1-1, February.
    27. Jan A. Kempkes & Francesco Suprano & Andreas Wömpener, 2023. "An empirical evaluation of dynamic approaches for estimating firms’ expected cost of equity capital," The Financial Review, Eastern Finance Association, vol. 58(4), pages 859-886, November.
    28. Jennifer Francis & Dhananjay Nanda & Per Olsson, 2008. "Voluntary Disclosure, Earnings Quality, and Cost of Capital," Journal of Accounting Research, Wiley Blackwell, vol. 46(1), pages 53-99, March.
    29. Frank Ecker & Jennifer Francis & Per Olsson & Katherine Schipper, 2021. "Non-random sampling and association tests on realized returns and risk proxies," Review of Accounting Studies, Springer, vol. 26(2), pages 772-814, June.
    30. Gene Amromin & Steven A. Sharpe, 2008. "Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?," Finance and Economics Discussion Series 2008-17, Board of Governors of the Federal Reserve System (U.S.).
    31. Core, John E. & Guay, Wayne R. & Verdi, Rodrigo, 2008. "Is accruals quality a priced risk factor?," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 2-22, September.
    32. Sandip Mukherji & Youngho Lee, 2013. "Explanatory Factors for Market Multiples and Expected Returns," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 7(1), pages 45-54.
    33. Yuan Huang & Steven Wei, 2012. "Advertising intensity, investor recognition, and implied cost of capital," Review of Quantitative Finance and Accounting, Springer, vol. 38(3), pages 275-298, April.
    34. Merkle, Christoph & Sextroh, Christoph J., 2021. "Value and momentum from investors’ perspective: Evidence from professionals’ risk-ratings," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 159-178.
    35. Philip Baird & Pinar Geylani & Jeffrey Roberts, 2012. "Corporate Social and Financial Performance Re-Examined: Industry Effects in a Linear Mixed Model Analysis," Journal of Business Ethics, Springer, vol. 109(3), pages 367-388, September.
    36. Günter Strobl, 2013. "Earnings Manipulation and the Cost of Capital," Journal of Accounting Research, Wiley Blackwell, vol. 51(2), pages 449-473, May.
    37. Turan G. Bali & Nusret Cakici & Yi Tang, 2009. "The Conditional Beta and the Cross‐Section of Expected Returns," Financial Management, Financial Management Association International, vol. 38(1), pages 103-137, March.
    38. Dionysia Dionysiou, 2015. "Choosing Among Alternative Long-Run Event-Study Techniques," Journal of Economic Surveys, Wiley Blackwell, vol. 29(1), pages 158-198, February.
    39. Fu, Fangjian, 2009. "Idiosyncratic risk and the cross-section of expected stock returns," Journal of Financial Economics, Elsevier, vol. 91(1), pages 24-37, January.
    40. Khoa Hoang & Robert Faff, 2021. "Is the ex‐ante equity risk premium always positive? Evidence from a new conditional expectations model," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 95-124, March.
    41. Berger, Dave & Turtle, H.J., 2011. "Emerging market crises and US equity market returns," Global Finance Journal, Elsevier, vol. 22(1), pages 32-41.
    42. Alon Brav & Roni Michaely & Michael Roberts & Rebecca Zarutskie, 2009. "Evidence on the Trade‐Off between Risk and Return for IPO and SEO Firms," Financial Management, Financial Management Association International, vol. 38(2), pages 221-252, June.
    43. Daphne Lui & Stanimir Markov & Ane Tamayo, 2012. "Equity Analysts and the Market's Assessment of Risk," Journal of Accounting Research, Wiley Blackwell, vol. 50(5), pages 1287-1317, December.
    44. Gerritsen, Dirk F. & Weitzel, Utz, 2017. "Security analyst target prices as reference point and takeover completion," Journal of Behavioral and Experimental Finance, Elsevier, vol. 15(C), pages 1-14.
    45. Chandra, Situmeang & Erlina, Erlina & Maksum, Azhar & Supriana, Tavi, 2018. "Effect of corporate governance on cost of equity before and after international financial reporting standard implementation," MPRA Paper 87759, University Library of Munich, Germany, revised Mar 2018.
    46. Persakis, Anthony & Iatridis, George Emmanuel, 2017. "The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 46(C), pages 1-29.
    47. Henk Berkman & Ben Jacobsen & John B. Lee, 2017. "Rare disaster risk and the expected equity risk premium," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(2), pages 351-372, June.
    48. Peter D. Easton & Gregory A. Sommers, 2007. "Effect of Analysts' Optimism on Estimates of the Expected Rate of Return Implied by Earnings Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 45(5), pages 983-1015, December.
    49. Livnat, Joshua & Smith, Gavin & Suslava, Kate & Tarlie, Martin, 2021. "Board tenure and firm performance," Global Finance Journal, Elsevier, vol. 47(C).
    50. Anderson, Evan W. & Ghysels, Eric & Juergens, Jennifer L., 2009. "The impact of risk and uncertainty on expected returns," Journal of Financial Economics, Elsevier, vol. 94(2), pages 233-263, November.
    51. Hernán Ortiz-Molina & Gordon M. Phillips, 2010. "Asset Liquidity and the Cost of Capital," NBER Working Papers 15992, National Bureau of Economic Research, Inc.
    52. Roger, Tristan & Roger, Patrick & Schatt, Alain, 2018. "Behavioral bias in number processing: Evidence from analysts’ expectations," Journal of Economic Behavior & Organization, Elsevier, vol. 149(C), pages 315-331.
    53. Khalifa, Maha & Othman, Hakim Ben & Hussainey, Khaled, 2018. "The effect of ex ante and ex post conservatism on the cost of equity capital: A quantile regression approach for MENA countries," Research in International Business and Finance, Elsevier, vol. 44(C), pages 239-255.
    54. Chandra Situmeang & Erlina & Azhar Maksum & Tavi Supriana, 2018. "Effect Of Corporate Governance On Cost Of Equity Before And After International Financial Reporting Standard Implementation," Junior Scientific Researcher, SC Research Publishing SRL, vol. 4(1), pages 1-13, May.
    55. Roger, Tristan, 2024. "Do financial analysts care about ESG ?," Finance Research Letters, Elsevier, vol. 63(C).
    56. Joop Huij & Marno Verbeek, 2009. "On the Use of Multifactor Models to Evaluate Mutual Fund Performance," Financial Management, Financial Management Association International, vol. 38(1), pages 75-102, March.
    57. Shen, Carl Hsin-han & Zhang, Hao, 2020. "What's good for you is good for me: The effect of CEO inside debt on the cost of equity," Journal of Corporate Finance, Elsevier, vol. 64(C).

  33. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, vol. 77(3), pages 483-527, September.
    See citations under working paper version above.
  34. Gustavo Grullon & Roni Michaely & Shlomo Benartzi & Richard H. Thaler, 2005. "Dividend Changes Do Not Signal Changes in Future Profitability," The Journal of Business, University of Chicago Press, vol. 78(5), pages 1659-1682, September.

    Cited by:

    1. Ashiq Ali & Oktay Urcan, 2012. "Dividend increases and future earnings," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 19(1), pages 12-25.
    2. Jan L. Williams & Alex P. Tang, 2009. "Private placements of convertible securities: stock returns, operating performance and abnormal accruals," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 49(4), pages 873-899, December.
    3. Charmaine Glegg & Oneil Harris & Thanh Ngo, 2018. "Corporate social responsibility and the wealth gains from dividend increases," Review of Financial Economics, John Wiley & Sons, vol. 36(2), pages 149-166, April.
    4. Małgorzata Snarska & Tomasz K. Wisniewski & Andrzej Zygula, 2020. "Are Emerging Markets Efficient? Evidence from Informational Content of Dividend Changes in Polish Stock Market," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 687-717.
    5. Alderson, Michael J. & Betker, Brian L. & Halford, Joseph T., 2021. "Fictitious dividend cuts in the CRSP data," Journal of Corporate Finance, Elsevier, vol. 71(C).
    6. Peter Cziraki & Evgeny Lyandres & Roni Michaely, 2019. "What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs," Swiss Finance Institute Research Paper Series 19-11, Swiss Finance Institute, revised Mar 2019.
    7. J. Hobbs & M. I. Schneller, 2012. "Dividend signalling and sustainability," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1395-1408, September.
    8. Fabio Braggion & Lyndon Moore, 2011. "Dividend Policies in an Unregulated Market: The London Stock Exchange, 1895--1905," The Review of Financial Studies, Society for Financial Studies, vol. 24(9), pages 2935-2973.
    9. Harald Hau & Sandy Lai, 2014. "Asset Allocation and Monetary Policy: Evidence from the Eurozone," CESifo Working Paper Series 5005, CESifo.
    10. Tsai, Hui-Ju & Wu, Yangru, 2015. "Bond and stock market response to unexpected dividend changes," Journal of Empirical Finance, Elsevier, vol. 30(C), pages 1-15.
    11. Wei Hao & Udomsak Wongchoti & Martin Young & Jianguo Chen, 2021. "R2 and the corporate signaling effect," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1353-1381, December.
    12. Shuxing Yin & Khelifa Mazouz & Abdelhafid Benamraoui & Brahim Saadouni, 2018. "Stock price reaction to profit warnings: the role of time-varying betas," Review of Quantitative Finance and Accounting, Springer, vol. 50(1), pages 67-93, January.
    13. Harry DeAngelo & Linda DeAngelo, 2007. "Payout Policy Pedagogy: What Matters and Why," European Financial Management, European Financial Management Association, vol. 13(1), pages 11-27, January.
    14. Martin Kapons & Peter Kelly & Robert Stoumbos & Rafael Zambrana, 2023. "Dividends, trust, and firm value," Review of Accounting Studies, Springer, vol. 28(3), pages 1354-1387, September.
    15. Xiaoqiao Wang & Jing Xie & Bohui Zhang & Xiaofeng Zhao, 2024. "Unraveling the Dividend Puzzle: A Field Experiment," Working Papers 202406, University of Macau, Faculty of Business Administration.
    16. Eva Liljeblom & Sabur Mollah & Patrik Rotter, 2015. "Do dividends signal future earnings in the Nordic stock markets?," Review of Quantitative Finance and Accounting, Springer, vol. 44(3), pages 493-511, April.
    17. Kathryn E. Easterday & Pradyot K. Sen, 2023. "Another look at the dividend-price relationship in the accounting valuation framework," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 879-925, October.
    18. Flavin, Thomas & O'Connor, Thomas, 2017. "Reputation building and the lifecycle model of dividends," Pacific-Basin Finance Journal, Elsevier, vol. 46(PA), pages 177-190.
    19. Nie, Jing & Yin, Libo, 2022. "Do dividends signal safety? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    20. Raj Chetty & Emmanuel Saez, 2010. "Dividend and Corporate Taxation in an Agency Model of the Firm," American Economic Journal: Economic Policy, American Economic Association, vol. 2(3), pages 1-31, August.
    21. Jais, Mohamad & Abdul Karim, Bakri & Funaoka, Kenta & Abidin, Azlan Zainol, 2009. "Dividend Announcements and Stock Market Reaction," MPRA Paper 19779, University Library of Munich, Germany.
    22. Ramgopal Venkataraman, 2012. "Discussion of dividend increases and future earnings," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 19(1), pages 26-29.
    23. Enrico Onali, 2014. "Moral Hazard, Dividends, and Risk in Banks," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(1-2), pages 128-155, January.
    24. Stuart Archbold & Elisabete F. Simões Vieira, 2010. "Corporate Dividend Policies in Bank-based and Market-based Systems: Survey Evidence from UK and Portugal," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 34-64.
    25. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    26. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    27. Chin-Sheng Huang & Chun-Fan You & Hsiao-Fen Hsiao, 2017. "Dividends and Subsequent Profitability: An Examination of a Dual Dividend Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(01), pages 1-35, March.
    28. Arturo, Ramirez Verdugo, 2004. "Dividend Signaling and Unions," MPRA Paper 2273, University Library of Munich, Germany, revised 04 Oct 2006.
    29. Allaudeen Hameed & Jing Xie & Yuxiang Zhong, 2024. "Preferences for dividends and stock returns around the world," Working Papers 202405, University of Macau, Faculty of Business Administration.
    30. Scott Walker, 2015. "Repeated Dividend Increases: A Collection of Four Essays," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2015, January-A.
    31. Jensen, Gerald R. & Lundstrum, Leonard L. & Miller, Robert E., 2010. "What do dividend reductions signal?," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 736-747, December.
    32. Kenneth Khang & Tao‐Hsien Dolly King, 2006. "Does Dividend Policy Relate to Cross‐Sectional Variation in Information Asymmetry? Evidence from Returns to Insider Trades," Financial Management, Financial Management Association International, vol. 35(4), pages 71-94, December.
    33. Jian Cao & Thomas R. Kubick & Adi N. S. Masli, 2017. "Do corporate payouts signal going-concern risk for auditors? Evidence from audit reports for companies in financial distress," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 599-631, October.
    34. Liu, Chinpiao & Chen, An-Sing, 2015. "Do firms use dividend changes to signal future profitability? A simultaneous equation analysis," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 194-207.
    35. Omar, Ayishat & Tang, Alex P., 2019. "Earnings management and convertible preferred stock calls," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 423-433.
    36. Ben-Nasr, Hamdi & Cosset, Jean-Claude, 2014. "State Ownership, Political Institutions, and Stock Price Informativeness: Evidence from Privatization," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 179-199.
    37. Chen, Fan, 2016. "The wealth effects of dividend announcements on bondholders: New evidence from the over-the-counter market," Journal of Economics and Business, Elsevier, vol. 86(C), pages 52-75.
    38. Kai Li & Xinlei Zhao, 2008. "Asymmetric Information and Dividend Policy," Financial Management, Financial Management Association International, vol. 37(4), pages 673-694, December.
    39. Nan-Ting Kuo, 2013. "Dividend tax signaling and the pricing of future earnings: a case of taxable stock dividends," Review of Quantitative Finance and Accounting, Springer, vol. 40(3), pages 539-570, April.
    40. Andreas Charitou & Neophytos Lambertides & Giorgos Theodoulou, 2010. "The Effect of Past Earnings and Dividend Patterns on the Information Content of Dividends When Earnings Are Reduced," Abacus, Accounting Foundation, University of Sydney, vol. 46(2), pages 153-187, June.
    41. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    42. Kuo, Nan-Ting & Lee, Cheng-Few, 2013. "Effects of dividend tax and signaling on firm valuation: Evidence from taxable stock dividend announcements," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 157-180.
    43. Espahbodi, Reza & Liu, Nan & Weigand, Robert A., 2022. "Opportunistic earnings management or performance-related effects? Evidence from dividend-paying firms," Global Finance Journal, Elsevier, vol. 54(C).
    44. Tripathy, Niranjan & Wu, Da & Zheng, Yi, 2021. "Dividends and financial health: Evidence from U.S. bank holding companies," Journal of Corporate Finance, Elsevier, vol. 66(C).
    45. Eyup Kadioglu & Nurcan Ocal, 2016. "Dividend Changes and Future Profitability: Evidence from the Turkish Stock Market," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(3), pages 196-205, March.
    46. Huang, Gow-Cheng & Liano, Kartono & Pan, Ming-Shiun, 2009. "The information content of stock splits," Journal of Empirical Finance, Elsevier, vol. 16(4), pages 557-567, September.
    47. Kamal Anouar & Nicolas Aubert, 2016. "Does the catering theory of dividend apply to the French listed firms?," Post-Print halshs-01401867, HAL.
    48. Xin Che & Kathleen P. Fuller, 2020. "What does the timing of dividend reductions signal?," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 1035-1061, October.
    49. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.
    50. Batabyal, Sourav & Robinson, Richard, 2017. "Capital change and stability when dividends convey signals," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 158-167.
    51. Nhut H. Nguyen & David Y. Wang, 2013. "Stock dividends in China: signalling or liquidity explanations?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(2), pages 513-535, June.
    52. Júlio Lobão & Patrícia Piedade & Srinivas Nippani, 2022. "Does stock trading volume signal future dividends? Evidence from Iberian firms," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(1), pages 53-66, January.
    53. Deng, Lu & Li, Sifei & Liao, Mingqing, 2017. "Dividends and earnings quality: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 255-268.
    54. Yanzhi Wang & Sheng-Syan Chen & Yen-Ting Cheng, 2011. "Revisiting corporate dividends and seasoned equity issues," Review of Quantitative Finance and Accounting, Springer, vol. 36(1), pages 133-151, January.
    55. Anthony Flint & Andrew Tan & Gary Tian, 2010. "Predicting Future Earnings Growth: A Test Of The Dividend Payout Ratio In The Australian Market," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(2), pages 43-58.
    56. Chen, Sheng-Syan & Ho, Kim Wai & Huang, Chia-Wei & Wang, Yanzhi, 2013. "Buyback behavior of initial public offering firms," Journal of Banking & Finance, Elsevier, vol. 37(1), pages 32-42.
    57. S. P. Kothari & Susan Shu & Peter D. Wysocki, 2009. "Do Managers Withhold Bad News?," Journal of Accounting Research, Wiley Blackwell, vol. 47(1), pages 241-276, March.
    58. Cooper, Ian A. & Lambertides, Neophytos, 2018. "Large dividend increases and leverage," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 17-33.
    59. Balachandran, Balasingham & Krishnamurti, Chandrasekhar & Theobald, Michael & Vidanapathirana, Berty, 2012. "Dividend reductions, the timing of dividend payments and information content," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1232-1247.
    60. Andres, Christian & Hofbaur, Ulrich, 2017. "Do what you did four quarters ago: Trends and implications of quarterly dividends," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 139-158.
    61. Jiang, Zhan & Kim, Kenneth A. & Lie, Erik & Yang, Sean, 2013. "Share repurchases, catering, and dividend substitution," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 36-50.
    62. Shaif Jarallah & Wali Ullah, 2014. "Evolving corporate governance and the dividends behaviour regime in Japan," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(3), pages 279-303, September.
    63. Ionel Bostan & Marilen-Gabriel Pirtea & Claudiu Boțoc & Eugen-Axel Mihancea, 2023. "The Analysis of Non-Linear Dividend Hypothesis: International Evidence," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(9), pages 2882-2893, July.
    64. He, Wen & Ng, Lilian & Zaiats, Nataliya & Zhang, Bohui, 2017. "Dividend policy and earnings management across countries," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 267-286.
    65. Xin Che & Andre P. Liebenberg & Ivonne A. Liebenberg & Brandon C. L. Morris, 2018. "The effect of growth opportunities on the market reaction to dividend cuts: evidence from the 2008 financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 51(1), pages 1-17, July.
    66. Fairchild, Richard & Guney, Yilmaz & Thanatawee, Yordying, 2014. "Corporate dividend policy in Thailand: Theory and evidence," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 129-151.
    67. Janis Berzins & Øyvind Bøhren & Bogdan Stacescu, 2018. "Shareholder Conflicts and Dividends [A theory of dividends based on tax clienteles]," Review of Finance, European Finance Association, vol. 22(5), pages 1807-1840.
    68. Kumar, Satish, 2017. "New evidence on stock market reaction to dividend announcements in India," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 327-337.
    69. Brockman, Paul & Unlu, Emre, 2009. "Dividend policy, creditor rights, and the agency costs of debt," Journal of Financial Economics, Elsevier, vol. 92(2), pages 276-299, May.
    70. Ham, Charles G. & Kaplan, Zachary R. & Leary, Mark T., 2020. "Do dividends convey information about future earnings?," Journal of Financial Economics, Elsevier, vol. 136(2), pages 547-570.
    71. Louis, Henock & Robinson, Dahlia, 2005. "Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits," Journal of Accounting and Economics, Elsevier, vol. 39(2), pages 361-380, June.
    72. Glambosky, Mina & Jory, Surendranath Rakesh & Ngo, Thanh Ngoc, 2020. "The wealth effects of mergers and acquisitions by dividend payers," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 154-165.
    73. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    74. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    75. Simshauser, Paul, 2023. "On dividend policy and market valuations of Australia’s listed electricity utilities: Regulated vs. merchant," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 696-715.
    76. Robert Joliet & Aline Muller, 2015. "Dividends and Foreign Performance Signaling," Multinational Finance Journal, Multinational Finance Journal, vol. 19(2), pages 77-107, June.
    77. James Juichia Lin & Cheng-Few Lee, 2021. "Does managerial reluctance of dividend cuts signal future earnings?," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 453-478, February.
    78. Abdou, Hussein A. & Pointon, John & El-Masry, Ahmed & Olugbode, Moji & Lister, Roger J., 2012. "A variable impact neural network analysis of dividend policies and share prices of transportation and related companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(4), pages 796-813.
    79. Joos, Peter & Plesko, George, 2004. "Costly Dividend Signaling: The Case of Loss Firms with Negative Cash Flows," Working papers Costly Dividend Signaling, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    80. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    81. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    82. Dempsey, Stephen J. & Sheng, Hainan, 2023. "Dividend change announcements, ROE, and the cost of equity capital," International Review of Financial Analysis, Elsevier, vol. 86(C).
    83. Drienko, Jo & Khorsand, Bardia, 2023. "Dividend hibernation and future earnings: When no dividend news is good news," Journal of Corporate Finance, Elsevier, vol. 83(C).
    84. Strobel, Marcus & Auer, Benjamin R., 2018. "Does the predictive power of variable moving average rules vanish over time and can we explain such tendencies?," International Review of Economics & Finance, Elsevier, vol. 53(C), pages 168-184.
    85. Daniel, Naveen D. & Denis, David J. & Naveen, Lalitha, 2008. "Do firms manage earnings to meet dividend thresholds," Journal of Accounting and Economics, Elsevier, vol. 45(1), pages 2-26, March.
    86. Julia D¡¯Souza & John Jacob & Veronda F. Willis, 2015. "Dividend Policy Responses to Deregulation in the Electric Utility Industry," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 6(2), pages 1-16, March.
    87. Ijaz Ali & Noor Muhammad & Ali Gohar, 2017. "Do Firms Use Dividend Changes to Signal Future Earnings? An Investigation Based on Market Rationality," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(4), pages 20-34, April.

  35. Yaniv Grinstein & Roni Michaely, 2005. "Institutional Holdings and Payout Policy," Journal of Finance, American Finance Association, vol. 60(3), pages 1389-1426, June.

    Cited by:

    1. Eric Haye, 2015. "Hedge Fund Ownership, Board Composition and Dividend Policy in the Telecommunications Industry," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 6(1), pages 111-118, January.
    2. Charmaine Glegg & Oneil Harris & Thanh Ngo, 2018. "Corporate social responsibility and the wealth gains from dividend increases," Review of Financial Economics, John Wiley & Sons, vol. 36(2), pages 149-166, April.
    3. Rihanat Idowu Abdulkadir & Nur Adiana Hiau Abdullah & Wong Woei-Chyuan, 2015. "Dividend Policy Changes in The Pre-, Mid-, and Post-Financial Crisis: Evidence from The Nigerian Stock Market," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 11(2), pages 103-126.
    4. Young Mok Choi & Kunsu Park, 2019. "Foreign Ownership, Agency Costs, and Long-Term Firm Growth: Evidence from Korea," Sustainability, MDPI, vol. 11(6), pages 1-17, March.
    5. Joohee Park & Chune Young Chung, 2016. "CEO Overconfidence, Leadership Ethics, and Institutional Investors," Sustainability, MDPI, vol. 9(1), pages 1-28, December.
    6. Chang Liu & Chune Young Chung & Hong Kee Sul & Kainan Wang, 2018. "Does hometown advantage matter? The case of institutional blockholder monitoring on earnings management in Korea," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(2), pages 196-221, February.
    7. Saunders, Anthony & Shao, Pei & Xiao, Yuchao, 2024. "Private information disclosure in the secondary loan market and its impact on equity market trading costs," Journal of Financial Markets, Elsevier, vol. 67(C).
    8. Li, Tao & Ji, Yu, 2021. "Institutional ownership and insider trading profitability: Evidence from an emerging market," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    9. Shishir Paudel & Sabatino (Dino) Silveri & Mark Wu, 2020. "Nasdaq ex‐day behavior: An out‐of‐sample test," Review of Financial Economics, John Wiley & Sons, vol. 38(2), pages 405-420, April.
    10. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    11. Chang, Kiyoung & Kang, Eun & Li, Ying, 2016. "Effect of institutional ownership on dividends: An agency-theory-based analysis," Journal of Business Research, Elsevier, vol. 69(7), pages 2551-2559.
    12. Cao, Lihong & Du, Yan & Hansen, Jens Ørding, 2017. "Foreign institutional investors and dividend policy: Evidence from China," International Business Review, Elsevier, vol. 26(5), pages 816-827.
    13. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
    14. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    15. Nha Duc Bui & Yun‐Yi Wang & Jin‐Ping Lee, 2022. "Payout policies, government ownership, and financial constraints: Evidence from Vietnam," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 600-636, December.
    16. Ravichandran K. Subramaniam & Teh Chee Ghee & Murugasu Thangarajah, 2020. "Executive Compensation, Ownership Structure and Dividend Payout: Evidence from Malaysia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 16(2), pages 47-75.
    17. Semenov, Andrei, 2021. "Measuring the stock's factor beta and identifying risk factors under market inefficiency," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 635-649.
    18. Hasan, Mostafa Monzur & Habib, Ahsan, 2020. "Social capital and payout policies," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(1).
    19. Paul Tanyi & David B. Smith & Xiaoyan Cheng, 2021. "Does firm payout policy affect shareholders’ dissatisfaction with directors?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 279-320, July.
    20. Kilincarslan, Erhan & Ozdemir, Ozgur, 2018. "Institutional investment horizon and dividend policy: An empirical study of UK firms," Finance Research Letters, Elsevier, vol. 24(C), pages 291-300.
    21. Lee Jong Hwa & Seo Sung Won, 2023. "Foreign Investors and the Peer Effects to Payout Policies," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 17(1), pages 1-14.
    22. Chacko Jacob & Jijo Lukose P.J., 2018. "Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 54-82, April.
    23. Baker, H. Kent & De Ridder, Adri & Råsbrant, Jonas, 2020. "Investors and dividend yields," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 386-395.
    24. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    25. Yang, Xia & Ma, Zhong, 2022. "Institutional investors’ corporate site visits and dividend payouts," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 697-716.
    26. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How Relevant is Dividend Policy under Low Shareholder Protection?," Other publications TiSEM 70e258ee-7fcd-4c5f-83a2-2, Tilburg University, School of Economics and Management.
    27. Ji, Philip Inyeob, 2016. "Is corporate payout taxation a long run phenomenon? Evidence from international data," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 84-100.
    28. Mori, Naoya, 2010. "Tax clientele effects of dividends under intertemporal consumption choices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1089-1097, May.
    29. Colonnello, Stefano & Curatola, Giuliano & Gioffré, Alessandro, 2018. "Pricing sin stocks: Ethical preference vs. risk aversion," SAFE Working Paper Series 216, Leibniz Institute for Financial Research SAFE.
    30. Martin Holmen & John D. Knopf & Stefan Peterson, 2007. "Trading‐off Corporate Control and Personal Diversification through Capital Structure and Merger Activity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9‐10), pages 1470-1495, November.
    31. Choi, Wonseok & Chung, Chune Young & Wang, Kainan, 2022. "Firm-level political risk and corporate investment," Finance Research Letters, Elsevier, vol. 46(PA).
    32. Vo, Xuan Vinh, 2016. "Does institutional ownership increase stock return volatility? Evidence from Vietnam," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 54-61.
    33. Dasgupta, Amil & Fos, Vyacheslav & Sautner, Zacharias, 2021. "Institutional investors and corporate governance," LSE Research Online Documents on Economics 112114, London School of Economics and Political Science, LSE Library.
    34. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    35. Al-Hadi, Ahmed & Eulaiwi, Baban & Al-Yahyaee, Khamis Hamed & Duong, Lien & Taylor, Grantley, 2020. "Investment committees and corporate cash holdings," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    36. Shackleton, Mark & Yan, Jiali & Yao, Yaqiong, 2022. "What drives a firm's ES performance? Evidence from stock returns," Journal of Banking & Finance, Elsevier, vol. 136(C).
    37. Amy J. Hillman & Christine Shropshire & S. Trevis Certo & Dan R. Dalton & Catherine M. Dalton, 2011. "What I Like About You: A Multilevel Study of Shareholder Discontent with Director Monitoring," Organization Science, INFORMS, vol. 22(3), pages 675-687, June.
    38. Heli Wang & Ming Jia & Zhe Zhang, 2021. "Good Deeds Done in Silence: Stakeholder Management and Quiet Giving by Chinese Firms," Organization Science, INFORMS, vol. 32(3), pages 649-674, May.
    39. Fayez A. Elayan & Jingyu Li & Maureen E. Donnelly & Allister W. Young, 2009. "Changes to Income Trust Taxation in Canada: Investor Reaction and Dividend Clientele Theory," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 725-753, June.
    40. Sikes, Stephanie A., 2014. "The turn-of-the-year effect and tax-loss-selling by institutional investors," Journal of Accounting and Economics, Elsevier, vol. 57(1), pages 22-42.
    41. Constantinos Alexiou & Abdulkadir Mohamed & Joe Nellis, 2021. "The impact of institutional investors on firms' performance in the context of financialization," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 290-309, January.
    42. David S. Koo & Santhosh Ramalingegowda & Yong Yu, 2017. "The effect of financial reporting quality on corporate dividend policy," Review of Accounting Studies, Springer, vol. 22(2), pages 753-790, June.
    43. Amini, Shima & Mohamed, Abdulkadir & Schwienbacher, Armin & Wilson, Nicholas, 2022. "Impact of venture capital holding on firm life cycle: Evidence from IPO firms," Journal of Corporate Finance, Elsevier, vol. 74(C).
    44. Clemens Sialm & Laura Starks, 2009. "Mutual Fund Tax Clienteles," NBER Working Papers 15327, National Bureau of Economic Research, Inc.
    45. Michaely, Roni & Popadak, Jillian & Vincent, Christopher, 2015. "The Deleveraging of U.S. Firms and Institutional Investors’ Role," MPRA Paper 66128, University Library of Munich, Germany.
    46. Min, Byung S. & Bowman, Robert G., 2015. "Corporate governance, regulation and foreign equity ownership: Lessons from Korea," Economic Modelling, Elsevier, vol. 47(C), pages 145-155.
    47. Atawnah, Nader & Eshraghi, Arman & Baghdadi, Ghasan A. & Bhatti, Ishaq, 2024. "Managerial ability and firm value: A new perspective," Research in International Business and Finance, Elsevier, vol. 67(PB).
    48. Jing Chi & Jingjing Yang & Martin Young, 2014. "Mutual Funds’ Holdings and Listed Firms’ Dividend Payouts: Evidence from China," Accounting and Finance Research, Sciedu Press, vol. 3(3), pages 1-84, August.
    49. Esther B. Del Brio & Alberto De Miguel, 2010. "Dividends and Market Signalling: an Analysis of Corporate Insider Trading," European Financial Management, European Financial Management Association, vol. 16(3), pages 480-497, June.
    50. Hung, Weifeng, 2014. "Institutional trading and attention bias," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 71-91.
    51. Li, Wei & Lie, Erik, 2006. "Dividend changes and catering incentives," Journal of Financial Economics, Elsevier, vol. 80(2), pages 293-308, May.
    52. Qadan, Mahmoud & Jacob, Maram, 2022. "The value premium and investors' appetite for risk," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 194-219.
    53. Pawan Jain & Quentin Chu, 2014. "Dividend clienteles: a global investigation," Review of Quantitative Finance and Accounting, Springer, vol. 42(3), pages 509-534, April.
    54. Chung, Chune Young & Liu, Chang & Wang, Kainan, 2018. "Do firms have target capital structures? Evidence from institutional monitoring," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 65-77.
    55. Lin, Ji-Chai & Stephens, Clifford P. & Wu, YiLin, 2014. "Limited attention, share repurchases, and takeover risk," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 283-301.
    56. Tai, Vivian W. & Lai, Yi-Hsun & Lin, Lin, 2014. "Local institutional shareholders and corporate hedging policies," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 287-312.
    57. Lin, Chen & Ma, Yue & Xuan, Yuhai, 2011. "Ownership structure and financial constraints: Evidence from a structural estimation," Journal of Financial Economics, Elsevier, vol. 102(2), pages 416-431.
    58. Ricardo D. Brito & Paulo Sergio O. Ribeiro & Antonio Z. Sanvicente, 2021. "The Substitute Model of Dividends at Work: a change in minority shareholder protection," Working Papers, Department of Economics 2021_25, University of São Paulo (FEA-USP).
    59. Matt Glendening & Inder K. Khurana & Wei Wang, 2016. "The market for corporate control and dividend policies: Cross-country evidence from M&A laws," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 47(9), pages 1106-1134, December.
    60. Benoit d’Udekem, 2021. "Agency Conflicts and Dividend Persistence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 60(2), pages 207-234, December.
    61. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    62. Katsuhiko Muramiya & Kazuhisa Otogawa, 2012. "How Do Investors Trade When Actual Earnings Are Reported with Management Forecasts?," Discussion Paper Series DP2012-06, Research Institute for Economics & Business Administration, Kobe University.
    63. Clemens Sialm, 2006. "Investment Taxes and Equity Returns," NBER Working Papers 12146, National Bureau of Economic Research, Inc.
    64. Mori, Naoya & Ikeda, Naoshi, 2015. "Majority support of shareholders, monitoring incentive, and dividend policy," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 1-10.
    65. Ebrahim, M. Shahid & Mathur, Ike & ap Gwilym, Rhys, 2014. "Integrating corporate ownership and pension fund structures: A general equilibrium approach," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 553-569.
    66. Charles G. Ham & Zachary R. Kaplan & Steven Utke, 2023. "Attention to dividends, inattention to earnings?," Review of Accounting Studies, Springer, vol. 28(1), pages 265-306, March.
    67. Han, Bing & Wang, Winghai, 2005. "Institutional Investment Constraints and Stock Prices," Working Paper Series 2004-24, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    68. Katsushi Suzuki, 2015. "Unique Dividends for Retail Shareholders: Evidence from Shareholder Perks," Discussion Papers 2015-20, Kobe University, Graduate School of Business Administration.
    69. Jain, Ravi, 2007. "Institutional and individual investor preferences for dividends and share repurchases," Journal of Economics and Business, Elsevier, vol. 59(5), pages 406-429.
    70. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
    71. Ricky W. Scott, 2014. "Institutional Investors, Stock Repurchases and Information Asymmetry," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(4), pages 39-51, October.
    72. Grennan, Jillian, 2019. "Dividend payments as a response to peer influence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 549-570.
    73. Fernando, Chitru S. & Gatchev, Vladimir A. & Spindt, Paul A., 2012. "Institutional ownership, analyst following, and share prices," Journal of Banking & Finance, Elsevier, vol. 36(8), pages 2175-2189.
    74. Massa, Massimo & Rehman, Zahid & Vermaelen, Theo, 2007. "Mimicking repurchases," Journal of Financial Economics, Elsevier, vol. 84(3), pages 624-666, June.
    75. Chune Young Chung & Sang Jun Cho & Doojin Ryu & Doowon Ryu, 2019. "Institutional blockholders and corporate social responsibility," Asian Business & Management, Palgrave Macmillan, vol. 18(3), pages 143-186, July.
    76. Allen Michel & Jacob Oded & Israel Shaked, 2021. "What determines institutional investors' holdings in IPO firms?," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1302-1333, December.
    77. Gonzalez, Maximiliano & Molina, Carlos A. & Pablo, Eduardo & Rosso, John W., 2017. "The effect of ownership concentration and composition on dividends: Evidence from Latin America," Emerging Markets Review, Elsevier, vol. 30(C), pages 1-18.
    78. Ali Ataullah & Ian Davidson & Hang Le, 2010. "Large Shareholders, the Board of Directors and the Allocation of Cash Proceeds from Corporate Asset Sell†offs," European Financial Management, European Financial Management Association, vol. 16(2), pages 271-295, March.
    79. Lin, Chen & Officer, Micah S. & Zou, Hong, 2011. "Directors' and officers' liability insurance and acquisition outcomes," Journal of Financial Economics, Elsevier, vol. 102(3), pages 507-525.
    80. Breuer, Wolfgang & Rieger, M. Oliver & Soypak, K. Can, 2014. "The behavioral foundations of corporate dividend policy a cross-country analysis," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 247-265.
    81. Mihir A. Desai & Li Jin, 2007. "Institutional Tax Clienteles and Payout Policy," NBER Working Papers 13283, National Bureau of Economic Research, Inc.
    82. Jay Shanken & Guofu Zhou, 2007. "Estimating and testing beta pricing models: Alternative methods and their performance in simulations," CEMA Working Papers 275, China Economics and Management Academy, Central University of Finance and Economics.
    83. Peter Cziraki & Christian Laux & Gyöngyi Lóránth, 2024. "Understanding Bank Payouts during the Crisis of 2007–2009," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 191-234.
    84. Paul A. Griffin & David H. Lont & Yuan Sun, 2010. "Agency problems and audit fees: further tests of the free cash flow hypothesis," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(2), pages 321-350, June.
    85. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2007. "Direct Evidence of Dividend Tax Clienteles," SIFR Research Report Series 51, Institute for Financial Research.
    86. Kee H. Chung & Sean Yang, 2015. "Reverse Stock Splits, Institutional Holdings, and Share Value," Financial Management, Financial Management Association International, vol. 44(1), pages 177-216, March.
    87. López-Iturriaga, Félix J. & Santana Martín, Domingo Javier, 2019. "The payout policy of politically connected firms: Tunnelling or reputation?," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    88. Guney, Yilmaz & Karpuz, Ahmet & Komba, Gabriel, 2020. "The effects of board structure on corporate performance: Evidence from East African frontier markets," Research in International Business and Finance, Elsevier, vol. 53(C).
    89. Yensen Ni & Yulu Liao & Paoyu Huang, 2017. "Foreign Institutional Investors, Shareholding Change, and Corporate Governance," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(4), pages 764-775, April.
    90. Umar Butt & Trevor William Chamberlain, 2023. "Blockholdings, Dividend Policy, Stock Returns and Return Volatility: Evidence from the UAE," IJFS, MDPI, vol. 11(4), pages 1-13, October.
    91. Truong, Thanh & Heaney, Richard, 2007. "Largest shareholder and dividend policy around the world," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 667-687, December.
    92. Kai Li & Xinlei Zhao, 2008. "Asymmetric Information and Dividend Policy," Financial Management, Financial Management Association International, vol. 37(4), pages 673-694, December.
    93. Kai Li & Hernán Ortiz‐Molina & Xinlei Zhao, 2008. "Do Voting Rights Affect Institutional Investment Decisions? Evidence from Dual‐Class Firms," Financial Management, Financial Management Association International, vol. 37(4), pages 713-745, December.
    94. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    95. Devra L. Golbe & Ingmar Nyman, 2010. "How do share repurchases affect ownership concentration?," Economics Working Paper Archive at Hunter College 430, Hunter College Department of Economics, revised 2012.
    96. John Elim, 2019. "Model of Firm Value Indonesian Stock Exchange Case," International Journal of Economics and Financial Issues, Econjournals, vol. 9(3), pages 154-162.
    97. Jeon, Jin Q. & Ryoo, Juyoun, 2013. "How do foreign investors affect corporate policy?: Evidence from Korea," International Review of Economics & Finance, Elsevier, vol. 25(C), pages 52-65.
    98. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    99. Unsal, Omer & Brodmann, Jennifer, 2019. "Workplace environment and payout policy," Journal of Economics and Business, Elsevier, vol. 106(C).
    100. Laetitia Lepetit & Céline Meslier-Crouzille & Leo Indra Wardhana, 2015. "Do Asymmetric Information and Ownership Structure Matter for Dividend Payout Decisions? Evidence from European Banks," Working Papers hal-01186722, HAL.
    101. Meng, Jia & Zhang, ZhongXiang, 2022. "Corporate environmental information disclosure and investor response: Evidence from China's capital market," Energy Economics, Elsevier, vol. 108(C).
    102. Chung, Chune Young & Hur, Seok-Kyun & Liu, Chang, 2019. "Institutional investors and cost stickiness: Theory and evidence," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 336-350.
    103. Ye, Dezhu & Deng, Jie & Liu, Yi & Szewczyk, Samuel H. & Chen, Xiao, 2019. "Does board gender diversity increase dividend payouts? Analysis of global evidence," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-26.
    104. Golubov, Andrey & Lasfer, Meziane & Vitkova, Valeriya, 2020. "Active catering to dividend clienteles: Evidence from takeovers," Journal of Financial Economics, Elsevier, vol. 137(3), pages 815-836.
    105. Chacko Jacob & Jijo Lukose P.J, 2019. "Institutional ownership and firm operating performance Evidence from India," Working papers 331, Indian Institute of Management Kozhikode.
    106. Tao Zeng, 2011. "Intercorporate Ownership, Taxes, and Corporate Payout Choices," Accounting Perspectives, John Wiley & Sons, vol. 10(4), pages 265-283, December.
    107. Maier, Christoph & Schanz, Deborah, 2017. "Towards neutral distribution taxes and vanishing tax effects in the European Union," arqus Discussion Papers in Quantitative Tax Research 215, arqus - Arbeitskreis Quantitative Steuerlehre.
    108. Khalfan, Twahir M. & Wendt, Stefan, 2020. "The impact of ownership concentration on payout across Nordic firms," Journal of Multinational Financial Management, Elsevier, vol. 56(C).
    109. David C. Ling & Chongyu Wang & Tingyu Zhou, 2021. "The Geography of Real Property Information and Investment: Firm Location, Asset Location and Institutional Ownership," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(1), pages 287-331, March.
    110. Henry, Darren & Nguyen, Lily & Pham, Viet Hung, 2017. "Institutional trading before dividend reduction announcements," Journal of Financial Markets, Elsevier, vol. 36(C), pages 40-55.
    111. Murhadi, Werner-Ria, 2008. "Study On Dividend Policy: Antecedent and Its Impact On Share Price," MPRA Paper 25596, University Library of Munich, Germany.
    112. Garel, Alexandre & Petit-Romec, Arthur & Vennet, Rudi Vander, 2022. "Institutional Shareholders and Bank Capital," Journal of Financial Intermediation, Elsevier, vol. 50(C).
    113. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    114. Firth, Michael & Gao, Jin & Shen, Jianghua & Zhang, Yuanyuan, 2016. "Institutional stock ownership and firms’ cash dividend policies: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 65(C), pages 91-107.
    115. Sanggyu Kang & Chune Young Chung & Amirhossein Fard, 2024. "Does geographic or market proximity matter? Evidence from institutional investor monitoring on earnings attributes in US cross‐listed stocks," Bulletin of Economic Research, Wiley Blackwell, vol. 76(2), pages 443-469, April.
    116. Doina Chichernea & Collin Gilstrap & Kershen Huang & Alex Petkevich, 2019. "Who Reacts to News?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-43, March.
    117. Elisabete Duarte Neves, 2014. "Ownership Structure and Investor¡¯s Sentiments for Dividends," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(2), pages 35-58, April.
    118. Oskar Kowalewski & Muhammad Farooq Ahmad & Saqib Aziz & Rwan El-Khatib, 2022. "Firm-Level Political Risk and Dividend Payout," Working Papers 2022-ACF-04, IESEG School of Management.
    119. Murtazashvili, Irina & Vozlyublennaia, Nadia, 2012. "The performance of cross-sectional regression tests of the CAPM with non-zero pricing errors," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1057-1066.
    120. Huang, Kershen & Petkevich, Alex, 2016. "Corporate bond pricing and ownership heterogeneity," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 54-74.
    121. Kuzucu, Narman, 2015. "A survey of managerial perspective on corporate dividend policy: evidence from Turkish listed firms," MPRA Paper 69801, University Library of Munich, Germany.
    122. Erik Devos & Seow-Eng Ong & Andrew Spieler & Desmond Tsang, 2013. "REIT Institutional Ownership Dynamics and the Financial Crisis," The Journal of Real Estate Finance and Economics, Springer, vol. 47(2), pages 266-288, August.
    123. He, Wen & Mi, Lin, 2022. "Institutional investors’ horizon and equity-financed payouts," Journal of Banking & Finance, Elsevier, vol. 134(C).
    124. Liao, Tsai-Ling & Lin, Wen-Chun, 2016. "Product market competition and earnings management around open-market repurchase announcements," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 187-203.
    125. Fiorillo, Paolo & Meles, Antonio & Salerno, Dario & Verdoliva, Vincenzo, 2024. "Analyst coverage and default risk," International Review of Economics & Finance, Elsevier, vol. 94(C).
    126. Chai, D.H., 2010. "Foreign Corporate Ownership and Dividends," Working Papers wp401, Centre for Business Research, University of Cambridge.
    127. Koch, Reinald & Schön, Lena, 2024. "Taxes and the investment of mutual funds: Evidence from the German Investment Tax Reform," arqus Discussion Papers in Quantitative Tax Research 282, arqus - Arbeitskreis Quantitative Steuerlehre.
    128. Poulomi Lahiri, 2013. "The Relationship between Dividend Payout Policy and Foreign Institutional Investment in India," Foreign Trade Review, , vol. 48(4), pages 437-459, November.
    129. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
    130. Huang, Wei & Paul, Donna L., 2017. "Institutional holdings, investment opportunities and dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 152-161.
    131. Henry, Darren, 2011. "Ownership structure and tax-friendly dividends," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2747-2760, October.
    132. Hovakimian, Armen & Hu, Huajing, 2016. "Institutional shareholders and SEO market timing," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 1-14.
    133. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    134. Ralf Bebenroth & Martin Hemmert, 2013. "Are Emerging Market Multinationals Milking Their Cross Border Acquisition Targets? A Study of Inbound Japanese and Korean M&As," Discussion Paper Series DP2013-06, Research Institute for Economics & Business Administration, Kobe University.
    135. Kristine Watson Hankins & Mark J. Flannery & M. Nimalendran, 2008. "The Effect of Fiduciary Standards on Institutions' Preference for Dividend‐Paying Stocks," Financial Management, Financial Management Association International, vol. 37(4), pages 647-671, December.
    136. Bilinski, Pawel & Lyssimachou, Danielle, 2018. "Dividend guidance to manage analyst dividend expectations," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 53-68.
    137. He, Eric & Jacob, Martin & Vashishtha, Rahul & Venkatachalam, Mohan, 2022. "Does differential taxation of short-term relative to long-term capital gains affect long-term investment?," Journal of Accounting and Economics, Elsevier, vol. 74(1).
    138. Aelee Jun & David R. Gallagher & Graham H. Partington, 2011. "Institutional Dividend Clienteles Under an Imputation Tax System," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(1-2), pages 198-224, January.
    139. Erhan Kilincarslan, 2018. "The Factors Determining the Dividend Policy of Financial Firms Listed on the Borsa Istanbul," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 32(1), pages 75-109.
    140. Baker, H. Kent & Dam, Lammertjan & De Ridder, Adri, 2021. "Payouts and stock ownership," Journal of Multinational Financial Management, Elsevier, vol. 60(C).
    141. Chung, Chune Young & Kim, Hyeik & Wang, Kainan, 2022. "Do domestic or foreign institutional investors matter? The case of firm information asymmetry in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 72(C).
    142. Appel, Ian R. & Gormley, Todd A. & Keim, Donald B., 2016. "Passive investors, not passive owners," Journal of Financial Economics, Elsevier, vol. 121(1), pages 111-141.
    143. Chacko Jacob & Jijo Lukose P.J., 2019. "Institutional ownership and the investment-cash flow sensitivity Evidence from India," Working papers 329, Indian Institute of Management Kozhikode.
    144. Kim, Soojung & Park, Soon Hong & Suh, Jungwon, 2018. "A J-shaped cross-sectional relation between dividends and firm value," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 857-877.
    145. Chitru S. Fernando & Vahap B. Uysal & Amal P. Abeysekera, 2019. "An Investor Perspective on the Black Box of Corporate Social Responsibility," Journal of Applied Corporate Finance, Morgan Stanley, vol. 31(2), pages 92-104, June.
    146. Andrew Ainsworth & Kingsley YL Fong & David R Gallagher & Graham Partington, 2016. "Institutional trading around the ex-dividend day," Australian Journal of Management, Australian School of Business, vol. 41(2), pages 299-323, May.
    147. Rubin, Amir & Smith, Daniel R., 2009. "Institutional ownership, volatility and dividends," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 627-639, April.
    148. Rachelle Belinga & Blanche Segrestin, 2018. "Principals and stewards? An exploration of the role of institutional investors in corporate governance," Post-Print hal-01791931, HAL.
    149. Chung, Chune Young & Song, Jun Myung, 2024. "Institutional investors by nationality and long-term investor value appropriation," Research in International Business and Finance, Elsevier, vol. 67(PB).
    150. Dhaliwal, Dan & Krull, Linda & Li, Oliver Zhen, 2007. "Did the 2003 Tax Act reduce the cost of equity capital?," Journal of Accounting and Economics, Elsevier, vol. 43(1), pages 121-150, March.
    151. Balachandran, Balasingham & Khan, Arifur & Mather, Paul & Theobald, Michael, 2019. "Insider ownership and dividend policy in an imputation tax environment," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 153-167.
    152. Devos, Erik & Dhillon, Upinder & Jagannathan, Murali & Krishnamurthy, Srinivasan, 2012. "Why are firms unlevered?," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 664-682.
    153. Rydqvist, Kristian & Dahlquist, Magnus & Robertsson, Göran, 2006. "Direct Evidence of Dividend Tax Clienteles," CEPR Discussion Papers 6005, C.E.P.R. Discussion Papers.
    154. Jiang, Zhan & Kim, Kenneth A. & Lie, Erik & Yang, Sean, 2013. "Share repurchases, catering, and dividend substitution," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 36-50.
    155. Rachelle Belinga & Blanche Segrestin, 2019. "A conceptual mapping of the logics of institutional investors' corporate governance responsibilities: The case for "custodian" investor stewardship," Post-Print hal-02167819, HAL.
    156. Subramanian R. Iyer & Harikumar Sankaran & Yan Zhang, 2020. "Do Well‐Connected Boards Invest Optimally In R&D Activities?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(4), pages 895-932, December.
    157. Amin, Abu S. & Dutta, Shantanu & Saadi, Samir & Vora, Premal P., 2015. "Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 152-170.
    158. Banyi, Monica & Caplan, Dennis, 2016. "Do firms follow GAAP when they record share repurchases?," Advances in accounting, Elsevier, vol. 34(C), pages 41-54.
    159. Jeon, Jin Q. & Lee, Cheolwoo & Moffett, Clay M., 2011. "Effects of foreign ownership on payout policy: Evidence from the Korean market," Journal of Financial Markets, Elsevier, vol. 14(2), pages 344-375, May.
    160. Daeheon Choi & Paul Moon Sub Choi & Joung Hwa Choi & Chune Young Chung, 2020. "Corporate Governance and Corporate Social Responsibility: Evidence from the Role of the Largest Institutional Blockholders in the Korean Market," Sustainability, MDPI, vol. 12(4), pages 1-15, February.
    161. Janis Berzins & Øyvind Bøhren & Bogdan Stacescu, 2018. "Shareholder Conflicts and Dividends [A theory of dividends based on tax clienteles]," Review of Finance, European Finance Association, vol. 22(5), pages 1807-1840.
    162. Minnick, Kristina & Rosenthal, Leonard, 2014. "Stealth compensation: Do CEOs increase their pay by influencing dividend policy?," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 435-454.
    163. Lily Nguyen & Le Vu & Xiangkang Yin, 2021. "Share repurchases and firm innovation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1665-1695, April.
    164. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    165. Ang, James & Wang, Jingfang, 2023. "The trade war's impact on the financial market: Observations from the historical global trade war - the Smoot Hawley Tariff Act," Global Finance Journal, Elsevier, vol. 55(C).
    166. Michel, Allen & Oded, Jacob & Shaked, Israel, 2020. "Institutional investors and firm performance: Evidence from IPOs," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    167. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    168. Fernando, Chitru S. & Gatchev, Vladimir A. & Spindt, Paul A., 2010. "Institutional Ownership, Analyst Following and Share Prices," Working Papers 10-07, University of Pennsylvania, Wharton School, Weiss Center.
    169. Xu, Xixiong & Lin, Cuiliang & Wang, Maochuan, 2024. "Does parenting daughters increase corporate cash dividends? Evidence from Chinese family firms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    170. Berzins, Janis & Bøhren, Øyvind & Stacescu, Bogdan, 2019. "Dividends and taxes: The moderating role of agency conflicts," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 583-604.
    171. Fu, Lili & Pan, Liyuan & Wu, Fengyun, 2021. "Does passive investment have a positive governance effect? Evidence from index funds ownership and corporate innovation," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 524-545.
    172. von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
    173. Liu, Ningyue & Laing, Elaine & Cao, Yue & Zhang, Xiaofei, 2018. "Institutional ownership and corporate transparency in China," Finance Research Letters, Elsevier, vol. 24(C), pages 328-336.
    174. Kokotec Ivana Đunđek & Orsag Silvije & Čalopa Marina Klačmer, 2021. "The Impact of Institutional Investors’ Ownership on Performance and Financial Position: Evidence from Firms in the Republic of Croatia," South East European Journal of Economics and Business, Sciendo, vol. 16(1), pages 53-69, June.
    175. Szládek, Dániel, 2024. "Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai [Share repurchases instead of dividend payments?. The evolution of payout policies and ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 154-175.
    176. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    177. Chazi, Abdelaziz & Boubakri, Narjess & Zanella, Fernando, 2011. "Corporate dividend policy in practice: Evidence from an emerging market with a tax-free environment," Pacific-Basin Finance Journal, Elsevier, vol. 19(2), pages 245-259, April.
    178. Attig, Najah & El Ghoul, Sadok & Guedhami, Omrane & Zheng, Xiaolan, 2021. "Dividends and economic policy uncertainty: International evidence," Journal of Corporate Finance, Elsevier, vol. 66(C).
    179. Osama Wagdi & Eman Salman & Walid Abouzeid, 2021. "Maximizing Stockholder Wealth under Corporate Governance Mechanisms: Evidence from EGX," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(4), pages 1-1, April.
    180. Brawn, Derek A. & Šević, Aleksandar, 2018. "“Firm size matters: Industry sector, firm age and volatility do too in determining which publicly-listed US firms pay a dividend”," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 132-152.
    181. Oleksy Paweł & Zyguła Andrzej, 2017. "The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland," Central European Economic Journal, Sciendo, vol. 3(50), pages 41-52, December.
    182. Rachelle Belinga & Blanche Segrestin, 2019. "A conceptual mapping of the logics of institutional investors' corporate governance responsibilities: The case for "custodian" investor stewardship," Post-Print hal-02444756, HAL.
    183. Isakov, Dusan & Weisskopf, Jean-Philippe, 2013. "Do not wake sleeping dogs: Pay-out policies in founding family firms," FSES Working Papers 443, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    184. Hue Hwa Au Yong & Christine Brown & Chloe Choy Yeing Ho, 2014. "Off-Market Buybacks in Australia: Evidence of Abnormal Trading around Key Dates," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 551-585, December.
    185. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    186. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2014. "Direct evidence of dividend tax clienteles," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 1-12.
    187. Kim, Min & Stice, Derrald & Stice, Han & White, Roger M., 2021. "Stop the presses! Or wait, we might need them: Firm responses to local newspaper closures and layoffs," Journal of Corporate Finance, Elsevier, vol. 69(C).
    188. Michael Bradley & Dong Chen, 2015. "Does Board Independence Reduce the Cost of Debt?," Financial Management, Financial Management Association International, vol. 44(1), pages 15-47, March.
    189. Francis, Bill B. & Samuel, Gilna & Wu, Qiang, 2023. "The impact of short selling on dividend smoothing," Journal of Financial Stability, Elsevier, vol. 65(C).
    190. Benoît D'Udekem, 2014. "Rational Dividend Addiction in Banking," Working Papers CEB 14-013, ULB -- Universite Libre de Bruxelles.
    191. Thomas J. Chemmanur & Zeyu Sun & Jing Xie, 2024. "Keeping up with the Joneses: Corporate Dividends and Common Institutional Blockholders," Working Papers 202407, University of Macau, Faculty of Business Administration.
    192. Kershen Huang & Chenguang Shang, 2024. "Does informal governance matter to institutional investors? Evidence from social capital," The Financial Review, Eastern Finance Association, vol. 59(2), pages 433-457, May.
    193. Patrick Arndt & Zuzana Kučerová, 2019. "Determinants of the Dividend Payout Policy of Stock Companies within the European Union," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 67(6), pages 1515-1524.
    194. Erhemjamts, Otgontsetseg & Huang, Kershen, 2019. "Institutional ownership horizon, corporate social responsibility and shareholder value," Journal of Business Research, Elsevier, vol. 105(C), pages 61-79.
    195. Banyi, Monica L. & Kahle, Kathleen M., 2014. "Declining propensity to pay? A re-examination of the lifecycle theory," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 345-366.
    196. Kambar Farooq & Muhammad Azeem & Chin Man Chui & Jun (Tony) Ruan, 2023. "Board Connections and Dividend Policy," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 983-1040, December.
    197. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    198. Jared DeLisle, R. & Morscheck, J.D. & Nofsinger, John R., 2014. "Share repurchases and institutional supply," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 216-230.
    199. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2021. "Do activist shareholders influence a manager’s decisions on a firm’s dividend policy: A mixed-method study," Journal of Business Research, Elsevier, vol. 122(C), pages 387-397.
    200. Smith, Deborah Drummond & Pennathur, Anita K. & Marciniak, Marek R., 2017. "Why do CEOs agree to the discipline of dividends?," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 38-48.
    201. Abdul‐Rahman Khokhar & Sudipto Sarkar, 2020. "Market response to dividend change announcements: unregulated versus regulated US firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1759-1799, June.
    202. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    203. Hussain Haroon & Md-Rus Rohani & Al-Jaifi Hamdan Amer & Hussain Rana Yassir, 2022. "Determinants of Corporate Pay-Out Policy and the Moderating Effects of Firm's Growth: Evidence from Pakistan," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 32(3), pages 65-101, September.
    204. Urszula Mrzyglod & Sabina Nowak & Magdalena Mosionek-Schweda & Jakub M. Kwiatkowski, 2021. "What drives the dividend decisions in BRICS countries?," Oeconomia Copernicana, Institute of Economic Research, vol. 12(3), pages 593-629, September.
    205. Nguyen, Nghia Huu & Shiu, Cheng-Yi, 2022. "Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom," Journal of Multinational Financial Management, Elsevier, vol. 64(C).
    206. Bartram, Söhnke M. & Brown, Philip & How, Janice C.Y. & Verhoeven, Peter, 2007. "Agency Conflicts and Corporate Payout Policies: A Global Study," MPRA Paper 23244, University Library of Munich, Germany.
    207. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
    208. Chung, Chune Young & Wang, Kainan, 2014. "Do institutional investors monitor management? Evidence from the relationship between institutional ownership and capital structure," The North American Journal of Economics and Finance, Elsevier, vol. 30(C), pages 203-233.

  36. Robert Bloomfield & Roni Michaely, 2004. "Risk or Mispricing? From the Mouths of Professionals," Financial Management, Financial Management Association, vol. 33(3), Fall.

    Cited by:

    1. Florian Meier, 2020. "The Age of Cheap Money and Passive Investing: Are Pro Forma Earnings Value Relevant?," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 9(2), pages 1-1.
    2. Zhu, Lin & Jiang, Fuwei & Tang, Guohao & Jin, Fujing, 2024. "From macro to micro: Sparse macroeconomic risks and the cross-section of stock returns," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    3. Markku Kaustia & Eeva Alho & Vesa Puttonen, 2008. "How Much Does Expertise Reduce Behavioral Biases? The Case of Anchoring Effects in Stock Return Estimates," Financial Management, Financial Management Association International, vol. 37(3), pages 391-412, September.
    4. Daphne Lui & Stanimir Markov & Ane Tamayo, 2007. "What Makes a Stock Risky? Evidence from Sell‐Side Analysts' Risk Ratings," Journal of Accounting Research, Wiley Blackwell, vol. 45(3), pages 629-665, June.
    5. Merkle, Christoph & Sextroh, Christoph J., 2021. "Value and momentum from investors’ perspective: Evidence from professionals’ risk-ratings," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 159-178.
    6. Rashid Ameer, 2007. "Time‐varying Cost of Equity Capital in Southeast Asian Countries," Asian Economic Journal, East Asian Economic Association, vol. 21(2), pages 207-238, June.
    7. Turan G. Bali & Nusret Cakici & Yi Tang, 2009. "The Conditional Beta and the Cross‐Section of Expected Returns," Financial Management, Financial Management Association International, vol. 38(1), pages 103-137, March.
    8. Chi, Jianxin (Daniel) & Gupta, Manu, 2009. "Overvaluation and earnings management," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1652-1663, September.
    9. W. Brooke Elliott & Susan D. Krische & Mark E. Peecher, 2010. "Expected Mispricing: The Joint Influence of Accounting Transparency and Investor Base," Journal of Accounting Research, Wiley Blackwell, vol. 48(2), pages 343-381, May.

  37. John R. Graham & Roni Michaely & Michael R. Roberts, 2003. "Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex‐Dividend Pricing before and after Decimalization," Journal of Finance, American Finance Association, vol. 58(6), pages 2611-2636, December.

    Cited by:

    1. Shishir Paudel & Sabatino (Dino) Silveri & Mark Wu, 2020. "Nasdaq ex‐day behavior: An out‐of‐sample test," Review of Financial Economics, John Wiley & Sons, vol. 38(2), pages 405-420, April.
    2. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
    3. Aelee Jun & V. T. Alaganar & Graham Partington & Max Stevenson, 2008. "Price and Volume Behavior around the Ex‐dividend Day: Evidence on the Value of Dividends from American Depositary Receipts and their Underlying Australian Stocks," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 21-55, March.
    4. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
    5. Josef García Blandón & M?nica Martínez Blasco & Josef Argiles Bosch, 2011. "Ex-Dividend Day Returns when Dividend and Capital Gains are Taxed at the Same Rate," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 61(2), pages 140-152, June.
    6. C. Fritz Foley & Jay C. Hartzell & Sheridan Titman & Garry Twite, 2006. "Why do firms hold so much cash? A tax-based explanation," NBER Working Papers 12649, National Bureau of Economic Research, Inc.
    7. Clemens Sialm, 2005. "Tax Changes and Asset Pricing: Time-Series Evidence," NBER Working Papers 11756, National Bureau of Economic Research, Inc.
    8. Kose John & Ravi S. Mateti & Duong Nguyen & Gopala Vasudevan, 2016. "The Ex†dividend Day Behaviour of REITs: Tax or Market Microstructure Effects," European Financial Management, European Financial Management Association, vol. 22(3), pages 341-366, June.
    9. Kadapakkam, Palani-Rajan & Meisami, Alex & Shi, Yilun, 2010. "Lost in translation: Delayed ex-dividend price adjustments of Hong Kong ADRs," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 647-655, March.
    10. Castillo, Augusto & Jakob, Keith, 2006. "The Chilean ex-dividend day," Global Finance Journal, Elsevier, vol. 17(1), pages 105-118, September.
    11. Gene Amromin & Paul Harrison & Steven A. Sharpe, 2005. "How did the 2003 dividend tax cut affect stock prices?," Finance and Economics Discussion Series 2005-61, Board of Governors of the Federal Reserve System (U.S.).
    12. Michael Dempsey, 2015. "Stock Markets, Investments and Corporate Behavior:A Conceptual Framework of Understanding," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number p1007, August.
    13. Rantapuska, Elias, 2008. "Ex-dividend day trading: Who, how, and why?: Evidence from the Finnish market," Journal of Financial Economics, Elsevier, vol. 88(2), pages 355-374, May.
    14. Paudel, Shishir & Silveri, Sabatino (Dino) & Wu, Mark, 2022. "Investor sentiment and asset prices: Evidence from the ex-day," Journal of Banking & Finance, Elsevier, vol. 139(C).
    15. Vassilis A. Efthymiou & George N. Leledakis, 2014. "The price impact of the disposition effect on the ex-dividend day of NYSE and AMEX common stocks," Quantitative Finance, Taylor & Francis Journals, vol. 14(4), pages 711-724, April.
    16. Aelee Jun & Graham H. Partington, 2014. "Taxes, International Clienteles and the Value of ADR Dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1337-1360, November.
    17. Cannavan, Damien & Gray, Stephen, 2017. "Dividend drop-off estimates of the value of dividend imputation tax credits," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 213-226.
    18. Clemens Sialm, 2006. "Investment Taxes and Equity Returns," NBER Working Papers 12146, National Bureau of Economic Research, Inc.
    19. William Hardin & Kartono Liano & Gow-Cheng Huang & Gregory Nagel, 2007. "REITs, Decimalization, and Ex-dividend Stock Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 34(4), pages 499-511, May.
    20. Katsushi Suzuki, 2015. "Unique Dividends for Retail Shareholders: Evidence from Shareholder Perks," Discussion Papers 2015-20, Kobe University, Graduate School of Business Administration.
    21. Jakob, Keith J. & Ma, Tongshu, 2007. "Are ex[hyphen (true graphic)]day dividend clientele effects dead? Dividend yield versus dividend size," Journal of Empirical Finance, Elsevier, vol. 14(5), pages 718-735, December.
    22. Hodgkinson, Lynn & Partington, Graham, 2013. "Capital gains tax, managed funds and the value of dividends: The case of New Zealand," The British Accounting Review, Elsevier, vol. 45(4), pages 271-283.
    23. Khamis Al Yahyaee & Toan Pham & Terry Walter, 2008. "Ex‐Dividend Day Behavior in the Absence of Taxes and Price Discreteness," International Review of Finance, International Review of Finance Ltd., vol. 8(3‐4), pages 103-123, September.
    24. Florian Schulz, 2016. "On the Timing and Pricing of Dividends: Comment," American Economic Review, American Economic Association, vol. 106(10), pages 3185-3223, October.
    25. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
    26. 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.
    27. Dupuis, Daniel, 2019. "Ex-dividend day price behavior and liquidity in a tax-free emerging market," Emerging Markets Review, Elsevier, vol. 38(C), pages 239-250.
    28. Jakob, Keith & Ma, Tongshu, 2004. "Tick size, NYSE rule 118, and ex-dividend day stock price behavior," Journal of Financial Economics, Elsevier, vol. 72(3), pages 605-625, June.
    29. Keith Jakob & Ryan Whitby, 2017. "The impact of nominal stock price on ex-dividend price responses," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 939-953, May.
    30. B. Prasanna Kumar, 2017. "Derived signals for S & P CNX nifty index futures," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 3(1), pages 1-22, December.
    31. Efthymiou, Vassilis A. & Episcopos, Athanasios & Leledakis, George N. & Pyrgiotakis, Emmanouil G., 2021. "Intraday analysis of the limit order bias on the ex-dividend day of U.S. common stocks," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 405-421.
    32. Marie Dutordoir & Frederiek Schoubben & Kristof Struyfs & Wouter Torsin, 2024. "Environmental pressure and board gender diversity: Evidence from the European Union Emission Trading System," Business Strategy and the Environment, Wiley Blackwell, vol. 33(5), pages 3911-3935, July.
    33. Kadapakkam, Palani-Rajan & Martinez, Valeria, 2008. "Ex-dividend returns: The Mexican puzzle," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2453-2461, November.
    34. Eric C. Chang & Tse-Chun Lin & Yan Luo & Jinjuan Ren, 2019. "Ex-Day Returns of Stock Distributions: An Anchoring Explanation," Management Science, INFORMS, vol. 65(3), pages 1076-1095, March.
    35. H. Chu & G. Partington, 2008. "The Market Valuation of Cash Dividends: The Case of the CRA Bonus Issue," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 1-20, March.
    36. Muñoz, Ercio & Rodriguez, Arturo, 2017. "Ex-dividend date stock behavior and the clientele effect: Evidence around a tax reduction," Global Finance Journal, Elsevier, vol. 32(C), pages 55-61.
    37. Thanos Verousis & Pietro Perotti & Georgios Sermpinis, 2018. "One size fits all? High frequency trading, tick size changes and the implications for exchanges: market quality and market structure considerations," Review of Quantitative Finance and Accounting, Springer, vol. 50(2), pages 353-392, February.
    38. Nguyen Ngoc Anh Le & Xiangkang Yin & Jing Zhao, 2020. "Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex‐dividend day: the case of Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3775-3812, December.
    39. Kim, Hyeong Joon & Han, Seung Hun, 2019. "Convertible bond announcement returns, capital expenditures, and investment opportunities: Evidence from Korea," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 331-348.
    40. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    41. Asimakopoulos, Panagiotis N. & Tsangarakis, Nickolaos V. & Tsiritakis, Emmanuel D., 2015. "Price adjustment method and ex-dividend day returns in a different institutional setting," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 1-12.
    42. Jack Francis & Tsing Wu & Nan-Ting Kuo, 2012. "Effects of tax reform on drop-off ratios and on the ex-dividend and ex-right prices," Review of Quantitative Finance and Accounting, Springer, vol. 39(2), pages 147-164, August.
    43. Jeff Whitworth & Ramesh P. Rao, 2010. "Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005," Financial Management, Financial Management Association International, vol. 39(1), pages 419-445, March.
    44. Omri Even-Tov & Naim Bugra Ozel, 2021. "What moves stock prices around credit rating changes?," Review of Accounting Studies, Springer, vol. 26(4), pages 1390-1427, December.
    45. Jeff Whitworth & David A. Carter, 2010. "The Ex‐Day Price Behavior of REITs: Taxes or Ticks?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(4), pages 733-752, Winter.
    46. Andrew Ainsworth & Kingsley YL Fong & David R Gallagher & Graham Partington, 2016. "Institutional trading around the ex-dividend day," Australian Journal of Management, Australian School of Business, vol. 41(2), pages 299-323, May.
    47. Dan Dhaliwal & Linda Krull & Oliver Zhen Li & William Moser, 2005. "Dividend Taxes and Implied Cost of Equity Capital," Journal of Accounting Research, Wiley Blackwell, vol. 43(5), pages 675-708, December.
    48. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    49. Bali, Rakesh & Francis, Jack Clark, 2016. "Ex day effects of the 2003 dividend tax cut," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 11-22.
    50. Nose, Yoshiaki & Miyagawa, Hisao & Ito, Akitoshi, 2021. "How do firms attract the attention of individual investors? Shareholder perks and financial visibility," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    51. Oliver Zhen Li, 2010. "Tax‐Induced Dividend Capturing," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 866-904, July.
    52. Seth Armitage & Lynn Hodgkinson & Graham Partington, 2006. "The Market Value of UK Dividends From Shares With Differing Entitlements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(1‐2), pages 220-244, January.
    53. Al-Yahyaee, Khamis Hamed, 2013. "The effect of a reduction in price discreteness on ex-day stock returns in a unique environment," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 23(C), pages 283-294.
    54. Barraclough, Kathryn & Stoll, Hans R. & Whaley, Robert E., 2012. "Stock option contract adjustments: The case of special dividends," Journal of Financial Markets, Elsevier, vol. 15(2), pages 233-257.
    55. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    56. Maria Borges, 2008. "The Ex-Dividend Day Stock Price Behavior: The Case of Portugal," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 36(1), pages 15-30, March.
    57. William Hardin & Gow-Cheng Huang & Kartono Liano, 2012. "Dividend Size, Yield, Clienteles and REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 435-449, August.

  38. Katrina Ellis & Roni Michaely & Maureen O'Hara, 2002. "The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks," Journal of Finance, American Finance Association, vol. 57(5), pages 2289-2316, October.

    Cited by:

    1. Niehaus, Greg & Zhang, Donghang, 2010. "The impact of sell-side analyst research coverage on an affiliated broker's market share of trading volume," Journal of Banking & Finance, Elsevier, vol. 34(4), pages 776-787, April.
    2. Anand, Amber & Chakravarty, Sugato & Chuwonganant, Chairat, 2009. "Cleaning house: Stock reassignments on the NYSE," Journal of Financial Markets, Elsevier, vol. 12(4), pages 727-753, November.
    3. Qiu, Jiaping & Yu, Fan, 2012. "Endogenous liquidity in credit derivatives," Journal of Financial Economics, Elsevier, vol. 103(3), pages 611-631.
    4. Madureira, Leonardo & Underwood, Shane, 2008. "Information, sell-side research, and market making," Journal of Financial Economics, Elsevier, vol. 90(2), pages 105-126, November.
    5. Ellis, Katrina, 2006. "Who trades IPOs? A close look at the first days of trading," Journal of Financial Economics, Elsevier, vol. 79(2), pages 339-363, February.
    6. James S. Ang & Kenneth J. Hunsader & Shaojun Zhang, 2019. "Order dynamics during the flash crash," Journal of Asset Management, Palgrave Macmillan, vol. 20(5), pages 365-383, September.
    7. Fink, Jason & Fink, Kristin E. & Weston, James P., 2006. "Competition on the Nasdaq and the growth of electronic communication networks," Journal of Banking & Finance, Elsevier, vol. 30(9), pages 2537-2559, September.
    8. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
    9. Vdovychenko, Artem, 2012. "Динамика Ликвидности На Рынке Первичных Публичных Размещений [Liquidity dynamics on initial public offerings market]," MPRA Paper 69428, University Library of Munich, Germany.
    10. Austin Gerig & David Michayluk, 2010. "Automated Liquidity Provision and the Demise of Traditional Market Making," Papers 1007.2352, arXiv.org.
    11. Mingsheng Li & Thomas H. McInish & Udomsak Wongchoti, 2005. "Asymmetric Information in the IPO Aftermarket," The Financial Review, Eastern Finance Association, vol. 40(2), pages 131-153, May.
    12. Duarte-Silva, Tiago, 2010. "The market for certification by external parties: Evidence from underwriting and banking relationships," Journal of Financial Economics, Elsevier, vol. 98(3), pages 568-582, December.
    13. Kedia, Simi & Zhou, Xing, 2011. "Local market makers, liquidity and market quality," Journal of Financial Markets, Elsevier, vol. 14(4), pages 540-567, November.
    14. Choi, Hyung Suk & Clarke, Jonathan & Ferris, Stephen P. & Jayaraman, Narayanan, 2009. "The effects of regulation on industry structure and trade generation in the US securities industry," Journal of Banking & Finance, Elsevier, vol. 33(8), pages 1434-1445, August.
    15. Matthew Pritsker, 2006. "A fully-rational liquidity-based theory of IPO underpricing and underperformance," Finance and Economics Discussion Series 2006-12, Board of Governors of the Federal Reserve System (U.S.).
    16. Hörner, Johannes & Lovo, Stefano, 2017. "Belief-free Price Formation," TSE Working Papers 17-790, Toulouse School of Economics (TSE).
    17. Matt Pritsker, 2005. "A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance," Computing in Economics and Finance 2005 414, Society for Computational Economics.
    18. Amil Dasgupta & Andrea Prat & Michela Verardo, 2011. "The Price Impact of Institutional Herding," The Review of Financial Studies, Society for Financial Studies, vol. 24(3), pages 892-925.
    19. Biais, Bruno & Glosten, Larry & Spatt, Chester, 2005. "Market microstructure: A survey of microfoundations, empirical results, and policy implications," Journal of Financial Markets, Elsevier, vol. 8(2), pages 217-264, May.
    20. Chung, Kee H. & Cho, Seong-Yeon, 2005. "Security analysis and market making," Journal of Financial Intermediation, Elsevier, vol. 14(1), pages 114-141, January.
    21. Li, Mingsheng & Eisenstadt, Robert C., 2005. "Price support and spreads in the IPO aftermarket: An empirical microstructure study," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(4-5), pages 748-766, September.
    22. Garvey, Ryan & Murphy, Anthony, 2005. "Entry, exit and trading profits: A look at the trading strategies of a proprietary trading team," Journal of Empirical Finance, Elsevier, vol. 12(5), pages 629-649, December.
    23. Chung, Kee H. & Kim, Youngsoo, 2005. "The dynamics of dealer markets and trading costs," Journal of Banking & Finance, Elsevier, vol. 29(12), pages 3041-3059, December.
    24. Ariadna Dumitrescu, 2003. "Imperfect Competition and Market Liquidity with a Supply Informed Trader," UFAE and IAE Working Papers 591.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    25. Reber, Beat & Vencappa, Dev, 2016. "Deliberate premarket underpricing and aftermarket mispricing: New insights on IPO pricing," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 18-33.
    26. Goergen, Marc & Gounopoulos, Dimitrios & Koutroumpis, Panagiotis, 2021. "Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs," Journal of Corporate Finance, Elsevier, vol. 67(C).
    27. Gerig, Austin & Michayluk, David, 2017. "Automated liquidity provision," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 1-13.
    28. Albert Wang & Joon Chae, 2004. "Who makes markets? The Role of Dealers and Liquidity Provision," Econometric Society 2004 North American Summer Meetings 364, Econometric Society.
    29. Joon Chae & Albert Wang, 2004. "Who makes market," Econometric Society 2004 Far Eastern Meetings 605, Econometric Society.
    30. Chung, Kee H. & Chuwonganant, Chairat & McCormick, D. Timothy, 2006. "Does internalization diminish the impact of quote aggressiveness on dealer market share?," Journal of Financial Intermediation, Elsevier, vol. 15(1), pages 108-131, January.
    31. Dasgupta, Amil & Prat, Andrea & Verardo, Michela, 2010. "The price impact of institutional herding," LSE Research Online Documents on Economics 119088, London School of Economics and Political Science, LSE Library.
    32. Charlie Charoenwong & David K. Ding & Tiong Yang Thong, 2016. "Decimalization, IPO aftermath, and liquidity," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1303-1344, November.
    33. Mingsheng Li & Xin Zhao, 2008. "Analyst Reputation, Dealer Affiliation, And Market Making," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 31(4), pages 301-332, December.
    34. Iwatsubo, Kentaro & Rhee, S. Ghon & Zhang, Ye Zhou, 2023. "Dealership versus continuous auction: Evidence from the JASDAQ market," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    35. Green, T. Clifton & Jame, Russell & Markov, Stanimir & Subasi, Musa, 2014. "Broker-hosted investor conferences," Journal of Accounting and Economics, Elsevier, vol. 58(1), pages 142-166.

  39. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, August.

    Cited by:

    1. Özgür Orhangazi, 2007. "Financialization and Capital Accumulation in the Non-Financial Corporate Sector," Working Papers wp149, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. David J. Moore & David McMillan, 2016. "A look at the actual cost of capital of US firms," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1233628-123, December.
    3. Zhang, Dan, 2018. "CEO dividend protection," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 194-211.
    4. Chen, Ni-Yun & Liu, Chi-Chun, 2021. "The effect of repurchase regulations on actual share reacquisitions and cost of debt," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    5. Alexandre Madelaine, 2024. "Negative Externalities of Regulation: Identity‐relevant Information in Mandatory Short‐selling Disclosures," Abacus, Accounting Foundation, University of Sydney, vol. 60(4), pages 892-934, December.
    6. Sarthak Kumar Jena & Chandra Sekhar Mishra & Prabina Rajib, 2020. "Do Indian Companies Manage Earnings Before Share Repurchase?," Global Business Review, International Management Institute, vol. 21(6), pages 1427-1447, December.
    7. Peter Cziraki & Evgeny Lyandres & Roni Michaely, 2019. "What Do Insiders Know? Evidence from Insider Trading Around Share Repurchases and SEOs," Swiss Finance Institute Research Paper Series 19-11, Swiss Finance Institute, revised Mar 2019.
    8. Chatjuthamard, Pattanaporn & Singh, Simran & Jiraporn, Pornsit & Lee, Sang Mook, 2024. "Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach," International Review of Financial Analysis, Elsevier, vol. 94(C).
    9. Sébastien Dereeper & Frédéric Romon, 2006. "Rachats d’actions versus dividendes:effet de substitution sur le marché boursier français?," Revue Finance Contrôle Stratégie, revues.org, vol. 9(1), pages 157-186, March.
    10. J. Hobbs & M. I. Schneller, 2012. "Dividend signalling and sustainability," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1395-1408, September.
    11. Smietanka, Pawel & Bloom, Nicholas & Mizen, Paul, 2018. "Business investment, cash holding and uncertainty since the Great Financial Crisis," Bank of England working papers 753, Bank of England.
    12. Lauren A. Cooper & Jimmy F. Downes & Ramesh P. Rao, 2018. "Short term real earnings management prior to stock repurchases," Review of Quantitative Finance and Accounting, Springer, vol. 50(1), pages 95-128, January.
    13. Takashi Hatakeda, 2006. "Share Repurchase Behavior of Japanese Banks," Discussion Papers 2006-27, Kobe University, Graduate School of Business Administration.
    14. Farrugia, Damien & Graham, Michael & Yawson, Alfred, 2011. "Economic conditions and the motives for multiple open-market share buybacks," Research in International Business and Finance, Elsevier, vol. 25(2), pages 156-168, June.
    15. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    16. Wang, Jianrong & Anand, Smriti & Li, Hui & Du, Wei, 2022. "Marriage equality for everyone? The business case for same sex marriage legislation," Journal of Business Research, Elsevier, vol. 148(C), pages 190-202.
    17. Mario Vaupel & David Bendig & Denise Fischer-Kreer & Malte Brettel, 2023. "The Role of Share Repurchases for Firms’ Social and Environmental Sustainability," Journal of Business Ethics, Springer, vol. 183(2), pages 401-428, March.
    18. Mazur, Mieszko & Dang, Man & Vo, Thuy Anh Thi, 2020. "Dividend Policy and the COVID-19 Crisis," MPRA Paper 108765, University Library of Munich, Germany.
    19. Daniel Tut, 2022. "Policy uncertainty and cash dynamics," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(2), pages 422-444, June.
    20. Dusan ISAKOV & Dennis Y. CHUNG & Christophe PERIGNON, 2005. "Repurchasing Shares on a Second Trading Line," FAME Research Paper Series rp162, International Center for Financial Asset Management and Engineering.
    21. Martin Lettau & Stijn Van Nieuwerburgh, 2008. "Reconciling the Return Predictability Evidence," The Review of Financial Studies, Society for Financial Studies, vol. 21(4), pages 1607-1652, July.
    22. Cook, Douglas O. & Zhang, Weiwei, 2022. "CEO option incentives and corporate share repurchases," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 355-376.
    23. Raj Chetty & Joseph Rosenberg & Emmanuel Saez, 2005. "The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can we Learn from the 2003 Dividend Tax Cut?," NBER Working Papers 11452, National Bureau of Economic Research, Inc.
    24. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    25. 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.
    26. Nha Duc Bui & Yun‐Yi Wang & Jin‐Ping Lee, 2022. "Payout policies, government ownership, and financial constraints: Evidence from Vietnam," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 600-636, December.
    27. Bianchi, Francesco & Kung, Howard & Morales, Gonzalo, 2019. "Growth, slowdowns, and recoveries," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 47-63.
    28. Luís Krug Pacheco & Clara Raposo, 2009. "ON the TIMING of INITIAL STOCK REPURCHASES," Working Papers de Gestão (Management Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
    29. Chi-Chun Liu & Ni-Yun Chen, 2015. "Earnings Surprises in Analysts' Forecasts, Mandatory Disclosure, and Share Repurchases," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 63-85, March.
    30. Ndayisaba, Gilbert A. & Ahmed, Abdullahi D., 2021. "Demystifying the paradoxical popularity of stock buybacks in a market environment characterised by high stock prices," International Review of Financial Analysis, Elsevier, vol. 78(C).
    31. Nima Nonejad, 2021. "An Overview Of Dynamic Model Averaging Techniques In Time‐Series Econometrics," Journal of Economic Surveys, Wiley Blackwell, vol. 35(2), pages 566-614, April.
    32. Raj Chetty & Emmanuel Saez, 2005. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 791-833.
    33. Hasan, Mostafa Monzur & Habib, Ahsan, 2020. "Social capital and payout policies," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(1).
    34. Drousia, Angeliki & Episcopos, Athanasios & Leledakis, George N., 2016. "Market Reaction to Stock Repurchases in Greece," MPRA Paper 85610, University Library of Munich, Germany, revised 01 Mar 2018.
    35. Paul Tanyi & David B. Smith & Xiaoyan Cheng, 2021. "Does firm payout policy affect shareholders’ dissatisfaction with directors?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 279-320, July.
    36. Andres, Christian & Doumet, Markus & Fernau, Erik & Theissen, Erik, 2013. "The Lintner model revisited: Dividends versus total payouts," CFR Working Papers 14-02, University of Cologne, Centre for Financial Research (CFR).
    37. Lei, Jin & Qiu, Jiaping & Wan, Chi & Yu, Fan, 2021. "Credit risk spillovers and cash holdings," Journal of Corporate Finance, Elsevier, vol. 68(C).
    38. Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki & OGAWA Ryo, 2018. "Stock Repurchases and Corporate Control: Evidence from Japan," Discussion papers 18074, Research Institute of Economy, Trade and Industry (RIETI).
    39. BOUEZMARNI, Taoufik & ROMBOUTS, Jeroen V.K., 2007. "Semiparametric multivariate density estimation for positive data using copulas," LIDAM Discussion Papers CORE 2007054, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    40. Lettau, Martin & Ludvigson, Sydney C., 2005. "Expected returns and expected dividend growth," Journal of Financial Economics, Elsevier, vol. 76(3), pages 583-626, June.
    41. Reddy, Kotapati Srinivasa & Nangia, Vinay Kumar & Agrawal, Rajat, 2013. "Share repurchases, signaling effect and implications for corporate governance: Evidence from India," MPRA Paper 60147, University Library of Munich, Germany.
    42. Iman Harymawan & Fajar Kristanto Gautama Putra & Bayu Arie Fianto & Wan Adibah Wan Ismail, 2021. "Financially Distressed Firms: Environmental, Social, and Governance Reporting in Indonesia," Sustainability, MDPI, vol. 13(18), pages 1-18, September.
    43. Hull, Tyler J., 2015. "How the timing of dividend reductions can signal value," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 114-131.
    44. Chen, Huafeng (Jason), 2011. "Firm life expectancy and the heterogeneity of the book-to-market effect," Journal of Financial Economics, Elsevier, vol. 100(2), pages 402-423, May.
    45. Chay, J.B. & Suh, Jungwon, 2009. "Payout policy and cash-flow uncertainty," Journal of Financial Economics, Elsevier, vol. 93(1), pages 88-107, July.
    46. Lee, Bong Soo & Mauck, Nathan, 2014. "Information Asymmetry and the Market Response to Open Market Share Repurchases," MPRA Paper 54066, University Library of Munich, Germany.
    47. Fatemi, Ali & Bildik, Recep, 2012. "Yes, dividends are disappearing: Worldwide evidence," Journal of Banking & Finance, Elsevier, vol. 36(3), pages 662-677.
    48. Banyi, Monica L. & Dyl, Edward A. & Kahle, Kathleen M., 2008. "Errors in estimating share repurchases," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 460-474, September.
    49. Pankaj Sinha & Priya Sawaliya, 2021. "Financial Constraints, Stock Returns and R&D in Indian Stock Market," Vision, , vol. 25(2), pages 192-200, June.
    50. Yufen Fu & George W. Blazenko, 2015. "Returns for Dividend-Paying and Non Dividend Paying Firms," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 9(2), pages 1-20.
    51. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    52. Philippe GAUD & Martin HOESLI & André BENDER, 2004. "Further Evidence on Debt-Equity Choice," FAME Research Paper Series rp114, International Center for Financial Asset Management and Engineering.
    53. Gamage, Charith B., 2023. "Do adjustment costs influence firms’ target adjustment speeds? International evidence from share repurchase legalization," Journal of International Money and Finance, Elsevier, vol. 131(C).
    54. Geiler, Philipp & Renneboog, Luc, 2015. "Taxes, earnings payout, and payout channel choice," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 37(C), pages 178-203.
    55. Moin, Abdul & Guney, Yilmaz & Kalak, Izidin El, 2020. "In search of stock repurchases determinants in listed Indonesian firms during regulatory changes," Journal of Economic Behavior & Organization, Elsevier, vol. 176(C), pages 145-165.
    56. Ellen R. McGrattan & Edward C. Prescott, 2005. "Taxes, regulations, and the value of U.S. and U.K. corporations," Staff Report 309, Federal Reserve Bank of Minneapolis.
    57. Geoffrey C. Friesen & Noel Pavel Jeutang & Emre Unlu, 2022. "The Effect of Unsuccessful Past Repurchases on Future Repurchasing Decisions," Management Science, INFORMS, vol. 68(1), pages 716-739, January.
    58. Brawn, Derek & Sevǐc, Aleksandar, 2015. "Net payout return: An alternative to the traditional returns approach based on dividends and share repurchases," Finance Research Letters, Elsevier, vol. 13(C), pages 66-73.
    59. Tetiana Davydiuk & Scott Richard & Ivan Shaliastovich & Amir Yaron, 2023. "How Risky Are U.S. Corporate Assets?," Journal of Finance, American Finance Association, vol. 78(1), pages 141-208, February.
    60. Driver, Ciaran & Grosman, Anna & Scaramozzino, Pasquale, 2020. "Dividend policy and investor pressure," Economic Modelling, Elsevier, vol. 89(C), pages 559-576.
    61. Shams Pathan & Robert Faff & Carlos Fernández Méndez & Nicholas Masters, 2016. "Financial constraints and dividend policy," Australian Journal of Management, Australian School of Business, vol. 41(3), pages 484-507, August.
    62. Kulchania, Manoj, 2013. "Catering driven substitution in corporate payouts," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 180-195.
    63. Chen, Zhongdong & Daves, Phillip R., 2018. "The January sentiment effect in the U.S. stock market," International Review of Financial Analysis, Elsevier, vol. 59(C), pages 94-104.
    64. Ahsan Habib & Mabel D' Costa & Hedy Jiaying Huang & Md. Borhan Uddin Bhuiyan & Li Sun, 2020. "Determinants and consequences of financial distress: review of the empirical literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1023-1075, April.
    65. De Cesari, Amedeo & Espenlaub, Susanne & Khurshed, Arif, 2011. "Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1558-1579.
    66. Lai, Karen M.Y. & Saffar, Walid & Zhu, Xindong (Kevin) & Liu, Yiye, 2020. "Political institutions, stock market liquidity and firm dividend policy: Some international evidence," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(1).
    67. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    68. Salim Chahine & Mohamad Zeidan & Hala Dairy, 2012. "Corporate governance and the market reaction to stock repurchase announcement," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(4), pages 707-726, November.
    69. Jeffrey R. Brown & Nellie Liang & Scott Weisbenner, 2007. "Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut," Journal of Finance, American Finance Association, vol. 62(4), pages 1935-1965, August.
    70. Tsai, Pei-Ling & Hsu, Yuan-Lin & Chih, Hsiang-Hsuan & Lin, Shih-Kuei, 2022. "Theoretical and empirical analysis of options in open market share repurchases of Taiwan companies," International Review of Economics & Finance, Elsevier, vol. 81(C), pages 205-226.
    71. Piergiorgio Alessandri & Donald Robertson & Stephen Wright, 2008. "Miller and Modigliani, Predictive Return Regressions and Cointegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(2), pages 181-207, April.
    72. Bong Soo Lee & Nathan Mauck, 2018. "Informed Repurchases, Information Asymmetry and the Market Response to Open Market Share Repurchases," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 21(03), pages 1-32, September.
    73. Beladi, Hamid & Chao, Chi Chur & Hu, May, 2016. "The Christmas effect—Special dividend announcements," International Review of Financial Analysis, Elsevier, vol. 43(C), pages 15-30.
    74. Wong, Jin Boon & Hasan, Mostafa Monzur, 2021. "Oil shocks and corporate payouts," Energy Economics, Elsevier, vol. 99(C).
    75. Drousia, Angeliki & Episcopos, Athanasios & Leledakis, George N. & Pyrgiotakis, Emmanuil, 2020. "EU regulation and open market share repurchases: New evidence," MPRA Paper 102023, University Library of Munich, Germany.
    76. Ming Dong & Chris Robinson & Chris Veld, 2004. "Why Individual Investors Want Dividends," Finance 0412009, University Library of Munich, Germany.
    77. In‐Mu Haw & Bingbing Hu & Donghui Wu & Xu Zhang, 2018. "Having a Finger in the Pie: Labor Power and Corporate Payout Policy," Financial Management, Financial Management Association International, vol. 47(4), pages 993-1027, December.
    78. Fuller, Kathleen P. & Goldstein, Michael A., 2011. "Do dividends matter more in declining markets?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 457-473, June.
    79. Frederico Belo & Pierre Collin-Dufresne & Robert S. Goldstein, 2012. "Endogenous Dividend Dynamics and the Term Structure of Dividend Strips," NBER Working Papers 18450, National Bureau of Economic Research, Inc.
    80. Canil, Jean, 2017. "Non-dividend protected executive options and dividend policy: Evidence from SFAS 123R," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 15-33.
    81. Fakhrul Hasan & Basil Al-Najjar, 2024. "Exploring the connections: Dividend announcements, stock market returns, and major sporting events," Review of Quantitative Finance and Accounting, Springer, vol. 63(3), pages 889-923, October.
    82. Jha, Anand & Kulchania, Manoj & Kwon, Min-Jeong, 2022. "Stock repurchasing and corporate social responsibility," Journal of Financial Stability, Elsevier, vol. 62(C).
    83. De Cesari, Amedeo & Ozkan, Neslihan, 2015. "Executive incentives and payout policy: Empirical evidence from Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 70-91.
    84. Li, Lingxiang, 2016. "New findings on repurchase anomaly — The first-month effect," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 331-349.
    85. Autore, Don M. & Clarke, Nicholas & Liu, Baixiao, 2019. "Activist investors and open market share repurchases," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    86. Céline Du Boys, 2006. "Pay out policy decisions in France A managerial perspective," Post-Print hal-02057673, HAL.
    87. Dennis Oswald & Steven Young, 2008. "Tax‐efficient irregular payout methods: The case of B share schemes and capital repayments via a court‐approved scheme of arrangement," Accounting and Business Research, Taylor & Francis Journals, vol. 38(1), pages 49-70.
    88. Nie, Jing & Yin, Libo, 2022. "Do dividends signal safety? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    89. Fangjian Fu & Sheng Huang, 2016. "The Persistence of Long-Run Abnormal Returns Following Stock Repurchases and Offerings," Management Science, INFORMS, vol. 62(4), pages 964-984, April.
    90. Oded, Jacob, 2009. "Optimal execution of open-market stock repurchase programs," Journal of Financial Markets, Elsevier, vol. 12(4), pages 832-869, November.
    91. Christine Brown & Katrina Efthim, 2005. "Effect of Taxation on Equal Access Share Buybacks in Australia," International Review of Finance, International Review of Finance Ltd., vol. 5(3‐4), pages 199-218, September.
    92. Burns, Natasha & McTier, Brian C. & Minnick, Kristina, 2015. "Equity-incentive compensation and payout policy in Europe," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 85-97.
    93. Caton, Gary L. & Goh, Jeremy & Lee, Yen Teik & Linn, Scott C., 2016. "Governance and post-repurchase performance," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 155-173.
    94. Khalil, Samer & Mansi, Sattar & Mazboudi, Mohamad & Zhang, Andrew (Jianzhong), 2019. "Information asymmetry and the wealth appropriation effect in the bond market: Evidence from late disclosures," Journal of Business Research, Elsevier, vol. 95(C), pages 49-61.
    95. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2020. "The Expected Return on Risky Assets: International Long-run Evidence," CEPR Discussion Papers 15610, C.E.P.R. Discussion Papers.
    96. Drobetz, Wolfgang & Haller, Rebekka & Meier, Iwan, 2016. "Cash flow sensitivities during normal and crisis times: Evidence from shipping," Transportation Research Part A: Policy and Practice, Elsevier, vol. 90(C), pages 26-49.
    97. Hossain, Md Noman & Rabarison, Monika K. & Ater, Brandon & Sobngwi, Christian K., 2023. "CEO marital status and dividend policy," Journal of Corporate Finance, Elsevier, vol. 78(C).
    98. Fang, Hongyan & Song, Zhihui & Nofsinger, John R. & Wang, Yuyue, 2017. "Trading restrictions and firm dividends: The share lockup expiration experience in China," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 83-98.
    99. Esther B. Del Brio & Alberto De Miguel, 2010. "Dividends and Market Signalling: an Analysis of Corporate Insider Trading," European Financial Management, European Financial Management Association, vol. 16(3), pages 480-497, June.
    100. Grey, Colette & Flynn, Antoinette & Donnelly, Ray, 2020. "Management compensation contracts and distribution policies in the US technology sector," International Review of Financial Analysis, Elsevier, vol. 67(C).
    101. Li, Wei & Lie, Erik, 2006. "Dividend changes and catering incentives," Journal of Financial Economics, Elsevier, vol. 80(2), pages 293-308, May.
    102. Ward, Colin, 2020. "Is the IT revolution over? An asset pricing view," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 283-316.
    103. Tong, Jiao & Bremer, Marc, 2016. "Stock repurchases in Japan: A solution to excessive corporate saving?," Journal of the Japanese and International Economies, Elsevier, vol. 41(C), pages 41-56.
    104. Tzu-Yu Liu & Li-Lun Liu & John Francis Diaz, 2016. "Effect of Managerial Overconfidence and Compensation on Share Repurchase: Empirical Evidence from Taiwanese Firms," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 12(1), pages 153-179.
    105. Alok Bhargava, 2013. "Executive compensation, share repurchases and investment expenditures: econometric evidence from US firms," Review of Quantitative Finance and Accounting, Springer, vol. 40(3), pages 403-422, April.
    106. Goyal, Abhinav & Muckley, Cal, 2013. "Cash dividends and investor protection in Asia," International Review of Financial Analysis, Elsevier, vol. 29(C), pages 31-43.
    107. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2011. "The contribution of stock repurchases to the value of the firm and cash holdings around the world," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 152-166, February.
    108. Zoubeida Benhamouda & Robert Watson, 2010. "A research note on the determinants of UK corporate share repurchase decisions," Applied Financial Economics, Taylor & Francis Journals, vol. 20(7), pages 529-541.
    109. Lin, Ji-Chai & Stephens, Clifford P. & Wu, YiLin, 2014. "Limited attention, share repurchases, and takeover risk," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 283-301.
    110. Ken Yook & Partha Gangopadhyay, 2011. "A comprehensive examination of the wealth effects of recent stock repurchase announcements," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 509-529, November.
    111. Ben-Rephael, Azi & Oded, Jacob & Wohl, Avi, 2011. "Do firms buy their stock at bargain prices? Evidence from actual stock repurchase disclosure," CFS Working Paper Series 2011/17, Center for Financial Studies (CFS).
    112. Polimenis, Vassilis & Neokosmidis, Ioannis M., 2016. "The modified dividend–price ratio," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 31-38.
    113. Drousia, Angeliki & Episcopos, Athanasios & Leledakis, George N., 2016. "Market Reaction to Actual Daily Share Repurchases in Greece," MPRA Paper 83039, University Library of Munich, Germany, revised 01 Aug 2017.
    114. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-002, Tilburg University, Tilburg Law and Economic Center.
    115. Yaxuan Qi & John Wald, 2008. "State Laws and Debt Covenants," Journal of Law and Economics, University of Chicago Press, vol. 51(1), pages 179-207, February.
    116. 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.
    117. Benoit d’Udekem, 2021. "Agency Conflicts and Dividend Persistence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 60(2), pages 207-234, December.
    118. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    119. Ginglinger, Edith & Hamon, Jacques, 2007. "Actual share repurchases, timing and liquidity," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 915-938, March.
    120. Wang, Huabing Barbara & Nguyen, Cuong & Rafi, Nurul A., 2021. "The effectiveness of price-stabilizing share buybacks: Evidence from listed firms in Vietnam," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    121. Kang, Hyung Cheol & Lee, Ji Hye & Byun, Hee Sub, 2021. "Do Family CEOs “Dump” Firms with Declining Value to Professional CEOs?: Evidence from CEO Turnover," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 62(2), pages 74-100, December.
    122. Schmid, Thomas & Ampenberger, Markus & Kaserer, Christoph & Achleitner, Ann-Kristin, 2010. "Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?," CEFS Working Paper Series 2010-01, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    123. Chris Mitchell, 2019. "The Lock-In Effect and the Corporate Payout Puzzle," ISER Discussion Paper 1070r, Institute of Social and Economic Research, Osaka University, revised Aug 2021.
    124. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    125. Londono, Juan M. & Regúlez, Marta & Vázquez, Jesús, 2015. "An alternative view of the US price–dividend ratio dynamics," International Review of Economics & Finance, Elsevier, vol. 38(C), pages 291-307.
    126. Jiraporn, Pornsit, 2006. "Share repurchases, shareholder rights, and corporate governance provisions," The North American Journal of Economics and Finance, Elsevier, vol. 17(1), pages 35-47, March.
    127. Stylianos Asimakopoulos & James Malley & Apostolis Philippopoulos, 2024. "The Firm-level and Aggregate E¤ects of Corporate Payout Policy," Working Papers 2024_13, Business School - Economics, University of Glasgow.
    128. Henderson, Brian J. & Zhao, Bo, 2014. "More than meets the eye: Convertible bond issuers' concurrent transactions," Journal of Corporate Finance, Elsevier, vol. 24(C), pages 57-79.
    129. Anolick, Nina & Batten, Jonathan A. & Kinateder, Harald & Wagner, Niklas, 2021. "Time for gift giving: Abnormal share repurchase returns and uncertainty," Journal of Corporate Finance, Elsevier, vol. 66(C).
    130. Agarwalla, Sobhesh Kumar & Jacob, Joshy & Vasudevan, Ellapulli, 2015. "Market overreaction to poor long-run performance? A case of repurchase firms in India," IIMA Working Papers WP2015-02-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    131. Henryk Gurgul & Paweł Majdosz, 2005. "Effect of dividend and repurchase announcements on the Polish stock market," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 15(1), pages 25-41.
    132. Yuan‐Teng Hsu & Chia‐Wei Huang, 2020. "Why do stock repurchases change over time?," European Financial Management, European Financial Management Association, vol. 26(4), pages 938-957, September.
    133. Hong, Harrison & Wang, Jiang & Yu, Jialin, 2008. "Firms as buyers of last resort," Journal of Financial Economics, Elsevier, vol. 88(1), pages 119-145, April.
    134. Ravinder Kumar Arora, 2022. "Why Do Indian Companies Repurchase Their Shares?," Global Business Review, International Management Institute, vol. 23(1), pages 205-217, February.
    135. Jennifer Blouin & Jana Raedy & Douglas Shackelford, 2010. "Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes," NBER Working Papers 16129, National Bureau of Economic Research, Inc.
    136. Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Discussion Paper 2005-61, Tilburg University, Center for Economic Research.
    137. Sunghoon Joo & Dong H. Kim & Jung Chul Park, 2020. "Does local political support influence financial markets? A study on the impact of job approval ratings of political representatives on local stock returns," The Financial Review, Eastern Finance Association, vol. 55(2), pages 247-276, May.
    138. Wang, Zigan & Yin, Qie Ellie & Yu, Luping, 2021. "Real effects of share repurchases legalization on corporate behaviors," Journal of Financial Economics, Elsevier, vol. 140(1), pages 197-219.
    139. Arturo, Ramirez Verdugo, 2004. "Dividend Signaling and Unions," MPRA Paper 2273, University Library of Munich, Germany, revised 04 Oct 2006.
    140. Ricky W. Scott, 2014. "Institutional Investors, Stock Repurchases and Information Asymmetry," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(4), pages 39-51, October.
    141. Geiler, P.H.M. & Renneboog, L.D.R., 2014. "Executive Remuneration and the Payout Decision," Other publications TiSEM d9ae7344-0a29-4aa0-a016-8, Tilburg University, School of Economics and Management.
    142. Zhe An & Wenlian Gao & Donghui Li & Dezhu Ye, 2022. "Dividend payouts, cash‐flow uncertainty and the role of institutions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1356-1390, July.
    143. Esqueda, Omar A., 2016. "Signaling, corporate governance, and the equilibrium dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 186-199.
    144. Adhikari, Binay K. & Agrawal, Anup, 2018. "Peer influence on payout policies," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 615-637.
    145. Grennan, Jillian, 2019. "Dividend payments as a response to peer influence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 549-570.
    146. Lie, Erik, 2005. "Operating performance following dividend decreases and omissions," Journal of Corporate Finance, Elsevier, vol. 12(1), pages 27-53, December.
    147. Kang, Jun-Koo & Kim, Kenneth A. & Kitsabunnarat-Chatjuthamard, P. & Nishikawa, Takeshi, 2011. "The effects of bank relations on stock repurchases: Evidence from Japan," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 94-116, January.
    148. Massa, Massimo & Rehman, Zahid & Vermaelen, Theo, 2007. "Mimicking repurchases," Journal of Financial Economics, Elsevier, vol. 84(3), pages 624-666, June.
    149. Burak Pirgaip & Semra Karacaer, 2017. "Why Do Firms Repurchase Their Stocks? Evidence From An Emerging Market," Eurasian Journal of Business and Management, Eurasian Publications, vol. 5(3), pages 26-34.
    150. S. I. Lutsenko, 2018. "Influence Of Information Signals On The Future Earnings," Strategic decisions and risk management, Real Economy Publishing House, issue 4.
    151. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.
    152. Jeong Hwan Lee & Young Lee, 2024. "Taxes, Payout Policy, and Share Prices: Evidence from DID Analysis Using Korea’s 2015–2017 Dividend Tax Cut," Korean Economic Review, Korean Economic Association, vol. 40, pages 77-106.
    153. Chanchal Chatterjee & Paramita Mukherjee, 2015. "Price Behaviour around Share Buyback in the Indian Equity Market," Global Business Review, International Management Institute, vol. 16(3), pages 425-438, June.
    154. Warwick Anderson & Nalinaksha Bhattacharyya & Cameron Morrill & Helen Roberts, 2020. "Dividend payout and executive compensation: theory and evidence from New Zealand," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1007-1022, April.
    155. Hwang Hee Lee & Frederick Dongchuhl Oh, 2022. "The role of credit default swaps in determining corporate payout policy," Financial Management, Financial Management Association International, vol. 51(2), pages 635-661, June.
    156. Dangl, Thomas & Halling, Michael, 2012. "Predictive regressions with time-varying coefficients," Journal of Financial Economics, Elsevier, vol. 106(1), pages 157-181.
    157. Akhigbe, Aigbe & Whyte, Ann Marie, 2012. "Does the use of stock incentives influence the payout policy of financial institutions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 63-71.
    158. Taoufik Bouezmarni & Jeroen V.K. Rombouts, 2007. "Nonparametric Density Estimation for Multivariate Bounded Data," Cahiers de recherche 0732, CIRPEE.
    159. Jian Cao & Thomas R. Kubick & Adi N. S. Masli, 2017. "Do corporate payouts signal going-concern risk for auditors? Evidence from audit reports for companies in financial distress," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 599-631, October.
    160. Brockman, Paul & Howe, John S. & Mortal, Sandra, 2008. "Stock market liquidity and the decision to repurchase," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 446-459, September.
    161. Malcolm Baker & Jeffrey Wurgler, 2012. "Dividends as Reference Points: A Behavioral Signaling Approach," NBER Working Papers 18242, National Bureau of Economic Research, Inc.
    162. Andriosopoulos, Dimitris & Andriosopoulos, Kostas & Hoque, Hafiz, 2013. "Information disclosure, CEO overconfidence, and share buyback completion rates," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5486-5499.
    163. Wang, Jin, 2012. "Do firms' relationships with principal customers/suppliers affect shareholders' income?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 860-878.
    164. Massimiliano De Santis, 2005. "Interpreting Aggregate Stock Market Behavior: How Far Can the Standard Model Go?," Money Macro and Finance (MMF) Research Group Conference 2005 5, Money Macro and Finance Research Group.
    165. Adra, Samer & Gao, Yang & Huang, Jin & Yuan, Jiayi, 2023. "Geopolitical risk and corporate payout policy," International Review of Financial Analysis, Elsevier, vol. 87(C).
    166. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    167. Alquhaif, Abdulsalam & Al-Gamrh, Bakr & Abdul Latif, Rohaida, 2020. "An overview of share buybacks: A descriptive case from Malaysia," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    168. Chao, Ching-Hsiang & Huang, Chih-Jen, 2022. "Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    169. Kai Li & Xinlei Zhao, 2008. "Asymmetric Information and Dividend Policy," Financial Management, Financial Management Association International, vol. 37(4), pages 673-694, December.
    170. John Powell & Jing Shi & Tom Smith & Robert Whaley, 2009. "Common Divisors, Payout Persistence, and Return Predictability," International Review of Finance, International Review of Finance Ltd., vol. 9(4), pages 335-357, December.
    171. De Santis Massimiliano, 2010. "Demystifying the Equity Premium," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-33, May.
    172. Nyborg, Kjell & Wang, Zexi, 2019. "Corporate cash holdings: Stock liquidity and the repurchase motive," CEPR Discussion Papers 13791, C.E.P.R. Discussion Papers.
    173. Krishnan, C.N.V. & Partnoy, Frank & Thomas, Randall S., 2016. "The second wave of hedge fund activism: The importance of reputation, clout, and expertise," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 296-314.
    174. Wang, Li-Hsun & Lin, Chu-Hsiung & Fung, Hung-Gay & Chen, Hsien-Ming, 2013. "An analysis of stock repurchase in Taiwan," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 497-513.
    175. Jacob, Martin & Alstadsæter, Annette, 2013. "Payout policies of privately held firms: Flexibility and the role of income taxes," arqus Discussion Papers in Quantitative Tax Research 152, arqus - Arbeitskreis Quantitative Steuerlehre.
    176. Andriosopoulos, Dimitris & Lasfer, Meziane, 2015. "The market valuation of share repurchases in Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 327-339.
    177. Li, Xiongshi & Ye, Mao & Zheng, Miles, 2024. "Price ceilings, market structure, and payout policies," Journal of Financial Economics, Elsevier, vol. 155(C).
    178. Roberto Veneziani & Luca Zamparelli & Leila E. Davis, 2017. "Financialization And Investment: A Survey Of The Empirical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1332-1358, December.
    179. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    180. Hiep Ngoc Luu & Tram-Anh Nguyen & Dung Thi Thuy Nguyen & Lan Thi Mai Nguyen & Edie Johari, 2024. "Shareholder Litigation Rights and Bank Dividends," Journal of Financial Services Research, Springer;Western Finance Association, vol. 66(3), pages 263-295, December.
    181. Devra L. Golbe & Ingmar Nyman, 2010. "How do share repurchases affect ownership concentration?," Economics Working Paper Archive at Hunter College 430, Hunter College Department of Economics, revised 2012.
    182. Firth, Michael & Leung, T.Y. & Rui, Oliver M., 2010. "Double signals or single signal? An investigation of insider trading around share repurchases," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 20(4), pages 376-388, October.
    183. Jordan, Bradford D. & Liu, Mark H. & Wu, Qun, 2014. "Corporate payout policy in dual-class firms," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 1-19.
    184. Jean Canil & Sigitas Karpavičius & Chia‐Feng (Jeffrey) Yu, 2023. "CEO mobility and corporate payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(9-10), pages 1743-1778, October.
    185. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    186. Unsal, Omer & Brodmann, Jennifer, 2019. "Workplace environment and payout policy," Journal of Economics and Business, Elsevier, vol. 106(C).
    187. Armitage, Seth & Gallagher, Ronan, 2019. "Are pension contributions a threat to shareholder payouts?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 27-42.
    188. Buranavityawut, Nonthipoth & Freeman, Mark C. & Freeman, Nisih, 2006. "Has the equity premium been low for 40 years?," The North American Journal of Economics and Finance, Elsevier, vol. 17(2), pages 191-205, August.
    189. Fernau, Erik & Hirsch, Stefan, 2019. "What drives dividend smoothing? A meta regression analysis of the Lintner model," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 255-273.
    190. Scott Weisbenner, 2000. "Corporate share repurchases in the 1990s: what role do stock options play?," Finance and Economics Discussion Series 2000-29, Board of Governors of the Federal Reserve System (U.S.).
    191. Jacob LaRiviere & Matthew McMahon & William Neilson, 2018. "Shareholder Protection and Agency Costs: An Experimental Analysis," Management Science, INFORMS, vol. 64(7), pages 3108-3128, July.
    192. Balachandran, Balasingham & Nguyen, Justin Hung, 2018. "Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 249-267.
    193. Subramanian Rama Iyer & Harry Feng & Ramesh P. Rao, 2017. "Payout flexibility and capital expenditure," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 633-659, October.
    194. Christian Andres & André Betzer & Markus Doumet & Erik Theissen, 2018. "Open Market Share Repurchases in Germany: A Conditional Event Study Approach," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 417-444, December.
    195. Feng Gao & Joanna Shuang Wu & Jerold Zimmerman, 2009. "Unintended Consequences of Granting Small Firms Exemptions from Securities Regulation: Evidence from the Sarbanes‐Oxley Act," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 459-506, May.
    196. Taeyoon Sung & Daehwan Kim & Ludwig Chincarini, 2006. "Corporate scandals and the market response of dividend payout changes," Applied Financial Economics, Taylor & Francis Journals, vol. 16(7), pages 535-549.
    197. Ye, Dezhu & Deng, Jie & Liu, Yi & Szewczyk, Samuel H. & Chen, Xiao, 2019. "Does board gender diversity increase dividend payouts? Analysis of global evidence," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-26.
    198. Gyimah, Daniel & Gyapong, Ernest, 2021. "Managerial entrenchment and payout policy: A catering effect," International Review of Financial Analysis, Elsevier, vol. 73(C).
    199. Nishant B. Labhane & Ramesh Chandra Das, 2015. "Determinants of Dividend Payout Ratio: Evidence from Indian Companies," Business and Economic Research, Macrothink Institute, vol. 5(2), pages 217-241, December.
    200. Szabolcs Szikszai & Tamas Badics, 2014. "Enhanced Funds Seeking Higher Returns," Working papers wpaper43, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    201. Nishant B. Labhane & Jitendra Mahakud, 2016. "Determinants of Dividend Policy of Indian Companies," Paradigm, , vol. 20(1), pages 36-55, June.
    202. Kien Cao & Thuy Nguyen & Hong Nguyen & Hien Bui, 2020. "Incomplete Share Repurchase Programs in Vietnam: Completion Rates and Short-Term Returns," IJFS, MDPI, vol. 8(3), pages 1-16, September.
    203. Dittmar, Amy K. & Dittmar, Robert F., 2008. "The timing of financing decisions: An examination of the correlation in financing waves," Journal of Financial Economics, Elsevier, vol. 90(1), pages 59-83, October.
    204. Tao Zeng, 2011. "Intercorporate Ownership, Taxes, and Corporate Payout Choices," Accounting Perspectives, John Wiley & Sons, vol. 10(4), pages 265-283, December.
    205. Pick, Tobias & Schanz, Deborah & Niemann, Rainer, 2009. "Stock price reactions to share repurchase announcements in Germany: Evidence from a tax perspective," arqus Discussion Papers in Quantitative Tax Research 89, arqus - Arbeitskreis Quantitative Steuerlehre.
    206. Andrew Vivian, 2007. "The UK Equity Premium: 1901–2004," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9‐10), pages 1496-1527, November.
    207. Massimiliano De Santis, 2005. "Movements in the Equity Premium: Evidence from a Bayesian Time-Varying VAR," Money Macro and Finance (MMF) Research Group Conference 2005 62, Money Macro and Finance Research Group.
    208. Adrian Melia & Paul Docherty & Steve Easton & Tom Smith, 2016. "Net share issues and the cross-section of equity returns under a dividend imputation tax system," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 56(4), pages 1097-1117, December.
    209. Johannes A. Skjeltorp & Bernt Arne Ødegaard, 2004. "The ownership structure of repurchasing firms," Working Paper 2004/7, Norges Bank.
    210. Paye, Bradley S. & Timmermann, Allan, 2006. "Instability of return prediction models," Journal of Empirical Finance, Elsevier, vol. 13(3), pages 274-315, June.
    211. Huilin Zhang & Sabri Boubaker & Xiaroan Ni, 2024. "Litigating Payouts or Not? Evidence from Universal Demand Laws," Post-Print hal-04432414, HAL.
    212. Boudry, Walter I. & Kallberg, Jarl G. & Liu, Crocker H., 2013. "Investment opportunities and share repurchases," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 23-38.
    213. Jesse Perla & Carolin Pflueger & Michal Szkup, 2020. "Doubling Down on Debt: Limited Liability as a Financial Friction," NBER Working Papers 27747, National Bureau of Economic Research, Inc.
    214. Deen Kemsley & Padmakumar Sivadasan & Venkat Subramaniam, 2018. "The composite dividend tax rate," Accounting and Business Research, Taylor & Francis Journals, vol. 48(7), pages 727-758, November.
    215. Kent Baker, H. & Kilincarslan, Erhan, 2019. "Why companies do not pay cash dividends: The Turkish experience," Global Finance Journal, Elsevier, vol. 42(C).
    216. Kam Fong Chan & John G. Powell & Jing Shi & Tom Smith, 2018. "Dividend persistence and dividend behaviour," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 127-147, March.
    217. Anup Agrawal & Tareque Nasser, 2018. "Corporate Financial and Investment Policies in the Presence of a Blockholder on the Board," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 8(03), pages 1-59, September.
    218. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    219. Fliers, Philip T., 2019. "What is the relation between financial flexibility and dividend smoothing?," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 98-111.
    220. Nittai K. Bergman & Dirk Jenter, 2005. "Employee Sentiment and Stock Option Compensation," NBER Working Papers 11409, National Bureau of Economic Research, Inc.
    221. Shahid Yusuf & Kaoru Nabeshima, 2009. "Growth through Innovation : An Industrial Strategy for Shanghai," World Bank Publications - Reports 18613, The World Bank Group.
    222. Rapp, Marc Steffen & Schmid, Thomas & Urban, Daniel, 2014. "The value of financial flexibility and corporate financial policy," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 288-302.
    223. Hussein Abedi Shamsabadi & Byung S. Min & Imen Tebourbi & Mohammad Nourani, 2020. "Corporate Governance in Australia: Share Repurchases under an Imputation Tax System," Capital Markets Review, Malaysian Finance Association, vol. 28(1), pages 1-23.
    224. Faiza Asad & Saqib Gulzar & Kenbata Bangassa & Majid Jamal Khan, 2020. "Capital structure adjustment and market reaction following seasoned equity offerings," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 25(3), pages 388-411, July.
    225. Leila Davis & Shane McCormack, 2021. "Industrial stagnation and the financialization of nonfinancial corporations," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 459-491, December.
    226. Brockman, Paul & Khurana, Inder K. & Martin, Xiumin, 2008. "Voluntary disclosures around share repurchases," Journal of Financial Economics, Elsevier, vol. 89(1), pages 175-191, July.
    227. Andriosopoulos, Dimitrios & Gaganis, Chrysovalantis & Pasiouras, Fotios & Zopounidis, Constantin, 2012. "An application of multicriteria decision aid models in the prediction of open market share repurchases," Omega, Elsevier, vol. 40(6), pages 882-890.
    228. Ntungufhadzeni Freddy Munzhelele & Ayodeji Michael Obadire, 2023. "Determinants of Cash Distribution Options in South African Listed Firms: An Empirical Analysis of Earnings, Company Size, and Economic Value Added," Risks, MDPI, vol. 11(10), pages 1-20, October.
    229. Jyoti Gupta & Florian Wagner, 2018. "The Announcement Effect of Open-Market Share Buybacks: The Case for European Firms," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(8), pages 117-117, August.
    230. He, Wen & Mi, Lin, 2022. "Institutional investors’ horizon and equity-financed payouts," Journal of Banking & Finance, Elsevier, vol. 134(C).
    231. Ralf Diedrich & Stefan Dierkes & Johannes Sümpelmann, 2023. "Valuation with share repurchases and personal taxes," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(7-8), pages 1502-1524, July.
    232. Trojanowski, G., 2004. "Ownership structure as a mechanism of corporate governance," Other publications TiSEM 5dbc874d-d1d0-44a5-9717-8, Tilburg University, School of Economics and Management.
    233. Chen, Ruiyuan (Ryan) & Guedhami, Omrane & Yang, Yang & Zaynutdinova, Gulnara R., 2020. "Corporate governance and cash holdings: Evidence from worldwide board reforms," Journal of Corporate Finance, Elsevier, vol. 65(C).
    234. Elzbieta Wronska-Bukalska, 2014. "Information Content, Signalling Hypothesis and Share Repurchase Programs in Poland," Management, University of Primorska, Faculty of Management Koper, vol. 9(3), pages 173-185.
    235. Sheng-Syan Chen & Yan-Shing Chen & Yanzhi Wang, 2015. "Does Labor Power Affect the Likelihood of a Share Repurchase?," Financial Management, Financial Management Association International, vol. 44(3), pages 623-653, September.
    236. Ntantamis, Christos & Zhou, Jun, 2022. "Corporate payout, cash holdings, and the COVID-19 crisis: Evidence from the G-7 countries," Finance Research Letters, Elsevier, vol. 50(C).
    237. Muhammad Nurul Houqe & Reza M. Monem & Tony van Zijl, 2023. "Business strategy, cash holdings, and dividend payouts," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 3999-4035, December.
    238. Nekat, Kai & Nippel, Peter, 2007. "The impact of a firm's payout policy on stock prices and shareholders' wealth in an inefficient market," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 619, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    239. Baker, Malcolm & Wurgler, Jeffrey, 2004. "Appearing and disappearing dividends: The link to catering incentives," Journal of Financial Economics, Elsevier, vol. 73(2), pages 271-288, August.
    240. Byun, Jinho & Kim, Kihun & Liao, Rose C. & Pan, Carrie, 2021. "The Impact of Investor Sentiment on Catering Incentives around the World," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 71(C).
    241. Alok Bhargava, 2010. "An econometric analysis of dividends and share repurchases by US firms," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 173(3), pages 631-656, July.
    242. Huang, Wei & Paul, Donna L., 2017. "Institutional holdings, investment opportunities and dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 152-161.
    243. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2022. "The big bang: Stock market capitalization in the long run," Journal of Financial Economics, Elsevier, vol. 145(2), pages 527-552.
    244. Gunnar Bårdsen & Jurgen Doornik & Jan Tore Klovland, 2004. "A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s," Working Paper 2004/4, Norges Bank.
    245. Beneish, Messod D. & Jansen, Ivo Ph. & Lewis, Melissa F. & Stuart, Nathan V., 2008. "Diversification to mitigate expropriation in the tobacco industry," Journal of Financial Economics, Elsevier, vol. 89(1), pages 136-157, July.
    246. Seonhyeon Kim & Jin-young Jung & Sung-woo Cho, 2021. "Does Information Asymmetry Affect Dividend Policy? Analysis Using Market Microstructure Variables," Sustainability, MDPI, vol. 13(7), pages 1-19, March.
    247. Armenter, Roc & Hnatkovska, Viktoria, 2017. "Taxes and capital structure: Understanding firms’ savings," Journal of Monetary Economics, Elsevier, vol. 87(C), pages 13-33.
    248. Ding, Xiaoya (Sara) & Ni, Yang & Rahman, Abdul & Saadi, Samir, 2015. "Housing price growth and the cost of equity capital," Journal of Banking & Finance, Elsevier, vol. 61(C), pages 283-300.
    249. Borja Larrain & Motohiro Yogo, 2007. "Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?," NBER Working Papers 12847, National Bureau of Economic Research, Inc.
    250. Köstlmeier, Siegfried, 2024. "Pricing and mispricing of accounting fundamentals: Global evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 94(C), pages 71-87.
    251. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    252. Juin-Jen Chang & Chun-Hung Kuo & Hsieh-Yu Lin & Shu-Chun S. Yang, 2022. "Share Buybacks and Corporate Tax Cuts," IEAS Working Paper : academic research 22-A005, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    253. Elzbieta Wronska-Bukalska, 2015. "Stock Repurchases, Stock Compensation, and Firm Financial Performance," Management, University of Primorska, Faculty of Management Koper, vol. 10(3), pages 201-217.
    254. Yanzhi Wang & Sheng-Syan Chen & Yen-Ting Cheng, 2011. "Revisiting corporate dividends and seasoned equity issues," Review of Quantitative Finance and Accounting, Springer, vol. 36(1), pages 133-151, January.
    255. Benjamin A. Jansen, 2020. "Cash Flow Growth and Stock Return," Working Papers 202004, Middle Tennessee State University, Department of Economics and Finance.
    256. Fei Leng & Kevin Zhao, 2014. "Insider trading around open-market share repurchases," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(3), pages 461-491, July.
    257. Nilakshi Borah & Hui Liang James & Jung Chul Park, 2020. "Does CEO inside debt compensation benefit both shareholders and debtholders?," Review of Quantitative Finance and Accounting, Springer, vol. 54(1), pages 159-203, January.
    258. Nabaraj Adhikari, Ph.D., 2015. "Determinants of Corporate Dividend Payout in Nepal," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 27(2), pages 53-74, October.
    259. Isakov, Dusan & Dumont, Pierre-André, 2009. "Les rachats d'actions en Suisse. Objectifs, conséquences et pratiques," FSES Working Papers 408, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    260. Woan-lih Liang & Konan Chan & Wei-Hsien Lai & Yanzhi Wang, 2013. "Motivation for Repurchases: A Life Cycle Explanation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(2), pages 221-242, April.
    261. Pirgaip, Burak & Dinçergök, Burcu, 2019. "Share repurchases under uncertainty: U.S. evidence," Finance Research Letters, Elsevier, vol. 30(C), pages 130-138.
    262. Ingolf Dittmann & Amy Yazhu Li & Stefan Obernberger & Jiaqi Zheng, 2022. "The corporate calendar and the timing of share repurchases and equity compensation," Tinbergen Institute Discussion Papers 21-101/IV, Tinbergen Institute.
    263. Benlemlih, Mohammed, 2019. "Corporate social responsibility and dividend policy," Research in International Business and Finance, Elsevier, vol. 47(C), pages 114-138.
    264. Eulaiwi, Baban & Alghamdi, Fatmah Saeed & Al-Hadi, Ahmed & Duong, Lien & Taylor, Grantley, 2024. "U.S. multinational corporations' income shifting incentives and share repurchases: Evidence across differential taxation systems," Global Finance Journal, Elsevier, vol. 60(C).
    265. Gerald J. Lobo & Ashok Robin & Kean Wu, 2020. "Share repurchases and accounting conservatism," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 699-733, February.
    266. Stephan Jank, 2015. "Changes in the Composition of Publicly Traded Firms: Implications for the Dividend-Price Ratio and Return Predictability," Management Science, INFORMS, vol. 61(6), pages 1362-1377, June.
    267. Zhong, Huaming & Guo, Yaoting & Mohamed Al-Duais, Zinb Abduljabbar, 2024. "Accelerated depreciation of fixed assets and cash dividend distribution," The North American Journal of Economics and Finance, Elsevier, vol. 71(C).
    268. Amy Dittmar, 2008. "Corporate Cash Policy and How to Manage it with Stock Repurchases," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(3), pages 22-34, June.
    269. Hossain, Ashrafee Tanvir & Hossain, Takdir & Kryzanowski, Lawrence, 2021. "Political corruption and corporate payouts," Journal of Banking & Finance, Elsevier, vol. 123(C).
    270. Hoi, Chun Keung & Ke, Yun & Wu, Qiang & Zhang, Hao, 2023. "Social capital and dividend policies in US corporations," Journal of Financial Stability, Elsevier, vol. 69(C).
    271. KONISHI, Masaru & 小西, 大 & SAITO, Junyu, 2023. "Do firms consider stakeholder interests as a means to create shareholder value or as the ultimate goal? Evidence from Japanese dividend policies," Working Paper Series G-1-27, Hitotsubashi University Center for Financial Research.
    272. Susana Yu, 2011. "The Changing Nature of Corporate Distributions and Its Implications for Investors," The American Economist, Sage Publications, vol. 56(1), pages 89-103, May.
    273. Diogo Batista da SIlva & António Cerqueira & Elísio Brandão, 2017. "Earnings Management Dynamics in Portuguese Listed Firms," FEP Working Papers 587, Universidade do Porto, Faculdade de Economia do Porto.
    274. Pattenden, Kerry & Twite, Garry, 2008. "Taxes and dividend policy under alternative tax regimes," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 1-16, February.
    275. Joanna Golden & Kenneth Zheng, 2022. "Cost management and corporate payout decisions," Review of Quantitative Finance and Accounting, Springer, vol. 58(3), pages 911-938, April.
    276. Lie, Erik, 2005. "Operating performance following open market share repurchase announcements," Journal of Accounting and Economics, Elsevier, vol. 39(3), pages 411-436, September.
    277. Luzi Hail & Ahmed Tahoun & Clare Wang, 2014. "Dividend Payouts and Information Shocks," Journal of Accounting Research, Wiley Blackwell, vol. 52(2), pages 403-456, May.
    278. Walentin Karl, 2010. "Earnings Inequality and the Equity Premium," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-23, November.
    279. Kim, Soojung & Park, Soon Hong & Suh, Jungwon, 2018. "A J-shaped cross-sectional relation between dividends and firm value," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 857-877.
    280. Akhtar, Muhammad Naeem & Hunjra, Ahmed Imran & Andleeb, Arifa & Butt, Babar Zaheer, 2011. "Individual investors perception of dividends: Pakistan’s percpective," MPRA Paper 40682, University Library of Munich, Germany.
    281. Manoj Subhash Kamat & Manasvi M. Kamat, 2016. "On Choosing an Optimal Dividend Policy in India: A Test of Substitution Hypothesis, 1999–2016," Emerging Economy Studies, International Management Institute, vol. 2(2), pages 199-222, November.
    282. Christine Brown & Daniel Norman, 2010. "Management choice of buyback method: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(4), pages 767-782, December.
    283. Warwick Anderson & Wen Kang, 2018. "The Relative Announcement Effects of Ordinary Dividends, Special Dividends and Share Buybacks in New Zealand," Working Papers in Economics 18/02, University of Canterbury, Department of Economics and Finance.
    284. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    285. Anwer, Zaheer & Mohamad, Shamsher & Paltrinieri, Andrea & Hassan, M. Kabir, 2021. "Dividend payout policy of Shariah compliant firms: Evidence from United States," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
    286. L. Ruzhanskaya & S. Lukyanov, 2010. "Dividend Policy of Russian Companies and the Investors Interests," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 3.
    287. Denis, David J. & Osobov, Igor, 2008. "Why do firms pay dividends? International evidence on the determinants of dividend policy," Journal of Financial Economics, Elsevier, vol. 89(1), pages 62-82, July.
    288. Oded, Jacob, 2011. "Stock repurchases: How firms choose between a self tender offer and an open-market program," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3174-3187.
    289. Kapadia, Nikunj & Pu, Xiaoling, 2012. "Limited arbitrage between equity and credit markets," Journal of Financial Economics, Elsevier, vol. 105(3), pages 542-564.
    290. Agarwalla, Sobhesh Kumar & Jacob, Joshy & Vasudevan, Ellapulli, 2013. "Market Timing Ability of Indian Firms in Open Market Repurchases," IIMA Working Papers WP2013-11-10, Indian Institute of Management Ahmedabad, Research and Publication Department.
    291. Espahbodi, Reza & Liu, Nan & Westbrook, Amy, 2016. "The effects of the 2006 SEC executive compensation disclosure rules on managerial incentives," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 241-256.
    292. Booth, Laurence & Chang, Bin & Zhou, Jun, 2023. "The evolution of corporate payout in Canada," Global Finance Journal, Elsevier, vol. 57(C).
    293. Thomas O'Connor, 2004. "Are the domestic investors of firms cross-listed in the United States better protected," Money Macro and Finance (MMF) Research Group Conference 2004 20, Money Macro and Finance Research Group.
    294. Jayanta Kumar Seal & Jasbir Singh Matharu, 2018. "Long-Term Performance of Buybacks in India," Global Business Review, International Management Institute, vol. 19(6), pages 1554-1566, December.
    295. Kathleen Kahle & René M. Stulz, 2020. "Why Are Corporate Payouts So High in the 2000s?," NBER Working Papers 26958, National Bureau of Economic Research, Inc.
    296. Jiang, Zhan & Kim, Kenneth A. & Lie, Erik & Yang, Sean, 2013. "Share repurchases, catering, and dividend substitution," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 36-50.
    297. Paul Simshauser, 2022. "On dividends and market valuations of Australia’s listed electricity utilities: regulated vs. merchant," Working Papers EPRG2210, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    298. Fu, Yufen & Blazenko, George W., 2017. "Normative portfolio theory," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 240-251.
    299. Amin, Abu S. & Dutta, Shantanu & Saadi, Samir & Vora, Premal P., 2015. "Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 152-170.
    300. Gottesman, Aron A. & Jacoby, Gady, 2006. "Payout policy, taxes, and the relation between returns and the bid-ask spread," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 37-58, January.
    301. He, Wen & Ng, Lilian & Zaiats, Nataliya & Zhang, Bohui, 2017. "Dividend policy and earnings management across countries," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 267-286.
    302. Bildik, Recep & Fatemi, Ali & Fooladi, Iraj, 2015. "Global dividend payout patterns: The US and the rest of the world and the effect of financial crisis," Global Finance Journal, Elsevier, vol. 28(C), pages 38-67.
    303. Yasuharu Aoki, 2014. "How Does the Largest Shareholder Affect Dividends?," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 613-645, December.
    304. Jank, Stephan, 2012. "Changes in the composition of publicly traded firms: Implications for the dividend-price ratio and return predictability," CFR Working Papers 12-08, University of Cologne, Centre for Financial Research (CFR).
    305. Karpavičius, Sigitas & Yu, Fan, 2018. "Dividend premium: Are dividend-paying stocks worth more?," International Review of Financial Analysis, Elsevier, vol. 56(C), pages 112-126.
    306. Zakamulin, Valeriy & Hunnes, John A., 2021. "Stock earnings and bond yields in the US 1871–2017: The story of a changing relationship," The Quarterly Review of Economics and Finance, Elsevier, vol. 79(C), pages 182-197.
    307. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    308. Adriana S. Cordis, 2014. "Accounting Ratios and the Cross-section of Expected Stock Returns," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1157-1192, November.
    309. Janis Berzins & Øyvind Bøhren & Bogdan Stacescu, 2018. "Shareholder Conflicts and Dividends [A theory of dividends based on tax clienteles]," Review of Finance, European Finance Association, vol. 22(5), pages 1807-1840.
    310. Minnick, Kristina & Rosenthal, Leonard, 2014. "Stealth compensation: Do CEOs increase their pay by influencing dividend policy?," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 435-454.
    311. Lee, Bong-Soo & Suh, Jungwon, 2005. "What drives volatile emerging stock market returns?," Pacific-Basin Finance Journal, Elsevier, vol. 13(4), pages 367-385, September.
    312. Yasmin Jamadar & Hossain Mohammad Reyad & Md. Kausar Alam & Oli Ahad Thakur & Syed A. Mamun, 2024. "Why Do Companies Share Buybacks? Evidence from the UK," Risks, MDPI, vol. 12(10), pages 1-19, October.
    313. Subramanian Rama Iyer & Ramesh P. Rao, 2017. "Share Repurchases And The Flexibility Hypothesis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 40(3), pages 287-313, September.
    314. Booth, Laurence & Wang, Mengying & Zhou, Jun, 2019. "Import competition and financial flexibility: Evidence from corporate payout policy," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 382-396.
    315. Lily Nguyen & Le Vu & Xiangkang Yin, 2021. "Share repurchases and firm innovation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1665-1695, April.
    316. Sun, Liang & Yu, Huaibing, 2022. "The effects of busy board on firm’s probability to pay dividends," Research in International Business and Finance, Elsevier, vol. 60(C).
    317. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    318. Kumar, Praveen & Langberg, Nisan & Oded, Jacob & Sivaramakrishnan, K., 2017. "Voluntary disclosure and strategic stock repurchases," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 207-230.
    319. Cheng-Few Lee & Woan-lih Liang & Fu-Lai Lin & Yating Yang, 2016. "Applications of simultaneous equations in finance research: methods and empirical results," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 943-971, November.
    320. Wolfgang Bessler & Wolfgang Drobetz & Martin Seim & Jan Zimmermann, 2016. "Equity Issues and Stock Repurchases of Initial Public Offerings," European Financial Management, European Financial Management Association, vol. 22(1), pages 31-62, January.
    321. Ming‐Cheng Wu & Erin H. C. Kao & Hung‐Gay Fung, 2008. "Impact Of Dividend‐Protected Employee Stock Options On Payout Policies: Evidence From Taiwan," Pacific Economic Review, Wiley Blackwell, vol. 13(4), pages 431-452, October.
    322. Szládek, Dániel, 2024. "Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai [Share repurchases instead of dividend payments?. The evolution of payout policies and ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 154-175.
    323. Hyo Kim & Hoje Jo & Soon Yoon, 2013. "Controlling shareholders’ opportunistic use of share repurchases," Review of Quantitative Finance and Accounting, Springer, vol. 41(2), pages 203-224, August.
    324. Paul McGuinness & Kevin Lam & João Vieito, 2015. "Gender and other major board characteristics in China: Explaining corporate dividend policy and governance," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 989-1038, December.
    325. Skinner, Douglas J., 2008. "The evolving relation between earnings, dividends, and stock repurchases," Journal of Financial Economics, Elsevier, vol. 87(3), pages 582-609, March.
    326. Kjell G. Nyborg & Zexi Wang, 2019. "The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motive," Swiss Finance Institute Research Paper Series 19-30, Swiss Finance Institute, revised Dec 2020.
    327. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2013. "Legal Institutions, Ownership Concentration, and Stock Repurchases Around the World: Signal Mimicking?," The International Journal of Accounting, Elsevier, vol. 48(4), pages 427-458.
    328. Deborah Knirsch & Rainer Niemann, 2008. "Deferred Shareholder Taxation -- Implementing a Neutral Business Tax in the European Union," Accounting in Europe, Taylor & Francis Journals, vol. 5(2), pages 101-125, December.
    329. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    330. Liu, Harrison & Swanson, Edward P., 2016. "Is price support a motive for increasing share repurchases?," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 77-91.
    331. Michael Overesch & Dennis Voeller, 2010. "The Impact of Personal and Corporate Taxation on Capital Structure Choices," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 66(3), pages 263-294, September.
    332. Brawn, Derek A. & Šević, Aleksandar, 2018. "“Firm size matters: Industry sector, firm age and volatility do too in determining which publicly-listed US firms pay a dividend”," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 132-152.
    333. Simshauser, Paul, 2023. "On dividend policy and market valuations of Australia’s listed electricity utilities: Regulated vs. merchant," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 696-715.
    334. Lee, Bong Soo & Suh, Jungwon, 2011. "Cash holdings and share repurchases: International evidence," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1306-1329.
    335. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
    336. Banerjee, Suman & Humphery-Jenner, Mark & Nanda, Vikram, 2018. "Does CEO bias escalate repurchase activity?," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 105-126.
    337. Bradley Benson & Travis Davidson & Hui James & Hongxia Wang, 2022. "Board busyness and corporate payout: are all busy directors the same?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3711-3759, September.
    338. Branch, William A., 2016. "Imperfect knowledge, liquidity and bubbles," Journal of Economic Dynamics and Control, Elsevier, vol. 62(C), pages 17-42.
    339. Dang, Viet A. & De Cesari, Amedeo & Phan, Hieu V., 2021. "Employment protection and share repurchases: Evidence from wrongful discharge laws," Journal of Corporate Finance, Elsevier, vol. 69(C).
    340. Chris Henderson & William E. Jackson & William W. Lang, 2015. "Insider bank runs: community bank fragility and the financial crisis of 2007," Working Papers 15-9, Federal Reserve Bank of Philadelphia.
    341. De Ridder, Adri, 2015. "Additional evidence on the frequency of share repurchases and managerial timing," The Quarterly Review of Economics and Finance, Elsevier, vol. 56(C), pages 154-164.
    342. Kahle, Kathleen & Stulz, René M., 2021. "Why are corporate payouts so high in the 2000s?," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1359-1380.
    343. Stephen R. Foerster & Stephen G. Sapp, 2006. "The changing role of dividends: a firm‐level study from the nineteenth to the twenty‐first century," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(4), pages 1316-1344, November.
    344. Boubaker, Sabri & Eshraghi, Arman & Liu, Yifan, 2024. "Stock Liquidity Sidedness and Share Repurchase," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    345. Janice CY How & Kian Ngo & Peter Verhoeven, 2011. "Dividend initiations and long-run IPO performance," Australian Journal of Management, Australian School of Business, vol. 36(2), pages 267-286, August.
    346. Liu, Jia & Wang, Bin & Kong, Linghui & Gu, Xiaolong, 2023. "Does a Chairperson's military experience promote share repurchase? Evidence from Chinese listed companies," Economic Modelling, Elsevier, vol. 126(C).
    347. Chae, Joon & Kim, Sungmin & Lee, Eun Jung, 2009. "How corporate governance affects payout policy under agency problems and external financing constraints," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2093-2101, November.
    348. Foued Hamouda & Mounira Ben Arab, 2013. "Board of directors and insider trading with share repurchase programs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(2), pages 405-418, May.
    349. Pawlina, Grzegorz, 2010. "Underinvestment, capital structure and strategic debt restructuring," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 679-702, December.
    350. Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
    351. Lally, Martin, 2011. "Optimal dividend policy, debt policy and the level of investment within a multi-period DCF framework," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 21-40, January.
    352. Lee, Yu Kyung, 2022. "The effect of ownership structure on corporate payout policy and performance: Evidence from Korea's exogenous dividends tax shock," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    353. Mouzas, Stefanos, 2006. "Efficiency versus effectiveness in business networks," Journal of Business Research, Elsevier, vol. 59(10-11), pages 1124-1132, October.
    354. Kang, Jangkoo & Kim, Tong Suk & Lee, Changjun & Min, Byoung-Kyu, 2011. "Macroeconomic risk and the cross-section of stock returns," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3158-3173.
    355. Michael Bradley & Dong Chen, 2015. "Does Board Independence Reduce the Cost of Debt?," Financial Management, Financial Management Association International, vol. 44(1), pages 15-47, March.
    356. Roger Gordon & Martin Dietz, 2006. "Dividends and Taxes," NBER Working Papers 12292, National Bureau of Economic Research, Inc.
    357. Francis, Bill B. & Samuel, Gilna & Wu, Qiang, 2023. "The impact of short selling on dividend smoothing," Journal of Financial Stability, Elsevier, vol. 65(C).
    358. Shumi Akhtar, 2018. "Dividend payout determinants for Australian Multinational and Domestic Corporations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 11-55, March.
    359. Benoît D'Udekem, 2014. "Rational Dividend Addiction in Banking," Working Papers CEB 14-013, ULB -- Universite Libre de Bruxelles.
    360. Chen, Ni-Yun & Chen, Kun-Chih & Liu, Chi-Chun, 2019. "Debt-financed repurchases and credit ratings with the respect of free cash flow and repurchase purpose," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 23-36.
    361. Chou, Robin K. & Wang, Yu-Chun & Jimmy Yang, J., 2021. "Share pledging, payout policy, and the value of cash holdings," Journal of Empirical Finance, Elsevier, vol. 61(C), pages 18-33.
    362. Dittmar, Amy & Field, Laura Casares, 2015. "Can managers time the market? Evidence using repurchase price data," Journal of Financial Economics, Elsevier, vol. 115(2), pages 261-282.
    363. Jain, Bharat A. & Shekhar, Chander & Torbey, Violet, 2009. "Payout initiation by IPO firms: The choice between dividends and share repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1275-1297, November.
    364. Donald Robertson & Stephen Wright, 2006. "Dividends, Total Cash Flow to Shareholders, and Predictive Return Regressions," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 91-99, February.
    365. Fonseka, Mohan & Richardson, Grant, 2023. "The effect of mandatory corporate social responsibility disclosure and performance on firms’ dividend decisions: Evidence from China," Economic Modelling, Elsevier, vol. 120(C).
    366. Michaely, Roni & Moin, Amani, 2022. "Disappearing and reappearing dividends," Journal of Financial Economics, Elsevier, vol. 143(1), pages 207-226.
    367. Justin Hung Nguyen & Buhui Qiu, 2022. "The effect of skilled labor intensity on corporate dividend payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 963-1010, May.
    368. Heinrichs, Nicolas & Hess, Dieter & Homburg, Carsten & Lorenz, Michael & Sievers, Soenke, 2011. "Extended dividend, cash flow and residual income valuation models: Accounting for deviations from ideal conditions," CFR Working Papers 11-11, University of Cologne, Centre for Financial Research (CFR).
    369. Braun, Matías & Rubio, Germán & Tigero, Tamara, 2023. "Payout policy around the world," International Review of Financial Analysis, Elsevier, vol. 89(C).
    370. Banyi, Monica L. & Kahle, Kathleen M., 2014. "Declining propensity to pay? A re-examination of the lifecycle theory," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 345-366.
    371. Christine Brown & John Handley & James O'Day, 2015. "The Dividend Substitution Hypothesis: Australian Evidence," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 37-62, March.
    372. Sheng-Syan Chen & Robin K. Chou & Yun-Chi Lee, 2020. "The effects of executive compensation and outside monitoring on firms’ pre-repurchase disclosure behavior and post-repurchase performance," Review of Quantitative Finance and Accounting, Springer, vol. 54(1), pages 111-158, January.
    373. Ouyang, Puman & Zhong, Ligang, 2023. "Asset redeployability and dividend payout policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 91-105.
    374. Su, Xuan-Qi & Lin, Yung-Chieh & Chen, Chin-Ming & Lowe, Alpha, 2019. "Are educational managers credible or overconfident? Evidence from share repurchases in Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 93-112.
    375. Jennifer Blouin & Linda Krull, 2009. "Bringing It Home: A Study of the Incentives Surrounding the Repatriation of Foreign Earnings Under the American Jobs Creation Act of 2004," Journal of Accounting Research, Wiley Blackwell, vol. 47(4), pages 1027-1059, September.
    376. R. L. Hyderabad, 2009. "Price Performance following Share Buyback Announcements in India," Vision, , vol. 13(1), pages 59-78, January.
    377. Mohamed Albaity & Diana Syafiza Said, 2016. "Impact of Open-Market Share Repurchases on Long-Term Stock Returns," SAGE Open, , vol. 6(4), pages 21582440166, October.
    378. Yook, Ken C., 2010. "Long-run stock performance following stock repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(3), pages 323-331, August.
    379. Aneel Keswani & Jing Yang & Steven Young, 2007. "Do Share Buybacks Provide Price Support? Evidence From Mandatory Non‐Trading Periods," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(5‐6), pages 840-860, June.
    380. Orhangazi, Ozgur, 2007. "Financialization and Capital Accumulation in the Nonfinancial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy, 1973-2004," MPRA Paper 7724, University Library of Munich, Germany.
    381. Chen, Ni-Yun & Liu, Chi-Chun, 2019. "Open-market block share repurchases probability, frequency and timing," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 278-296.
    382. Mitchell, Jason D. & Dharmawan, Grace V., 2007. "Incentives for on-market buy-backs: Evidence from a transparent buy-back regime," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 146-169, March.
    383. Nalinaksha Bhattacharyya & Amin Mawani & Cameron Morrill, 2008. "Dividend payout and executive compensation: theory and evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(4), pages 521-541, December.
    384. Hatakeda, Takashi & Isagawa, Nobuyuki, 2004. "Stock price behavior surrounding stock repurchase announcements: Evidence from Japan," Pacific-Basin Finance Journal, Elsevier, vol. 12(3), pages 271-290, June.
    385. Azi Ben-Rephael & Jacob Oded & Avi Wohl, 2014. "Do Firms Buy Their Stock at Bargain Prices? Evidence from Actual Stock Repurchase Disclosures," Review of Finance, European Finance Association, vol. 18(4), pages 1299-1340.
    386. Hiroyuki Ishikawa, 2011. "Empirical Analysis on the Dividend Life-Cycle Theory: Evidence from Japan," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 1, pages 39-60, December.
    387. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    388. Kenneth Hogholm & Victor Hogholm, 2017. "Open Market Repurchase Programs - Evidence from Finland," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(12), pages 13-23, December.
    389. Hanno Lustig, 2005. "The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street (joint with Stijn Van Nieuwerburgh)," UCLA Economics Online Papers 352, UCLA Department of Economics.
    390. Shumi Akhtar, 2018. "Dividend policies across multinational and domestic corporations – an international study," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 669-695, September.
    391. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2007. "Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?," NBER Working Papers 13601, National Bureau of Economic Research, Inc.
    392. Oswald, Dennis & Young, Steven, 2008. "Share reacquisitions, surplus cash, and agency problems," Journal of Banking & Finance, Elsevier, vol. 32(5), pages 795-806, May.
    393. William J. McNally & Brian F. Smith & Thomas Barnes, 2006. "The Price Impacts of Open Market Repurchase Trades," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5‐6), pages 735-752, June.
    394. Benjamin Avanzi & Vincent Tu & Bernard Wong, 2016. "A Note on Realistic Dividends in Actuarial Surplus Models," Risks, MDPI, vol. 4(4), pages 1-9, October.
    395. Eric Jondeau & Michael Rockinger, 2019. "Predicting Long‐Term Financial Returns: VAR versus DSGE Model—A Horse Race," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(8), pages 2239-2291, December.
    396. Hanna Petrivna Olasiuk & Siddhartha Bhasker & Sudip Patra, 2024. "Cash Dividends and Share Repurchases in Ukrainian Pharmaceutical Companies," Global Business Review, International Management Institute, vol. 25(2_suppl), pages 7-22, April.

  40. Gustavo Grullon & Roni Michaely & Bhaskaran Swaminathan, 2002. "Are Dividend Changes a Sign of Firm Maturity?," The Journal of Business, University of Chicago Press, vol. 75(3), pages 387-424, July.

    Cited by:

    1. Lyudmila N. Rodionova & Olga G. Kantor & Natalia O. Ruhlyada & Svetlana A. Karpovskaya, 2015. "Optimization of Shareholders's Incomes with Investments into Production Reforming," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 101-114.
    2. Navin Chettri & Mekelle J. Kharkongor, 2022. "Dividend Payout and Firm Value Relationship: Role of Age and Size," Emerging Economy Studies, International Management Institute, vol. 8(2), pages 71-81, November.
    3. 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.
    4. Charmaine Glegg & Oneil Harris & Thanh Ngo, 2018. "Corporate social responsibility and the wealth gains from dividend increases," Review of Financial Economics, John Wiley & Sons, vol. 36(2), pages 149-166, April.
    5. Abdoh, Hussein & Varela, Oscar, 2017. "Product market competition, idiosyncratic and systematic volatility," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 500-513.
    6. Ali, Heba & Hegazy, Aya Yasser, 2022. "Dividend policy, risk and the cross-section of stock returns: Evidence from India," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 169-192.
    7. Małgorzata Snarska & Tomasz K. Wisniewski & Andrzej Zygula, 2020. "Are Emerging Markets Efficient? Evidence from Informational Content of Dividend Changes in Polish Stock Market," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 687-717.
    8. Paul B. McGuinness, 2024. "Research note: An investigation of the relation between pre-IPO dividends and vendor sales," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 889-910, April.
    9. Alderson, Michael J. & Betker, Brian L. & Halford, Joseph T., 2021. "Fictitious dividend cuts in the CRSP data," Journal of Corporate Finance, Elsevier, vol. 71(C).
    10. Caliskan, Deren & Doukas, John A., 2015. "CEO risk preferences and dividend policy decisions," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 18-42.
    11. J. Hobbs & M. I. Schneller, 2012. "Dividend signalling and sustainability," Applied Financial Economics, Taylor & Francis Journals, vol. 22(17), pages 1395-1408, September.
    12. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    13. Thomas O'Connor, 2013. "Dividend payout and corporate governance in emerging markets: which governance provisions matter?," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 4(2), pages 181-207.
    14. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).
    15. 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.
    16. Luís Krug Pacheco & Clara Raposo, 2009. "ON the TIMING of INITIAL STOCK REPURCHASES," Working Papers de Gestão (Management Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
    17. Claudio Loderer & René Stulz & Urs Waelchli, 2013. "Limited Managerial Attention and Corporate Aging," NBER Working Papers 19428, National Bureau of Economic Research, Inc.
    18. Castriota, Stefano, 2018. "Does Excellence Pay Off? Quality, Reputation and Vertical Integration in the Wine Market," 2018 Annual Meeting, August 5-7, Washington, D.C. 273802, Agricultural and Applied Economics Association.
    19. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    20. 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.
    21. Chay, J.B. & Suh, Jungwon, 2009. "Payout policy and cash-flow uncertainty," Journal of Financial Economics, Elsevier, vol. 93(1), pages 88-107, July.
    22. Chacko Jacob & Jijo Lukose P.J., 2018. "Institutional Ownership and Dividend Payout in Emerging Markets: Evidence from India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 54-82, April.
    23. Wen-Chuan Miao & Hsiou-Wei Lin, 2023. "Return On Equity Estimates And Fourquadrant Square Position: Evidence From Taiwan," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 17(1), pages 1-16.
    24. Jeffrey J. Coulton & Caitlin Ruddock, 2011. "Corporate payout policy in Australia and a test of the life‐cycle theory," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 51(2), pages 381-407, June.
    25. Jacob Boudoukh & Roni Michaely & Matthew Richardson & Michael R. Roberts, 2007. "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing," Journal of Finance, American Finance Association, vol. 62(2), pages 877-915, April.
    26. Wei Hao & Udomsak Wongchoti & Martin Young & Jianguo Chen, 2021. "R2 and the corporate signaling effect," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1353-1381, December.
    27. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    28. Philippe GAUD & Martin HOESLI & André BENDER, 2004. "Further Evidence on Debt-Equity Choice," FAME Research Paper Series rp114, International Center for Financial Asset Management and Engineering.
    29. Bergeron, Claude, 2013. "Dividend sensitivity to economic factors, stock valuation, and long-run risk," Finance Research Letters, Elsevier, vol. 10(4), pages 184-195.
    30. Erkan, Asligul & Nguyen, Trung, 2021. "Does inside debt help mitigate agency problems? The case with investment inefficiency and payout policies," Finance Research Letters, Elsevier, vol. 39(C).
    31. Fodil Adjaoud & Walid Ben‐Amar, 2010. "Corporate Governance and Dividend Policy: Shareholders’ Protection or Expropriation?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(5‐6), pages 648-667, June.
    32. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    33. Chen, Hong-Yi & Gupta, Manak C. & Lee, Alice C. & Lee, Cheng-Few, 2013. "Sustainable growth rate, optimal growth rate, and optimal payout ratio: A joint optimization approach," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1205-1222.
    34. Chen, Jie & Song, Wei & Goergen, Marc, 2019. "Passing the dividend baton: The impact of dividend policy on new CEOs' initial compensation," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 458-481.
    35. Orihara, Masanori, 2017. "Stock market listing and corporate policy: Evidence from reforms to Japanese corporate law," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 15-36.
    36. Asem, Ebenezer, 2022. "Are dividend changes exploited in the equity market?," The Quarterly Review of Economics and Finance, Elsevier, vol. 85(C), pages 125-133.
    37. Mihov, Atanas & Naranjo, Andy, 2017. "Customer-base concentration and the transmission of idiosyncratic volatility along the vertical chain," Journal of Empirical Finance, Elsevier, vol. 40(C), pages 73-100.
    38. He, Wen & Li, Chao Kevin, 2018. "The effects of a comply-or-explain dividend regulation in China," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 53-72.
    39. Wong, Jin Boon & Hasan, Mostafa Monzur, 2021. "Oil shocks and corporate payouts," Energy Economics, Elsevier, vol. 99(C).
    40. Henock Louis & Amy Sun, 2010. "Investor Inattention and the Market Reaction to Merger Announcements," Management Science, INFORMS, vol. 56(10), pages 1781-1793, October.
    41. Fuller, Kathleen P. & Goldstein, Michael A., 2011. "Do dividends matter more in declining markets?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 457-473, June.
    42. George Kanatas & Jianping Qi, 2004. "Dividends and Debt with Managerial Agency and Lender Holdup," Management Science, INFORMS, vol. 50(9), pages 1249-1260, September.
    43. Ayyagari,Meghana & Demirguc-Kunt,Asli & Maksimovic,Vojislav, 2015. "Are large firms born or made ? evidence from developing countries," Policy Research Working Paper Series 7406, The World Bank.
    44. Ben Howatt & Richard Zuber & John Gandar & Reinhold Lamb, 2009. "Dividends, earnings volatility and information," Applied Financial Economics, Taylor & Francis Journals, vol. 19(7), pages 551-562.
    45. Christi Wann & D. Long, 2009. "Do liquidity induced changes in aggregate dividends signal aggregate future earnings growth?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 33(1), pages 1-12, January.
    46. Jasminder Kaur, 2019. "Firm’s Life Cycle Spurs the Dividend Payments: A Fallacy or an Actuality?," Paradigm, , vol. 23(1), pages 36-52, June.
    47. Goyal, Abhinav & Jategaonkar, Shrikant P. & Muckley, Cal B., 2020. "Why do privatized firms pay higher dividends?," Journal of Corporate Finance, Elsevier, vol. 60(C).
    48. Nie, Jing & Yin, Libo, 2022. "Do dividends signal safety? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    49. Guo, Pancheng & Li, Shi & Wang, Yan, 2023. "Asset pricing with dividend surprises," Finance Research Letters, Elsevier, vol. 58(PB).
    50. Aaro Hazak, 2006. "Dividend Decision under Distributed Profit Taxation: Investorís Perspective," Working Papers 145, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    51. Akindayomi, Akinloye & Amin, Md Ruhul, 2022. "Does business strategy affect dividend payout policies?," Journal of Business Research, Elsevier, vol. 151(C), pages 531-550.
    52. Jais, Mohamad & Abdul Karim, Bakri & Funaoka, Kenta & Abidin, Azlan Zainol, 2009. "Dividend Announcements and Stock Market Reaction," MPRA Paper 19779, University Library of Munich, Germany.
    53. Baba, Naohiko, 2009. "Increased presence of foreign investors and dividend policy of Japanese firms," Pacific-Basin Finance Journal, Elsevier, vol. 17(2), pages 163-174, April.
    54. Yawson, Alfred, 2009. "Interaction effects of restructuring decisions on operating profit following performance shocks," Journal of Economics and Business, Elsevier, vol. 61(3), pages 216-237.
    55. Zhang, Tianwei & Mallory, Mindy L., 2010. "Patronage Refunds Paying Decision of Farm Credit System Associations: A Logit Model," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61756, Agricultural and Applied Economics Association.
    56. Erin E. Syron Ferris, 2018. "Dividend taxes and stock volatility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(2), pages 377-403, April.
    57. Christian Keuschnigg & Martin Dietz, 2007. "A growth oriented dual income tax," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 14(2), pages 191-221, April.
    58. Ming-Hui Wang & Mei-Chu Ke & Day-Yang Liu & Yen-Sheng Huang, 2011. "Dividend Policy And The Life Cycle Hypothesis: Evidence From Taiwan," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 33-52.
    59. 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.
    60. Luís Krug Pacheco & Clara Raposo, 2009. "THE CAPITAL and CASH FLOW SOURCES and USES of INITIAL STOCK REPURCHASE FIRMS," Working Papers de Gestão (Management Working Papers) 07, Católica Porto Business School, Universidade Católica Portuguesa.
    61. Thomas O'Connor, 2012. "Dividend payout and corporate governance along the corporate life-cycle," Economics Department Working Paper Series n228-12.pdf, Department of Economics, National University of Ireland - Maynooth.
    62. Gayané Hovakimian, 2009. "Determinants of Investment Cash Flow Sensitivity," Financial Management, Financial Management Association International, vol. 38(1), pages 161-183, March.
    63. Li, Wei & Lie, Erik, 2006. "Dividend changes and catering incentives," Journal of Financial Economics, Elsevier, vol. 80(2), pages 293-308, May.
    64. Tran, Quoc Trung, 2021. "Local corruption and dividend policy: Evidence from Vietnam," Economic Analysis and Policy, Elsevier, vol. 70(C), pages 195-205.
    65. Akhmad Hitten & Mustaruddin Mustaruddin & M. Rustam, 2019. "Dividend Initiation Policy and the Effect on Dividend Sustainability (At Initial Public Offering Companies on the Indonesia Stock Exchange)," International Journal of Economics and Financial Issues, Econjournals, vol. 9(5), pages 147-152.
    66. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-002, Tilburg University, Tilburg Law and Economic Center.
    67. 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.
    68. Stuart Archbold & Elisabete F. Simões Vieira, 2010. "Corporate Dividend Policies in Bank-based and Market-based Systems: Survey Evidence from UK and Portugal," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 34-64.
    69. Alayemi, Sunday Adebayo, 2013. "Relationship between Dividend Payout and Market Price of Shares (A Case Study of Selected Companies in Food and Beverages Companies in Nigeria)," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 4(1), pages 116-121, January.
    70. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
    71. Manish Gupta, 2011. "Dividends and Cost of Capital - An Empirical Study on REITs," ERES eres2011_56, European Real Estate Society (ERES).
    72. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2006. "Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory," Journal of Financial Economics, Elsevier, vol. 81(2), pages 227-254, August.
    73. Faruk Bostanci & Eyup Kadioglu & Guven Sayilgan, 2018. "Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market," IJFS, MDPI, vol. 6(4), pages 1-16, November.
    74. Jianan Guo, 2016. "Ultimate Controlling Shareholders and Dividend Payout Policy in Chinese Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-35, June.
    75. Mahboubeh Bahreini & Cahit Adaoglu, 2018. "Dividend payouts of travel and leisure companies in Western Europe," Tourism Economics, , vol. 24(7), pages 801-820, November.
    76. Agha Jahanzeb & Norkhairul Hafiz Bajuri & Aisha Ghori & David McMillan, 2015. "Market power versus capital structure determinants: Do they impact leverage?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1017948-101, December.
    77. Berezinets, I.V. & Bulatova, L.A. & Ilina, Y. B. & Smirnov, M.V., 2016. "How stock market reacts to dividend surprises: Russian and Indian experience," Working Papers 6437, Graduate School of Management, St. Petersburg State University.
    78. Décamps, Jean-Paul & Villeneuve, Stéphane, 2015. "Integrating profitability prospects and cash management," TSE Working Papers 15-570, Toulouse School of Economics (TSE).
    79. Byrne, Julie & O’Connor, Thomas, 2012. "Creditor rights and the outcome model of dividends," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(2), pages 227-242.
    80. Charles G. Ham & Zachary R. Kaplan & Steven Utke, 2023. "Attention to dividends, inattention to earnings?," Review of Accounting Studies, Springer, vol. 28(1), pages 265-306, March.
    81. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    82. Hyunmin Oh & Sambock Park, 2021. "Corporate Sustainable Management, Dividend Policy and Chaebol," Sustainability, MDPI, vol. 13(13), pages 1-19, July.
    83. King, Timothy & Bozos, Konstantinos & Koutmos, Dimitrios, 2017. "Shareholder activism and equity price reactions," Economics Letters, Elsevier, vol. 160(C), pages 100-104.
    84. Tao-Hsien Dolly King & Charles E. Teague, 2022. "Accelerated share repurchases: value creation or extraction," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 171-216, January.
    85. Hasan, Mostafa Monzur & Hossain, Mahmud & Cheung, Adrian (Wai-Kong) & Habib, Ahsan, 2015. "Corporate life cycle and cost of equity capital," Journal of Contemporary Accounting and Economics, Elsevier, vol. 11(1), pages 46-60.
    86. Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Discussion Paper 2005-61, Tilburg University, Center for Economic Research.
    87. Arturo, Ramirez Verdugo, 2004. "Dividend Signaling and Unions," MPRA Paper 2273, University Library of Munich, Germany, revised 04 Oct 2006.
    88. Hui Liang James & Hongxia Wang, 2021. "Independent director tenure and dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1057-1091, May.
    89. Lie, Erik, 2005. "Operating performance following dividend decreases and omissions," Journal of Corporate Finance, Elsevier, vol. 12(1), pages 27-53, December.
    90. Louis Cheng & Hung-Gay Fung & Tak Leung, 2007. "Information effects of dividends: Evidence from the Hong Kong market," Review of Quantitative Finance and Accounting, Springer, vol. 28(1), pages 23-54, January.
    91. Scott Walker, 2015. "Repeated Dividend Increases: A Collection of Four Essays," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2015, January-A.
    92. Pugachev, Leonid, 2022. "The risk-shifting value of payout: Evidence from bank enforcement actions," Journal of Banking & Finance, Elsevier, vol. 138(C).
    93. Rossi, Stefano & Weber, Michael & Michaely, Roni, 2019. "Signaling Safety," CEPR Discussion Papers 14174, C.E.P.R. Discussion Papers.
    94. Omran M. F., 2003. "Equity Valuation Using Multiples in the Emerging Market of the United Arab Emirates," Review of Middle East Economics and Finance, De Gruyter, vol. 1(3), pages 72-88, December.
    95. Stefano Castriota & Alessandro Fedele, 2021. "Does Excellence Pay Off? Theory and Evidence from the Wine Market," Discussion Papers 2021/268, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    96. Mihir A. Desai & Li Jin, 2007. "Institutional Tax Clienteles and Payout Policy," NBER Working Papers 13283, National Bureau of Economic Research, Inc.
    97. Erica X. N. Li & Dmitry Livdan & Lu Zhang, 2009. "Anomalies," The Review of Financial Studies, Society for Financial Studies, vol. 22(11), pages 4301-4334, November.
    98. Sun, Liang, 2023. "Internal alliance and firm risk," Global Finance Journal, Elsevier, vol. 57(C).
    99. Peter Cziraki & Christian Laux & Gyöngyi Lóránth, 2024. "Understanding Bank Payouts during the Crisis of 2007–2009," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 13(1), pages 191-234.
    100. Kenneth Khang & Tao‐Hsien Dolly King, 2006. "Does Dividend Policy Relate to Cross‐Sectional Variation in Information Asymmetry? Evidence from Returns to Insider Trades," Financial Management, Financial Management Association International, vol. 35(4), pages 71-94, December.
    101. Jian Cao & Thomas R. Kubick & Adi N. S. Masli, 2017. "Do corporate payouts signal going-concern risk for auditors? Evidence from audit reports for companies in financial distress," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 599-631, October.
    102. 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.
    103. Krieger, Kevin & Lee, Bong-Soo & Mauck, Nathan, 2013. "Do senior citizens prefer dividends? Local clienteles vs. firm characteristics," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 150-165.
    104. Liu, Chinpiao & Chen, An-Sing, 2015. "Do firms use dividend changes to signal future profitability? A simultaneous equation analysis," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 194-207.
    105. Khaled Hussainey & Martin Walker, 2009. "The effects of voluntary disclosure and dividend propensity on prices leading earnings," Accounting and Business Research, Taylor & Francis Journals, vol. 39(1), pages 37-55.
    106. Amitava Roy, 2015. "Dividend Policy, Ownership Structure and Corporate Governance: An Empirical Analysis of Indian Firms," Indian Journal of Corporate Governance, , vol. 8(1), pages 1-33, June.
    107. Winston Pontoh, 2016. "The Motives behind Dividend Policy," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 29-40.
    108. Andriosopoulos, Dimitris & Andriosopoulos, Kostas & Hoque, Hafiz, 2013. "Information disclosure, CEO overconfidence, and share buyback completion rates," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5486-5499.
    109. Doureige J. Jurdi & Sam M. AlGhnaimat, 2021. "The Effects of ERM Adoption on European Insurance Firms Performance and Risks," JRFM, MDPI, vol. 14(11), pages 1-17, November.
    110. Duygun, Meryem & Guney, Yilmaz & Moin, Abdul, 2018. "Dividend policy of Indonesian listed firms: The role of families and the state," Economic Modelling, Elsevier, vol. 75(C), pages 336-354.
    111. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    112. Chen, Fan, 2016. "The wealth effects of dividend announcements on bondholders: New evidence from the over-the-counter market," Journal of Economics and Business, Elsevier, vol. 86(C), pages 52-75.
    113. Chino, Atsushi, 2016. "Do labor unions affect firm payout policy?: Operating leverage and rent extraction effects," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 156-178.
    114. Paweł Mielcarz & Dmytro Osiichuk & Paweł Wnuczak, 2018. "Working Capital Management through the Business Cycle: Evidence from the Corporate Sector in Poland," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 12(2), June.
    115. Kai Li & Xinlei Zhao, 2008. "Asymmetric Information and Dividend Policy," Financial Management, Financial Management Association International, vol. 37(4), pages 673-694, December.
    116. Lin, Tsui-Jung & Chen, Yi-Pei & Tsai, Han-Fang, 2017. "The relationship among information asymmetry, dividend policy and ownership structure," Finance Research Letters, Elsevier, vol. 20(C), pages 1-12.
    117. Andreas Charitou & Neophytos Lambertides & Giorgos Theodoulou, 2010. "The Effect of Past Earnings and Dividend Patterns on the Information Content of Dividends When Earnings Are Reduced," Abacus, Accounting Foundation, University of Sydney, vol. 46(2), pages 153-187, June.
    118. Basharat Khan & Qiujun Zhao & Amjad Iqbal & Irfan Ullah & Shahab Aziz, 2022. "Internal Dynamics of Dividend Policy in East-Asia: A Comparative Study of Japan and South Korea," SAGE Open, , vol. 12(2), pages 21582440221, April.
    119. Nguyen-Quynh-Nhu Ngo & Cam-Nguyen Nguyen & Nguyen-Nhu-Ngoc Ngo & Thanh-Khang Nguyen, 2024. "The influence of firm life cycle on firm risk-taking: evidence of Vietnam," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 71(3), pages 691-726, September.
    120. Faff, Robert & Kwok, Wing Chun & Podolski, Edward J. & Wong, George, 2016. "Do corporate policies follow a life-cycle?," Journal of Banking & Finance, Elsevier, vol. 69(C), pages 95-107.
    121. Lee, Bong Soo & Mauck, Nathan, 2016. "Dividend initiations, increases and idiosyncratic volatility," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 47-60.
    122. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    123. Panagiotis Petris, 2023. "Predicting the REIT Corporate Life Cycle Phase on a Financial Accounting Basis," JRFM, MDPI, vol. 16(6), pages 1-14, May.
    124. Xin Yao Li & Pei-Wen Chen, 2020. "Meeting Dividend Thresholds Through Earnings Management of Listed Companies in South Africa," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 10(6), pages 1-5.
    125. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    126. Yuting Huang & Anlin Chen & Lanfeng Kao, 2012. "Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy," Asia Pacific Journal of Management, Springer, vol. 29(1), pages 39-58, March.
    127. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
    128. Kanas, Angelos, 2014. "Default risk and equity prices in the U.S. banking sector: Regime switching effects of regulatory changes," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 33(C), pages 244-258.
    129. Lóránth, Gyöngyi & Laux, Christian & Cziraki, Peter, 2016. "Understanding Bank Payouts during the Crisis of 2007-2009," CEPR Discussion Papers 11453, C.E.P.R. Discussion Papers.
    130. Vu Quang Trinh & Ngan Duong Cao & Linh Hai Dinh & Hong Ngoc Nguyen, 2021. "Boardroom gender diversity and dividend payout strategies: Effects of mergers deals," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6014-6035, October.
    131. Espahbodi, Reza & Liu, Nan & Weigand, Robert A., 2022. "Opportunistic earnings management or performance-related effects? Evidence from dividend-paying firms," Global Finance Journal, Elsevier, vol. 54(C).
    132. Bessler, Wolfgang & Gonenc, Halit & Tinoco, Mario Hernandez, 2023. "Information asymmetry, agency costs, and payout policies: An international analysis of IFRS adoption and the global financial crisis," Economic Systems, Elsevier, vol. 47(4).
    133. Dittmar, Amy & Duchin, Ran & Zhang, Shuran, 2020. "The timing and consequences of seasoned equity offerings: A regression discontinuity approach," Journal of Financial Economics, Elsevier, vol. 138(1), pages 254-276.
    134. Gyimah, Daniel & Gyapong, Ernest, 2021. "Managerial entrenchment and payout policy: A catering effect," International Review of Financial Analysis, Elsevier, vol. 73(C).
    135. Golubov, Andrey & Lasfer, Meziane & Vitkova, Valeriya, 2020. "Active catering to dividend clienteles: Evidence from takeovers," Journal of Financial Economics, Elsevier, vol. 137(3), pages 815-836.
    136. Christian Leuz & Catherine Schrand, 2009. "Disclosure and the Cost of Capital: Evidence from Firms' Responses to the Enron Shock," NBER Working Papers 14897, National Bureau of Economic Research, Inc.
    137. Byeongyong Paul Choi, 2010. "The U.S. Property and Liability Insurance Industry: Firm Growth, Size, and Age," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 13(2), pages 207-224, September.
    138. Urszula Mrzygłód & Sabina Nowak, 2017. "Market reactions to dividends announcements and payouts. Empirical evidence from the Warsaw Stock Exchange," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 11(2), June.
    139. Maier, Christoph & Schanz, Deborah, 2017. "Towards neutral distribution taxes and vanishing tax effects in the European Union," arqus Discussion Papers in Quantitative Tax Research 215, arqus - Arbeitskreis Quantitative Steuerlehre.
    140. Deshmukh, Sanjay & Goel, Anand M. & Howe, Keith M., 2013. "CEO overconfidence and dividend policy," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 440-463.
    141. Brockman, Paul & Unlu, Emre, 2011. "Earned/contributed capital, dividend policy, and disclosure quality: An international study," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1610-1625, July.
    142. Shuping Chen & Terry Shevlin & Yen H. Tong, 2007. "Does the Pricing of Financial Reporting Quality Change Around Dividend Changes?," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 1-40, March.
    143. Novi Swandari Budiarso, 2019. "Agent, Steward, and Dividend Policy," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 83-94.
    144. Muhammad Atif & Benjamin Liu & Sivathaasan Nadarajah, 2022. "The effect of corporate environmental, social and governance disclosure on cash holdings: Life‐cycle perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2193-2212, July.
    145. Tripathy, Niranjan & Wu, Da & Zheng, Yi, 2021. "Dividends and financial health: Evidence from U.S. bank holding companies," Journal of Corporate Finance, Elsevier, vol. 66(C).
    146. Quoc Trung Tran & Pascal Alphonse & Xuan Minh Nguyen, 2017. "Dividend policy: Shareholder rights and creditor rights under the impact of the global financial crisis," Post-Print hal-03590547, HAL.
    147. ElBannan, Mona A., 2020. "Does catering behavior persist? Evidence on dividend sentiment in emerging financial markets," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 350-373.
    148. Kent Baker, H. & Kilincarslan, Erhan, 2019. "Why companies do not pay cash dividends: The Turkish experience," Global Finance Journal, Elsevier, vol. 42(C).
    149. Murhadi, Werner-Ria, 2008. "Study On Dividend Policy: Antecedent and Its Impact On Share Price," MPRA Paper 25596, University Library of Munich, Germany.
    150. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
    151. Habib, Ahsan & Hasan, Mostafa Monzur, 2019. "Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 188-201.
    152. Jeong‐Bon Kim & Le Luo & Hong Xie, 2024. "Do dividends mitigate bad news hoarding, overinvestments, and stock price crash risk?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3999-4038, December.
    153. Ijaz Ali & Ali Gohar & Omar Meharzi, 2017. "Why do Firms Change Their Dividend Policy?," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 411-422.
    154. Claudio Loderer & René Stulz & Urs Waelchli, 2017. "Firm Rigidities and the Decline in Growth Opportunities," Management Science, INFORMS, vol. 63(9), pages 3000-3020, September.
    155. Cheng Few Lee & Manak C. Gupta & Hong-Yi Chen & Alice C. Lee, 2020. "Optimal Payout Ratio Under Uncertainty and the Flexibility Hypothesis: Theory and Empirical Evidence," World Scientific Book Chapters, in: Cheng Few Lee & John C Lee (ed.), HANDBOOK OF FINANCIAL ECONOMETRICS, MATHEMATICS, STATISTICS, AND MACHINE LEARNING, chapter 96, pages 3367-3412, World Scientific Publishing Co. Pte. Ltd..
    156. McDonald, Michael B., 2022. "The shrinking stock market," Journal of Financial Markets, Elsevier, vol. 58(C).
    157. Hadfi Bilel & Kouki Mondher, 2021. "What Can explain catering of dividend? Environment information and investor sentiment," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(3), pages 428-450, July.
    158. Anwar Boumosleh & Brandon Cline, 2015. "Outside Director Stock Options and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 381-410, June.
    159. Bouncken, Ricarda B. & Fredrich, Viktor & Pesch, Robin, 2016. "Configurational answer to the ongoing riddle of formal and/or emergent planning practices," Journal of Business Research, Elsevier, vol. 69(9), pages 3609-3615.
    160. Stefano Castriota, 2018. "Does Excellence Pay Off? Evidence from the Wine Market," BEMPS - Bozen Economics & Management Paper Series BEMPS49, Faculty of Economics and Management at the Free University of Bozen.
    161. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.
    162. Christophe Faugère & Julian Van Erlach, 2009. "A Required Yield Theory of Stock Market Valuation and Treasury Yield Determination," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 18(1), pages 27-88, February.
    163. Batabyal, Sourav & Robinson, Richard, 2017. "Capital change and stability when dividends convey signals," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 158-167.
    164. Ragnar E. Juelsrud & Plamen T. Nenov, 2022. "Dividend Signaling and Bank Payouts in the Great Financial Crisis," Working Paper 2022/9, Norges Bank.
    165. Trojanowski, G., 2004. "Ownership structure as a mechanism of corporate governance," Other publications TiSEM 5dbc874d-d1d0-44a5-9717-8, Tilburg University, School of Economics and Management.
    166. Hamdi Ben-Nasr, 2015. "Government Ownership and Dividend Policy: Evidence from Newly Privatised Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(5-6), pages 665-704, June.
    167. Sungsin Kim & Ji-Yong Seo, 2014. "A Study On Dividend Determinants For Korea's Information Technology Firms," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 10(2), pages 1-12.
    168. Nejadmalayeri, Ali & Rosenblum, Aaron, 2022. "Distressed acquirers and the bright side of financial distress," International Review of Financial Analysis, Elsevier, vol. 83(C).
    169. Cao, Zhangfan & Chen, Steven Xianglong & Harakeh, Mostafa & Lee, Edward, 2022. "Do non-financial factors influence corporate dividend policies? Evidence from business strategy," International Review of Financial Analysis, Elsevier, vol. 82(C).
    170. Yao, Wenyun & Zhang, Lei & Hu, Jianxiong, 2020. "Does having a semimandatory dividend policy enhance investor confidence? Research on dividend-financing behavior," Economic Systems, Elsevier, vol. 44(4).
    171. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
    172. Chyi-Lun Chiou, 2015. "Understanding the Cash Flow-Fundamental Ratio," International Journal of Economics and Financial Issues, Econjournals, vol. 5(1), pages 148-157.
    173. Muhammad Atif & Searat Ali, 2021. "Environmental, social and governance disclosure and default risk," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3937-3959, December.
    174. Amjad Hassonn & Huy Tran & Hao Quach, 2016. "The Determinants of Corporate Dividend Policy: Evidence from Palestine," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 5(4), pages 1-2.
    175. Masanori Orihara, 2016. "Stock market listing and corporate policy: Evidence from reforms to Japanese corporate law," Discussion papers ron283, Policy Research Institute, Ministry of Finance Japan.
    176. Trinh, Vu Quang & Kara, Alper & Elnahass, Marwa, 2022. "Dividend payout strategies and bank survival likelihood: A cross-country analysis," International Review of Financial Analysis, Elsevier, vol. 81(C).
    177. Zyguła Andrzej, 2017. "Impact of foreign ownership on dividend policy in Poland," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(4), pages 76-88, December.
    178. Zakayo S. Kisava & Fredynandy M. John, 2017. "Determinants of Dividends Payout and Policy Used In Emerging Economies: Evidence from Turkey," Business and Economic Research, Macrothink Institute, vol. 7(2), pages 362-374, December.
    179. Nilakshi Borah & Hui Liang James & Jung Chul Park, 2020. "Does CEO inside debt compensation benefit both shareholders and debtholders?," Review of Quantitative Finance and Accounting, Springer, vol. 54(1), pages 159-203, January.
    180. Kent Baker, H. & De Ridder, Adri, 2018. "Payout policy in industrial and financial firms," Global Finance Journal, Elsevier, vol. 37(C), pages 138-151.
    181. Woan-lih Liang & Konan Chan & Wei-Hsien Lai & Yanzhi Wang, 2013. "Motivation for Repurchases: A Life Cycle Explanation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(2), pages 221-242, April.
    182. Cheng, Louis T.W. & Davidson III, Wallace N. & Leung, T.Y., 2011. "Insider trading returns and dividend signals," International Review of Economics & Finance, Elsevier, vol. 20(3), pages 421-429, June.
    183. Xie, Feng & Anderson, Hamish D. & Chi, Jing & Liao, Jing, 2019. "Does residual state ownership increase stock return volatility? Evidence from China's secondary privatization," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 234-251.
    184. Baker, H. Kent & Dam, Lammertjan & De Ridder, Adri, 2021. "Payouts and stock ownership," Journal of Multinational Financial Management, Elsevier, vol. 60(C).
    185. Cooper, Ian A. & Lambertides, Neophytos, 2018. "Large dividend increases and leverage," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 17-33.
    186. Chen, Shuping & Matsumoto, Dawn & Rajgopal, Shiva, 2011. "Is silence golden? An empirical analysis of firms that stop giving quarterly earnings guidance," Journal of Accounting and Economics, Elsevier, vol. 51(1-2), pages 134-150, February.
    187. Hossain, Ashrafee Tanvir & Hossain, Takdir & Kryzanowski, Lawrence, 2021. "Political corruption and corporate payouts," Journal of Banking & Finance, Elsevier, vol. 123(C).
    188. Xiaoting Wei & Cameron Truong & Viet Do, 2020. "When are dividend increases bad for corporate bonds?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1295-1326, June.
    189. KONISHI, Masaru & 小西, 大 & SAITO, Junyu, 2023. "Do firms consider stakeholder interests as a means to create shareholder value or as the ultimate goal? Evidence from Japanese dividend policies," Working Paper Series G-1-27, Hitotsubashi University Center for Financial Research.
    190. Cheng-few Lee & James Juichia Lin, 2023. "Generalized dividend behavior model and dividend smoothing: theory and empirical evidence," Review of Quantitative Finance and Accounting, Springer, vol. 61(4), pages 1529-1561, November.
    191. Georgeta Vintila & Elena Alexandra Nenu, 2015. "An Analysis of Determinants of Corporate Financial Performance: Evidence from the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(3), pages 732-739.
    192. Lie, Erik, 2005. "Operating performance following open market share repurchase announcements," Journal of Accounting and Economics, Elsevier, vol. 39(3), pages 411-436, September.
    193. Luzi Hail & Ahmed Tahoun & Clare Wang, 2014. "Dividend Payouts and Information Shocks," Journal of Accounting Research, Wiley Blackwell, vol. 52(2), pages 403-456, May.
    194. Fiechter, Peter & Zhou, Jie, 2016. "The Impact of the Greek Sovereign Debt Crisis on European Banks' Disclosure and its Economic Consequences," The International Journal of Accounting, Elsevier, vol. 51(1), pages 85-117.
    195. 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.
    196. Shane A. Dalsem, 2024. "Diversification across the life cycle of the firm: evidence from the IPO classes of 1998 and 1999," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(3), pages 777-797, September.
    197. Denis, David J. & Osobov, Igor, 2008. "Why do firms pay dividends? International evidence on the determinants of dividend policy," Journal of Financial Economics, Elsevier, vol. 89(1), pages 62-82, July.
    198. von Kalckreuth, Ulf & Chirinko, Robert S., 2002. "Further Evidence On The Relationship Between Firm Investment And Financial Status," Discussion Paper Series 1: Economic Studies 2002,28, Deutsche Bundesbank.
    199. Shahzad, Farrukh & Fareed, Zeeshan & Wang, Zhenkun & Shah, Syed Ghulam Meran, 2020. "Do idiosyncratic risk, market risk, and total risk matter during different firm life cycle stages?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 537(C).
    200. Borup, Daniel, 2019. "Asset pricing model uncertainty," Journal of Empirical Finance, Elsevier, vol. 54(C), pages 166-189.
    201. Martin D. Dietz & Christian Keuschnigg, 2003. "Corporate Income Tax Reform in Switzerland," University of St. Gallen Department of Economics working paper series 2003 2003-07, Department of Economics, University of St. Gallen.
    202. Espahbodi, Reza & Liu, Nan & Westbrook, Amy, 2016. "The effects of the 2006 SEC executive compensation disclosure rules on managerial incentives," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 241-256.
    203. Ahsan Akbar & Minhas Akbar & Wenjin Tang & Muhammad Azeem Qureshi, 2019. "Is Bankruptcy Risk Tied to Corporate Life-Cycle? Evidence from Pakistan," Sustainability, MDPI, vol. 11(3), pages 1-22, January.
    204. Chelley-Steeley, Patricia L. & Lambertides, Neophytos, 2016. "Cost of capital changes, the quality of trading information and market architecture," The British Accounting Review, Elsevier, vol. 48(4), pages 401-414.
    205. Dialdin Osman & Elsaudi Mohammed, 2010. "Dividend Policy In Saudi Arabia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 99-113.
    206. Woo-Jong Lee, 2011. "Managerial entrenchment and the value of dividends," Review of Quantitative Finance and Accounting, Springer, vol. 36(2), pages 297-322, February.
    207. Jiang, Zhan & Kim, Kenneth A. & Lie, Erik & Yang, Sean, 2013. "Share repurchases, catering, and dividend substitution," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 36-50.
    208. Shaif Jarallah & Wali Ullah, 2014. "Evolving corporate governance and the dividends behaviour regime in Japan," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(3), pages 279-303, September.
    209. Paul Simshauser, 2022. "On dividends and market valuations of Australia’s listed electricity utilities: regulated vs. merchant," Working Papers EPRG2210, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    210. Choi, Young Mok & Park, Kunsu, 2019. "Does foreign currency-denominated debt affect dividend payout policy? Evidence from Korea," Journal of Multinational Financial Management, Elsevier, vol. 49(C), pages 20-34.
    211. Harry DeAngelo & Linda DeAngelo & Rene Stulz, 2004. "Dividend Policy, Agency Costs, and Earned Equity," NBER Working Papers 10599, National Bureau of Economic Research, Inc.
    212. Konstantinos Bozos & Timothy King & Dimitrios Koutmos, 2022. "CSR and Firm Risk: Is Shareholder Activism a Double-Edged Sword?," JRFM, MDPI, vol. 15(11), pages 1-22, November.
    213. Sonika, Rohit & Shackleton, Mark B., 2020. "Buyback behaviour and the option funding hypothesis," Journal of Banking & Finance, Elsevier, vol. 114(C).
    214. Daphne Lui & Stanimir Markov & Ane Tamayo, 2012. "Equity Analysts and the Market's Assessment of Risk," Journal of Accounting Research, Wiley Blackwell, vol. 50(5), pages 1287-1317, December.
    215. He, Wen & Ng, Lilian & Zaiats, Nataliya & Zhang, Bohui, 2017. "Dividend policy and earnings management across countries," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 267-286.
    216. Chang, Yuyuan & He, Wen & Mi, Lin, 2024. "Climate risk and payout flexibility around the world," Journal of Banking & Finance, Elsevier, vol. 166(C).
    217. Xin Che & Andre P. Liebenberg & Ivonne A. Liebenberg & Brandon C. L. Morris, 2018. "The effect of growth opportunities on the market reaction to dividend cuts: evidence from the 2008 financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 51(1), pages 1-17, July.
    218. Thomas O'Connor, 2012. "Dividend payout, corporate governance, and the enforcement of creditor rights in emerging markets," Economics Department Working Paper Series n227-12.pdf, Department of Economics, National University of Ireland - Maynooth.
    219. Fairchild, Richard & Guney, Yilmaz & Thanatawee, Yordying, 2014. "Corporate dividend policy in Thailand: Theory and evidence," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 129-151.
    220. Jeffrey Jones & Jenny Gu & Pu Liu, 2014. "Do dividend initiations signal a reduction in risk? Evidence from the option market," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 143-158, January.
    221. K. H. Nguyen, 2014. "Impact of a dividend initiation wave on shareholder wealth," Applied Financial Economics, Taylor & Francis Journals, vol. 24(8), pages 573-586, April.
    222. Irina V. Berezinets & Liliia A. Bulatova & Yulia B. Ilina & Marat V. Smirnov, 2019. "Reactions of emerging stock markets to dividend announcements during economic growth: evidence from India and Russia," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 9(1), pages 71-89, March.
    223. Ham, Charles G. & Kaplan, Zachary R. & Leary, Mark T., 2020. "Do dividends convey information about future earnings?," Journal of Financial Economics, Elsevier, vol. 136(2), pages 547-570.
    224. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    225. Orihara, Masanori, 2024. "Election-day market reactions to tax proposals: Evidence from a close vote," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    226. Berzins, Janis & Bøhren, Øyvind & Stacescu, Bogdan, 2019. "Dividends and taxes: The moderating role of agency conflicts," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 583-604.
    227. von Eije, Henk & Goyal, Abhinav & Muckley, Cal B., 2014. "Does the information content of payout initiations and omissions influence firm risks?," Journal of Econometrics, Elsevier, vol. 183(2), pages 222-229.
    228. Ming‐Cheng Wu & Erin H. C. Kao & Hung‐Gay Fung, 2008. "Impact Of Dividend‐Protected Employee Stock Options On Payout Policies: Evidence From Taiwan," Pacific Economic Review, Wiley Blackwell, vol. 13(4), pages 431-452, October.
    229. Hwang, Soosung & Cho, Youngha & Noh, Sanha, 2022. "The cost of overconfidence in public information," International Review of Financial Analysis, Elsevier, vol. 79(C).
    230. Louis, Henock & Robinson, Dahlia, 2005. "Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits," Journal of Accounting and Economics, Elsevier, vol. 39(2), pages 361-380, June.
    231. Paul McGuinness & Kevin Lam & João Vieito, 2015. "Gender and other major board characteristics in China: Explaining corporate dividend policy and governance," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 989-1038, December.
    232. Bhattacharya, Debarati & Chang, Chia-Wen & Li, Wei-Hsien, 2020. "Stages of firm life cycle, transition, and dividend policy," Finance Research Letters, Elsevier, vol. 33(C).
    233. Xiaofei Zhang & Longbing Xu, 2021. "Firm life cycle and debt maturity structure: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 937-976, March.
    234. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
    235. Brawn, Derek A. & Šević, Aleksandar, 2018. "“Firm size matters: Industry sector, firm age and volatility do too in determining which publicly-listed US firms pay a dividend”," International Review of Financial Analysis, Elsevier, vol. 58(C), pages 132-152.
    236. Simshauser, Paul, 2023. "On dividend policy and market valuations of Australia’s listed electricity utilities: Regulated vs. merchant," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 696-715.
    237. Oleksy Paweł & Zyguła Andrzej, 2017. "The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland," Central European Economic Journal, Sciendo, vol. 3(50), pages 41-52, December.
    238. An Rommens & Ludo Cuyvers & Marc Deloof, 2012. "Dividend Policies of Privately Held Companies: Stand†Alone and Group Companies in Belgium," European Financial Management, European Financial Management Association, vol. 18(5), pages 816-835, November.
    239. Novia Wijaya, 2017. "Factors Affecting Dividend Policy on Non-Financial Companies in Indonesia," GATR Journals afr139, Global Academy of Training and Research (GATR) Enterprise.
    240. Briano-Turrent, Guadalupe D.C. & Li, Mingsheng & Peng, Hongfeng, 2020. "The impact of family-CEOs and their demographic characteristics on dividend payouts: Evidence from Latin America," Research in International Business and Finance, Elsevier, vol. 51(C).
    241. Jabbouri, Imad, 2016. "Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets," Research in International Business and Finance, Elsevier, vol. 37(C), pages 283-298.
    242. Nicolosi, Gina, 2013. "Demographics of dividends," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 54-70.
    243. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    244. DeAngelo, Harry & DeAngelo, Linda, 2006. "The irrelevance of the MM dividend irrelevance theorem," Journal of Financial Economics, Elsevier, vol. 79(2), pages 293-315, February.
    245. Ebenezer Asem & Shamsul Alam, 2021. "The abnormal return associated with consecutive dividend increases," The European Journal of Finance, Taylor & Francis Journals, vol. 27(3), pages 222-238, February.
    246. Berezinets, I. V. & Bulatova, L. A. & Ilina, Y. B., 2015. "Dividend announcements impact on stock returns: Evidence from the emerging market of India," Working Papers 6410, Graduate School of Management, St. Petersburg State University.
    247. Bulan, Laarni & Hull, Tyler, 2013. "The impact of technical defaults on dividend policy," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 814-823.
    248. Shapiro, Dmitry & Zhuang, Anan, 2015. "Dividends as a signaling device and the disappearing dividend puzzle," Journal of Economics and Business, Elsevier, vol. 79(C), pages 62-81.
    249. Ferris, Stephen P. & Javakhadze, David & Liu, Yun, 2020. "The price of boardroom social capital: The effects of corporate demand for external connectivity," Journal of Banking & Finance, Elsevier, vol. 111(C).
    250. Karthik Balakrishnan & John E. Core & Rodrigo S. Verdi, 2014. "The Relation Between Reporting Quality and Financing and Investment: Evidence from Changes in Financing Capacity," Journal of Accounting Research, Wiley Blackwell, vol. 52(1), pages 1-36, March.
    251. Audrey Hsu & Kevin Koh & Sophia Liu & Yen H. Tong, 2019. "Corporate Social Responsibility and Corporate Disclosures: An Investigation of Investors’ and Analysts’ Perceptions," Journal of Business Ethics, Springer, vol. 158(2), pages 507-534, August.
    252. Shumi Akhtar, 2018. "Dividend payout determinants for Australian Multinational and Domestic Corporations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 11-55, March.
    253. Benoît D'Udekem, 2014. "Rational Dividend Addiction in Banking," Working Papers CEB 14-013, ULB -- Universite Libre de Bruxelles.
    254. Dimitrios Koutmos & Konstantinos Bozos & Dionysia Dionysiou & Neophytos Lambertides, 2018. "The timing of new corporate debt issues and the risk-return tradeoff," Review of Quantitative Finance and Accounting, Springer, vol. 50(4), pages 943-978, May.
    255. Officer, Micah S., 2011. "Overinvestment, corporate governance, and dividend initiations," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 710-724, June.
    256. Jain, Bharat A. & Shekhar, Chander & Torbey, Violet, 2009. "Payout initiation by IPO firms: The choice between dividends and share repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1275-1297, November.
    257. Michaely, Roni & Moin, Amani, 2022. "Disappearing and reappearing dividends," Journal of Financial Economics, Elsevier, vol. 143(1), pages 207-226.
    258. Christophe, Faugere, 2003. "A Required Yield Theory of Stock Market Valuation and Treasury Yield Determination," MPRA Paper 15579, University Library of Munich, Germany, revised 04 Jun 2009.
    259. KOCHIYAMA, Takuma & 河内山, 拓磨 & SEKI, Koreyoshi, 2017. "Discretion in the Deferred Tax Valuation Allowance and Its Impact on Firms' Dividend Payouts," Working Paper Series 209, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
    260. Jeffrey J. Coulton & Caitlin M. S. Ruddock & Stephen L. Taylor, 2014. "The Informativeness of Dividends and Associated Tax Credits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1309-1336, November.
    261. Seyed Alireza Athari, 2022. "Does investor protection affect corporate dividend policy? Evidence from Asian markets," Bulletin of Economic Research, Wiley Blackwell, vol. 74(2), pages 579-598, April.
    262. Banyi, Monica L. & Kahle, Kathleen M., 2014. "Declining propensity to pay? A re-examination of the lifecycle theory," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 345-366.
    263. Hayley Baker & Millicent Chang & Choy Yeing (Chloe) Ho, 2021. "Value of dividend signaling in uncertain times," International Review of Finance, International Review of Finance Ltd., vol. 21(4), pages 1419-1440, December.
    264. Kambar Farooq & Muhammad Azeem & Chin Man Chui & Jun (Tony) Ruan, 2023. "Board Connections and Dividend Policy," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 983-1040, December.
    265. Christine Brown & John Handley & James O'Day, 2015. "The Dividend Substitution Hypothesis: Australian Evidence," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 37-62, March.
    266. Abhinav Rajverma, 2024. "Impact of Ownership Structure and Dividends on Firm Risk and Market Liquidity," JRFM, MDPI, vol. 17(7), pages 1-18, June.
    267. Bogdan Stacescu, 2006. "Dividend Policy in Switzerland," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 153-183, June.
    268. Igor Goncharov & David Veenman, 2014. "Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends," European Accounting Review, Taylor & Francis Journals, vol. 23(1), pages 25-55, May.
    269. Shaojie Lai & Qing Wang & Jiangze Du & Shuwen Pi, 2021. "Has the Propensity to Pay Dividends Declined? Evidence from the US Banking Sector," JRFM, MDPI, vol. 14(3), pages 1-14, March.
    270. Sheikh, Shahbaz, 2021. "CEO inside debt, market structure and payout policy," International Review of Financial Analysis, Elsevier, vol. 76(C).
    271. Abdul‐Rahman Khokhar & Sudipto Sarkar, 2020. "Market response to dividend change announcements: unregulated versus regulated US firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1759-1799, June.
    272. Dempsey, Stephen J. & Sheng, Hainan, 2023. "Dividend change announcements, ROE, and the cost of equity capital," International Review of Financial Analysis, Elsevier, vol. 86(C).
    273. Hiroyuki Ishikawa, 2011. "Empirical Analysis on the Dividend Life-Cycle Theory: Evidence from Japan," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 1, pages 39-60, December.
    274. Hasan, Mostafa Monzur & Uddin, Mohammad Riaz, 2022. "Do intangibles matter for corporate policies? Evidence from organization capital and corporate payout choices," Journal of Banking & Finance, Elsevier, vol. 135(C).
    275. Claude Bergeron, 2024. "Inflation, risk, and dividend growth," SN Business & Economics, Springer, vol. 4(7), pages 1-21, July.
    276. Sah, Nilesh B., 2021. "Cash is Queen: Female CEOs’ propensity to hoard cash," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
    277. John Capstaff & Audun Klæboe & Andrew P. Marshall, 2004. "Share Price Reaction to Dividend Announcements: Empirical Evidence on the Signaling Model from the Oslo Stock Exchange," Multinational Finance Journal, Multinational Finance Journal, vol. 8(1-2), pages 115-139, March-Jun.
    278. Candra Chahyadi & Jesus Salas, 2012. "Not paying dividends? A decomposition of the decline in dividend payers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(2), pages 443-462, April.
    279. Daniel, Naveen D. & Denis, David J. & Naveen, Lalitha, 2008. "Do firms manage earnings to meet dividend thresholds," Journal of Accounting and Economics, Elsevier, vol. 45(1), pages 2-26, March.
    280. Hu, May & Tuilautala, Mataiasi & Kang, Yuni, 2019. "Bandwagon effect: Special dividend payments," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 339-363.
    281. Dyussembina, Saule & Park, Kunsu, 2024. "Book-tax differences, dividend payout, and firm value," International Review of Financial Analysis, Elsevier, vol. 91(C).
    282. Claude Bergeron, 2013. "Dividend growth, stock valuation, and long-run risk," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(4), pages 547-559, October.
    283. Thomas O'Connor & Julie Byrne, 2012. "Shareholder and creditor legal rights and the outcome model of dividends," Economics Department Working Paper Series n225-12.pdf, Department of Economics, National University of Ireland - Maynooth.
    284. Chen, Shuping & Matsumoto, Dawn & Rajgopal, Shiva, 2011. "Is silence golden? An empirical analysis of firms that stop giving quarterly earnings guidance," Journal of Accounting and Economics, Elsevier, vol. 51(1), pages 134-150.
    285. Benjamin Avanzi & Vincent Tu & Bernard Wong, 2016. "A Note on Realistic Dividends in Actuarial Surplus Models," Risks, MDPI, vol. 4(4), pages 1-9, October.
    286. Bask, Mikael, 2020. "Pure announcement and time effects in the dividend-discount model," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 266-270.

  41. Guillermo Llorente & Roni Michaely & Gideon Saar & Jiang Wang, 2002. "Dynamic Volume-Return Relation of Individual Stocks," The Review of Financial Studies, Society for Financial Studies, vol. 15(4), pages 1005-1047.
    See citations under working paper version above.
  42. Ellis, Katrina & Michaely, Roni & O'Hara, Maureen, 2000. "The Accuracy of Trade Classification Rules: Evidence from Nasdaq," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 35(4), pages 529-551, December.

    Cited by:

    1. David Easley & Soeren Hvidkjaer & Maureen O'Hara, 2002. "Is Information Risk a Determinant of Asset Returns?," Journal of Finance, American Finance Association, vol. 57(5), pages 2185-2221, October.
    2. Yue Zhao & Difang Wan, 2018. "Institutional high frequency trading and price discovery: Evidence from an emerging commodity futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(2), pages 243-270, February.
    3. Goldstein, Michael A. & Shkilko, Andriy V. & Van Ness, Bonnie F. & Van Ness, Robert A., 2008. "Competition in the market for NASDAQ securities," Journal of Financial Markets, Elsevier, vol. 11(2), pages 113-143, May.
    4. Bian, Jiangze & Su, Tie & Wang, Jun, 2022. "Non-marketability and one-day selling lockup," Journal of Empirical Finance, Elsevier, vol. 65(C), pages 1-23.
    5. Atanas Mihov, 2016. "Predisclosure Accumulations by Activist Investors and Price Impact of Trading," Review of Finance, European Finance Association, vol. 20(1), pages 231-263.
    6. Eunju Lee, 2016. "Short selling and market mispricing," Review of Quantitative Finance and Accounting, Springer, vol. 47(3), pages 797-833, October.
    7. Saunders, Anthony & Shao, Pei & Xiao, Yuchao, 2024. "Private information disclosure in the secondary loan market and its impact on equity market trading costs," Journal of Financial Markets, Elsevier, vol. 67(C).
    8. Albuquerque, Rui & Marques, Luis & de Francisco, Eva, 2006. "Marketwide Private Information in Stocks: Forecasting Currency Returns," CEPR Discussion Papers 5604, C.E.P.R. Discussion Papers.
    9. Doureige J. Jurdi, 2020. "Intraday Jumps, Liquidity, and U.S. Macroeconomic News: Evidence from Exchange Traded Funds," JRFM, MDPI, vol. 13(6), pages 1-19, June.
    10. Frino, Alex & Jarnecic, Elvis & Johnstone, David & Lepone, Andrew, 2005. "Bid-ask bounce and the measurement of price behavior around block trades on the Australian Stock Exchange," Pacific-Basin Finance Journal, Elsevier, vol. 13(3), pages 247-262, June.
    11. Paiardini, Paola, 2009. "Informed Trading in Parallel Bond Markets," Economics & Statistics Discussion Papers esdp09053, University of Molise, Department of Economics.
    12. Ahmed Baig & Jason Berkowitz & Ronald Jared DeLisle & Todd Griffith, 2023. "COVID‐19 intensity across U.S. states and the liquidity of U.S. equity markets," The Financial Review, Eastern Finance Association, vol. 58(2), pages 235-259, May.
    13. Ivan Jericevich & Patrick Chang & Tim Gebbie, 2020. "Comparing the market microstructure between two South African exchanges," Papers 2011.04367, arXiv.org.
    14. Huang, Roger D. & Ting, Christopher, 2008. "A functional approach to the price impact of stock trades and the implied true price," Journal of Empirical Finance, Elsevier, vol. 15(1), pages 1-16, January.
    15. Fischer, Georg, 2019. "How dynamic hedging affects stock price movements: Evidence from German option and certificate markets," Passauer Diskussionspapiere, Betriebswirtschaftliche Reihe B-35-19, University of Passau, Faculty of Business and Economics.
    16. Christiane Goodfellow & Martin T. Bohl, 2011. "Forestalling Floor Closure: Evidence from a Natural Experiment on the German Stock Market," Post-Print hal-00676103, HAL.
    17. Alexander, Gordon J. & Peterson, Mark A., 2007. "An analysis of trade-size clustering and its relation to stealth trading," Journal of Financial Economics, Elsevier, vol. 84(2), pages 435-471, May.
    18. Yang-Cheng Lu & Yu-Chen Wei, 2013. "The Chinese News Sentiment around Earnings Announcements," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 44-58, October.
    19. Bessembinder, Hendrik, 2003. "Quote-based competition and trade execution costs in NYSE-listed stocks," Journal of Financial Economics, Elsevier, vol. 70(3), pages 385-422, December.
    20. Peterson, Mark & Sirri, Erik, 2003. "Evaluation of the biases in execution cost estimation using trade and quote data," Journal of Financial Markets, Elsevier, vol. 6(3), pages 259-280, May.
    21. Chung, Kee H. & Chuwonganant, Chairat & Jiang, Jing, 2008. "The dynamics of quote adjustments," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2390-2400, November.
    22. Angelo Ranaldo, 2002. "Market Dynamics Around Public Information Arrivals," FAME Research Paper Series rp45, International Center for Financial Asset Management and Engineering.
    23. Yan, Yuxing & Zhang, Shaojun, 2014. "Quality of PIN estimates and the PIN-return relationship," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 137-149.
    24. Eric Jondeau & Jérôme Lahaye & Michael Rockinger, 2013. "Estimating the Price Impact of Trades in an High-Frequency Microstructure Model with Jumps," Swiss Finance Institute Research Paper Series 13-47, Swiss Finance Institute, revised Feb 2016.
    25. Adrian D. Lee & Shan Choy, 2014. "Contracts for dummies? The performance of investors in contracts for difference," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 54(3), pages 965-997, September.
    26. Steven Huddart & Mark Lang & Michelle H. Yetman, 2009. "Volume and Price Patterns Around a Stock's 52-Week Highs and Lows: Theory and Evidence," Management Science, INFORMS, vol. 55(1), pages 16-31, January.
    27. Craig W. Holden & Stacey Jacobsen & Avanidhar Subrahmanyam, 2014. "The Empirical Analysis of Liquidity," Foundations and Trends(R) in Finance, now publishers, vol. 8(4), pages 263-365, December.
    28. Bessembinder, Hendrik, 2003. "Issues in assessing trade execution costs," Journal of Financial Markets, Elsevier, vol. 6(3), pages 233-257, May.
    29. Yu‐Lun Chen & Yin‐Feng Gau, 2022. "The information effect of order flows in foreign currency futures and spot markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(8), pages 1549-1572, August.
    30. Albuquerque, Rui & Vega, Clara, 2006. "Asymmetric Information in the Stock Market: Economic News and Co-movement," CEPR Discussion Papers 5598, C.E.P.R. Discussion Papers.
    31. Chakrabarty, Bidisha & Pascual, Roberto & Shkilko, Andriy, 2015. "Evaluating trade classification algorithms: Bulk volume classification versus the tick rule and the Lee-Ready algorithm," Journal of Financial Markets, Elsevier, vol. 25(C), pages 52-79.
    32. Gregory H. Bauer & Clara Vega, 2006. "The monetary origins of asymmetric information in international equity markets," International Finance Discussion Papers 872, Board of Governors of the Federal Reserve System (U.S.).
    33. Marc Bohmann, 2020. "Price Discovery and Information Asymmetry in Equity and Commodity Futures Options Markets," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2020, January-A.
    34. Sadka, Ronnie, 2006. "Momentum and post-earnings-announcement drift anomalies: The role of liquidity risk," Journal of Financial Economics, Elsevier, vol. 80(2), pages 309-349, May.
    35. Subrahmanyam, Avanidhar, 2008. "Lagged order flows and returns: A longer-term perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(3), pages 623-640, August.
    36. Avanidhar Subrahmanyam, 2005. "Distinguishing Between Rationales for Short‐Horizon Predictability of Stock Returns," The Financial Review, Eastern Finance Association, vol. 40(1), pages 11-35, February.
    37. Entrop, Oliver & Fischer, Georg, 2019. "Hedging costs and joint determinants of premiums and spreads in structured financial products," Passauer Diskussionspapiere, Betriebswirtschaftliche Reihe B-34-19, University of Passau, Faculty of Business and Economics.
    38. Griffith, Todd & Roseman, Brian & Shang, Danjue, 2020. "The effects of an increase in equity tick size on stock and option transaction costs," Journal of Banking & Finance, Elsevier, vol. 114(C).
    39. Benston, George J. & Wood, Robert A., 2008. "Why effective spreads on NASDAQ were higher than on the New York stock exchange in the 1990s," Journal of Empirical Finance, Elsevier, vol. 15(1), pages 17-40, January.
    40. Michel van der Wel & Albert Menkveld & Asani Sarkar, 2009. "Are Market Makers Uninformed and Passive? Signing Trades in The Absence of Quotes," Tinbergen Institute Discussion Papers 09-046/3, Tinbergen Institute.
    41. Valeria Martinez & Yiuman Tse & Jullavut Kittiakarasakun, 2013. "Volatility, trade size, and order imbalance in China and Japan exchange traded funds," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(2), pages 293-307, April.
    42. Torben G. Andersen & Oleg Bondarenko, 2015. "Assessing Measures of Order Flow Toxicity and Early Warning Signals for Market Turbulence," Review of Finance, European Finance Association, vol. 19(1), pages 1-54.
    43. Craig W. Holden & Stacey Jacobsen, 2014. "Liquidity Measurement Problems in Fast, Competitive Markets: Expensive and Cheap Solutions," Journal of Finance, American Finance Association, vol. 69(4), pages 1747-1785, August.
    44. Dierkes, Maik & Krupski, Jan & Schroen, Sebastian, 2022. "Option-implied lottery demand and IPO returns," Journal of Economic Dynamics and Control, Elsevier, vol. 138(C).
    45. Li, Mingsheng & McCormick, Timothy & Zhao, Xin, 2005. "Order imbalance and liquidity supply: Evidence from the bubble burst of Nasdaq stocks," Journal of Empirical Finance, Elsevier, vol. 12(4), pages 533-555, September.
    46. Oliver Entrop & Georg Fischer, 2020. "Hedging costs and joint determinants of premiums and spreads in structured financial products," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(7), pages 1049-1071, July.
    47. Ioane Muni Toke, 2016. "Reconstruction of Order Flows using Aggregated Data," Papers 1604.02759, arXiv.org.
    48. Battalio, Robert H. & Mendenhall, Richard R., 2005. "Earnings expectations, investor trade size, and anomalous returns around earnings announcements," Journal of Financial Economics, Elsevier, vol. 77(2), pages 289-319, August.
    49. Odders-White, Elizabeth R., 2000. "On the occurrence and consequences of inaccurate trade classification," Journal of Financial Markets, Elsevier, vol. 3(3), pages 259-286, August.
    50. Joachim Grammig & Erik Theissen, 2003. "Estimating the Probability of Informed Trading - Does Trade Misclassification Matter?," University of St. Gallen Department of Economics working paper series 2003 2003-01, Department of Economics, University of St. Gallen.
    51. Blazejewski, Adam & Coggins, Richard, 2005. "A local non-parametric model for trade sign inference," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 348(C), pages 481-495.
    52. Haoxiang Zhu & Bart Yueshen & Albert Menkveld, 2015. "Shades of Darkness: A Pecking Order of Trading Venues," 2015 Meeting Papers 1164, Society for Economic Dynamics.
    53. Thomas Pöppe & Michael Aitken & Dirk Schiereck & Ingo Wiegand, 2016. "A PIN per day shows what news convey: the intraday probability of informed trading," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1187-1220, November.
    54. Jordi Paniagua & Rafael Rivelles & Juan Sapena, 2019. "Social Determinants of Success: Social Media, Corporate Governance and Revenue," Sustainability, MDPI, vol. 11(19), pages 1-17, September.
    55. Pascual, Roberto & Pascual Fuste, Bartolomé & Climent, Francisco, 2001. "Cross-listing, price discovery and the informativeness of the trading process," DEE - Working Papers. Business Economics. WB wb014511, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    56. Jang-Chul Kim & Qing Su, 2024. "Political ratings, government quality, and liquidity: evidence from Non-U.S. energy stocks listed on the NYSE," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(3), pages 614-643, September.
    57. Andros Gregoriou, 2007. "The Asymmetry of the Price Impact of Block Trades and the Bid-Ask Spread. Evidence from the London Stock Exchange," Money Macro and Finance (MMF) Research Group Conference 2006 76, Money Macro and Finance Research Group.
    58. Furfine, Craig, 2007. "When is inter-transaction time informative?," Journal of Empirical Finance, Elsevier, vol. 14(3), pages 310-332, June.
    59. Kim, Jang-Chul & Mazumder, Sharif & Su, Qing, 2024. "Brexit's ripple: Probing the impact on stock market liquidity," Finance Research Letters, Elsevier, vol. 61(C).
    60. Mark Fedenia & Tavy Ronen & Seunghan Nam, 2024. "Machine learning and trade direction classification: insights from the corporate bond market," Review of Quantitative Finance and Accounting, Springer, vol. 63(1), pages 1-36, July.
    61. Hatheway, Frank & Kwan, Amy & Zheng, Hui, 2017. "An Empirical Analysis of Market Segmentation on U.S. Equity Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(6), pages 2399-2427, December.
    62. Campbell, John Y. & Ramadorai, Tarun & Schwartz, Allie, 2009. "Caught on tape: Institutional trading, stock returns, and earnings announcements," Journal of Financial Economics, Elsevier, vol. 92(1), pages 66-91, April.
    63. Kee H. Chung & John Elder & Jang-Chul Kim, 2013. "Liquidity and Information Flow around Monetary Policy Announcement," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(5), pages 781-820, August.
    64. Georg Dettmann, 2011. "A View on Global Imbalances and their Contribution to the Financial Crisis," Birkbeck Working Papers in Economics and Finance 1102, Birkbeck, Department of Economics, Mathematics & Statistics.
    65. Frino, Alex & Gerace, Dionigi & Lepone, Andrew, 2008. "Liquidity in auction and specialist market structures: Evidence from the Italian bourse," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2581-2588, December.
    66. Baule, Rainer, 2011. "The order flow of discount certificates and issuer pricing behavior," Journal of Banking & Finance, Elsevier, vol. 35(11), pages 3120-3133, November.
    67. Henker, Thomas & Wang, Jian-Xin, 2006. "On the importance of timing specifications in market microstructure research," Journal of Financial Markets, Elsevier, vol. 9(2), pages 162-179, May.
    68. Adam Blazejewski & Richard Coggins, 2004. "A piecewise linear model for trade sign inference," Finance 0412012, University Library of Munich, Germany.
    69. Fatemi, Darius & Kim, Jang-Chul, 2024. "Information asymmetry in non-US stocks: The compounding and mitigating effects of tax havens and corruption," Global Finance Journal, Elsevier, vol. 59(C).
    70. Mamatzakis, Emmanuel & Zhang, Xiaoxiang & Wang, Chaoke, 2016. "Invisible hand discipline from informed trading: Does market discipline from trading affect bank capital structure?," MPRA Paper 76215, University Library of Munich, Germany.
    71. Araújo, Gustavo Silva & Barbedo, Claudio Henrique da S. & Vicente, José Valentim M., 2014. "The adverse selection cost component of the spread of Brazilian stocks," Emerging Markets Review, Elsevier, vol. 21(C), pages 21-41.
    72. Asquith, Paul & Oman, Rebecca & Safaya, Christopher, 2010. "Short sales and trade classification algorithms," Journal of Financial Markets, Elsevier, vol. 13(1), pages 157-173, February.
    73. Teressa Elliott & Jang-Chul Kim & Ha-Chin Yi, 2024. "The impact of corporate ethical standards on the liquidity of non-U.S. stocks: an examination of the Chinese Melamine Scandal," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(2), pages 394-418, June.
    74. Jurkatis, Simon, 2022. "Inferring trade directions in fast markets," Journal of Financial Markets, Elsevier, vol. 58(C).
    75. Dale W. R. Rosenthal, 2012. "Modeling Trade Direction," Journal of Financial Econometrics, Oxford University Press, vol. 10(2), pages 390-415, 2012 04.
    76. Li, Mingsheng & Eisenstadt, Robert C., 2005. "Price support and spreads in the IPO aftermarket: An empirical microstructure study," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(4-5), pages 748-766, September.
    77. Michael Goldstein & Andriy Shkilko & Bonnie Ness & Robert Ness, 2010. "Inter-market competition for NYSE-listed securities under decimals," Review of Quantitative Finance and Accounting, Springer, vol. 35(4), pages 371-391, November.
    78. Emiliano Pagnotta, 2016. "Chasing Private Information," 2016 Meeting Papers 1673, Society for Economic Dynamics.
    79. Lecce, Steven & Lepone, Andrew & McKenzie, Michael D. & Segara, Reuben, 2012. "The impact of naked short selling on the securities lending and equity market," Journal of Financial Markets, Elsevier, vol. 15(1), pages 81-107.
    80. Aktas, Osman Ulas & Kryzanowski, Lawrence, 2014. "Market impacts of trades for stocks listed on the Borsa Istanbul," Emerging Markets Review, Elsevier, vol. 20(C), pages 152-175.
    81. Rubin, Amir, 2007. "Ownership level, ownership concentration and liquidity," Journal of Financial Markets, Elsevier, vol. 10(3), pages 219-248, August.
    82. THIESSEN, Eric, 2000. "Trader Anonymity, Price Formation and Liquidity," HEC Research Papers Series 701, HEC Paris.
    83. Battalio, Robert H. & Lerman, Alina & Livnat, Joshua & Mendenhall, Richard R., 2012. "Who, if anyone, reacts to accrual information?," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 205-224.
    84. Malay Dey & B. Radhakrishna, 2015. "Informed trading, institutional trading, and spread," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 39(2), pages 288-307, April.
    85. Wang, Shu-Feng & Lee, Kuan-Hui, 2015. "Do foreign short-sellers predict stock returns? Evidence from daily short-selling in Korean stock market," Pacific-Basin Finance Journal, Elsevier, vol. 32(C), pages 56-75.
    86. Quan Gan & Wang Chun Wei & David Johnstone, 2015. "A faster estimation method for the probability of informed trading using hierarchical agglomerative clustering," Quantitative Finance, Taylor & Francis Journals, vol. 15(11), pages 1805-1821, November.
    87. Cheoljun Eom & Steven J. Jordan & Woo‐Baik Lee & Jong Won Park, 2020. "Programs trades and trade regulation: An evidence of the Korean securities market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(1), pages 44-66, January.
    88. Dambra, Michael & Field, Laura Casares & Gustafson, Matthew T. & Pisciotta, Kevin, 2018. "The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act," Journal of Accounting and Economics, Elsevier, vol. 65(2), pages 302-330.
    89. Dosung Kim & Jang-Chul Kim & Qing Su & Sung-Kwan Joo, 2023. "Electricity Blackout and Its Ripple Effects: Examining Liquidity and Information Asymmetry in U.S. Financial Markets," Energies, MDPI, vol. 16(13), pages 1-10, June.
    90. Qianyun Huang & Terrance R. Skantz, 2016. "The informativeness of pro forma and street earnings: an examination of information asymmetry around earnings announcements," Review of Accounting Studies, Springer, vol. 21(1), pages 198-250, March.
    91. Tarun Chordia & Jianfeng Hu & Avanidhar Subrahmanyam & Qing Tong, 2019. "Order Flow Volatility and Equity Costs of Capital," Management Science, INFORMS, vol. 65(4), pages 1520-1551, April.
    92. Jaemin Kim, 2005. "Cross-sectional differences in the liquidity effects of open market share repurchases," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(1), pages 1-31, March.
    93. Ivanov, Stoyu I., 2016. "Analysis of ETF bid-ask spread components," The Quarterly Review of Economics and Finance, Elsevier, vol. 61(C), pages 249-259.
    94. Marcel Blais & Philip Protter, 2012. "Signing trades and an evaluation of the Lee–Ready algorithm," Annals of Finance, Springer, vol. 8(1), pages 1-13, February.
    95. Dimitrios Karyampas & Paola Paiardini, 2011. "Probability of Informed Trading and Volatility for an ETF," Birkbeck Working Papers in Economics and Finance 1101, Birkbeck, Department of Economics, Mathematics & Statistics.
    96. Chan, Yue-Cheong, 2014. "How does retail sentiment affect IPO returns? Evidence from the internet bubble period," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 235-248.
    97. Edward Sun & Timm Kruse & Min-Teh Yu, 2014. "High frequency trading, liquidity, and execution cost," Annals of Operations Research, Springer, vol. 223(1), pages 403-432, December.
    98. Ferriani, Fabrizio, 2010. "Informed and uninformed traders at work: evidence from the French market," MPRA Paper 24487, University Library of Munich, Germany.
    99. Ioane Muni Toke, 2016. "Reconstruction of Order Flows using Aggregated Data," Post-Print hal-01705074, HAL.
    100. John Campbell & Tarun Ramadorai & Tuomo Vuolteenaho, 2004. "Caught On Tape: Predicting Institutional Ownership With Order Flow," Finance 0405012, University Library of Munich, Germany.
    101. Ainsworth, Andrew & Lee, Adrian D., 2014. "Waiting costs and limit order book liquidity: Evidence from the ex-dividend deadline in Australia," Journal of Financial Markets, Elsevier, vol. 20(C), pages 101-128.
    102. Asani Sarkar & Robert A. Schwartz, 2007. "Market sidedness: insights into motives for trade initiation," Staff Reports 292, Federal Reserve Bank of New York.
    103. Barakat, Ahmed & Chernobai, Anna & Wahrenburg, Mark, 2014. "Information asymmetry around operational risk announcements," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 152-179.
    104. Lawrence Kryzanowski & Skander Lazrak, 2007. "Trading Activity, Trade Costs and Informed Trading for Acquisition Targets and Acquirers," The European Journal of Finance, Taylor & Francis Journals, vol. 13(5), pages 405-439.
    105. Paul Asquith & Rebecca Oman & Christopher Safaya, 2008. "Short Sales and Trade Classification Algorithms," NBER Working Papers 14158, National Bureau of Economic Research, Inc.
    106. Easley, David & de Prado, Marcos Lopez & O'Hara, Maureen, 2016. "Discerning information from trade data," Journal of Financial Economics, Elsevier, vol. 120(2), pages 269-285.
    107. Frömmel, Michael & D'Hoore, Dick & Lampaert, Kevin, 2021. "The Accuracy of Trade Classification Systems on the Foreign Exchange Market: Evidence from the RUB/USD Market," Finance Research Letters, Elsevier, vol. 42(C).
    108. Asani Sarkar & Robert A. Schwartz, 2006. "Two-sided markets and intertemporal trade clustering: insights into trading motives," Staff Reports 246, Federal Reserve Bank of New York.
    109. Kaun Y. Lee & Kee H. Chung, 2009. "Information‐Based Trading and Price Improvement," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 754-773, June.
    110. Ryan GARVEY & Fei WU, 2012. "Are Market Center Trading Cost Measures Reliable?," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(6), pages 505-517, December.
    111. Alvaro Escribano & Roberto Pascual, 2008. "Asymmetries in bid and ask responses to innovations in the trading process," Studies in Empirical Economics, in: Luc Bauwens & Winfried Pohlmeier & David Veredas (ed.), High Frequency Financial Econometrics, pages 49-82, Springer.
    112. Chakrabarty, Bidisha & Li, Bingguang & Nguyen, Vanthuan & Van Ness, Robert A., 2007. "Trade classification algorithms for electronic communications network trades," Journal of Banking & Finance, Elsevier, vol. 31(12), pages 3806-3821, December.
    113. Zhou, Hao & Elliott, Robert J. & Kalev, Petko S., 2019. "Information or noise: What does algorithmic trading incorporate into the stock prices?," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 27-39.
    114. Kolm, Petter N. & Tütüncü, Reha & Fabozzi, Frank J., 2014. "60 Years of portfolio optimization: Practical challenges and current trends," European Journal of Operational Research, Elsevier, vol. 234(2), pages 356-371.
    115. Bardong, Florian & Bartram, Söhnke M. & Yadav, Pradeep K., 2005. "Informed Trading, Information Asymmetry and Pricing of Information Risk: Empirical Evidence from the NYSE," MPRA Paper 13586, University Library of Munich, Germany, revised 10 Oct 2008.
    116. Shkilko, Andriy V. & Van Ness, Bonnie F. & Van Ness, Robert A., 2008. "Locked and crossed markets on NASDAQ and the NYSE," Journal of Financial Markets, Elsevier, vol. 11(3), pages 308-337, August.
    117. David Michayluk & Laurie Prather, 2008. "A Liquidity Motivated Algorithm for Discerning Trade Direction," Multinational Finance Journal, Multinational Finance Journal, vol. 12(1-2), pages 45-66, March-Jun.
    118. Hiroyuki Moriya, 2017. "Quantized price volatility model for transaction data," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 397-408, December.
    119. Lehmann, Bruce N., 2003. "What we measure in execution cost measurement," Journal of Financial Markets, Elsevier, vol. 6(3), pages 227-231, May.
    120. Busse, Jeffrey A. & Clifton Green, T., 2002. "Market efficiency in real time," Journal of Financial Economics, Elsevier, vol. 65(3), pages 415-437, September.
    121. Klein, Olga, 2020. "Trading aggressiveness and market efficiency," Journal of Financial Markets, Elsevier, vol. 47(C).
    122. Chung, Kee H. & Lee, Albert J. & Rösch, Dominik, 2020. "Tick size, liquidity for small and large orders, and price informativeness: Evidence from the Tick Size Pilot Program," Journal of Financial Economics, Elsevier, vol. 136(3), pages 879-899.
    123. Perlin, Marcelo & Brooks, Chris & Dufour, Alfonso, 2014. "On the performance of the tick test," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(1), pages 42-50.
    124. Tanggaard, Carsten, 2003. "Errors in Trade Classification: Consequences and Remedies," Finance Working Papers 03-6, University of Aarhus, Aarhus School of Business, Department of Business Studies.
    125. Donglian Ma & Pengxiang Zhai, 2021. "The Accuracy of the Tick Rule in the Bitcoin Market," SAGE Open, , vol. 11(2), pages 21582440211, May.
    126. Allen Carrion & Madhuparna Kolay, 2020. "Trade signing in fast markets," The Financial Review, Eastern Finance Association, vol. 55(3), pages 385-404, August.
    127. Jangkoo Kang & Kyung Yoon Kwon & Wooyeon Kim, 2020. "Flow toxicity of high‐frequency trading and its impact on price volatility: Evidence from the KOSPI 200 futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(2), pages 164-191, February.
    128. Lee, Albert J. & Chung, Kee H., 2022. "Hidden liquidity, market quality, and order submission strategies," Journal of Financial Markets, Elsevier, vol. 61(C).
    129. Zhou, Hao & Kalev, Petko S. & Frino, Alex, 2020. "Algorithmic trading in turbulent markets," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    130. Barber, Brad M. & Odean, Terrance & Zhu, Ning, 2009. "Systematic noise," Journal of Financial Markets, Elsevier, vol. 12(4), pages 547-569, November.
    131. Ende, Bartholomäus & Lutat, Marco, 2010. "Trade-throughs in European cross-traded equities after transaction costs: Empirical evidence for the EURO STOXX 50," CFS Working Paper Series 2010/15, Center for Financial Studies (CFS).
    132. Diego Cueto & Lorne Switzer, 2015. "Intraday market liquidity, corporate governance, and ownership structure in markets with weak shareholder protection: evidence from Brazil and Chile," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(2), pages 395-419, May.
    133. Chang, Charles & Lin, Emily, 2015. "Cash-futures basis and the impact of market maturity, informed trading, and expiration effects," International Review of Economics & Finance, Elsevier, vol. 35(C), pages 197-213.
    134. Arnab Bhattacharya & Binay Bhushan Chakrabarti, 2014. "An Examination of Adverse Selection Risk in Indian IPO After-Markets using High Frequency Data," International Journal of Economic Sciences, Prague University of Economics and Business, vol. 2014(3), pages 01-49.
    135. Seth Armitage & Janusz Brzeszczyński & Anna Serdyuk, 2014. "Liquidity Measures and Cost of Trading in an Illiquid Market," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 13(2), pages 155-196, August.
    136. Arzé Karam, 2022. "Dealers' incentives to reveal their names," The Financial Review, Eastern Finance Association, vol. 57(1), pages 27-44, February.
    137. Favreau, Charles & Garvey, Ryan, 2022. "Non-positive spreads and trading venue halts: Are investors harmed?," Finance Research Letters, Elsevier, vol. 46(PA).
    138. Kenneth Small & James Wansley & Matthew Hood, 2012. "The impact of security concentration on adverse selection costs and liquidity: an examination of exchange traded funds," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(2), pages 261-281, April.
    139. Hegde, Shantaram P. & McDermott, John B., 2004. "The market liquidity of DIAMONDS, Q's, and their underlying stocks," Journal of Banking & Finance, Elsevier, vol. 28(5), pages 1043-1067, May.
    140. Michael Frömmel & Eyup Kadioglu, 2023. "Impact of trading hours extensions on foreign exchange volatility: intraday evidence from the Moscow exchange," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-23, December.
    141. Li, Mingsheng & Liu, Desheng & Peng, Hongfeng & Zhang, Luxiu, 2020. "Does low synchronicity mean more or less informative prices? Evidence from an emerging market," Journal of Financial Stability, Elsevier, vol. 51(C).
    142. Warren Bailey & Lin Zheng, 2013. "Banks, Bears, and the Financial Crisis," Journal of Financial Services Research, Springer;Western Finance Association, vol. 44(1), pages 1-51, August.
    143. Laura Xiaolei Liu & Ann E. Sherman & Yong Zhang, 2014. "The Long-Run Role of the Media: Evidence from Initial Public Offerings," Management Science, INFORMS, vol. 60(8), pages 1945-1964, August.
    144. Abad, David & Pascual, Roberto, 2015. "The friction-free weighted price contribution," International Review of Economics & Finance, Elsevier, vol. 37(C), pages 226-239.
    145. Joshua V. Rosenberg & Leah G. Traub, 2006. "Price discovery in the foreign currency futures and spot market," Staff Reports 262, Federal Reserve Bank of New York.
    146. Chakrabarty, Bidisha & Cox, Justin & Upson, James E, 2024. "The information content of retail order flow: Evidence from fragmented markets," Journal of Banking & Finance, Elsevier, vol. 167(C).
    147. Chung, Dennis Y. & Hrazdil, Karel & Trottier, Kim, 2015. "On the efficiency of intra-industry information transfers: The dilution of the overreaction anomaly," Journal of Banking & Finance, Elsevier, vol. 60(C), pages 153-167.
    148. Adam Blazejewski & Richard Coggins, 2004. "A local non-parametric model for trade sign inference," Finance 0408009, University Library of Munich, Germany.
    149. Liao Zhu & Ningning Sun & Martin T. Wells, 2021. "Clustering Structure of Microstructure Measures," Papers 2107.02283, arXiv.org, revised Dec 2021.
    150. John Y. Campbell & Tarun Ramadorai & Tuomo O. Vuolteenaho, 2005. "Caught On Tape: Institutional Order Flow and Stock Returns," Harvard Institute of Economic Research Working Papers 2080, Harvard - Institute of Economic Research.
    151. Christopher L. Gilbert & Herbert A. Rijken, 2006. "How is Futures Trading Affected by the Move to a Computerized Trading System? Lessons from the LIFFE FTSE 100 Contract," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(7‐8), pages 1267-1297, September.
    152. Erik J. Mayer, 2021. "Advertising, investor attention, and stock prices: Evidence from a natural experiment," Financial Management, Financial Management Association International, vol. 50(1), pages 281-314, March.
    153. Kim, Sangwan & Lim, Steve C., 2017. "Earnings comparability and informed trading," Finance Research Letters, Elsevier, vol. 20(C), pages 130-136.
    154. Gus De Franco & Hai Lu & Florin P. Vasvari, 2007. "Wealth Transfer Effects of Analysts' Misleading Behavior," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 71-110, March.
    155. Pascual, Roberto & Pascual-Fuster, Bartolomé, 2014. "The relative contribution of ask and bid quotes to price discovery," Journal of Financial Markets, Elsevier, vol. 20(C), pages 129-150.
    156. Li, Mingsheng & Zhao, Xin, 2014. "Impact of leveraged ETF trading on the market quality of component stocks," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 90-108.
    157. Lachance, Marie-Eve, 2021. "ETFs’ high overnight returns: The early liquidity provider gets the worm," Journal of Financial Markets, Elsevier, vol. 52(C).
    158. Rösch, Dominik, 2021. "The impact of arbitrage on market liquidity," Journal of Financial Economics, Elsevier, vol. 142(1), pages 195-213.
    159. Vega, Clara, 2006. "Stock price reaction to public and private information," Journal of Financial Economics, Elsevier, vol. 82(1), pages 103-133, October.
    160. Ben Omrane, Walid & Welch, Robert, 2016. "Tick test accuracy in foreign exchange ECN markets," Research in International Business and Finance, Elsevier, vol. 37(C), pages 135-152.
    161. Jang-Chul Kim & Kaun Y. Lee & Ha-Chin Yi, 2024. "Liquidity difference between non-U.S. and U.S. IPOs on the NYSE listings," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 365-387, January.
    162. Werner, Ingrid M., 2003. "NYSE order flow, spreads, and information," Journal of Financial Markets, Elsevier, vol. 6(3), pages 309-335, May.
    163. Acheson, Graeme G. & Coyle, Christopher & Turner, John D., 2018. "Prices and informed trading: Evidence from an early stock market," QUCEH Working Paper Series 2018-05, Queen's University Belfast, Queen's University Centre for Economic History.
    164. Alex Frino & Vito Mollica & Maria Grazia Romano, 2013. "Transaction fees and trading strategies in financial markets," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2013(111), pages 25-49.
    165. Abhinava Tripathi & Vipul & Alok Dixit, 2020. "Liquidity commonality beyond best prices: Indian evidence," Journal of Asset Management, Palgrave Macmillan, vol. 21(4), pages 355-373, July.
    166. Gibson, Scott & Singh, Rajdeep & Yerramilli, Vijay, 2003. "The effect of decimalization on the components of the bid-ask spread," Journal of Financial Intermediation, Elsevier, vol. 12(2), pages 121-148, April.
    167. Stoll, Hans R. & Schenzler, Christoph, 2006. "Trades outside the quotes: Reporting delay, trading option, or trade size?," Journal of Financial Economics, Elsevier, vol. 79(3), pages 615-653, March.
    168. Schlag, Christian & Stoll, Hans, 2005. "Price impacts of options volume," Journal of Financial Markets, Elsevier, vol. 8(1), pages 69-87, February.
    169. Aktas, Osman Ulas & Kryzanowski, Lawrence, 2014. "Trade classification accuracy for the BIST," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 33(C), pages 259-282.
    170. Kim, Jang-Chul & Su, Qing, 2023. "The dynamics of utility stocks amidst adversity of Hurricane Sandy," Finance Research Letters, Elsevier, vol. 58(PD).

  43. Katrina Ellis & Roni Michaely & Maureen O'Hara, 2000. "When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket," Journal of Finance, American Finance Association, vol. 55(3), pages 1039-1074, June.

    Cited by:

    1. Naoki Kojima, 2007. "IPO share allocation and conflicts of interest," Annals of Finance, Springer, vol. 3(3), pages 369-387, July.
    2. Harper, Joel T. & Johnston, Jarrod & Madura, Jeff, 2004. "Follow-on offerings," Journal of Banking & Finance, Elsevier, vol. 28(1), pages 251-264, January.
    3. Franzke, Stefanie A. & Schlag, Christian, 2003. "Over-allotment options in IPOs on Germany's Neuer Markt: An empirical investigation," CFS Working Paper Series 2002/16, Center for Financial Studies (CFS).
    4. Neupane, Suman & Marshall, Andrew & Paudyal, Krishna & Thapa, Chandra, 2017. "Do investors flip less in bookbuilding than in auction IPOs?," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 253-268.
    5. Niehaus, Greg & Zhang, Donghang, 2010. "The impact of sell-side analyst research coverage on an affiliated broker's market share of trading volume," Journal of Banking & Finance, Elsevier, vol. 34(4), pages 776-787, April.
    6. Susan Chaplinsky & Kathleen Weiss Hanley & S. Katie Moon, 2017. "The JOBS Act and the Costs of Going Public," Journal of Accounting Research, Wiley Blackwell, vol. 55(4), pages 795-836, September.
    7. Massimo Guidolin & Simona Mola, 2007. "Affiliated mutual funds and analyst optimism," Working Papers 2007-017, Federal Reserve Bank of St. Louis.
    8. Boulton, Thomas J. & Braga-Alves, Marcus V., 2020. "Price stabilization, short selling, and IPO secondary market liquidity," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 278-291.
    9. Daniel Kirste & Alexander Poddey & Niclas Kannengießer & Ali Sunyaev, 2024. "On the influence of conventional and automated market makers on market quality in cryptoeconomic systems," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-18, December.
    10. Madureira, Leonardo & Underwood, Shane, 2008. "Information, sell-side research, and market making," Journal of Financial Economics, Elsevier, vol. 90(2), pages 105-126, November.
    11. Paula Hill & Nicholas Wilson, 2006. "Value Gains on Flotation and IPO Underpricing," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9‐10), pages 1435-1459, November.
    12. Andrew Ellul & Marco Pagano, 2006. "IPO Underpricing and After-Market Liquidity," The Review of Financial Studies, Society for Financial Studies, vol. 19(2), pages 381-421.
    13. Chen, Jiun-Lin & Sanger, Gary C. & Song, Wei-Ling, 2019. "The relationship insurance role of financial conglomerates: Evidence from earnings announcements," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 505-527.
    14. Ellis, Katrina, 2006. "Who trades IPOs? A close look at the first days of trading," Journal of Financial Economics, Elsevier, vol. 79(2), pages 339-363, February.
    15. Geczy, Christopher C. & Musto, David K. & Reed, Adam V., 2002. "Stocks are special too: an analysis of the equity lending market," Journal of Financial Economics, Elsevier, vol. 66(2-3), pages 241-269.
    16. Cook, Douglas O. & Kieschnick, Robert & Van Ness, Robert A., 2006. "On the marketing of IPOs," Journal of Financial Economics, Elsevier, vol. 82(1), pages 35-61, October.
    17. Malherbe, Frédéric & Bruche, Max & Meisenzahl, Ralf R, 2017. "Pipeline Risk in Leveraged Loan Syndication," CEPR Discussion Papers 11956, C.E.P.R. Discussion Papers.
    18. Hwang, Joon Ho & Kim, Joohwan & Park, Jinwoo, 2021. "Underwriters’ price support regulation and institutional investors’ trading: The case of the putback option," Research in International Business and Finance, Elsevier, vol. 57(C).
    19. Tim Jenkinson & Howard Jones, 2007. "The Economics of IPO Stabilisation, Syndicates and Naked Shorts," European Financial Management, European Financial Management Association, vol. 13(4), pages 616-642, September.
    20. Reena Aggarwal & Nagpurnanand R. Prabhala & Manju Puri, 2002. "Institutional Allocation in Initial Public Offerings: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(3), pages 1421-1442, June.
    21. Kristian D. Allee & Theodore E. Christensen & Bryan S. Graden & Kenneth J. Merkley, 2021. "The Genesis of Voluntary Disclosure: An Analysis of Firms’ First Earnings Guidance," Management Science, INFORMS, vol. 67(3), pages 1914-1938, March.
    22. Katrina Ellis & Roni Michaely & Maureen O'Hara, 2002. "The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks," Journal of Finance, American Finance Association, vol. 57(5), pages 2289-2316, October.
    23. Joel A. C. Baum & Bill McEvily & Tim J. Rowley, 2012. "Better with Age? Tie Longevity and the Performance Implications of Bridging and Closure," Organization Science, INFORMS, vol. 23(2), pages 529-546, April.
    24. Anna P. I. Vong & Duarte Trigueiros, 2017. "Evidence on the effect of ‘Claw-Back’ provisions on IPO share allocation and underpricing in Hong Kong," Applied Economics, Taylor & Francis Journals, vol. 49(51), pages 5231-5244, November.
    25. Edwards, Amy K. & Hanley, Kathleen Weiss, 2010. "Short selling in initial public offerings," Journal of Financial Economics, Elsevier, vol. 98(1), pages 21-39, October.
    26. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
    27. Dick-Nielsen, Jens & Feldhütter, Peter & Lando, David, 2012. "Corporate bond liquidity before and after the onset of the subprime crisis," Journal of Financial Economics, Elsevier, vol. 103(3), pages 471-492.
    28. Kenji Kutsuna & Janet Kiholm Smith & Richard L. Smith, 2009. "Public Information, IPO Price Formation, and Long‐Run Returns: Japanese Evidence," Journal of Finance, American Finance Association, vol. 64(1), pages 505-546, February.
    29. Hyoseok (David) Hwang, 2019. "Informed Trading of Mutual Funds: Evidence from Fund‐Underwriter Relationships," Financial Management, Financial Management Association International, vol. 48(1), pages 311-338, March.
    30. Sascha Füllbrunn & Tibor Neugebauer & Andreas Nicklisch, 2020. "Underpricing of initial public offerings in experimental asset markets," Experimental Economics, Springer;Economic Science Association, vol. 23(4), pages 1002-1029, December.
    31. Kaustia, Markku, 2004. "Market-wide impact of the disposition effect: evidence from IPO trading volume," Journal of Financial Markets, Elsevier, vol. 7(2), pages 207-235, February.
    32. Krigman, Laurie & Shaw, Wayne H. & Womack, Kent L., 2001. "Why do firms switch underwriters?," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 245-284, May.
    33. Vdovychenko, Artem, 2012. "Динамика Ликвидности На Рынке Первичных Публичных Размещений [Liquidity dynamics on initial public offerings market]," MPRA Paper 69428, University Library of Munich, Germany.
    34. Jeon, Jin Q. & Lee, Cheolwoo & Nasser, Tareque & Via, M. Tony, 2015. "Multiple lead underwriter IPOs and firm visibility," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 128-149.
    35. Arnab Bhattacharya & Binay Bhushan Chakrabarti & Chinmoy Ghosh & Milena Petrova, 2020. "Innovations in financing: The impact of anchor investors in Indian IPOs," European Financial Management, European Financial Management Association, vol. 26(4), pages 1059-1106, September.
    36. Ljungqvist, Alexander & nanda, vikram & Singh, Rajdeep, 2001. "Hot Markets, Investor Sentiment and IPO Pricing," CEPR Discussion Papers 3053, C.E.P.R. Discussion Papers.
    37. Steven Zheng & Joseph Ogden & Frank Jen, 2005. "Pursuing Value Through Liquidity in IPOs: Underpricing, Share Retention, Lockup, and Trading Volume Relationships," Review of Quantitative Finance and Accounting, Springer, vol. 25(3), pages 293-312, November.
    38. Lawrence Kryzanowski & Skander Lazrak & Ian Rakita, 2005. "The Behavior of Prices, Trades and Spreads for Canadian IPO’s," Multinational Finance Journal, Multinational Finance Journal, vol. 9(3-4), pages 215-236, September.
    39. Che-Yahya, Norliza & Abdul-Rahim, Ruzita & Yong, Othman, 2014. "Influence of institutional investors' participation on flipping activity of Malaysian IPOs," Economic Systems, Elsevier, vol. 38(4), pages 470-486.
    40. Mingsheng Li & Thomas H. McInish & Udomsak Wongchoti, 2005. "Asymmetric Information in the IPO Aftermarket," The Financial Review, Eastern Finance Association, vol. 40(2), pages 131-153, May.
    41. Duarte-Silva, Tiago, 2010. "The market for certification by external parties: Evidence from underwriting and banking relationships," Journal of Financial Economics, Elsevier, vol. 98(3), pages 568-582, December.
    42. Kedia, Simi & Zhou, Xing, 2011. "Local market makers, liquidity and market quality," Journal of Financial Markets, Elsevier, vol. 14(4), pages 540-567, November.
    43. Choi, Hyung Suk & Clarke, Jonathan & Ferris, Stephen P. & Jayaraman, Narayanan, 2009. "The effects of regulation on industry structure and trade generation in the US securities industry," Journal of Banking & Finance, Elsevier, vol. 33(8), pages 1434-1445, August.
    44. Marco Rummer & Andreas Oehler & Peter N. Smith, 2004. "IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany," Money Macro and Finance (MMF) Research Group Conference 2004 62, Money Macro and Finance Research Group.
    45. Evgeny Lyandres & Fangjian Fu & Erica X. N. Li, 2018. "Do Underwriters Compete in IPO Pricing?," Management Science, INFORMS, vol. 64(2), pages 925-954, February.
    46. Yue Cai, 2021. "Measuring Market Power in the IPO Underwriter," Working Papers 2108, Waseda University, Faculty of Political Science and Economics.
    47. Lucia Gibilaro & Gianluca Mattarocci, 2018. "Financing Decisions of REITs and the Switching Effect," International Real Estate Review, Global Social Science Institute, vol. 21(3), pages 367-396.
    48. Aydin Yüksel & Asli Yüksel, 2006. "The Link between IPO Underpricing and Trading Volume: Evidence from the Istanbul Stock Exchange," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 57-78, Fall.
    49. Bayley, Luke & Lee, Philip J. & Walter, Terry S., 2006. "IPO flipping in Australia: cross-sectional explanations," Pacific-Basin Finance Journal, Elsevier, vol. 14(4), pages 327-348, September.
    50. Hansen, Robert S., 2001. "Do investment banks compete in IPOs?: the advent of the "7% plus contract"," Journal of Financial Economics, Elsevier, vol. 59(3), pages 313-346, March.
    51. Chen, Zhaohui & Wilhelm Jr., William J., 2008. "A theory of the transition to secondary market trading of IPOs," Journal of Financial Economics, Elsevier, vol. 90(3), pages 219-236, December.
    52. Shachmurove, Yochanan & Vulanovic, Milos, 2014. "SPACs with focus on China," MPRA Paper 53550, University Library of Munich, Germany.
    53. Matthew Pritsker, 2006. "A fully-rational liquidity-based theory of IPO underpricing and underperformance," Finance and Economics Discussion Series 2006-12, Board of Governors of the Federal Reserve System (U.S.).
    54. Schclarek, Alfredo & Xu, Jiajun & Amuchastegui, Pedro, 2022. "Panda bond financing of the Belt and Road Initiative: An analysis of monetary mechanisms and financial risks," Research in International Business and Finance, Elsevier, vol. 61(C).
    55. Hoje Jo & Yongtae Kim & Dongsoo Shin, 2012. "Underwriter syndication and corporate governance," Review of Quantitative Finance and Accounting, Springer, vol. 38(1), pages 61-86, January.
    56. He, Peng William & Jarnecic, Elvis & Liu, Yubo, 2016. "Equity issues and the impact of lead manager affiliation on broker market share and trading volume," Pacific-Basin Finance Journal, Elsevier, vol. 38(C), pages 17-33.
    57. Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004. "The Existence and Effectiveness of Price Support Activities in Germany: A Note," Discussion Papers 30, University of Bamberg, Chair of Finance.
    58. Na Dai & Hoje Jo & John D. Schatzberg, 2010. "The Quality and Price of Investment Banks’ Service: Evidence from the PIPE Market," Financial Management, Financial Management Association International, vol. 39(2), pages 585-612, June.
    59. Pollock, Timothy G. & Chen, Guoli & Jackson, Eric M. & Hambrick, Donald C., 2010. "How much prestige is enough? Assessing the value of multiple types of high-status affiliates for young firms," Journal of Business Venturing, Elsevier, vol. 25(1), pages 6-23, January.
    60. Kadan, Ohad & Madureira, Leonardo & Wang, Rong & Zach, Tzachi, 2012. "Analysts' industry expertise," Journal of Accounting and Economics, Elsevier, vol. 54(2), pages 95-120.
    61. Matt Pritsker, 2005. "A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance," Computing in Economics and Finance 2005 414, Society for Computational Economics.
    62. Linying Lv, 2024. "The Value of Information from Sell-side Analysts," Papers 2411.13813, arXiv.org, revised Dec 2024.
    63. Farhadi, Reza & Nanda, Vikram, 2021. "What do employees know? Quality perception and ‘over-satisfaction’ in firms going public," Journal of Corporate Finance, Elsevier, vol. 66(C).
    64. Bhattacharya, Arnab, 2017. "Innovations in new venture financing: Evidence from Indian SME IPOs," Global Finance Journal, Elsevier, vol. 34(C), pages 72-88.
    65. Richard Chung & Lawrence Kryzanowski & Ian Rakita, 2000. "The Relationship Between Overallotment Options, Underwriting Fees and Price Stabilization For Canadian IPOs," Multinational Finance Journal, Multinational Finance Journal, vol. 4(1-2), pages 5-34, March-Jun.
    66. Jos Van Bommel & Jay Dahya & Zhihong Shi, 2010. "An empirical investigation of the speed of information aggregation: a study of IPOs," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 2(1), pages 47-79.
    67. William C. Johnson & Jennifer Marietta†Westberg, 2009. "Universal Banking, Asset Management, and Stock Underwriting," European Financial Management, European Financial Management Association, vol. 15(4), pages 703-732, September.
    68. Domonkos F. Vamossy, 2023. "Social Media Emotions and IPO Returns," Papers 2306.12602, arXiv.org, revised Apr 2024.
    69. Massimo Guidolin & Simona Mola, 2006. "Why do analysts continue to provide favorable coverage for seasoned stocks?," Working Papers 2006-034, Federal Reserve Bank of St. Louis.
    70. Jiang, Christine X. & Kim, Jang-Chul & Zhou, Dan, 2011. "Liquidity, analysts, and institutional ownership," International Review of Financial Analysis, Elsevier, vol. 20(5), pages 335-344.
    71. Chung, Kee H. & Cho, Seong-Yeon, 2005. "Security analysis and market making," Journal of Financial Intermediation, Elsevier, vol. 14(1), pages 114-141, January.
    72. Stefano Ugolini, 2021. "The coevolution of banks and corporate securities markets: The financing of Belgium’s industrial take-off in the 1830s," Business History, Taylor & Francis Journals, vol. 63(6), pages 892-913, August.
    73. Li, Mingsheng & Eisenstadt, Robert C., 2005. "Price support and spreads in the IPO aftermarket: An empirical microstructure study," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(4-5), pages 748-766, September.
    74. Smart, Scott B. & Zutter, Chad J., 2003. "Control as a motivation for underpricing: a comparison of dual and single-class IPOs," Journal of Financial Economics, Elsevier, vol. 69(1), pages 85-110, July.
    75. Mario La Torre & Helen Chiappini (ed.), 2020. "Contemporary Issues in Sustainable Finance," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-030-40248-8, January.
    76. Jiao, Yawen & Kutsuna, Kenji & Smith, Richard, 2017. "Why do IPO issuers grant overallotment options to underwriters?," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 34-47.
    77. Norliza Che Yahya & Ruzita Abdul Rahim, 2019. "Moderating Effect of Information Asymmetry on the Signalling Role of IPO Lockup Provision," Global Business Review, International Management Institute, vol. 20(4), pages 917-930, August.
    78. Heather Tookes & Brian Henderson, 2010. "Do Investment Banks' Relationships with Investors Impact Pricing? The Case of Convertible Bond Issues," Yale School of Management Working Papers amz2667, Yale School of Management.
    79. Jeon, Jin Q. & Lee, Cheolwoo, 2015. "A new measure for heated negotiation in the IPO syndicate," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 278-304.
    80. Verona, Fabio & Martins, Manuel M. F. & Drumond, Inês, 2012. "(Un)anticipated monetary policy in a DSGE model with a shadow banking system," IMFS Working Paper Series 56, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    81. Thomas J. Chemmanur & Jiekun Huang & Jing Xie & Yuyuan (Anthony) Zhu, 2024. "The Geography of Institutional Investors, Information Sharing among Institutions, and Initial Public Offerings," Working Papers 202409, University of Macau, Faculty of Business Administration.
    82. Michael Goldstein & Amy Kwan & Richard Philip, 2023. "High-Frequency Trading Strategies," Management Science, INFORMS, vol. 69(8), pages 4413-4434, August.
    83. Cornelli, Francesca & Goldreich, David, 2001. "Bookbuilding: How Informative is the Order Book?," CEPR Discussion Papers 2863, C.E.P.R. Discussion Papers.
    84. Domonkos F. Vamossy, 2024. "Social Media Emotions and Market Behavior," Papers 2404.03792, arXiv.org.
    85. Trauten, Andreas, 2004. "Zur Effizienz von Wertpapieremissionen über Internetplattformen," Working Papers 8, University of Münster, Competence Center Internet Economy and Hybrid Systems, European Research Center for Information Systems (ERCIS).
    86. Nicholas Pricha & Sean Foley & Graham Partington & Jiri Svec, 2016. "Underwritten Dividend Reinvestment Plans and Conflicts of Interest," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 43(9-10), pages 1361-1384, October.
    87. Andriy Bodnaruk & Massimo Massa & Andrei Simonov, 2009. "Investment Banks as Insiders and the Market for Corporate Control," The Review of Financial Studies, Society for Financial Studies, vol. 22(12), pages 4989-5026, December.
    88. Roszkowska, Paulina & Langer, Lukasz K. & Langer, Piotr B., 2021. "Pension funds and IPO pricing. Evidence from a quasi-experiment," The British Accounting Review, Elsevier, vol. 53(4).
    89. Jones, Steven L. & Yeoman, John C., 2014. "Initial uncertainty and the risk of setting a fixed-offer price: Implications for the pricing of bookbuilt and best-efforts IPOs," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 194-215.
    90. Benveniste, Lawrence M. & Fu, Huijing & Seguin, Paul J. & Yu, Xiaoyun, 2008. "On the anticipation of IPO underpricing: Evidence from equity carve-outs," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 614-629, December.
    91. Kovner, Anna, 2012. "Do underwriters matter? The impact of the near failure of an equity underwriter," Journal of Financial Intermediation, Elsevier, vol. 21(3), pages 507-529.
    92. Cheng, Louis T.W. & Sharma, Piyush & Yan, Siyuan, 2023. "Success begets success! Exploring the carry-over effects of total underwriting effort on post-IPO issuer firm outcomes," Journal of Business Research, Elsevier, vol. 163(C).
    93. Lawrence Kryzanowski & Skander Lazrak, 2007. "Trading Activity, Trade Costs and Informed Trading for Acquisition Targets and Acquirers," The European Journal of Finance, Taylor & Francis Journals, vol. 13(5), pages 405-439.
    94. Dunbar, Craig G. & King, Michael R., 2023. "Syndicate structure and IPO outcomes: The impact of underwriter roles and syndicate concentration," Journal of Corporate Finance, Elsevier, vol. 79(C).
    95. Bajo, Emanuele & Chemmanur, Thomas J. & Simonyan, Karen & Tehranian, Hassan, 2016. "Underwriter networks, investor attention, and initial public offerings," Journal of Financial Economics, Elsevier, vol. 122(2), pages 376-408.
    96. Pons-Sanz, Vicente, 2005. "Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings," Working Paper Series 428, European Central Bank.
    97. Chen, Hsuan-Chi & Hao, (Grace) Qing, 2011. "Insider trading law enforcement and gross spreads of ADR IPOs," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 1907-1917, August.
    98. Marcato, Gianluca & Milcheva, Stanimira & Zheng, Chen, 2018. "Market integration, country institutions and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 53(C), pages 87-105.
    99. Boehmer, Ekkehart & Fishe, Raymond P. H., 2004. "Underwriter short covering in the IPO aftermarket: a clinical study," Journal of Corporate Finance, Elsevier, vol. 10(4), pages 575-594, September.
    100. Zhang, Wei & Huang, Ke & Feng, Xu & Zhang, Yongjie, 2017. "Market maker competition and price efficiency: Evidence from China," Economic Modelling, Elsevier, vol. 66(C), pages 121-131.
    101. Chitru S. Fernando & Srinivasan Krishnamurthy & Paul A. Spindt, 2002. "Is the Offer Price in IPOs Informative? Underpricing, Ownership Structure, and Performance," Center for Financial Institutions Working Papers 01-33, Wharton School Center for Financial Institutions, University of Pennsylvania.
    102. Tamara Nefedova & Giuseppe Pratobevera, 2020. "Do institutional investors play hide-and-sell in the IPO aftermarket?," Post-Print hal-03071724, HAL.
    103. Md. Abdul Moktadir & Towfique Rahman & Syed Mithun Ali & Nazmun Nahar & Sanjoy Kumar Paul, 2020. "Examining barriers to reverse logistics practices in the leather footwear industry," Annals of Operations Research, Springer, vol. 293(2), pages 715-746, October.
    104. Alastair Marsden & Zoltan Murgulov & S Ghon Rhee & Madhu Veeraraghavan, 2024. "Underwriting in the Australian IPO markets: Determinants and pricing," Australian Journal of Management, Australian School of Business, vol. 49(3), pages 403-427, August.
    105. Reber, Beat & Vencappa, Dev, 2016. "Deliberate premarket underpricing and aftermarket mispricing: New insights on IPO pricing," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 18-33.
    106. Stefano Ugolini, 2010. "Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium," Working Paper 2010/21, Norges Bank.
    107. Wang, Wei & Yung, Chris, 2021. "IPO quantity revisions," Journal of Banking & Finance, Elsevier, vol. 132(C).
    108. Domonkos F. Vamossy & Rolf Skog, 2021. "EmTract: Extracting Emotions from Social Media," Papers 2112.03868, arXiv.org, revised Jun 2023.
    109. Goergen, Marc & Gounopoulos, Dimitrios & Koutroumpis, Panagiotis, 2021. "Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs," Journal of Corporate Finance, Elsevier, vol. 67(C).
    110. Su Han Chan & Ko Wang & Jing Yang, 2009. "IPO Pricing Strategies with Deadweight and Search Costs," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 481-542.
    111. Pratobevera, Giuseppe, 2024. "Bank-affiliated institutional investors and IPO syndicates formation," Journal of Corporate Finance, Elsevier, vol. 86(C).
    112. Justin Cox & Bonnie Van Ness & Robert Van Ness, 2022. "The dark side of IPOs: Examining where and who trades in the IPO secondary market," Financial Management, Financial Management Association International, vol. 51(4), pages 1091-1126, December.
    113. Iftekhar Hasan & Maya Waisman, 2012. "Foreign IPOs: The Experience of Israeli Firms," Chapters, in: Kern Alexander & Rahul Dhumale (ed.), Research Handbook on International Financial Regulation, chapter 17, Edward Elgar Publishing.
    114. Fernando, Chitru S. & Krishnamurthy, Srinivasan & Spindt, Paul A., 2004. "Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms," Journal of Financial Markets, Elsevier, vol. 7(4), pages 377-403, October.
    115. Iftekhar Hasan & Maya Waisman, 2010. "Going Public: An Empirical Investigation of U.S. Bound Israeli IPOs," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 19(3), pages 215-244, August.
    116. Yen-Sheng Lee, 2012. "The determinants of cross-sectional liquidity in the IPO aftermarket," Applied Financial Economics, Taylor & Francis Journals, vol. 22(14), pages 1161-1173, July.
    117. Dmitri Boreiko & Stefano Lombardo, 2013. "Lockup clauses in Italian IPOs," Applied Financial Economics, Taylor & Francis Journals, vol. 23(3), pages 221-232, February.
    118. Gregory Hebb & Gregory MacKinnon, 2004. "Valuation uncertainty and IPOs: Investment bank versus commercial bank underwriters," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 68-87, March.
    119. Sergey S. Barabanov & Onem Ozocak & Kuntara Pukthuanthong & Thomas J. Walker, 2013. "Underwriters And The Broken Chinese Wall: Institutional Holdings And Post-Ipo Securities Litigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 543-578, December.
    120. Bradley, Daniel J. & Gonas, John S. & Highfield, Michael J. & Roskelley, Kenneth D., 2009. "An examination of IPO secondary market returns," Journal of Corporate Finance, Elsevier, vol. 15(3), pages 316-330, June.
    121. Lipson, Marc L., 2003. "Market microstructure and corporate finance," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 377-384, September.
    122. Bessembinder, Hendrik & Jacobsen, Stacey & Maxwell, William & Venkataraman, Kumar, 2022. "Overallocation and secondary market outcomes in corporate bond offerings," Journal of Financial Economics, Elsevier, vol. 146(2), pages 444-474.
    123. Bajo, Emanuele & Barbi, Massimiliano & Petrella, Giovanni, 2017. "Do firms get what they pay for? A second thought on over-allotment option in IPOs," The Quarterly Review of Economics and Finance, Elsevier, vol. 63(C), pages 219-232.
    124. Hidenori Takahashi, 2018. "Affiliation ties and underwriter selection," Small Business Economics, Springer, vol. 50(2), pages 325-338, February.
    125. Klova, Valeriia, 2017. "IPO underpricing: What about the shipping sector?," Journal of Multinational Financial Management, Elsevier, vol. 42, pages 95-115.
    126. Anand, Amber & Gatchev, Vladimir A. & Madureira, Leonardo & Pirinsky, Christo A. & Underwood, Shane, 2011. "Geographic proximity and price discovery: Evidence from NASDAQ," Journal of Financial Markets, Elsevier, vol. 14(2), pages 193-226, May.
    127. Subrahmanyam, Avanidhar & Titman, Sheridan, 1998. "Feedback from Stock Prices to Cash Flows” (formerly called “Real Effects of Financial Market Trading)," University of California at Los Angeles, Anderson Graduate School of Management qt2hw9m972, Anderson Graduate School of Management, UCLA.
    128. Andrew V. Shipilov & Stan Xiao Li, 2012. "The Missing Link: The Effect of Customers on the Formation of Relationships Among Producers in the Multiplex Triads," Organization Science, INFORMS, vol. 23(2), pages 472-491, April.
    129. Albert Wang & Joon Chae, 2004. "Who makes markets? The Role of Dealers and Liquidity Provision," Econometric Society 2004 North American Summer Meetings 364, Econometric Society.
    130. Joon Chae & Albert Wang, 2004. "Who makes market," Econometric Society 2004 Far Eastern Meetings 605, Econometric Society.
    131. Lokman Tutuncu, 2020. "Initial public offering price support, valuation, and returns," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(2), pages 267-282, June.
    132. Griffin, John M. & Harris, Jeffrey H. & Topaloglu, Selim, 2007. "Why are IPO investors net buyers through lead underwriters?," Journal of Financial Economics, Elsevier, vol. 85(2), pages 518-551, August.
    133. Ayad Assoil & Jean-Marie Laporte, 2024. "Underpricing of IPOs : Evidence from the Euronext Paris market," Economics Bulletin, AccessEcon, vol. 44(1), pages 416-429.
    134. Anand, Amber & Irvine, Paul & Liu, Tingting, 2019. "Does institutional trading affect underwriting?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-1.
    135. Boehme, Rodney & Çolak, Gönül, 2012. "Primary market characteristics and secondary market frictions of stocks," Journal of Financial Markets, Elsevier, vol. 15(2), pages 286-327.
    136. Jeon, Jin Q. & Ligon, James A., 2011. "The role of co-managers in reducing flotation costs: Evidence from seasoned equity offerings," Journal of Banking & Finance, Elsevier, vol. 35(5), pages 1041-1056, May.
    137. Schultz, Paul, 2003. "Who makes markets," Journal of Financial Markets, Elsevier, vol. 6(1), pages 49-72, January.
    138. Frederick Adjei & Ken Cyree & Mark Walker, 2008. "The determinants and survival of reverse mergers vs IPOs," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 32(2), pages 176-194, April.
    139. Khelifa Mazouz & Sam Agyei-Ampomah & Brahim Saadouni & Shuxing Yin, 2013. "Stabilization and the aftermarket prices of initial public offerings," Review of Quantitative Finance and Accounting, Springer, vol. 41(3), pages 417-439, October.
    140. ap Gwilym, Owain & Verousis, Thanos, 2010. "Price clustering and underpricing in the IPO aftermarket," International Review of Financial Analysis, Elsevier, vol. 19(2), pages 89-97, March.
    141. Charlie Charoenwong & David K. Ding & Tiong Yang Thong, 2016. "Decimalization, IPO aftermath, and liquidity," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1303-1344, November.
    142. Krishnan, C.N.V. & Singh, Ajai K. & Zebedee, Allan A., 2006. "An examination of large sell orders in cold IPO aftermarkets," Journal of Financial Markets, Elsevier, vol. 9(2), pages 119-143, May.
    143. Zheng, Steven Xiaofan & Li, Mingsheng, 2008. "Underpricing, ownership dispersion, and aftermarket liquidity of IPO stocks," Journal of Empirical Finance, Elsevier, vol. 15(3), pages 436-454, June.
    144. Fabrizio Adriani & Luca G. Deidda & Silvia Sonderegger, 2014. "How do Financial Intermediaries Create Value in Security Issues?," Review of Finance, European Finance Association, vol. 18(5), pages 1915-1951.
    145. Golez, Benjamin & Marin, Jose M., 2015. "Price support by bank-affiliated mutual funds," Journal of Financial Economics, Elsevier, vol. 115(3), pages 614-638.
    146. Alfredo Schclarek & Jiajun Xu, 2021. "Panda Bond Financing of the Belt & Road Initiative: An Analysis of Monetary Mechanisms and Financial Risks," Asociación Argentina de Economía Política: Working Papers 4519, Asociación Argentina de Economía Política.
    147. Dambra, Michael & Gustafson, Matthew T. & Pisciotta, Kevin, 2021. "What is the effect of an additional dollar of IPO proceeds?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    148. Matthew J. Higgins & Paula E. Stephan & Jerry G. Thursby, 2008. "Conveying Quality and Value in Emerging Industries: Star Scientists and the Role of Learning in Biotechnology," NBER Working Papers 14602, National Bureau of Economic Research, Inc.
    149. Schill, Michael J., 2004. "Sailing in rough water: market volatility and corporate finance," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 659-681, November.
    150. Massa, Massimo & Zhang, Lei, 2015. "Fire Sales and Information Advantage: When Informed Investor Helps," CEPR Discussion Papers 10536, C.E.P.R. Discussion Papers.
    151. Katharina, Lewellen, 2004. "Risk, Reputation, and the Price Support of IPOs," Working papers 4453-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    152. Buis, Boyd & Pieterse-Bloem, Mary & Verschoor, Willem F.C. & Zwinkels, Remco C.J., 2020. "Expected issuance fees and market liquidity," Journal of Financial Markets, Elsevier, vol. 48(C).
    153. Aggarwal, Reena, 2003. "Allocation of initial public offerings and flipping activity," Journal of Financial Economics, Elsevier, vol. 68(1), pages 111-135, April.
    154. O. Emre Ergungor & Leonardo Madureira & Nandkumar Nayar & Ajai K. Singh, 2011. "Banking relationships and sell-side research," Working Papers (Old Series) 1114, Federal Reserve Bank of Cleveland.
    155. Green, T. Clifton & Jame, Russell & Markov, Stanimir & Subasi, Musa, 2014. "Broker-hosted investor conferences," Journal of Accounting and Economics, Elsevier, vol. 58(1), pages 142-166.
    156. Chen, Chao & Shi, Haina & Xu, Haoping, 2014. "The IPO underwriting market share in China: Do ownership and quality matter?," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 177-189.
    157. Yao-Min Chiang & Michelle Lowry & Yiming Qian, 2019. "The Information Advantage of Underwriters in IPOs," Management Science, INFORMS, vol. 65(12), pages 5721-5740, December.

  44. Avner Kalay & Roni Michaely, 2000. "Dividends and Taxes: A Re-Examination," Financial Management, Financial Management Association, vol. 29(2), Summer.

    Cited by:

    1. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
    2. Clemens Sialm, 2009. "Tax Changes and Asset Pricing," American Economic Review, American Economic Association, vol. 99(4), pages 1356-1383, September.
    3. Fuller, Kathleen P. & Goldstein, Michael A., 2011. "Do dividends matter more in declining markets?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 457-473, June.
    4. Frankfurter, George M. & Kosedag, Arman & Chiang, Kevin & Collison, David & Power, David M. & Schmidt, Hartmut & So, Raymond & Topalov, Mihail, 2004. "A comparative analysis of perception of dividends by financial managers," Research in International Business and Finance, Elsevier, vol. 18(1), pages 73-114, April.
    5. Frankfurter, George M. & McGoun, Elton G. & Allen, Douglas E., 2004. "The prescriptive turn in behavioral finance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(4), pages 449-468, September.
    6. Stuart Archbold & Elisabete F. Simões Vieira, 2010. "Corporate Dividend Policies in Bank-based and Market-based Systems: Survey Evidence from UK and Portugal," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 34-64.
    7. Madelle Conales, 2022. "The Dividend Puzzle A Progress Report by Steven V. Mann (1989): A Review with Insights from Philippines' New Corporate Tax Law," Business and Economic Research, Macrothink Institute, vol. 12(2), pages 1-10, December.
    8. Gil Cohen & Joseph Yagil, 2010. "Sectorial differences in corporate financial behavior: an international survey," The European Journal of Finance, Taylor & Francis Journals, vol. 16(3), pages 245-262.
    9. Fazakas, Gergely & Juhász, Péter, 2009. "Alacsonyabb kockázat - nagyobb osztalék?. A részvénykockázat és az osztalékfizetési hányad kapcsolatának vizsgálata a Budapesti Értéktőzsdén (1997-2007) [Lower risks - higher dividends?. Examining ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 322-342.
    10. Thomas McCluskey & Bruce Burton & David Power, 2007. "Evidence on Irish financial directors' views about dividends," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 4(2), pages 115-132, June.
    11. Dialdin Osman & Elsaudi Mohammed, 2010. "Dividend Policy In Saudi Arabia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 99-113.
    12. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    13. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    14. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    15. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.

  45. Koski, Jennifer Lynch & Michaely, Roni, 2000. "Prices, Liquidity, and the Information Content of Trades," The Review of Financial Studies, Society for Financial Studies, vol. 13(3), pages 659-696.

    Cited by:

    1. Tut, DANIEL, 2024. "Bitcoin, speculative sentiments and crypto-assets valuation," MPRA Paper 120866, University Library of Munich, Germany.
    2. Ignacio Arango & Diego A. Agudelo, 2017. "How does information disclosure affect liquidity?Evidence from an Emerging Market," Documentos de Trabajo de Valor Público 16990, Universidad EAFIT.
    3. Lai T. Hoang & Dirk G. Baur, 2020. "Forecasting bitcoin volatility: Evidence from the options market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(10), pages 1584-1602, October.
    4. Ali, Ashiq & Klasa, Sandy & Zhen Li, Oliver, 2008. "Institutional stakeholdings and better-informed traders at earnings announcements," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 47-61, September.
    5. Frino, Alex & Jarnecic, Elvis & Johnstone, David & Lepone, Andrew, 2005. "Bid-ask bounce and the measurement of price behavior around block trades on the Australian Stock Exchange," Pacific-Basin Finance Journal, Elsevier, vol. 13(3), pages 247-262, June.
    6. Menkhoff, Lukas & Schmeling, Maik, 2010. "Whose trades convey information? Evidence from a cross-section of traders," Journal of Financial Markets, Elsevier, vol. 13(1), pages 101-128, February.
    7. Gabriel Desgranges & Celine Rochon, 2008. "Conformism, Public News and Market Efficiency," Economics Series Working Papers 2008fe16, University of Oxford, Department of Economics.
    8. Fishe, Raymond P. H. & Robe, Michel A., 2004. "The impact of illegal insider trading in dealer and specialist markets: evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 71(3), pages 461-488, March.
    9. Malay Dey & Hossein Kazemi, 2008. "Bid ask spread in a competitive market with institutions and order size," Review of Quantitative Finance and Accounting, Springer, vol. 30(4), pages 433-453, May.
    10. Yongmin Zhang & Shusheng Ding & Eric Scheffel, 2018. "Policy impact on volatility dynamics in commodity futures markets: Evidence from China," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(10), pages 1227-1245, October.
    11. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
    12. Pascual, Roberto & Escribano, Alvaro & Tapia, Mikel, 2004. "Adverse selection costs, trading activity and price discovery in the NYSE: An empirical analysis," Journal of Banking & Finance, Elsevier, vol. 28(1), pages 107-128, January.
    13. Obizhaeva, Anna A. & Wang, Jiang, 2013. "Optimal trading strategy and supply/demand dynamics," Journal of Financial Markets, Elsevier, vol. 16(1), pages 1-32.
    14. Wang, Steven Shuye & Xu, Kuan & Zhang, Hao, 2019. "A microstructure study of circuit breakers in the Chinese stock markets," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    15. Paolo Pasquariello & Clara Vega, 2007. "Informed and Strategic Order Flow in the Bond Markets," The Review of Financial Studies, Society for Financial Studies, vol. 20(6), pages 1975-2019, November.
    16. Smimou, K., 2014. "Consumer attitudes, stock market liquidity, and the macro economy: A Canadian perspective," International Review of Financial Analysis, Elsevier, vol. 33(C), pages 186-209.
    17. A. Can Inci & Biao Lu & H. Nejat Seyhun, 2010. "Intraday Behavior of Stock Prices and Trades around Insider Trading," Financial Management, Financial Management Association International, vol. 39(1), pages 323-363, March.
    18. Shino Takayama, 2020. "Price Manipulation, Dynamic Informed Trading, and the Uniqueness of Equilibrium in Sequential Trading," Discussion Papers Series 621, School of Economics, University of Queensland, Australia.
    19. Koutmos, Gregory & Martin, Anna D., 2011. "Currency bid-ask spread dynamics and the Asian crisis: Evidence across currency regimes," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 62-73, February.
    20. Diego A. Agudelo & Ignacio Arango, 2017. "How does information disclosure affect liquidity? Evidence from an Emerging Market," Documentos de Trabajo de Valor Público 16944, Universidad EAFIT.
    21. Ding, Shusheng & Zhang, Yongmin, 2020. "Cross market predictions for commodity prices," Economic Modelling, Elsevier, vol. 91(C), pages 455-462.
    22. Arango, Ignacio & Agudelo, Diego A., 2019. "How does information disclosure affect liquidity? Evidence from an emerging market," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    23. Shino Takayama, 2018. "Price Manipulation, Dynamic Informed Trading and Tame Equilibria: Theory and Computation," Discussion Papers Series 603, School of Economics, University of Queensland, Australia.
    24. Ben Ammar, Imen & Hellara, Slaheddine, 2021. "Intraday interactions between high-frequency trading and price efficiency," Finance Research Letters, Elsevier, vol. 41(C).
    25. Pham, Thu Phuong, 2013. "Broker ID Transparency and Price Impact of Trades: Evidence from the Korean Exchange," Working Papers 17211, University of Tasmania, Tasmanian School of Business and Economics, revised 16 Oct 2013.
    26. Mamatzakis, Emmanuel & Zhang, Xiaoxiang & Wang, Chaoke, 2016. "Invisible hand discipline from informed trading: Does market discipline from trading affect bank capital structure?," MPRA Paper 76215, University Library of Munich, Germany.
    27. Pascual, Roberto, 2000. "Adverse selection costs, trading activity and liquidity in the NYSE: an empirical analysis in a dynamic context," UC3M Working papers. Economics 7276, Universidad Carlos III de Madrid. Departamento de Economía.
    28. Arjoon, Vaalmikki & Bhatnagar, Chandra Shekhar & Ramlakhan, Prakash, 2020. "Herding in the Singapore stock Exchange," Journal of Economics and Business, Elsevier, vol. 109(C).
    29. Lawrence Kryzanowski & Skander Lazrak, 2011. "Informed traders of cross-listed shares trade more in the domestic market around earnings releases," Review of Quantitative Finance and Accounting, Springer, vol. 36(1), pages 1-31, January.
    30. Smimou, K. & Bector, C.R. & Jacoby, G., 2008. "Portfolio selection subject to experts' judgments," International Review of Financial Analysis, Elsevier, vol. 17(5), pages 1036-1054, December.
    31. Chung, Dennis & Hrazdil, Karel, 2010. "Liquidity and market efficiency: A large sample study," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2346-2357, October.
    32. Frino, Alex & Jarnecic, Elvis & Lepone, Andrew, 2009. "An event time study of the price reaction to large retail trades," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 617-632, May.
    33. He, Yan & Lin, Hai & Wang, Junbo & Wu, Chunchi, 2009. "Price discovery in the round-the-clock U.S. Treasury market," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 464-490, July.
    34. Tao Chen, 2022. "Are individuals informed in global markets?," Empirical Economics, Springer, vol. 63(1), pages 243-263, July.
    35. Smimou, K. & Khallouli, W., 2015. "Does the Euro affect the dynamic relation between stock market liquidity and the business cycle?," Emerging Markets Review, Elsevier, vol. 25(C), pages 125-153.
    36. Lawrence Kryzanowski & Skander Lazrak, 2007. "Trading Activity, Trade Costs and Informed Trading for Acquisition Targets and Acquirers," The European Journal of Finance, Taylor & Francis Journals, vol. 13(5), pages 405-439.
    37. Chiraphol N. Chiyachantana & Christine X. Jiang & Nareerat Taechapiroontong & Robert A. Wood, 2004. "The Impact of Regulation Fair Disclosure on Information Asymmetry and Trading: An Intraday Analysis," The Financial Review, Eastern Finance Association, vol. 39(4), pages 549-577, November.
    38. Diego A. Agudelo, 2007. "Do Local or Foreign traders know more in an emerging market? A possible solution of the puzzle," Documentos de Trabajo de Valor Público 11117, Universidad EAFIT.
    39. Boni, Leslie & Leach, Chris, 2004. "Expandable limit order markets," Journal of Financial Markets, Elsevier, vol. 7(2), pages 145-185, February.
    40. Robert Almgren, 2003. "Optimal execution with nonlinear impact functions and trading-enhanced risk," Applied Mathematical Finance, Taylor & Francis Journals, vol. 10(1), pages 1-18.
    41. Roberto Pascual & Alvaro Escribano & Mikel Tapia, 2004. "On the bi-dimensionality of liquidity," The European Journal of Finance, Taylor & Francis Journals, vol. 10(6), pages 542-566.
    42. William J. McNally & Brian F. Smith & Thomas Barnes, 2006. "The Price Impacts of Open Market Repurchase Trades," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5‐6), pages 735-752, June.

  46. Michaely, Roni & Womack, Kent L, 1999. "Conflict of Interest and the Credibility of Underwriter Analyst Recommendations," The Review of Financial Studies, Society for Financial Studies, vol. 12(4), pages 653-686.

    Cited by:

    1. Brown, Lawrence D. & Call, Andrew C. & Clement, Michael B. & Sharp, Nathan Y., 2016. "The activities of buy-side analysts and the determinants of their stock recommendations," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 139-156.
    2. Kirk, Marcus, 2011. "Research for sale: Determinants and consequences of paid-for analyst research," Journal of Financial Economics, Elsevier, vol. 100(1), pages 182-200, April.
    3. Dobrescu, Loretti I. & Luca, Michael & Motta, Alberto, 2013. "What makes a critic tick? Connected authors and the determinants of book reviews," Journal of Economic Behavior & Organization, Elsevier, vol. 96(C), pages 85-103.
    4. Aretz, Kevin & Bartram, Söhnke M. & Pope, Peter F., 2011. "Asymmetric Loss Functions and the Rationality of Expected Stock Returns," MPRA Paper 47343, University Library of Munich, Germany.
    5. Jin, Han & Mazouz, Khelifa & Wu, Yuliang & Xu, Bin, 2023. "Can star analysts make superior coverage decisions in poor information environment?," Journal of Banking & Finance, Elsevier, vol. 146(C).
    6. Degeorge, François & Derrien, Francois & Womack, Kent L, 2004. "Quid Pro Quo in IPOs: Why Book-Building is Dominating Auctions," CEPR Discussion Papers 4462, C.E.P.R. Discussion Papers.
    7. Phillip J. McKnight & Steven K. Todd, 2013. "Forecast Bias and Analyst Independence," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 3-32.
    8. Jonathan Clarke & Ajay Khorana & Ajay Patel & P. Rau, 2011. "Independents’ day? Analyst behavior surrounding the Global Settlement," Annals of Finance, Springer, vol. 7(4), pages 529-547, November.
    9. Marco Ottaviani & Peter Norman Sorensen, 2001. "The Strategy of Professional Forecasting," Discussion Papers 01-09, University of Copenhagen. Department of Economics.
    10. Mark J. Garmaise & Tobias J. Moskowitz, 2002. "Confronting Information Asymmetries: Evidence from Real Estate Markets," NBER Working Papers 8877, National Bureau of Economic Research, Inc.
    11. Cheolwoo Lee, 2013. "Analyst firm parent–subsidiary relationship and conflict of interest: evidence from IPO recommendations," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(3), pages 763-789, September.
    12. Alexander N. Bogin & Jessica Shui, 2018. "Appraisal Accuracy, Automated Valuation Models, And Credit Modeling in Rural Areas," FHFA Staff Working Papers 18-03, Federal Housing Finance Agency.
    13. Dion Bongaerts & K. J. Martijn Cremers & William N. Goetzmann, 2012. "Tiebreaker: Certification and Multiple Credit Ratings," Journal of Finance, American Finance Association, vol. 67(1), pages 113-152, February.
    14. Raj Aggarwal & Dev Mishra & Craig Wilson, 2018. "Analyst recommendations and the implied cost of equity," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 717-743, April.
    15. AltInkIlIç, Oya & Hansen, Robert S., 2009. "On the information role of stock recommendation revisions," Journal of Accounting and Economics, Elsevier, vol. 48(1), pages 17-36, October.
    16. Jennifer Juergens & Evan Anderson & Eric Ghysels, 2004. "Do Heterogeneous Beliefs Matter for Asset Pricing?," Econometric Society 2004 North American Summer Meetings 477, Econometric Society.
    17. Frankel, Richard & Kothari, S.P. & Weber, Joseph, 2006. "Determinants of the informativeness of analyst research," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 29-54, April.
    18. Alan Crane & Kevin Crotty, 2020. "How Skilled Are Security Analysts?," Journal of Finance, American Finance Association, vol. 75(3), pages 1629-1675, June.
    19. Kaustia, Markku & Rantala, Ville, 2015. "Social learning and corporate peer effects," Journal of Financial Economics, Elsevier, vol. 117(3), pages 653-669.
    20. Linda Allen & Julapa Jagtiani & Stavros Peristiani & Anthony Saunders, 2002. "The role of bank advisors in mergers and acquisitions," Staff Reports 143, Federal Reserve Bank of New York.
    21. Andres, Christian & Cumming, Douglas & Karabiber, Timur & Schweizer, Denis, 2014. "Do markets anticipate capital structure decisions? — Feedback effects in equity liquidity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 133-156.
    22. Garcia-Meca, Emma & Martinez, Isabel, 2007. "The use of intellectual capital information in investment decisions: An empirical study using analyst reports," The International Journal of Accounting, Elsevier, vol. 42(1), pages 57-81.
    23. Roman M. Sheremeta, 2016. "The Pros and Cons of Workplace Tournaments," Working Papers 16-27, Chapman University, Economic Science Institute.
    24. Chen, Carl R. & Diltz, J. David & Huang, Ying & Lung, Peter P., 2011. "Stock and option market divergence in the presence of noisy information," Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2001-2020, August.
    25. Glenn Boyle & Graeme Guthrie & Luke Gorton, 2010. "Holding onto Your Horses: Conflicts of Interest in Asset Management," Journal of Law and Economics, University of Chicago Press, vol. 53(4), pages 689-713.
    26. Sumit Agarwal & Itzhak Ben-David & Vincent Yao, 2015. "Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market," Management Science, INFORMS, vol. 61(9), pages 2220-2240, September.
    27. Niehaus, Greg & Zhang, Donghang, 2010. "The impact of sell-side analyst research coverage on an affiliated broker's market share of trading volume," Journal of Banking & Finance, Elsevier, vol. 34(4), pages 776-787, April.
    28. Lauren Cohen & Andrea Frazzini & Christopher Malloy, 2008. "Hiring Cheerleaders: Board Appointments of "Independent" Directors," NBER Working Papers 14232, National Bureau of Economic Research, Inc.
    29. Azzi, Sarah & Bird, Ron, 2005. "Prophets during boom and gloom downunder," Global Finance Journal, Elsevier, vol. 15(3), pages 337-367, February.
    30. Michalis Makrominas, 2015. "The impact of analyst-investor disagreement on the cross-section of implied cost of capital," Australian Journal of Management, Australian School of Business, vol. 40(2), pages 224-244, May.
    31. Patricia C. O'Brien & Maureen F. Mcnichols & Lin Hsiou‐Wei, 2005. "Analyst Impartiality and Investment Banking Relationships," Journal of Accounting Research, Wiley Blackwell, vol. 43(4), pages 623-650, September.
    32. Mehran, Hamid & Stulz, Rene M., 2007. "The economics of conflicts of interest in financial institutions," Journal of Financial Economics, Elsevier, vol. 85(2), pages 267-296, August.
    33. Massimo Guidolin & Simona Mola, 2007. "Affiliated mutual funds and analyst optimism," Working Papers 2007-017, Federal Reserve Bank of St. Louis.
    34. Mary J. Benner, 2010. "Securities Analysts and Incumbent Response to Radical Technological Change: Evidence from Digital Photography and Internet Telephony," Organization Science, INFORMS, vol. 21(1), pages 42-62, February.
    35. Wolfgang Bessler & Matthias Stanzel, 2009. "Conflicts of Interest and Research Quality of Affiliated Analysts in the German Universal Banking System: Evidence from IPO Underwriting," European Financial Management, European Financial Management Association, vol. 15(4), pages 757-786, September.
    36. Madureira, Leonardo & Underwood, Shane, 2008. "Information, sell-side research, and market making," Journal of Financial Economics, Elsevier, vol. 90(2), pages 105-126, November.
    37. Bartholdy, Jan & Feng, Tiyi, 2013. "The quality of securities firms' earnings forecasts and stock recommendations: Do informational advantages, reputation and experience matter in China?," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 66-88.
    38. Lubomir P. Litov & Patrick Moreton & Todd R. Zenger, 2012. "Corporate Strategy, Analyst Coverage, and the Uniqueness Paradox," Management Science, INFORMS, vol. 58(10), pages 1797-1815, October.
    39. Neil Crosby & Steven Devaney & Colin Lizieri & Patrick McAllister, 2018. "Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn," Journal of Business Ethics, Springer, vol. 147(3), pages 651-667, February.
    40. Zheng, Steven X., 2007. "Are IPOs really overpriced?," Journal of Empirical Finance, Elsevier, vol. 14(3), pages 287-309, June.
    41. Rui Lu & Wenxuan Hou & Henry Oppenheimer & Ting Zhang, 2018. "The Integrity of Financial Analysts: Evidence from Asymmetric Responses to Earnings Surprises," Journal of Business Ethics, Springer, vol. 151(3), pages 761-783, September.
    42. Ellis, Katrina, 2006. "Who trades IPOs? A close look at the first days of trading," Journal of Financial Economics, Elsevier, vol. 79(2), pages 339-363, February.
    43. Sorescu, Sorin & Subrahmanyam, Avanidhar, 2004. "The Cross-Section of Analyst Recommendations," University of California at Los Angeles, Anderson Graduate School of Management qt76x8k0cc, Anderson Graduate School of Management, UCLA.
    44. Eric Zitzewitz, 2014. "Retail Securities Regulation in the Aftermath of the Bubble," NBER Chapters, in: Economic Regulation and Its Reform: What Have We Learned?, pages 545-588, National Bureau of Economic Research, Inc.
    45. Chan, Jesse & Lin, Steve & Yu, Yong & Zhao, Wuyang, 2018. "Analysts’ stock ownership and stock recommendations," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 476-498.
    46. Brown, Nerissa C. & Wei, Kelsey D. & Wermers, Russ, 2007. "Analyst recommendations, mutual fund herding, and overreaction in stock prices," CFR Working Papers 07-08, University of Cologne, Centre for Financial Research (CFR).
    47. Vesa Pursiainen, 2022. "Cultural Biases in Equity Analysis," Journal of Finance, American Finance Association, vol. 77(1), pages 163-211, February.
    48. Devos, Erik & Hao, Wei & Prevost, Andrew K. & Wongchoti, Udomsak, 2015. "Stock return synchronicity and the market response to analyst recommendation revisions," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 376-389.
    49. Stavros Peristiani, 2003. "Evaluating the riskiness of initial public offerings: 1980-2000," Staff Reports 167, Federal Reserve Bank of New York.
    50. Saltuk Ozerturk, 2004. "Direct sale of information when precision is unobservable," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 37(2), pages 269-293, May.
    51. Nont Dhiensiri & Akin Sayrak, 2010. "The value impact of analyst coverage," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 9(3), pages 306-331, August.
    52. Chen, Mark A. & Marquez, Robert, 2009. "Regulating securities analysts," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 259-283, April.
    53. Patricia Crifo & Hind Sami, 2011. "Incentives for Accuracy in Analyst Research," Working Papers hal-00561929, HAL.
    54. Galanti, Sébastien & Vaubourg, Anne Gaël, 2017. "Optimism bias in financial analysts' earnings forecasts: Do commissions sharing agreements reduce conflicts of interest?," Economic Modelling, Elsevier, vol. 67(C), pages 325-337.
    55. Carole Gresse & Laurence Porteu de la Morandière, 2015. "Rising and Senior Stars in European Financial Analyst Rankings: The Talented and the Famous," Working Papers 01, Groupe ESC Pau, Research Department, revised Jan 2015.
    56. Kai Wai Hui & Clive Lennox & Guochang Zhang, 2014. "The Market's Valuation of Fraudulently Reported Earnings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(5-6), pages 627-651, June.
    57. Matthew McCarten & Ivan Diaz‐Rainey & Helen Roberts & Eric K. M. Tan, 2022. "Political connections, tacit power and corporate misconduct," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1530-1552, October.
    58. Matteo Bonaventura & Giancarlo Giudici, 2017. "IPO valuation and profitability expectations: evidence from the Italian exchange," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 7(2), pages 247-266, August.
    59. Phillip J. McKnight & Manouchehr Tavakoli & Charlie Weir, 2010. "Underwriting Relationships and Analyst Independence in Europe," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 19(3), pages 189-213, August.
    60. Chirag Nagpal & Robert E. Tillman & Prashant Reddy & Manuela Veloso, 2020. "Bayesian Consensus: Consensus Estimates from Miscalibrated Instruments under Heteroscedastic Noise," Papers 2004.06565, arXiv.org, revised Jan 2021.
    61. Brown, Philip & How, Janice C.Y. & Verhoeven, Peter, 2008. "The accuracy of analysts' dividend forecasts around the world," Pacific-Basin Finance Journal, Elsevier, vol. 16(4), pages 411-435, September.
    62. Dunbar, Craig G., 2000. "Factors affecting investment bank initial public offering market share," Journal of Financial Economics, Elsevier, vol. 55(1), pages 3-41, January.
    63. Palomino, F.A. & Renneboog, L.D.R. & Zhang, C., 2008. "Information Salience, Investor Sentiment, and Stock Returns : The Case of British Soccer Betting," Discussion Paper 2008-99, Tilburg University, Center for Economic Research.
    64. Thabang Mokoaleli‐Mokoteli & Richard J. Taffler & Vineet Agarwal, 2009. "Behavioural Bias and Conflicts of Interest in Analyst Stock Recommendations," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3‐4), pages 384-418, April.
    65. Cornaggia, Jess & Cornaggia, Kimberly J. & Xia, Han, 2016. "Revolving doors on Wall Street," Journal of Financial Economics, Elsevier, vol. 120(2), pages 400-419.
    66. Wolfgang Bessler & Andreas Kurth, 2007. "Agency Problems and the Performance of Venture-backed IPOs in Germany: Exit Strategies, Lock-up Periods, and Bank Ownership," The European Journal of Finance, Taylor & Francis Journals, vol. 13(1), pages 29-63.
    67. Ching-Chih Wu & Tung-Hsiao Yang, 2024. "The Causality between Analysts’ Recommendations and Corporate M&As," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 14(3), pages 1-2.
    68. David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, August.
    69. Adria Pop & Jan Sporer & Siegfried Handschuh, 2024. "The Structure of Financial Equity Research Reports -- Identification of the Most Frequently Asked Questions in Financial Analyst Reports to Automate Equity Research Using Llama 3 and GPT-4," Papers 2407.18327, arXiv.org.
    70. Harit Satt, 2016. "Religious holidays and analysts forecast optimism: Evidence from MENA countries," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 4(4), pages 1-11, August.
    71. Zahra Ben Braham & Sébastien Galanti, 2014. "Recommendation Value on an Emerging Market: the Impact of Analyst' Recommendations on Stock Prices and Trading Volumes in Tunisia," Working Papers halshs-01015380, HAL.
    72. Ying Zhang & Peggy Swanson, 2010. "Are day traders bias free?—evidence from internet stock message boards," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 34(1), pages 96-112, January.
    73. Li, Xi, 2005. "The persistence of relative performance in stock recommendations of sell-side financial analysts," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 129-152, December.
    74. Cao, Sean & Jiang, Wei & Wang, Junbo & Yang, Baozhong, 2024. "From Man vs. Machine to Man + Machine: The art and AI of stock analyses," Journal of Financial Economics, Elsevier, vol. 160(C).
    75. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
    76. S. P. Kothari, 2000. "Discussion of “The Relation Between Analysts' Forecasts of Long†Term Earnings Growth and Stock Price Performance Following Equity Officeringâ€," Contemporary Accounting Research, John Wiley & Sons, vol. 17(1), pages 33-39, March.
    77. Florysiak, David & Schandlbauer, Alexander, 2022. "Experts or charlatans? ICO analysts and white paper informativeness," Journal of Banking & Finance, Elsevier, vol. 139(C).
    78. Lee, Kenneth & Manochin, Melina, 2021. "Sell-side equity analysts and equity sales: a study of interaction," LSE Research Online Documents on Economics 108953, London School of Economics and Political Science, LSE Library.
    79. Zin Yau Heng & Henry Leung, 2023. "The role of option‐based information on StockTwits, options trading volume, and stock returns," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(8), pages 1091-1125, August.
    80. Miwa, Kotaro & Ueda, Kazuhiro, 2016. "Analysts’ preference for growth investing and vulnerability to market-wide sentiment," The Quarterly Review of Economics and Finance, Elsevier, vol. 61(C), pages 40-52.
    81. Birru, Justin & Gokkaya, Sinan & Liu, Xi & Stulz, Rene M., 2019. "Are Analyst Trade Ideas Valuable?," Working Paper Series 2019-15, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    82. Chan, Howard W.H. & Brown, Rob & Ho, Yew Kee, 2006. "Initiation of brokers' recommendations, market predictors and stock returns," Journal of Multinational Financial Management, Elsevier, vol. 16(3), pages 213-231, July.
    83. Bradshaw, Mark T. & Richardson, Scott A. & Sloan, Richard G., 2006. "The relation between corporate financing activities, analysts' forecasts and stock returns," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 53-85, October.
    84. Elizabeth Devos & Erik Devos & Seow Eng Ong & Andrew Spieler, 2017. "Are REIT Investors Overly Optimistic after Equity Offerings?: Evidence from Analyst Forecast Errors," ERES eres2017_129, European Real Estate Society (ERES).
    85. Horton, Joanne & Serafeim, George & Wu, Shan, 2017. "Career concerns of banking analysts," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 231-252.
    86. Cornett, Marcia Millon & Tehranian, Hassan & Yalcin, Atakan, 2007. "Regulation fair disclosure and the market's reaction to analyst investment recommendation changes," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 567-588, March.
    87. Shapiro, Joel & Bar-Isaac, Heski, 2010. "Ratings Quality over the Business Cycle," CEPR Discussion Papers 8156, C.E.P.R. Discussion Papers.
    88. Boissin, Romain, 2012. "Are financial analysts of IPO firms under pressure: the European evidence," MPRA Paper 36057, University Library of Munich, Germany.
    89. Zhang, Chao & Shrider, David G. & Han, Dun & Wu, Yanran, 2022. "Accurate forecasts attract clients; Biased forecasts keep them happy," International Review of Financial Analysis, Elsevier, vol. 81(C).
    90. Chang, Chih-Hsiang & Chan, Kam C., 2011. "Investment banks' stock ratings, call warrant issuance, and responses from heterogeneous investors: Evidence from Taiwan," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 733-743, October.
    91. James Best & Daniel Quigley, 2016. "Persuasion for the Long-Run," Economics Papers 2016-W12, Economics Group, Nuffield College, University of Oxford.
    92. William Baker & Gregory Dumont, 2014. "Equity Analyst Recommendations: A Case for Affirmative Disclosure?," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(1), pages 96-123, March.
    93. Romain Boissin & Patrick Sentis, 2014. "Long-run performance of IPOs and the role of financial analysts: some French evidence," The European Journal of Finance, Taylor & Francis Journals, vol. 20(2), pages 125-149, February.
    94. Hatem Mansali & Florence Labégorre, 2010. "Les performances économiques et boursières à long terme des sociétés introduites en bourse:le cas du marché français (1990-2003)," Revue Finance Contrôle Stratégie, revues.org, vol. 13(2), pages 67-106., June.
    95. Jonathan Reuter & Eric Zitzewitz, 2006. "Do Ads Influence Editors? Advertising and Bias in the Financial Media," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(1), pages 197-227.
    96. Hsieh, Jim & Ng, Lilian & Wang, Qinghai, 2023. "How informative are insider trades and analyst recommendations?," Journal of Banking & Finance, Elsevier, vol. 149(C).
    97. Krigman, Laurie & Shaw, Wayne H. & Womack, Kent L., 2001. "Why do firms switch underwriters?," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 245-284, May.
    98. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
    99. Clarke, Jonathan & Khorana, Ajay & Patel, Ajay & Rau, P. Raghavendra, 2007. "The impact of all-star analyst job changes on their coverage choices and investment banking deal flow," Journal of Financial Economics, Elsevier, vol. 84(3), pages 713-737, June.
    100. Ting Chen & Xiumin Martin, 2011. "Do Bank‐Affiliated Analysts Benefit from Lending Relationships?," Journal of Accounting Research, Wiley Blackwell, vol. 49(3), pages 633-675, June.
    101. Daniel Arand & Alexander G. Kerl, 2015. "Sell†Side Analyst Research and Reported Conflicts of Interest," European Financial Management, European Financial Management Association, vol. 21(1), pages 20-51, January.
    102. Shanshan Pan & Michael Lacina & Haeyoung Shin, 2019. "Income Classification Shifting and Financial Analysts’ Forecasts," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 22(02), pages 1-48, June.
    103. Boubakri, Narjess & Bouslimi, Lobna, 2016. "Directors’ and officers’ liability insurance and analyst forecast properties," Finance Research Letters, Elsevier, vol. 19(C), pages 22-32.
    104. Heng An & William Hardin & Zhonghua Wu, 2012. "Information Asymmetry and Corporate Liquidity Management: Evidence from Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 45(3), pages 678-704, October.
    105. Barth, Mary E. & Gow, Ian D. & Taylor, Daniel J., 2010. "Non-GAAP and Street Earnings: Evidence from SFAS 123R," Research Papers 2064, Stanford University, Graduate School of Business.
    106. Wilhelm Jr, William J & Chen, Zhaohui, 2005. "The Industrial Organization of Financial Market Information Production," CEPR Discussion Papers 5314, C.E.P.R. Discussion Papers.
    107. Zoran Filipovic & Alexander F. Wagner, 2021. "The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune," Post-Print hal-04079914, HAL.
    108. Bryan Kelly & Alexander Ljungqvist, 2012. "Testing Asymmetric-Information Asset Pricing Models," The Review of Financial Studies, Society for Financial Studies, vol. 25(5), pages 1366-1413.
    109. James C. Spindler, 2006. "Conflict or Credibility: Research Analyst Conflicts of Interest and the Market for Underwriting Business," The Journal of Legal Studies, University of Chicago Press, vol. 35(2), pages 303-325, June.
    110. Antonio Cabrales & Piero Gottardi, 2009. "Markets for Information: Of Inefficient Firewalls and Efficient Monopolies," Economics Working Papers ECO2009/11, European University Institute.
    111. Florian Esterer & David Schröder, 2014. "Implied cost of capital investment strategies: evidence from international stock markets," Annals of Finance, Springer, vol. 10(2), pages 171-195, May.
    112. Jeon, Jin Q. & Lee, Cheolwoo & Nasser, Tareque & Via, M. Tony, 2015. "Multiple lead underwriter IPOs and firm visibility," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 128-149.
    113. Marina Balboa & J. Carlos Gómez‐Sala & Germán López‐Espinosa, 2009. "The Value of Adjusting the Bias in Recommendations: International Evidence," European Financial Management, European Financial Management Association, vol. 15(1), pages 208-230, January.
    114. Daphne Lui & Stanimir Markov & Ane Tamayo, 2007. "What Makes a Stock Risky? Evidence from Sell‐Side Analysts' Risk Ratings," Journal of Accounting Research, Wiley Blackwell, vol. 45(3), pages 629-665, June.
    115. Luc Laeven & Ross Levine, 2005. "Is There a Diversification Discount in Financial Conglomerates?," NBER Working Papers 11499, National Bureau of Economic Research, Inc.
    116. Gerritsen, Dirk F., 2015. "Security analysts’ target prices and takeover premiums," Finance Research Letters, Elsevier, vol. 13(C), pages 205-213.
    117. Zhang, Ping & Wang, Yiru, 2023. "The bright side of analyst coverage on corporate innovation: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 89(C).
    118. Stephanie Meyr & Sharon Tennyson, 2015. "Product Ratings as a Market Reaction to Deregulation: Evidence From the German Insurance Market," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(1), pages 77-100, March.
    119. Ambrus Kecskés & Roni Michaely & Kent L. Womack, 2017. "Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?," Management Science, INFORMS, vol. 63(6), pages 1855-1871, June.
    120. Augustin Landier & David Thesmar, 2020. "Earnings Expectations in the COVID Crisis," Working Papers hal-02910083, HAL.
    121. Corredor, Pilar & Ferrer, Elena & Santamaria, Rafael, 2014. "Is cognitive bias really present in analyst forecasts? The role of investor sentiment," International Business Review, Elsevier, vol. 23(4), pages 824-837.
    122. Bacchetta, Philippe & Mertens, Elmar & van Wincoop, Eric, 2009. "Predictability in financial markets: What do survey expectations tell us?," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 406-426, April.
    123. Clarence Goh, 2024. "Analysts’ Earnings per Share Forecasts: The Effects of Forecast Uncertainty and Forecast Precision on Investor Judgements," Abacus, Accounting Foundation, University of Sydney, vol. 60(1), pages 172-204, March.
    124. Li, Shi & Wu, Chaopeng & Yang, Shijie, 2021. "Affiliated block shareholders and analyst optimism," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    125. Marinovic, Iván & Ottaviani, Marco & Sorensen, Peter, 2013. "Forecasters’ Objectives and Strategies," Handbook of Economic Forecasting, in: G. Elliott & C. Granger & A. Timmermann (ed.), Handbook of Economic Forecasting, edition 1, volume 2, chapter 0, pages 690-720, Elsevier.
    126. Philip L. Baird, 2020. "Do investors recognize biases in securities analysts’ forecasts?," Review of Financial Economics, John Wiley & Sons, vol. 38(4), pages 623-634, October.
    127. Meng, Yongqiang & Li, Xiao & Xiong, Xiong, 2024. "Information shocks and short-term market overreaction: The role of investor attention," International Review of Financial Analysis, Elsevier, vol. 93(C).
    128. Michael Highfield & Patrick Lach & Larry White, 2008. "The quiet period is making noise again," Applied Financial Economics, Taylor & Francis Journals, vol. 18(17), pages 1363-1378.
    129. Ulrike Malmendier & Devin Shanthikumar, 2004. "Are Investors Naive About Incentives?," NBER Working Papers 10812, National Bureau of Economic Research, Inc.
    130. Roland Hodler & Simon Loertscher & Dominic Rohner, 2010. "Biased experts, costly lies, and binary decisions," IEW - Working Papers 496, Institute for Empirical Research in Economics - University of Zurich.
    131. David Hirshleifer & Yaron Levi & Ben Lourie & Siew Hong Teoh, 2018. "Decision Fatigue and Heuristic Analyst Forecasts," NBER Working Papers 24293, National Bureau of Economic Research, Inc.
    132. Chahine, Salim & Filatotchev, Igor, 2008. "The effects of venture capitalist affiliation to underwriters on short- and long-term performance in French IPOs," Global Finance Journal, Elsevier, vol. 18(3), pages 351-372.
    133. Phillip J. McKnight & Steven K. Todd, 2006. "Analyst Forecasts and the Cross Section of European Stock Returns," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 15(5), pages 201-224, December.
    134. Kryzanowski, Lawrence & Mohsni, Sana, 2015. "Earnings forecasts and idiosyncratic volatilities," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 107-123.
    135. Chen, Xuanjuan & Yao, Tong & Yu, Tong & Zhang, Ting, 2014. "Learning and incentive: A study on analyst response to pension underfunding," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 26-42.
    136. Minzhi Wu & Mark Wilson & Yi Wu, 2017. "Was the Global Settlement Effective in Mitigating Systematic Bias in Affiliated Analyst Recommendations?," Journal of Business Ethics, Springer, vol. 146(3), pages 485-503, December.
    137. Raphaëlle BELLANDO & Zahra BEN BRAHAM & Sébastien GALANTI, 2014. "The profitability of financial analysts' Recommendations: evidence from an Emerging market," LEO Working Papers / DR LEO 1865, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    138. Catherine M. Daily & S. Trevis Certo & Dan R. Dalton & Rungpen Roengpitya, 2003. "IPO Underpricing: A Meta–Analysis and Research Synthesis," Entrepreneurship Theory and Practice, , vol. 27(3), pages 271-295, July.
    139. Molintas, Dominique Trual, 2021. "Black Scholes Model," MPRA Paper 110124, University Library of Munich, Germany.
    140. Isabelle Chambost, 2010. "Analyse des dispositifs d'évaluation de la "recherche" des analystes, une clef d'entrée dans les coulisses des marchés financiers," Post-Print hal-00479539, HAL.
    141. Germain, Laurent, 2005. "Strategic noise in competitive markets for the sale of information," Journal of Financial Intermediation, Elsevier, vol. 14(2), pages 179-209, April.
    142. Palomino, F.A. & Renneboog, L.D.R. & Zhang, C., 2005. "Stock Price Reactions to Short-Lived Public Information : The Case of Betting Odds," Discussion Paper 2005-62, Tilburg University, Center for Economic Research.
    143. Chen Su, 2023. "The price impact of analyst revisions and the state of the economy: Evidence around the world," The Financial Review, Eastern Finance Association, vol. 58(4), pages 887-930, November.
    144. Caylor, Marcus & Cecchini, Mark & Winchel, Jennifer, 2017. "Analysts' qualitative statements and the profitability of favorable investment recommendations," Accounting, Organizations and Society, Elsevier, vol. 57(C), pages 33-51.
    145. Filippo Pavesi & Massimo Scotti, 2019. "Good Lies," Working Paper Series 39, Economics Discipline Group, UTS Business School, University of Technology, Sydney.
    146. Chih-Hsiang Chang, 2017. "Exploring stock recommenders’ behavior and recommendation receivers’ sophistication," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(1), pages 1-26, January.
    147. Johan Sulaeman & Kelsey D. Wei, 2019. "Sell-Side Analysts and Stock Mispricing: Evidence from Mutual Fund Flow-Driven Trading Pressure," Management Science, INFORMS, vol. 65(11), pages 5427-5448, November.
    148. He, Peng William & Jarnecic, Elvis & Liu, Yubo, 2016. "Equity issues and the impact of lead manager affiliation on broker market share and trading volume," Pacific-Basin Finance Journal, Elsevier, vol. 38(C), pages 17-33.
    149. Ruei-Shian Wu & Hsiou-wei W. Lin, 2014. "Security analysts' incentive and cognitive processing bias: evidence from analysts' recommendations," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 21(4), pages 443-471, December.
    150. Fabo, Brian & Jančoková, Martina & Kempf, Elisabeth & Pástor, Luboš, 2021. "Fifty shades of QE: Conflicts of interest in economic research," IMFS Working Paper Series 147, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    151. Machado, André & Lima, Fabiano Guasti, 2021. "Sell-side analyst reports and decision-maker reactions: Role of heuristics," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    152. Hong, Ziyang & Liu, Qingfu & Tse, Yiuman & Wang, Zilu, 2023. "Black mouth, investor attention, and stock return," International Review of Financial Analysis, Elsevier, vol. 90(C).
    153. Jegadeesh, Narasimhan & Kim, Woojin, 2006. "Value of analyst recommendations: International evidence," Journal of Financial Markets, Elsevier, vol. 9(3), pages 274-309, August.
    154. Aharon Cohen Mohliver & Gitit Gur-Gershgorn & Shinjinee Chattopadhyay, 2013. "IPO pricing and ownership structure: the business-group effect," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 16, pages 327-344, Edward Elgar Publishing.
    155. Barber, Brad M. & Lehavy, Reuven & Trueman, Brett, 2007. "Comparing the stock recommendation performance of investment banks and independent research firms," Journal of Financial Economics, Elsevier, vol. 85(2), pages 490-517, August.
    156. Reber, Beat, 2017. "Does mispricing, liquidity or third-party certification contribute to IPO downside risk?," International Review of Financial Analysis, Elsevier, vol. 51(C), pages 25-53.
    157. Ljungqvist, Alexander & Chang, Yen-Cheng & Tseng, Kevin, 2020. "Do corporate disclosures constrain strategic analyst behavior?," CEPR Discussion Papers 14678, C.E.P.R. Discussion Papers.
    158. Na Dai & Hoje Jo & John D. Schatzberg, 2010. "The Quality and Price of Investment Banks’ Service: Evidence from the PIPE Market," Financial Management, Financial Management Association International, vol. 39(2), pages 585-612, June.
    159. Hyoseok (David) Hwang, 2021. "Changes in trading behavior of analyst‐affiliated institutions: the impact of the global analyst research settlement," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 30(3), pages 65-83, August.
    160. Pieter de Jong & Lakshmi Goel, 2016. "The influence of security analysts on CEO pay cuts," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 13(1), pages 26-52, February.
    161. Bin Ke & Yong Yu, 2006. "The Effect of Issuing Biased Earnings Forecasts on Analysts' Access to Management and Survival," Journal of Accounting Research, Wiley Blackwell, vol. 44(5), pages 965-999, December.
    162. Prateek Sharma, 2022. "Management quality, M-rating, and bank failures," SN Business & Economics, Springer, vol. 2(2), pages 1-32, February.
    163. Li, Ying & Lu, Miao & Lo, Y. Ling, 2019. "The impact of analyst coverage on partial acquisitions: Evidence from M&A premium and firm performance in China," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 37-60.
    164. Hidetomo Takahashi, 2014. "The Effect of Bank-firm Relationships on Sell-side Research," Journal of Financial Services Research, Springer;Western Finance Association, vol. 46(2), pages 195-213, October.
    165. Feng, Xunan & Johansson, Anders C., 2016. "Judging a Book by Its Cover: Analysts and Attention-Driven Price Patterns in China’s IPO Market," Stockholm School of Economics Asia Working Paper Series 2016-39, Stockholm School of Economics, Stockholm China Economic Research Institute.
    166. Kadan, Ohad & Madureira, Leonardo & Wang, Rong & Zach, Tzachi, 2012. "Analysts' industry expertise," Journal of Accounting and Economics, Elsevier, vol. 54(2), pages 95-120.
    167. Verhoeks, Ralph C. & Verschoor, Willem F.C. & Zwinkels, Remco C.J., 2024. "Wall street watches Washington: Asset pricing implications of policy uncertainty," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    168. Tobias Gesche, 2016. "De-biasing strategic communication," ECON - Working Papers 216, Department of Economics - University of Zurich, revised Sep 2021.
    169. Lidén, Erik R., 2004. "Are Underwriter-Analysts More Informed? Scandinavian Evidence," Working Papers in Economics 132, University of Gothenburg, Department of Economics, revised 18 Oct 2007.
    170. Irvine, P. J. A., 2000. "Do analysts generate trade for their firms? Evidence from the Toronto stock exchange," Journal of Accounting and Economics, Elsevier, vol. 30(2), pages 209-226, October.
    171. Lauren Cohen & Dong Lou & Christopher Malloy, 2013. "Playing Favorites: How Firms Prevent the Revelation of Bad News," NBER Working Papers 19429, National Bureau of Economic Research, Inc.
    172. Sebastián Nieto Parra & Javier Santiso, 2006. "The usual suspects: Investment Banks' Recommendations and Emerging Markets," Working Papers hal-01065636, HAL.
    173. Chan, Chia-Ying & Lo, Huai-Chun & Su, Yi-Ru, 2014. "Distribution of stock ratings and analyst recommendation revision," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 273-286.
    174. Michael Rebello & Kelsey D. Wei, 2014. "A Glimpse Behind a Closed Door: The Long‐Term Investment Value of Buy‐Side Research and Its Effect on Fund Trades and Performance," Journal of Accounting Research, Wiley Blackwell, vol. 52(3), pages 775-815, June.
    175. Daily, Catherine M. & Certo, S. Trevis & Dalton, Dan R., 2005. "Investment bankers and IPO pricing: does prospectus information matter?," Journal of Business Venturing, Elsevier, vol. 20(1), pages 93-111, January.
    176. Tiana Lehmer & Ben Lourie & Devin Shanthikumar, 2022. "Brokerage trading volume and analysts’ earnings forecasts: a conflict of interest?," Review of Accounting Studies, Springer, vol. 27(2), pages 441-476, June.
    177. Bruce Mizrach, 2003. "Analyst Recommendations and Nasdaq Market Making Activity," Departmental Working Papers 200307, Rutgers University, Department of Economics.
    178. William C. Johnson & Jennifer Marietta†Westberg, 2009. "Universal Banking, Asset Management, and Stock Underwriting," European Financial Management, European Financial Management Association, vol. 15(4), pages 703-732, September.
    179. Kolasinski, Adam & Kothari, S.P., 2004. "Investment Banking and Analyst Objectivity: Evidence from Forecasts and Recommendations of Analysts Affiliated with M&A Advisors," Working papers 4467-04, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    180. Miwa, Kotaro, 2022. "The informational role of analysts’ textual statements," Research in International Business and Finance, Elsevier, vol. 59(C).
    181. Yen-Jung Tseng & Mark Wilson, 2020. "Changes in Recommendation Rating Systems, Analyst Optimism, and Investor Response," Journal of Business Ethics, Springer, vol. 166(2), pages 369-401, October.
    182. Depken II, Craig A. & Zhang, Ying, 2010. "Adverse selection and reputation in a world of cheap talk," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 548-558, November.
    183. Juyoun Ryoo & Cheolwoo Lee & Jin Q Jeon, 2020. "Sustainability of Analyst Recommendations in Multiple Lead Underwriter IPOs," Sustainability, MDPI, vol. 12(5), pages 1-36, March.
    184. Paul Asquith & Michael B. Mikhail & Andrea S. Au, 2002. "Information Content of Equity Analyst Reports," NBER Working Papers 9246, National Bureau of Economic Research, Inc.
    185. Massimo Guidolin & Simona Mola, 2006. "Why do analysts continue to provide favorable coverage for seasoned stocks?," Working Papers 2006-034, Federal Reserve Bank of St. Louis.
    186. Mohammad Khalid Al Attar, 2016. "Impact of Engineering Financial Market and Using Financial Derivatives on Financial Analysts Interest: Empirical Study from Amman Stock Exchange ¨CJordan," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(9), pages 208-214, September.
    187. Lauren Cohen & Andrea Frazzini & Christopher Malloy, 2008. "Sell Side School Ties," NBER Working Papers 13973, National Bureau of Economic Research, Inc.
    188. Lim, Youngdeok & Kim, Hyungtae, 2019. "Market reaction to optimistic bias in the recommendations of chaebol-affiliated analysts," Journal of Contemporary Accounting and Economics, Elsevier, vol. 15(2), pages 224-242.
    189. Chung, Kee H. & Cho, Seong-Yeon, 2005. "Security analysis and market making," Journal of Financial Intermediation, Elsevier, vol. 14(1), pages 114-141, January.
    190. Raphaëlle Bellando & Zahra Ben Braham & Sébastien Galanti, 2014. "The Performance of Portfolios Based on Analysts' Recommendations: the Tunisian Case," Working Papers hal-01405332, HAL.
    191. Chen, Tao & Harford, Jarrad & Lin, Chen, 2015. "Do analysts matter for governance? Evidence from natural experiments," Journal of Financial Economics, Elsevier, vol. 115(2), pages 383-410.
    192. Partha S. Mohanram & Shyam V. Sunder, 2006. "How Has Regulation FD Affected the Operations of Financial Analysts?," Contemporary Accounting Research, John Wiley & Sons, vol. 23(2), pages 491-525, June.
    193. Andrey Kudryavtsev, 2019. "The Effect Of Trading Volumes On Stock Returns Following Large Price Moves," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 64(220), pages 85-116, January –.
    194. Pacelli, Joseph, 2019. "Corporate culture and analyst catering⁎," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 120-143.
    195. James, Christopher & Karceski, Jason, 2006. "Strength of analyst coverage following IPOs," Journal of Financial Economics, Elsevier, vol. 82(1), pages 1-34, October.
    196. Sayuri Shirai, 2001. "Searching for New Regulatory Frameworks for the Intermediate Financial Structure in Post-Crisis Asia," Center for Financial Institutions Working Papers 01-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
    197. Acar Berkan & Becchetti Leonardo & Manfredonia Stefano, 2021. "Media coverage, corporate social irresponsibility conduct, and financial analysts' performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(5), pages 1456-1470, September.
    198. Imran S. Currim & Jooseop Lim & Yu Zhang, 2018. "Effect of analysts’ earnings pressure on marketing spending and stock market performance," Journal of the Academy of Marketing Science, Springer, vol. 46(3), pages 431-452, May.
    199. Kam C. Chan & Xuanyu Jiang & Donghui Wu & Nianhang Xu & Hong Zeng, 2020. "When Is the Client King? Evidence from Affiliated‐Analyst Recommendations in China's Split‐Share Reform," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 1044-1072, June.
    200. Tsung-Yu Hsieh & Tsai-Yin Lin & Fangjhy Li & Yi-Ting Huang, 2023. "Analyst’s Target Price Revision and Dealer’s Trading Behavior Analysis: Evidence from Taiwanese Stock Market," Sustainability, MDPI, vol. 15(4), pages 1-9, February.
    201. Kong, Dongmin & Lin, Chen & Liu, Shasha & Tan, Weiqiang, 2021. "Whose money is smart? Individual and institutional investors’ trades based on analyst recommendations," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 234-251.
    202. Hobbs, Jeffrey & Singh, Vivek, 2015. "A comparison of buy-side and sell-side analysts," Review of Financial Economics, Elsevier, vol. 24(C), pages 42-51.
    203. Rizzo, Emanuele, 2018. "Essays on corporate governance and the impact of regulation on financial markets," Other publications TiSEM b5158260-ea13-4763-b992-6, Tilburg University, School of Economics and Management.
    204. Prem G. Mathew & H. Semih Yildirim, 2015. "Does director affiliation lead to analyst bias?," Applied Economics, Taylor & Francis Journals, vol. 47(3), pages 272-287, January.
    205. Dion Bongaerts & Martijn Cremers & William Goetzmann, 2008. "Tiebreaker: Certification and Multiple Credit Ratings," Yale School of Management Working Papers amz2394, Yale School of Management, revised 01 Sep 2009.
    206. Roman M. Sheremeta & Timothy Shields, 2012. "Do Liars Believe? Beliefs and Other-Regarding Preferences in Sender-Receiver Games," Working Papers 12-05, Chapman University, Economic Science Institute.
    207. OZERTURK, Saltuk, 2005. "Stock recommendation of an analyst who trades on own account," LIDAM Discussion Papers CORE 2005089, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    208. William Forbes, 2013. "No conflict, no interest: on the economics of conflicts of interest faced by analysts," European Journal of Law and Economics, Springer, vol. 35(3), pages 327-348, June.
    209. Jeremy Burke & Angela A. Hung & Jack Clift & Steven Garber & Joanne K. Yoong, 2015. "Impacts of Conflicts of Interest in the Financial Services Industry," Working Papers WR-1076, RAND Corporation.
    210. Christian Leuz & Anup Malani & Maximilian Muhn & Laszlo Jakab, 2023. "Do Conflict of Interests Disclosures Work? Evidence from Citations in Medical Journals," NBER Working Papers 30927, National Bureau of Economic Research, Inc.
    211. Asad Ali Rind & Aitzaz Ahsan Alias Sarang & Ameet Kumar & Muhammad Shahbaz, 2023. "Does financial fraud affect implied cost of equity?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4139-4155, October.
    212. Kothari, S.P. & Weber, Joseph & Frankel, Richard M., 2002. "Determinants of the Informativeness of Analyst Research," Working papers 4243-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    213. Yu, Fang (Frank), 2008. "Analyst coverage and earnings management," Journal of Financial Economics, Elsevier, vol. 88(2), pages 245-271, May.
    214. Félix, Luiz & Kräussl, Roman & Stork, Philip, 2018. "Predictable biases in macroeconomic forecasts and their impact across asset classes," CFS Working Paper Series 596, Center for Financial Studies (CFS).
    215. Sheremeta, Roman M. & Shields, Timothy W., 2017. "Deception and reception: The behavior of information providers and users," Journal of Economic Behavior & Organization, Elsevier, vol. 137(C), pages 445-456.
    216. Jean-François Bachmann & Guido Bolliger, 2003. "Who are the Best? Local Versus Foreign Analysts on the Latin American Stock Markets," FAME Research Paper Series rp75, International Center for Financial Asset Management and Engineering.
    217. Sebastián Nieto-Parra, 2009. "Who Saw Sovereign Debt Crises Coming?," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2009), pages 125-169, August.
    218. Mark T. Bradshaw & Alan G. Huang & Hongping Tan, 2019. "The Effects of Analyst‐Country Institutions on Biased Research: Evidence from Target Prices," Journal of Accounting Research, Wiley Blackwell, vol. 57(1), pages 85-120, March.
    219. Luiz Félix & Roman Kräussl & Philip Stork, 2021. "Strategic bias and popularity effect in the prediction of economic surprises," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(6), pages 1095-1117, September.
    220. Szabolcs Szikszai & Tamas Badics, 2014. "Enhanced Funds Seeking Higher Returns," Working papers wpaper43, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    221. Li, Yi & Zhang, Wei & Wang, Pengfei, 2021. "Working online or offline: Which is more effective?," Research in International Business and Finance, Elsevier, vol. 58(C).
    222. David M. Waguespack & Olav Sorenson, 2011. "The Ratings Game: Asymmetry in Classification," Organization Science, INFORMS, vol. 22(3), pages 541-553, June.
    223. Perano, Mirko & Casali, Gian Luca & Liu, Yulin & Abbate, Tindara, 2021. "Professional reviews as service: A mix method approach to assess the value of recommender systems in the entertainment industry," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    224. Elizabeth Devos & Erik Devos & Seow Eng Ong & Andrew C. Spieler, 2016. "Who Follows REITs?," Journal of Real Estate Research, American Real Estate Society, vol. 38(1), pages 129-164.
    225. Francis, Bill & Hasan, Iftekhar & Liu, Liuling & Wu, Qiang & Zhao, Yijiang, 2021. "Financial analysts' career concerns and the cost of private debt," Journal of Corporate Finance, Elsevier, vol. 67(C).
    226. Li, Chao Kevin & Luo, Jin-hui & Soderstrom, Naomi S., 2020. "Air pollution and analyst information production," Journal of Corporate Finance, Elsevier, vol. 60(C).
    227. Brennan, Michael J, 2004. "How Did It Happen?," University of California at Los Angeles, Anderson Graduate School of Management qt1047x6kv, Anderson Graduate School of Management, UCLA.
    228. Miwa, Kotaro, 2021. "Language barriers in analyst reports," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 223-236.
    229. Dambra, Michael & Field, Laura Casares & Gustafson, Matthew T. & Pisciotta, Kevin, 2018. "The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act," Journal of Accounting and Economics, Elsevier, vol. 65(2), pages 302-330.
    230. Chiao, Chaoshin & Lin, Tung-Ying & Lee, Cheng-Few, 2017. "The reactions to on-air stock reports: Prices, volume, and order submission behavior," Pacific-Basin Finance Journal, Elsevier, vol. 44(C), pages 27-46.
    231. Koji Ota, 2012. "Information Content of Analysts' Stock Ratings and Earnings Forecasts in the Presence of Management Earnings Forecasts," The Japanese Accounting Review, Research Institute for Economics & Business Administration, Kobe University, vol. 2, pages 87-116, December.
    232. Buslepp, William L. & Casey, Ryan J. & Huston, G. Ryan, 2024. "Independent analyst research: Does it matter who pays?," Advances in accounting, Elsevier, vol. 66(C).
    233. Sarah E. Bonner & Artur Hugon & Beverly R. Walther, 2007. "Investor Reaction to Celebrity Analysts: The Case of Earnings Forecast Revisions," Journal of Accounting Research, Wiley Blackwell, vol. 45(3), pages 481-513, June.
    234. Robert Marquez, 2006. "Security analysts and regulatory reform," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue apr14.
    235. Xu, Nianhang & Jiang, Xuanyu & Chan, Kam C. & Yi, Zhihong, 2013. "Analyst coverage, optimism, and stock price crash risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 217-239.
    236. Vollaard, Ben & van Ours, Jan C., 2022. "Bias in expert product reviews," Journal of Economic Behavior & Organization, Elsevier, vol. 202(C), pages 105-118.
    237. Sung H. Ham & Ingrid Koch & Noah Lim & Jiabin Wu, 2021. "Conflict of Interest in Third-Party Reviews: An Experimental Study," Management Science, INFORMS, vol. 67(12), pages 7535-7559, December.
    238. Armen Hovakimian & Ekkachai Saenyasiri, 2014. "US Analyst Regulation and the Earnings Forecast Bias around the World," European Financial Management, European Financial Management Association, vol. 20(3), pages 435-461, June.
    239. Tupper, Christina H. & Guldiken, Orhun & Benischke, Mirko, 2018. "Capital market liability of foreignness of IPO firms," Journal of World Business, Elsevier, vol. 53(4), pages 555-567.
    240. Friesen, Geoffrey & Weller, Paul A., 2006. "Quantifying cognitive biases in analyst earnings forecasts," Journal of Financial Markets, Elsevier, vol. 9(4), pages 333-365, November.
    241. Lauren Cohen & Dong Lou & Christopher J. Malloy, 2020. "Casting Conference Calls," Management Science, INFORMS, vol. 66(11), pages 5015-5039, November.
    242. Andrey Kudryavtsev, 2021. "Stock Price Dynamics Surrounding Company-Specific Shocks," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 32-45.
    243. So, Eric C., 2013. "A new approach to predicting analyst forecast errors: Do investors overweight analyst forecasts?," Journal of Financial Economics, Elsevier, vol. 108(3), pages 615-640.
    244. Timothy Shields, 2008. "Analysts, Incentives, and Exaggeration," CIRANO Working Papers 2008s-11, CIRANO.
    245. Savor, Pavel G., 2012. "Stock returns after major price shocks: The impact of information," Journal of Financial Economics, Elsevier, vol. 106(3), pages 635-659.
    246. Joseph Tao-yi Wang & Michael Spezio & Colin F. Camerer, 2006. "Pinocchio's Pupil: Using Eyetracking and Pupil Dilation to Understand Truth-telling and Deception in Games," Levine's Bibliography 321307000000000042, UCLA Department of Economics.
    247. Ber, Hedva & Yafeh, Yishay & Yosha, Oved, 2001. "Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 189-218, February.
    248. Bradley, Daniel, 2018. "Discussion of “analyst stock ownership and stock recommendations”," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 499-505.
    249. Mei-Chen Lin & J. Jimmy Yang, 2023. "Do lottery characteristics matter for analysts’ forecast behavior?," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 1057-1091, October.
    250. Kommel, Karl Arnold & Sillasoo, Martin & Lublóy, Ágnes, 2019. "Could crowdsourced financial analysis replace the equity research by investment banks?," Finance Research Letters, Elsevier, vol. 29(C), pages 280-284.
    251. Hooper, Vince & Hume, Timothy & Kim, Suk-Joong, 2008. "Sovereign rating changes--Do they provide new information for stock markets?," Economic Systems, Elsevier, vol. 32(2), pages 142-166, June.
    252. Kumar, Alok & Rantala, Ville & Xu, Rosy, 2022. "Social learning and analyst behavior," Journal of Financial Economics, Elsevier, vol. 143(1), pages 434-461.
    253. Danni Wang & Qi Zhu & Bruce J. Avolio & Wei Shen & David Waldman, 2023. "Do employees' views matter in corporate governance? The relationship between employee approval and CEO dismissal," Strategic Management Journal, Wiley Blackwell, vol. 44(5), pages 1328-1354, May.
    254. Jagjeev Dosanjh, 2017. "Exchange Initiatives and Market Efficiency: Evidence from the Australian Securities Exchange," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2017, January-A.
    255. Joseph Tao-yi Wang & Michael Spezio & Colin F. Camerer, 2010. "Pinocchio's Pupil: Using Eyetracking and Pupil Dilation to Understand Truth Telling and Deception in Sender-Receiver Games," American Economic Review, American Economic Association, vol. 100(3), pages 984-1007, June.
    256. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
    257. Anup Agrawal & Mark A. Chen, 2008. "Do Analyst Conflicts Matter? Evidence from Stock Recommendations," Journal of Law and Economics, University of Chicago Press, vol. 51(3), pages 503-537, August.
    258. Bascha, Andreas & Walz, Uwe, 2001. "Convertible securities and optimal exit decisions in venture capital finance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 285-306, September.
    259. K. Hung Chan & Ray R. Wang & Ruixin Wang, 2021. "The Macbeth Factor: The Dark Side of Achievement‐driving Analysts," Abacus, Accounting Foundation, University of Sydney, vol. 57(2), pages 325-361, June.
    260. Kovner, Anna, 2012. "Do underwriters matter? The impact of the near failure of an equity underwriter," Journal of Financial Intermediation, Elsevier, vol. 21(3), pages 507-529.
    261. Bolognesi, Enrica & Burchi, Alberto, 2023. "The impact of the ESG disclosure on sell-side analysts’ target prices: The new era post Paris agreements," Research in International Business and Finance, Elsevier, vol. 64(C).
    262. Barber, Brad & Lehavy, Reuven & Trueman, Brett & McNichols, Maureen, 2001. "Prophets and Losses: Reassessing the Returns to Analysts' Stock Recommendations," Research Papers 1692, Stanford University, Graduate School of Business.
    263. Lawrence D. Brown & Andrew C. Call & Michael B. Clement & Nathan Y. Sharp, 2015. "Inside the “Black Box” of Sell‐Side Financial Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 53(1), pages 1-47, March.
    264. Gesche, Tobias, 2021. "De-biasing strategic communication," Games and Economic Behavior, Elsevier, vol. 130(C), pages 452-464.
    265. Fiorillo, Paolo & Meles, Antonio & Salerno, Dario & Verdoliva, Vincenzo, 2024. "Analyst coverage and default risk," International Review of Economics & Finance, Elsevier, vol. 94(C).
    266. Lee, Charles M.C. & So, Eric C., 2017. "Uncovering expected returns: Information in analyst coverage proxies," Journal of Financial Economics, Elsevier, vol. 124(2), pages 331-348.
    267. Yi Dong & Nan Hu & Xu Li & Ling Liu, 2017. "Analyst Firm Coverage and Forecast Accuracy: The Effect of Regulation Fair Disclosure," Abacus, Accounting Foundation, University of Sydney, vol. 53(4), pages 450-484, December.
    268. John A. Doukas & Chansog (Francis) Kim & Christos Pantzalis, 2008. "Do Analysts Influence Corporate Financing and Investment?," Financial Management, Financial Management Association International, vol. 37(2), pages 303-339, June.
    269. Chune Young Chung & Euisup Lee & Chang-Gyun Park, 2020. "Do Ownership Ties Increase the Optimistic Bias of Analysts’ Earnings Estimates? Evidence from Corporate Financing in the Korean Market," Sustainability, MDPI, vol. 12(11), pages 1-20, June.
    270. Daniel Bradley & Xi Liu & Christos Pantzalis, 2014. "Bucking the Trend: The Informativeness of Analyst Contrarian Recommendations," Financial Management, Financial Management Association International, vol. 43(2), pages 391-414, June.
    271. Alexander Ljungqvist & Felicia Marston & William J. Wilhelm, 2006. "Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations," Journal of Finance, American Finance Association, vol. 61(1), pages 301-340, February.
    272. Bajo, Emanuele & Chemmanur, Thomas J. & Simonyan, Karen & Tehranian, Hassan, 2016. "Underwriter networks, investor attention, and initial public offerings," Journal of Financial Economics, Elsevier, vol. 122(2), pages 376-408.
    273. Rees, Lynn & Sharp, Nathan Y. & Wong, Paul A., 2017. "Working on the weekend: Do analysts strategically time the release of their recommendation revisions?," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 104-121.
    274. Chatalova, Natalia & How, Janice C.Y. & Verhoeven, Peter, 2016. "Analyst coverage and IPO management forecasts," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 263-277.
    275. Briana Chang & Harrison Hong, 2017. "Assignment of Stock Market Coverage," NBER Working Papers 23115, National Bureau of Economic Research, Inc.
    276. Ljungqvist, Alexander & Marston, Felicia & Yan, Hong & Starks, Laura T & Wei, Kelsey D., 2005. "Conflicts of Interest in Sell-Side Research and the Moderating Role of Institutional Investors," CEPR Discussion Papers 5001, C.E.P.R. Discussion Papers.
    277. Sabrina Severini, 2020. "Review of IPO Primary Market Pricing Literature," Accounting and Finance Research, Sciedu Press, vol. 9(4), pages 1-32, November.
    278. Robert Libby & James E. Hunton & Hun‐Tong Tan & Nicholas Seybert, 2008. "Retracted: Relationship Incentives and the Optimistic/Pessimistic Pattern in Analysts' Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 46(1), pages 173-198, March.
    279. Wu, Yanran & Liu, Tingting & Han, Liyan & Yin, Libo, 2018. "Optimistic bias of analysts' earnings forecasts: Does investor sentiment matter in China?," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 147-163.
    280. Mary J. Benner & Todd Zenger, 2016. "The Lemons Problem in Markets for Strategy," Strategy Science, INFORMS, vol. 1(2), pages 71-89, June.
    281. Andrey Kudryavtsev, 2019. "Holiday Effect on Large Stock Price Changes," Annals of Economics and Finance, Society for AEF, vol. 20(2), pages 633-660, November.
    282. Bildstein-Hagberg, Sofia, 2003. "Staging information--financial analysis and the (up)setting of market scenes," International Review of Financial Analysis, Elsevier, vol. 12(4), pages 435-451.
    283. Connie X. Mao & Wei-Ling Song, 2021. "Does Reciprocity Affect Analysts’ Incentives to Release Timely Information? Evidence from Syndication Relationships in Securities Underwriting," Management Science, INFORMS, vol. 67(1), pages 617-639, January.
    284. Moshirian, Fariborz & Ng, David & Wu, Eliza, 2009. "The value of stock analysts' recommendations: Evidence from emerging markets," International Review of Financial Analysis, Elsevier, vol. 18(1-2), pages 74-83, March.
    285. Chan, Wesley S., 2003. "Stock price reaction to news and no-news: drift and reversal after headlines," Journal of Financial Economics, Elsevier, vol. 70(2), pages 223-260, November.
    286. Elizabeth Devos & Erik Devos & Seow Eng Ong & Andrew C. Spieler, 2019. "Are REIT Investors Overly Optimistic after Equity Offerings?: Evidence from Analyst Forecast Errors," The Journal of Real Estate Finance and Economics, Springer, vol. 59(2), pages 148-165, August.
    287. Zhao, Chen & Li, Yubin & Govindaraj, Suresh & Zhong, Zhaodong (Ken), 2022. "CDS trading and analyst optimism," The British Accounting Review, Elsevier, vol. 54(4).
    288. Fuxiu Jiang & Kenneth A Kim, 2020. "Corporate Governance in China: A Survey [The role of boards of directors in corporate governance: a conceptual framework and survey]," Review of Finance, European Finance Association, vol. 24(4), pages 733-772.
    289. Xiaolin Li & Özalp Özer & Upender Subramanian, 2022. "Are We Strategically Naïve or Guided by Trust and Trustworthiness in Cheap-Talk Communication?," Management Science, INFORMS, vol. 68(1), pages 376-398, January.
    290. Carter, Richard B. & Strader, Troy J., 2009. "The market versus the analyst: Biases and predictive ability," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 398-416, May.
    291. Petya Platikanova, 2023. "The Real Effects of Analyst Research Quality: Evidence from the Adoption of the Broker Protocol," Australian Accounting Review, CPA Australia, vol. 33(3), pages 237-261, September.
    292. Louis K. C. Chan & Jason Karceski & Josef Lakonishok, 2003. "Analysts' Conflict of Interest and Biases in Earnings Forecasts," NBER Working Papers 9544, National Bureau of Economic Research, Inc.
    293. Lei Chen & Zhi Jin & Xue Yang, 2023. "Short selling and the independence of business‐related analysts: Evidence from an emerging market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3297-3323, September.
    294. Li, Kevin K. & You, Haifeng, 2015. "What is the value of sell-side analysts? Evidence from coverage initiations and terminations," Journal of Accounting and Economics, Elsevier, vol. 60(2), pages 141-160.
    295. Vadim S. Balashov & Zhanel B. DeVides, 2020. "Is Diversification A Job Safety Net For Sell‐Side Analysts?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(3), pages 543-573, August.
    296. Xing, Cunyu & Li, Yanglei, 2019. "The cost of speaking in two tongues," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 465-475.
    297. Bradley, Daniel & Chan, Konan & Kim, Joonghyuk & Singh, Ajai, 2008. "Are there long-run implications of analyst coverage for IPOs?," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 1120-1132, June.
    298. Dionysia Dionysiou, 2015. "Choosing Among Alternative Long-Run Event-Study Techniques," Journal of Economic Surveys, Wiley Blackwell, vol. 29(1), pages 158-198, February.
    299. Sanjiv Sabherwal & Stephen D. Smith, 2008. "Concentrated Shareholders as Substitutes for Outside Analysts," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 562-577, November.
    300. Barber, Brad M. & Lehavy, Reuven & McNichols, Maureen & Trueman, Brett, 2006. "Buys, holds, and sells: The distribution of investment banks' stock ratings and the implications for the profitability of analysts' recommendations," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 87-117, April.
    301. Hassan Tehranian & Mengxing Zhao & Julie L. Zhu, 2014. "Can Analysts Analyze Mergers?," Management Science, INFORMS, vol. 60(4), pages 959-979, April.
    302. Agarwal, Vikas & Jiang, Wei & Luo, Yuchen & Zou, Hong, 2023. "The real effect of sociopolitical racial animus: Mutual fund manager performance during the AAPI Hate," CFR Working Papers 23-05, University of Cologne, Centre for Financial Research (CFR).
    303. Sébastien GALANTI & Zahra BEN BRAHAM, 2013. "Recommendation Value on an Emerging Market: the Impact of Financial Analysts Recommendations on Stock Price and Trading Volume in Tunisia," LEO Working Papers / DR LEO 1393, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    304. Pasaribu, Rowland Bismark Fernando, 2010. "Anomali Overreaction di bursa efek Indonesia: Penelitian Saham LQ-45 [Overreaction Anomaly in Indonesia Stock Exchange: Case Study of LQ-45 Stocks]," MPRA Paper 36998, University Library of Munich, Germany.
    305. Andreas Höfer & Andreas Oehler, 2014. "Analyst Recommendations and Regulation: Scopes for European Policy Makers to Enhance Investor Protection," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(4), pages 369-384, November.
    306. Matthew D. Cain & David J. Denis, 2010. "Do Fairness Opinion Valuations Contain Useful Information?," Purdue University Economics Working Papers 1244, Purdue University, Department of Economics.
    307. Bradley, Daniel & Gokkaya, Sinan & Liu, Xi & Xie, Fei, 2017. "Are all analysts created equal? Industry expertise and monitoring effectiveness of financial analysts," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 179-206.
    308. Lee, Kenneth & Manochin, Melina, 2021. "Sell-side equity analysts and equity sales: A study of interaction," The British Accounting Review, Elsevier, vol. 53(5).
    309. Hanousek, Jan & Kopřiva, František, 2013. "Do broker/analyst conflicts matter? Detecting evidence from internet trading platforms," International Review of Financial Analysis, Elsevier, vol. 28(C), pages 86-92.
    310. Boris Groysberg & Paul Healy & George Serafeim & Devin Shanthikumar, 2013. "The Stock Selection and Performance of Buy-Side Analysts," Management Science, INFORMS, vol. 59(5), pages 1062-1075, May.
    311. Beyer, Anne, 2008. "Financial analysts' forecast revisions and managers' reporting behavior," Journal of Accounting and Economics, Elsevier, vol. 46(2-3), pages 334-348, December.
    312. Paul Oyer, 2006. "The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income," NBER Working Papers 12059, National Bureau of Economic Research, Inc.
    313. Harrison Hong & Jose A. Scheinkman & Wei Xiong, 2007. "Advisors and Asset Prices: A Model of the Origins of Bubbles," NBER Working Papers 13504, National Bureau of Economic Research, Inc.
    314. Asquith, Paul & Mikhail, Michael B. & Au, Andrea S., 2005. "Information content of equity analyst reports," Journal of Financial Economics, Elsevier, vol. 75(2), pages 245-282, February.
    315. Dev, Pritha, 2013. "Transfer of information by an informed trader," Finance Research Letters, Elsevier, vol. 10(2), pages 58-71.
    316. Asquith, Paul & Mikhail, Michael & Au, Andrea, 2004. "Information Content of Equity Analyst Reports," Working papers 4264-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    317. Ackert, Lucy F. & Church, Bryan K. & Zhang, Ping, 2008. "What affects the market's ability to adjust for optimistic forecast bias? Evidence from experimental asset markets," Journal of Economic Behavior & Organization, Elsevier, vol. 66(2), pages 358-372, May.
    318. Wagner Kamakura & Suman Basuroy & Peter Boatwright, 2006. "Is silence golden? An inquiry into the meaning of silence in professional product evaluations," Quantitative Marketing and Economics (QME), Springer, vol. 4(2), pages 119-141, June.
    319. Alon Brav & Roni Michaely & Michael Roberts & Rebecca Zarutskie, 2009. "Evidence on the Trade‐Off between Risk and Return for IPO and SEO Firms," Financial Management, Financial Management Association International, vol. 38(2), pages 221-252, June.
    320. Cai, Huan & Qi, Zhen, 2021. "Private conversation matters: Evidence from sell-side analyst reports after private meetings," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    321. Emilie R. Feldman & Stuart C. Gilson & Belén Villalonga, 2014. "Do analysts add value when they most can? Evidence from corporate spin-offs," Strategic Management Journal, Wiley Blackwell, vol. 35(10), pages 1446-1463, October.
    322. Gu, Zhaoyang & Xue, Jian, 2008. "The superiority and disciplining role of independent analysts," Journal of Accounting and Economics, Elsevier, vol. 45(2-3), pages 289-316, August.
    323. Bosquet, K. & de Goeij, P. C. & Smedts, K., 2009. "Coexistence and Dynamics of Overconfidence and Strategic Incentives," Discussion Paper 2009-81, Tilburg University, Center for Economic Research.
    324. Erik Sirri, 2004. "Investment banks, scope, and unavoidable conflicts of interest," Economic Review, Federal Reserve Bank of Atlanta, vol. 89(Q 4), pages 23-35.
    325. Harrison Hong & Jose Scheinkman & Wei Xiong, 2005. "Advisors and Asset Prices: A Model of the Origins of Bubbles," Levine's Bibliography 122247000000001003, UCLA Department of Economics.
    326. Christian Andres & André Betzer & Peter Limbach, 2013. "Underwriter Reputation and the Quality of Certification: Evidence from High-Yield Bonds," Schumpeter Discussion Papers SDP13006, Universitätsbibliothek Wuppertal, University Library.
    327. Olaf Stotz, 2005. "Active Portfolio Management, Implied Expected Returns, and Analyst Optimism," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 19(3), pages 261-275, October.
    328. S. Ravid & John Wald & Suman Basuroy, 2006. "Distributors and film critics: does it take two to Tango?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(3), pages 201-218, December.
    329. Yingxue Gao & Yan Chen, 2024. "Watchdogs or Enablers? Analyzing the Role of Analysts in ESG Greenwashing in China," Sustainability, MDPI, vol. 16(11), pages 1-28, May.
    330. Sergey S. Barabanov & Onem Ozocak & Kuntara Pukthuanthong & Thomas J. Walker, 2013. "Underwriters And The Broken Chinese Wall: Institutional Holdings And Post-Ipo Securities Litigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 543-578, December.
    331. Huang, Haozhi & Li, Mingsheng & Shi, Jing, 2016. "Which matters: “Paying to play” or stable business relationship? Evidence on analyst recommendation and mutual fund commission fee payment," Pacific-Basin Finance Journal, Elsevier, vol. 40(PB), pages 403-423.
    332. Wang, Zhen & Sun, Lei & John Wei, K.C., 2020. "Does competition induce analyst effort? evidence from a natural experiment of broker mergers," Journal of Banking & Finance, Elsevier, vol. 119(C).
    333. Masahito Kato, 2016. "Analyst Recommendation Bias and Brokerage House Shareholding," Discussion Papers 1635, Graduate School of Economics, Kobe University.
    334. Lipson, Marc L., 2003. "Market microstructure and corporate finance," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 377-384, September.
    335. Brown, Anna Bergman & Lin, Guoyu & Zhou, Aner, 2022. "Analysts’ forecast optimism: The effects of managers’ incentives on analysts’ forecasts," Journal of Behavioral and Experimental Finance, Elsevier, vol. 35(C).
    336. Xiaoqiong Cai & Guy Liu & Bryan Mase, 2008. "The long-run performance of initial public offerings and its determinants: the case of China," Review of Quantitative Finance and Accounting, Springer, vol. 30(4), pages 419-432, May.
    337. Kotaro Miwa & Kazuhiro Ueda, 2014. "Slow price reactions to analysts' recommendation revisions," Quantitative Finance, Taylor & Francis Journals, vol. 14(6), pages 993-1004, June.
    338. Cem Demiroglu & Michael Ryngaert, 2010. "The First Analyst Coverage of Neglected Stocks," Financial Management, Financial Management Association International, vol. 39(2), pages 555-584, June.
    339. Chung, Sung Gon & Kulchania, Manoj & Teo, Melvyn, 2021. "Hedge funds and their prime broker analysts," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 141-158.
    340. Jiang, George J. & Lu, Liangliang & Zhu, Dongming, 2014. "The information content of analyst recommendation revisions — Evidence from the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 29(C), pages 1-17.
    341. Marcelo Pinheiro, 2008. "Demand shocks and market manipulation," Annals of Finance, Springer, vol. 4(3), pages 269-298, July.
    342. Cowen, Amanda & Groysberg, Boris & Healy, Paul, 2006. "Which types of analyst firms are more optimistic?," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 119-146, April.
    343. Sunil Mohanty & Edward Aw, 2006. "Rationality of analysts' earnings forecasts: evidence from dow 30 companies," Applied Financial Economics, Taylor & Francis Journals, vol. 16(12), pages 915-929.
    344. Jeffrey Hobbs & Vivek Singh, 2015. "A comparison of buy‐side and sell‐side analysts," Review of Financial Economics, John Wiley & Sons, vol. 24(1), pages 42-51, January.
    345. George Christodoulakis & Konstantinos Stathopoulos & Nikolaos Tessaromatis, 2012. "The term structure of loss preferences and rationality in analyst earnings forecasts," Journal of Asset Management, Palgrave Macmillan, vol. 13(5), pages 310-326, October.
    346. Yonca Ertimur & Jayanthi Sunder & Shyam V. Sunder, 2007. "Measure for Measure: The Relation between Forecast Accuracy and Recommendation Profitability of Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 45(3), pages 567-606, June.
    347. Stephen Brown & William Goetzmann & Bing Liang & Christopher Schwarz, 2008. "Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration," Journal of Finance, American Finance Association, vol. 63(6), pages 2785-2815, December.
    348. Li, Yi & Shen, Dehua & Wang, Pengfei & Zhang, Wei, 2019. "Do analyst recommendations matter for rival companies?," International Review of Financial Analysis, Elsevier, vol. 65(C).
    349. Yuan Zhang, 2019. "Information in excess analyst coverage: Evidence from China’s stock market," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(6), pages 1-12.
    350. Joseph Weber & Michael Willenborg & Biyu Wu & Yanhua Sunny Yang, 2024. "IPO price formation and analyst coverage," Review of Accounting Studies, Springer, vol. 29(4), pages 3788-3837, December.
    351. Henk Berkman & Ben Jacobsen & John B. Lee, 2017. "Rare disaster risk and the expected equity risk premium," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(2), pages 351-372, June.
    352. Peter D. Easton & Gregory A. Sommers, 2007. "Effect of Analysts' Optimism on Estimates of the Expected Rate of Return Implied by Earnings Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 45(5), pages 983-1015, December.
    353. Qazi Ghulam Mustafa Qureshi & Yves Mard & Francois Aubert, 2024. "Do analysts predict managed or unmanaged earnings?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(2), pages 527-545, June.
    354. Cohen, Lauren & Lou, Dong & Malloy, Christopher, 2020. "Casting conference calls," LSE Research Online Documents on Economics 101136, London School of Economics and Political Science, LSE Library.
    355. Xiaojing Meng, 2015. "Analyst Reputation, Communication, and Information Acquisition," Journal of Accounting Research, Wiley Blackwell, vol. 53(1), pages 119-173, March.
    356. Yi Luo & Steven E. Salterio, 2022. "The Effect of Gender on Investors’ Judgments and Decision-Making," Journal of Business Ethics, Springer, vol. 179(1), pages 237-258, August.
    357. Hoguet, George R., 2006. "Earnings estimates in emerging markets--an update," Emerging Markets Review, Elsevier, vol. 7(3), pages 213-227, September.
    358. Yury O. Kucheev & Felipe Ruiz & Tomas Sorensson, 2017. "Do Stars Shine? Comparing the Performance Persistence of Star Sell-Side Analysts Listed by Institutional Investor, the Wall Street Journal, and StarMine," Journal of Financial Services Research, Springer;Western Finance Association, vol. 52(3), pages 277-305, December.
    359. Bok Baik & David B. Farber & Kathy Petroni, 2009. "Analysts' Incentives and Street Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 47(1), pages 45-69, March.
    360. Engelberg, Joseph, 2018. "Discussion of “earnings announcement promotions: A Yahoo Finance field experiment”," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 415-418.
    361. Gus De Franco & Florin P. Vasvari & Regina Wittenberg‐Moerman, 2009. "The Informational Role of Bond Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 47(5), pages 1201-1248, December.
    362. Kolasinski, Adam & Kothari, S.P., 2004. "Investment Banking and Analyst Objectivity: Evidence from Forecasts and Recommendations of Analysts Affiliated with M&A Advisors," Working papers 4467-04, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    363. Owen Lamont, 2004. "Go Down Fighting: Short Sellers vs. Firms," NBER Working Papers 10659, National Bureau of Economic Research, Inc.
    364. Gus De Franco & Hai Lu & Florin P. Vasvari, 2007. "Wealth Transfer Effects of Analysts' Misleading Behavior," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 71-110, March.
    365. Stefano Bonini & Laura Zanetti & Roberto Bianchini & Antonio Salvi, 2010. "Target Price Accuracy in Equity Research," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(9‐10), pages 1177-1217, November.
    366. Cheolwoo Lee, 2012. "Does the Gross Spread Compensate Lead Underwriters for Analyst Coverage?," Accounting and Finance Research, Sciedu Press, vol. 1(2), pages 1-36, November.
    367. Golman, Russell & Bhatia, Sudeep, 2012. "Performance evaluation inflation and compression," Accounting, Organizations and Society, Elsevier, vol. 37(8), pages 534-543.
    368. Michael Drake & Peter Joos & Joseph Pacelli & Brady Twedt, 2020. "Analyst Forecast Bundling," Management Science, INFORMS, vol. 66(9), pages 4024-4046, September.
    369. Hsiou-Wei Lin & Wen-Chuan Miao, 2010. "Exploring Optimism In Recommendations Accompanying Analyst Conflict Of Interest Rules," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(3), pages 1-15.
    370. Jiandong Chen & Douglas Cumming & Wenxuan Hou & Edward Lee, 2016. "Does the External Monitoring Effect of Financial Analysts Deter Corporate Fraud in China?," Journal of Business Ethics, Springer, vol. 134(4), pages 727-742, April.
    371. Malmendier, Ulrike & Shanthikumar, Devin, 2007. "Are small investors naive about incentives?," Journal of Financial Economics, Elsevier, vol. 85(2), pages 457-489, August.
    372. Mingsheng Li & Xin Zhao, 2008. "Analyst Reputation, Dealer Affiliation, And Market Making," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 31(4), pages 301-332, December.
    373. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
    374. Daniel Bradley & Russell Jame & Jared Williams, 2022. "Non‐Deal Roadshows, Informed Trading, and Analyst Conflicts of Interest," Journal of Finance, American Finance Association, vol. 77(1), pages 265-315, February.
    375. Prokop, Jörg & Kammann, Benno, 2018. "The effect of the European Markets in Financial Instruments Directive on affiliated analysts’ earnings forecast optimism," Journal of Economics and Business, Elsevier, vol. 95(C), pages 75-86.
    376. Taufiq Choudhry & Gishan Dissanaike & Ranadeva Jayasekera & Woo-Young Kang & Matthias Nnadi, 2021. "Loss sensitive investors and positively biased analysts in Hong Kong stock market," Review of Quantitative Finance and Accounting, Springer, vol. 57(4), pages 1345-1371, November.
    377. Daniel Arand & Alexander Kerl & Andreas Walter, 2015. "When Do Sell†side Analyst Reports Really Matter? Shareholder Protection, Institutional Investors and the Informativeness of Equity Research," European Financial Management, European Financial Management Association, vol. 21(3), pages 524-555, June.
    378. John L. Campbell & Matthew D. DeAngelis & James R. Moon, 2019. "Skin in the game: personal stock holdings and investors’ response to stock analysis on social media," Review of Accounting Studies, Springer, vol. 24(3), pages 731-779, September.
    379. Li, Fengfei & Lin, Chen & Lin, Tse-Chun, 2021. "Salient anchor and analyst recommendation downgrade," Journal of Corporate Finance, Elsevier, vol. 69(C).
    380. Andreas Charitou & Irene Karamanou, 2020. "Sleeping with the enemy: should investment banks be allowed to engage in prop trading?," Review of Accounting Studies, Springer, vol. 25(2), pages 513-557, June.
    381. Andres, Christian & Betzer, André & Limbach, Peter, 2014. "Underwriter reputation and the quality of certification: Evidence from high-yield bonds," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 97-115.
    382. Walter Boudry & Jarl Kallberg & Crocker Liu, 2011. "Analyst Behavior and Underwriter Choice," The Journal of Real Estate Finance and Economics, Springer, vol. 43(1), pages 5-38, July.
    383. Matthew D. Cain & David J. Denis, 2013. "Information Production by Investment Banks: Evidence from Fairness Opinions," Journal of Law and Economics, University of Chicago Press, vol. 56(1), pages 245-280.
    384. Agam Shah & Arnav Hiray & Pratvi Shah & Arkaprabha Banerjee & Anushka Singh & Dheeraj Eidnani & Sahasra Chava & Bhaskar Chaudhury & Sudheer Chava, 2024. "Numerical Claim Detection in Finance: A New Financial Dataset, Weak-Supervision Model, and Market Analysis," Papers 2402.11728, arXiv.org, revised Oct 2024.
    385. Andrea S Au, 2007. "Extracting information from European analyst forecasts," Journal of Asset Management, Palgrave Macmillan, vol. 8(4), pages 228-237, November.
    386. Momtaz, Paul P., 2021. "Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings," Journal of Business Venturing, Elsevier, vol. 36(5).
    387. Anna M. Cianci & Satoris S. Culbertson, 2010. "The Impact of Motivational and Cognitive Factors on Optimistic Earnings Forecasts," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 11, Edward Elgar Publishing.
    388. García-Meca, Emma & Sánchez-Ballesta, Juan Pedro, 2006. "Influences on financial analyst forecast errors: A meta-analysis," International Business Review, Elsevier, vol. 15(1), pages 29-52, February.
    389. Blanes i Vidal, Jordi, 2003. "Credibility and cheap talk of securities analysts: theory and evidence," LSE Research Online Documents on Economics 24897, London School of Economics and Political Science, LSE Library.
    390. Song, Kyojik “Roy” & Mantecon, Tomas & Altintig, Z. Ayca, 2012. "Chaebol-affiliated analysts: Conflicts of interest and market responses," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 584-596.
    391. Jordan, Bradford D. & Liu, Mark H. & Wu, Qun, 2012. "Do investment banks listen to their own analysts?," Journal of Banking & Finance, Elsevier, vol. 36(5), pages 1452-1463.
    392. Yun Ke & Kin Lo & Jinfei Sheng & Jenny Li Zhang, 2023. "Do investors affect financial analysts’ behavior? Evidence from short sellers," Financial Management, Financial Management Association International, vol. 52(1), pages 199-224, March.
    393. Erik Devos, 2014. "Are Analysts’ Recommendations for Other Investment Banks Biased?," Financial Management, Financial Management Association International, vol. 43(2), pages 327-353, June.
    394. Huang, Lixin & Li, Wei & Wang, Hong & Wu, Liansheng, 2022. "Stock dividend and analyst optimistic bias in earnings forecast," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 643-659.
    395. Po-Jung Chen, 2016. "The Effects of Analysts’ Herding on Traders: Evidence from the Taiwan Stock Market," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 23(2), pages 203-227, June.
    396. Zhi Da & Xing Huang, 2020. "Harnessing the Wisdom of Crowds," Management Science, INFORMS, vol. 66(5), pages 1847-1867, May.
    397. Alexander N. Bogin & Jessica Shui, 2020. "Appraisal Accuracy and Automated Valuation Models in Rural Areas," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 40-52, February.
    398. Irvine, Paul J., 2003. "The incremental impact of analyst initiation of coverage," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 431-451, September.
    399. Pervaiz Alam & Xiaoling Pu & Barry Hettler, 2018. "The sensitivity of the credit default swap market to financial analysts’ forecast revisions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 697-725, September.
    400. Field, Laura & Lowry, Michelle & Mkrtchyan, Anahit, 2013. "Are busy boards detrimental?," Journal of Financial Economics, Elsevier, vol. 109(1), pages 63-82.
    401. Kong, Dongmin & Lin, Zhiyang & Wang, Yanan & Xiang, Junyi, 2021. "Natural disasters and analysts' earnings forecasts," Journal of Corporate Finance, Elsevier, vol. 66(C).
    402. Kartik, Navin & Ottaviani, Marco & Squintani, Francesco, 2007. "Credulity, lies, and costly talk," Journal of Economic Theory, Elsevier, vol. 134(1), pages 93-116, May.
    403. Tristan Roger, 2018. "The coverage assignments of financial analysts," Accounting and Business Research, Taylor & Francis Journals, vol. 48(6), pages 651-673, September.
    404. Chen, Haosi (Chelsea) & Puckett, Andy, 2023. "Do Hedge Funds Value Sell-Side Analysts Differently?," Journal of Banking & Finance, Elsevier, vol. 154(C).
    405. Tao Li, 2018. "Outsourcing Corporate Governance: Conflicts of Interest Within the Proxy Advisory Industry," Management Science, INFORMS, vol. 64(6), pages 2951-2971, June.
    406. Aggarwal, Rajesh K. & Krigman, Laurie & Womack, Kent L., 2002. "Strategic IPO underpricing, information momentum, and lockup expiration selling," Journal of Financial Economics, Elsevier, vol. 66(1), pages 105-137, October.
    407. Dan Palmon & Yifei Chen & Biao Chen, 2024. "Corporate Social Responsibility and Information Asymmetry: Do Earnings Conference Calls Play a Role?," Journal of Business Ethics, Springer, vol. 194(1), pages 77-101, September.
    408. David Schröder, 2020. "The role of market efficiency on implied cost of capital estimates: an international perspective," Annals of Finance, Springer, vol. 16(4), pages 463-499, December.
    409. Haozhi Huang & Mingsheng Li & Jing Shi, 2020. "Should Financial Gatekeepers be Publicly Traded?," Journal of Business Ethics, Springer, vol. 164(1), pages 175-200, June.
    410. Erdos, Péter & Ormos, Mihály, 2010. "Random walk theory and the weak-form efficiency of the US art auction prices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1062-1076, May.
    411. Corwin, Shane A. & Larocque, Stephannie A. & Stegemoller, Mike A., 2017. "Investment banking relationships and analyst affiliation bias: The impact of the global settlement on sanctioned and non-sanctioned banks," Journal of Financial Economics, Elsevier, vol. 124(3), pages 614-631.
    412. Xuelian Bai & Fangjun Wang & Junrui Zhang, 2016. "Analyst coverage and stock return synchronicity: evidence from regulation changes in China’s IPO market," Applied Economics, Taylor & Francis Journals, vol. 48(47), pages 4538-4557, October.
    413. Grant, Andrew & Jarnecic, Elvis & Su, Mark, 2015. "Asymmetric effects of sell-side analyst optimism and broker market share by clientele," Journal of Financial Markets, Elsevier, vol. 24(C), pages 49-65.
    414. Jiefei Yang & Ruohan Wang & Yi Xue, 2021. "Analyst coverage and corporate misconduct," Australian Economic Papers, Wiley Blackwell, vol. 60(2), pages 261-288, June.
    415. Bradley, Daniel & Clarke, Jonathan & Cooney, John, 2012. "The impact of reputation on analysts’ conflicts of interest: Hot versus cold markets," Journal of Banking & Finance, Elsevier, vol. 36(8), pages 2190-2202.
    416. O. Emre Ergungor & Leonardo Madureira & Nandkumar Nayar & Ajai K. Singh, 2011. "Banking relationships and sell-side research," Working Papers (Old Series) 1114, Federal Reserve Bank of Cleveland.
    417. Lidén, Erik R. & Rosenberg, Markus, 2006. "Ten Years of Misleading Information - Investment Advice in Printed Media," Working Papers in Economics 230, University of Gothenburg, Department of Economics.
    418. Guido BOLLIGER & Manuel KAST, 2003. "Executive Compensation and Analyst Guidance: The Link between CEO Pay and Expectations Management," FAME Research Paper Series rp102, International Center for Financial Asset Management and Engineering.
    419. Green, T. Clifton & Jame, Russell & Markov, Stanimir & Subasi, Musa, 2014. "Broker-hosted investor conferences," Journal of Accounting and Economics, Elsevier, vol. 58(1), pages 142-166.
    420. Chen, Chao & Shi, Haina & Xu, Haoping, 2014. "The IPO underwriting market share in China: Do ownership and quality matter?," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 177-189.
    421. Sun, Jerry & Liu, Guoping, 2016. "Does analyst coverage constrain real earnings management?," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 131-140.
    422. Patrick Bajari & John Krainer, 2004. "An Empirical Model of Stock Analysts' Recommendations: Market Fundamentals, Conflicts of Interest, and Peer Effects," NBER Working Papers 10665, National Bureau of Economic Research, Inc.
    423. Felipe Cortes & Francisco Marcet, 2023. "Analysts’ Connections and M&A Outcomes," Management Science, INFORMS, vol. 69(7), pages 4108-4133, July.
    424. Hu, Ning & Xu, Jiayi & Xue, Shuang, 2022. "Mandatory disclosure of comment letters and analysts' forecasts," International Review of Financial Analysis, Elsevier, vol. 84(C).
    425. Vasileios Barmpoutis, 2014. "The Naive Extrapolation Hypothesis and the Rosy-Gloomy Forecasts," Papers 1406.1733, arXiv.org.
    426. Edward J. Green & Jose A. Lopez & Zhenyu Wang, 2003. "Formulating the imputed cost of equity capital for priced services at Federal Reserve banks," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 55-81.
    427. Bolliger, Guido, 2004. "The characteristics of individual analysts' forecasts in Europe," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2283-2309, September.

  47. Gustavo Grullon & Roni Michaely & Itzhak Swary, 1997. "Capital Adequacy, Bank Mergers, and the Medium of Payment," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(1), pages 97-124, January.

    Cited by:

    1. Chuang, Kai-Shi, 2014. "Financial advisors, financial crisis, and shareholder wealth in bank mergers," Global Finance Journal, Elsevier, vol. 25(3), pages 229-245.
    2. Emanuele Teti & Maurizio Dallocchio & Tancredi Currao, 2022. "Family ownership and M&A payment method," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1989-2005, April.
    3. de Bodt, Eric & Cousin, Jean-Gabriel & Officer, Micah S., 2022. "Financial constraints, ownership dilution, and the method of payment in M&A transactions," Journal of Corporate Finance, Elsevier, vol. 75(C).
    4. Tom Madison & Greg Roth & Andy Saporoschenko, 2004. "Bank Mergers and Insider Nontrading," The Financial Review, Eastern Finance Association, vol. 39(2), pages 203-229, May.
    5. Díaz Díaz, Belén & Sanfilippo Azofra, Sergio & López Gutiérrez, Carlos, 2013. "Synergies or overpayment in European corporate M&A," MPRA Paper 51070, University Library of Munich, Germany.
    6. Ismail, Ahmad & Krause, Andreas, 2010. "Determinants of the method of payment in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 471-484, November.

  48. Benartzi, Shlomo & Michaely, Roni & Thaler, Richard H, 1997. "Do Changes in Dividends Signal the Future or the Past?," Journal of Finance, American Finance Association, vol. 52(3), pages 1007-1034, July.
    See citations under working paper version above.
  49. Hubbard, Jeff & Michaely, Roni, 1997. "Do Investors Ignore Dividend Taxation? A Reexamination of the Citizens Utilities Case," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(1), pages 117-135, March.

    Cited by:

    1. Margaret Lamb & Andrew Lymer, 1999. "Taxation research in an accounting context: future prospects and interdisciplinary perspectives," European Accounting Review, Taylor & Francis Journals, vol. 8(4), pages 749-776.
    2. Hameed, Allaudeen & Xie, Jing, 2019. "Preference for dividends and return comovement," Journal of Financial Economics, Elsevier, vol. 132(1), pages 103-125.
    3. Xiaoqiao Wang & Jing Xie & Bohui Zhang & Xiaofeng Zhao, 2024. "Unraveling the Dividend Puzzle: A Field Experiment," Working Papers 202406, University of Macau, Faculty of Business Administration.
    4. Odegaard, Bernt Arne, 2007. "Price differences between equity classes. Corporate control, foreign ownership or liquidity?," Journal of Banking & Finance, Elsevier, vol. 31(12), pages 3621-3645, December.
    5. Thomas David & Edith Ginglinger, 2015. "When Cutting Dividends Is Not Bad News: The Case Of Optional Stock Dividends," Post-Print hal-01637541, HAL.
    6. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    7. Les Coleman, 2010. "The price gold shareholders place on market risks," Applied Financial Economics, Taylor & Francis Journals, vol. 20(10), pages 795-802.
    8. Adelegan, Olatundun, 2006. "Effects of taxes financing decisions and firm value in Nigeria," Proceedings of the German Development Economics Conference, Berlin 2006 1, Verein für Socialpolitik, Research Committee Development Economics.
    9. Ling T. He & K. Michael Casey, 2011. "On The Pricing Of Dual Class Stocks: Evidence From Berkshire Hathaway," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 103-112.
    10. Berzins, Janis & Bøhren, Øyvind & Stacescu, Bogdan, 2019. "Dividends and taxes: The moderating role of agency conflicts," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 583-604.

  50. Michaely, Roni & Vila, Jean-Luc & Wang, Jiang, 1996. "A Model of Trading Volume with Tax-Induced Heterogeneous Valuation and Transaction Costs," Journal of Financial Intermediation, Elsevier, vol. 5(4), pages 340-371, October.

    Cited by:

    1. Rantapuska, Elias, 2008. "Ex-dividend day trading: Who, how, and why?: Evidence from the Finnish market," Journal of Financial Economics, Elsevier, vol. 88(2), pages 355-374, May.
    2. Andrew W. Lo & Jiang Wang, 2001. "Trading Volume: Implications of An Intertemporal Capital Asset Pricing Model," NBER Working Papers 8565, National Bureau of Economic Research, Inc.
    3. Jiang Wang, 2002. "Trading Volume and Asset Prices," Annals of Economics and Finance, Society for AEF, vol. 3(2), pages 299-359, November.
    4. Khamis Al Yahyaee & Toan Pham & Terry Walter, 2008. "Ex‐Dividend Day Behavior in the Absence of Taxes and Price Discreteness," International Review of Finance, International Review of Finance Ltd., vol. 8(3‐4), pages 103-123, September.
    5. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
    6. Dupuis, Daniel, 2019. "Ex-dividend day price behavior and liquidity in a tax-free emerging market," Emerging Markets Review, Elsevier, vol. 38(C), pages 239-250.
    7. Moritz Wagner & Xiaopeng Wei, 2020. "Cum-Ex Trading – The Biggest Fraud in History?," Working Papers in Economics 20/19, University of Canterbury, Department of Economics and Finance.
    8. Chitru S. Fernando, 2002. "Commonality in Liquidity: Transmission of Liquidity Shocks across Investors and Securities," Center for Financial Institutions Working Papers 02-43, Wharton School Center for Financial Institutions, University of Pennsylvania.
    9. Katarzyna Bien & Ingmar Nolte & Winfried Pohlmeier, 2006. "Estimating liquidity using information on the multivariate trading process," Working Papers 10, Department of Applied Econometrics, Warsaw School of Economics.
    10. Dhaliwal, Dan S. & Erickson, Merle & Trezevant, Robert, 1999. "A Test of the Theory of Tax Clienteles for Dividend Policies," National Tax Journal, National Tax Association;National Tax Journal, vol. 52(2), pages 179-194, June.
    11. Großmaß Lidan, 2014. "Liquidity and the Value at Risk," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(5), pages 572-602, October.
    12. Fernando, Chitru S., 2003. "Commonality in liquidity: transmission of liquidity shocks across investors and securities," Journal of Financial Intermediation, Elsevier, vol. 12(3), pages 233-254, July.
    13. Ainsworth, Andrew & Lee, Adrian D., 2023. "Sharing the dividend tax credit pie: The influence of individual investors on ex-dividend day returns," Journal of Financial Markets, Elsevier, vol. 62(C).
    14. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    15. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    16. Chitru S. Fernando & Richard J. Herring, 2001. "Liquidity Shocks, Systemic Risk, and Market Collapse: Theory and Application to the Market for Perps," Center for Financial Institutions Working Papers 01-34, Wharton School Center for Financial Institutions, University of Pennsylvania.
    17. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    18. Huang, Wei & Rhee, S. Ghon & Suzuki, Katsushi & Yasutake, Taeko, 2022. "Do investors value shareholder perks? Evidence from Japan," Journal of Banking & Finance, Elsevier, vol. 143(C).
    19. Tseng, Yun-lan & Hu, Shing-yang, 2013. "Tax reform and the identity of marginal traders around ex-dividend days," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 181-199.

  51. Michaely, Roni & Vila, Jean-Luc, 1996. "Trading Volume with Private Valuation: Evidence from the Ex-dividend Day," The Review of Financial Studies, Society for Financial Studies, vol. 9(2), pages 471-509.

    Cited by:

    1. Ali, Ashiq & Klasa, Sandy & Zhen Li, Oliver, 2008. "Institutional stakeholdings and better-informed traders at earnings announcements," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 47-61, September.
    2. Shishir Paudel & Sabatino (Dino) Silveri & Mark Wu, 2020. "Nasdaq ex‐day behavior: An out‐of‐sample test," Review of Financial Economics, John Wiley & Sons, vol. 38(2), pages 405-420, April.
    3. Aelee Jun & V. T. Alaganar & Graham Partington & Max Stevenson, 2008. "Price and Volume Behavior around the Ex‐dividend Day: Evidence on the Value of Dividends from American Depositary Receipts and their Underlying Australian Stocks," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 21-55, March.
    4. Andrew B. Ainsworth & Kingsley Y.L. Fong & David R. Gallagher & Graham Partington, 2018. "Taxes, Order Imbalance and Abnormal Returns around the ex‐Dividend day," International Review of Finance, International Review of Finance Ltd., vol. 18(3), pages 379-409, September.
    5. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    6. Martijn Cremers & Jianping Mei, 2004. "Turning Over Turnover," Yale School of Management Working Papers ysm429, Yale School of Management, revised 01 May 2008.
    7. Ricardo Lagos & Guillaume Rocheteau, 2008. "Liquidity in asset markets with search frictions," Working Papers (Old Series) 0804, Federal Reserve Bank of Cleveland.
    8. Justin Cox & Kathleen P. Fuller & Robert Van Ness, 2024. "Where does ex‐dividend trading occur: An examination of trading venues around dividends," The Financial Review, Eastern Finance Association, vol. 59(1), pages 31-55, February.
    9. Murray Frank & Ravi Jagannathan, 1997. "Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes," Staff Report 229, Federal Reserve Bank of Minneapolis.
    10. Green, Richard C. & Rydqvist, Kristian, 1999. "Ex-day behavior with dividend preference and limitations to short-term arbitrage: the case of Swedish lottery bonds," Journal of Financial Economics, Elsevier, vol. 53(2), pages 145-187, August.
    11. Rantapuska, Elias, 2008. "Ex-dividend day trading: Who, how, and why?: Evidence from the Finnish market," Journal of Financial Economics, Elsevier, vol. 88(2), pages 355-374, May.
    12. Paudel, Shishir & Silveri, Sabatino (Dino) & Wu, Mark, 2022. "Investor sentiment and asset prices: Evidence from the ex-day," Journal of Banking & Finance, Elsevier, vol. 139(C).
    13. Vassilis A. Efthymiou & George N. Leledakis, 2014. "The price impact of the disposition effect on the ex-dividend day of NYSE and AMEX common stocks," Quantitative Finance, Taylor & Francis Journals, vol. 14(4), pages 711-724, April.
    14. Diks, C.G.H. & Weide, R. van der, 2003. "Heterogeneity as a natural source of randomness," CeNDEF Working Papers 03-05, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    15. Cees Diks & Roy van der Weide, 2003. "Heterogeneity as a Natural Source of Randomness," Tinbergen Institute Discussion Papers 03-073/1, Tinbergen Institute.
    16. Rydqvist, Kristian & Dai, Qinglei, 2007. "Investigation of the Costly-Arbitrage Model of Price Formation Around the Ex-Dividend Day," CEPR Discussion Papers 6074, C.E.P.R. Discussion Papers.
    17. Ricardo Lagos & Guillaume Rocheteau & Pierre-Olivier Weill, 2007. "Crashes and recoveries in illiquid markets," Working Papers (Old Series) 0708, Federal Reserve Bank of Cleveland.
    18. Katsushi Suzuki, 2015. "Unique Dividends for Retail Shareholders: Evidence from Shareholder Perks," Discussion Papers 2015-20, Kobe University, Graduate School of Business Administration.
    19. Felix Kreidl, 2020. "Stock-Market Behavior on Ex-Dates: New Insights from German Stocks with Tax-Free Dividend," IJFS, MDPI, vol. 8(3), pages 1-21, September.
    20. Hodgkinson, Lynn & Partington, Graham, 2013. "Capital gains tax, managed funds and the value of dividends: The case of New Zealand," The British Accounting Review, Elsevier, vol. 45(4), pages 271-283.
    21. Andrew W. Lo & Jiang Wang, 2001. "Trading Volume: Implications of An Intertemporal Capital Asset Pricing Model," NBER Working Papers 8565, National Bureau of Economic Research, Inc.
    22. Jiang Wang, 2002. "Trading Volume and Asset Prices," Annals of Economics and Finance, Society for AEF, vol. 3(2), pages 299-359, November.
    23. Khamis Al Yahyaee & Toan Pham & Terry Walter, 2008. "Ex‐Dividend Day Behavior in the Absence of Taxes and Price Discreteness," International Review of Finance, International Review of Finance Ltd., vol. 8(3‐4), pages 103-123, September.
    24. Martijn Cremers & Jianping Mei, 2004. "Turning Over Turnover," Yale School of Management Working Papers ysm429, Yale School of Management, revised 01 May 2008.
    25. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
    26. Dupuis, Daniel, 2019. "Ex-dividend day price behavior and liquidity in a tax-free emerging market," Emerging Markets Review, Elsevier, vol. 38(C), pages 239-250.
    27. Dahlquist, Magnus & Robertsson, Göran & Rydqvist, Kristian, 2007. "Direct Evidence of Dividend Tax Clienteles," SIFR Research Report Series 51, Institute for Financial Research.
    28. D. Beggs & C.L. Skeels, 2005. "Market Arbitrage of Cash Dividends and Franking Credits," Department of Economics - Working Papers Series 947, The University of Melbourne.
    29. Moritz Wagner & Xiaopeng Wei, 2020. "Cum-Ex Trading – The Biggest Fraud in History?," Working Papers in Economics 20/19, University of Canterbury, Department of Economics and Finance.
    30. Chitru S. Fernando, 2002. "Commonality in Liquidity: Transmission of Liquidity Shocks across Investors and Securities," Center for Financial Institutions Working Papers 02-43, Wharton School Center for Financial Institutions, University of Pennsylvania.
    31. Quoc Trung Tran, 2017. "Dividend Capture on the Ex-Dividend Day: Evidence from Vietnamese Stock Market," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 13(2), pages 69-94.
    32. Liu, Wen-Rang & Chiang, Yao-Min & Chung, San-Lin, 2024. "Dividend-tax avoidance trade and its impact on the stock market," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    33. Mark Iarovyi & sasson Bar Yosef & Itzhak Venezia, 2017. "Implied Maturity Mismatches and Investor Disagreement," Proceedings of Economics and Finance Conferences 4507072, International Institute of Social and Economic Sciences.
    34. H. Chu & G. Partington, 2008. "The Market Valuation of Cash Dividends: The Case of the CRA Bonus Issue," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 1-20, March.
    35. Katarzyna Bien & Ingmar Nolte & Winfried Pohlmeier, 2006. "Estimating liquidity using information on the multivariate trading process," Working Papers 10, Department of Applied Econometrics, Warsaw School of Economics.
    36. Gomber, Peter & Sagade, Satchit & Theissen, Erik & Weber, Moritz Christian & Westheide, Christian, 2023. "Spoilt for choice: Determinants of market shares in fragmented equity markets," Journal of Financial Markets, Elsevier, vol. 64(C).
    37. Muñoz, Ercio & Rodriguez, Arturo, 2017. "Ex-dividend date stock behavior and the clientele effect: Evidence around a tax reduction," Global Finance Journal, Elsevier, vol. 32(C), pages 55-61.
    38. Ming-Chang Cheng & Ching-Hwa Lee, 2016. "Trading Activities Around Ex-Dividend Days: Evidence from the Taiwan Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-17, March.
    39. Großmaß Lidan, 2014. "Liquidity and the Value at Risk," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 234(5), pages 572-602, October.
    40. Kent Daniel & Lorenzo Garlappi & Kairong Xiao, 2021. "Monetary Policy and Reaching for Income," Journal of Finance, American Finance Association, vol. 76(3), pages 1145-1193, June.
    41. Liljeblom, Eva & Loflund, Anders & Hedvall, Kaj, 2001. "Foreign and domestic investors and tax induced ex-dividend day trading," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1687-1716, September.
    42. Ainsworth, Andrew & Lee, Adrian D., 2014. "Waiting costs and limit order book liquidity: Evidence from the ex-dividend deadline in Australia," Journal of Financial Markets, Elsevier, vol. 20(C), pages 101-128.
    43. Anup Agrawal & Mark A. Chen, 2008. "Do Analyst Conflicts Matter? Evidence from Stock Recommendations," Journal of Law and Economics, University of Chicago Press, vol. 51(3), pages 503-537, August.
    44. Nguyen Ngoc Anh Le & Xiangkang Yin & Jing Zhao, 2020. "Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex‐dividend day: the case of Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3775-3812, December.
    45. Dai, Qinglei & Rydqvist, Kristian, 2009. "Investigation of the costly-arbitrage model of price formation around the ex-dividend day in Norway," Journal of Empirical Finance, Elsevier, vol. 16(4), pages 582-596, September.
    46. Zhonglan Dai & Edward Maydew & Douglas A. Shackelford & Harold H. Zhang, 2006. "Capital Gains Taxes and Asset Prices: Capitalization or Lock-In?," NBER Working Papers 12342, National Bureau of Economic Research, Inc.
    47. Asimakopoulos, Panagiotis N. & Tsangarakis, Nickolaos V. & Tsiritakis, Emmanuel D., 2015. "Price adjustment method and ex-dividend day returns in a different institutional setting," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 1-12.
    48. James M. Poterba & Scott J. Weisbenner, 1998. "Capital Gains Tax Rules, Tax Loss Trading and Turn-of-the-Year Returns," NBER Working Papers 6616, National Bureau of Economic Research, Inc.
    49. Florentsen, Bjarne & Rydqvist, Kristian, 2002. "Ex-Day Behavior When Investors and Professional Traders Assume Reverse Roles: The Case of Danish Lottery Bonds," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 152-175, April.
    50. Jeff Whitworth & Ramesh P. Rao, 2010. "Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005," Financial Management, Financial Management Association International, vol. 39(1), pages 419-445, March.
    51. Andrew Ainsworth & Kingsley YL Fong & David R Gallagher & Graham Partington, 2016. "Institutional trading around the ex-dividend day," Australian Journal of Management, Australian School of Business, vol. 41(2), pages 299-323, May.
    52. VT Alaganar & Graham Partington & Max Stevenson, 1999. "Do Ex-Dividend Drop-Offs Differ Across Markets? Evidence from Internationally Traded (ADR) Stocks," Working Paper Series 92, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    53. Rydqvist, Kristian & Dahlquist, Magnus & Robertsson, Göran, 2006. "Direct Evidence of Dividend Tax Clienteles," CEPR Discussion Papers 6005, C.E.P.R. Discussion Papers.
    54. Cooper, Rick A. & Day, Theodore E. & Lewis, Craig M., 2001. "Following the leader: *1: a study of individual analysts' earnings forecasts," Journal of Financial Economics, Elsevier, vol. 61(3), pages 383-416, September.
    55. Apostolos Dasilas, 2009. "The ex-dividend day stock price anomaly: evidence from the Greek stock market," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 23(1), pages 59-91, March.
    56. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
    57. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    58. Nose, Yoshiaki & Miyagawa, Hisao & Ito, Akitoshi, 2021. "How do firms attract the attention of individual investors? Shareholder perks and financial visibility," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    59. Gomber, Peter & Sagade, Satchit & Theissen, Erik & Weber, Moritz Christian & Westheide, Christian, 2016. "Spoilt for choice: Order routing decisions in fragmented equity markets," CFR Working Papers 16-04, University of Cologne, Centre for Financial Research (CFR).
    60. Hue Hwa Au Yong & Christine Brown & Chloe Choy Yeing Ho, 2014. "Off-Market Buybacks in Australia: Evidence of Abnormal Trading around Key Dates," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 551-585, December.
    61. Ebenezer Asem & Shamsul Alam, 2021. "The abnormal return associated with consecutive dividend increases," The European Journal of Finance, Taylor & Francis Journals, vol. 27(3), pages 222-238, February.
    62. Chen, Hung-Ling & Shiu, Cheng-Yi & Wei, Hui-Shan, 2019. "Price effect and investor awareness: Evidence from MSCI Standard Index reconstitutions," Journal of Empirical Finance, Elsevier, vol. 50(C), pages 93-112.
    63. Chitru S. Fernando & Richard J. Herring, 2001. "Liquidity Shocks, Systemic Risk, and Market Collapse: Theory and Application to the Market for Perps," Center for Financial Institutions Working Papers 01-34, Wharton School Center for Financial Institutions, University of Pennsylvania.
    64. Oliver Zhen Li, 2010. "Tax‐Induced Dividend Capturing," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 866-904, July.
    65. Al-Yahyaee, Khamis Hamed, 2013. "The effect of a reduction in price discreteness on ex-day stock returns in a unique environment," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 23(C), pages 283-294.
    66. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    67. Huang, Wei & Rhee, S. Ghon & Suzuki, Katsushi & Yasutake, Taeko, 2022. "Do investors value shareholder perks? Evidence from Japan," Journal of Banking & Finance, Elsevier, vol. 143(C).
    68. Park, Beum-Jo, 2010. "Surprising information, the MDH, and the relationship between volatility and trading volume," Journal of Financial Markets, Elsevier, vol. 13(3), pages 344-366, August.
    69. Junshi Li & Yao Pan, 2023. "EU and China’s comparative advantage, trade complementarity and trade specialization dynamics in agricultural products," Asia Europe Journal, Springer, vol. 21(3), pages 351-379, September.

  52. Roni Michaely & Wayne H. Shaw, 1995. "The Choice of Going Public: Spin-offs vs. Carve-outs," Financial Management, Financial Management Association, vol. 24(3), Fall.

    Cited by:

    1. Forcadell, Francisco Javier & Sanchez-Riofrio, Angelica & Guerras-Martín, Luis Ángel & Romero-Jordán, Desiderio, 2020. "Is the restructuring-performance relationship moderated by the economic cycle and the institutional environment for corporate governance?," Journal of Business Research, Elsevier, vol. 110(C), pages 397-407.
    2. Klein, Christian & Schiereck, Dirk & Ton, Thai, 2018. "Die langfristige Wertentwicklung von Equity Carve-outs – Aktuelle empirische Evidenz für Westeuropa," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 72(3), pages 197-211.
    3. Chemmanur, Thomas J. & Liu, Mark H., 2011. "Institutional trading, information production, and the choice between spin-offs, carve-outs, and tracking stock issues," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 62-82, February.
    4. Ying Lin & Kenneth Yung, 2014. "Earnings management and corporate spinoffs," Review of Quantitative Finance and Accounting, Springer, vol. 43(2), pages 275-300, August.
    5. Lucian Arye Bebchuk & Luigi Zingales, 1996. "Corporate Ownership Structures: Private versus Social Optimality," NBER Working Papers 5584, National Bureau of Economic Research, Inc.
    6. Salim Chahine & Mohamad Zeidan, 2014. "Corporate governance and market performance of parent firms following equity carve-out announcements," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(2), pages 471-503, May.
    7. Desai, Chintal A. & Savickas, Robert, 2010. "On the causes of volatility effects of conglomerate breakups," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 554-571, September.
    8. Boulifa, Hichem & Uchida, Konari, 2022. "Like father, like son: Who creates listed subsidiaries?," Journal of the Japanese and International Economies, Elsevier, vol. 64(C).
    9. Marco Pagano & Fabio Panetta & Luigi Zingales, 1995. "Why Do Companies Go Public? An Empirical Analysis," NBER Working Papers 5367, National Bureau of Economic Research, Inc.
    10. Ma, Qing & Wang, Susheng, 2018. "Divestment options under tacit and incomplete information," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 15-29.
    11. Desai, Chintal A. & Klock, Mark S. & Mansi, Sattar A., 2011. "On the acquisition of equity carve-outs," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3432-3449.
    12. Dasilas, Apostolos & Leventis, Stergios, 2018. "The performance of European equity carve-outs," Journal of Financial Stability, Elsevier, vol. 34(C), pages 121-135.
    13. Miriam Flickinger & Miriam Zschoche, 2018. "Corporate divestiture and performance: an institutional view," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 111-131, March.
    14. Annette B. Poulsen & Mike Stegemoller, 2008. "Moving from Private to Public Ownership: Selling Out to Public Firms versus Initial Public Offerings," Financial Management, Financial Management Association International, vol. 37(1), pages 81-101, March.
    15. Dmitri Boreiko & Maurizio Murgia, 2013. "European spin-offs Origin, value creation, and long-term performance," BEMPS - Bozen Economics & Management Paper Series BEMPS05, Faculty of Economics and Management at the Free University of Bozen.
    16. Ciccotello, Conrad S. & Muscarella, Chris J., 2001. "Contracts between managers and investors: a study of master limited partnership agreements," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 1-23, March.
    17. Christoph Kaserer & Martin Ahlers, 2000. "Kursreaktionen anläßlich der Börseneinführung von Tochterunternehmen — Signaling oder verbesserte Unternehmenskontrolle in Konzernen?," Schmalenbach Journal of Business Research, Springer, vol. 52(6), pages 537-570, September.

  53. Michaely, Roni & Murgia, Maurizio, 1995. "The Effect of Tax Heterogeneity on Prices and Volume around the Ex-dividend Day: Evidence from the Milan Stock Exchange," The Review of Financial Studies, Society for Financial Studies, vol. 8(2), pages 369-399.

    Cited by:

    1. Ali, Ashiq & Klasa, Sandy & Zhen Li, Oliver, 2008. "Institutional stakeholdings and better-informed traders at earnings announcements," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 47-61, September.
    2. Daunfeldt, Sven-Olov, 2005. "Tax-Induced Trading and the Identity of the Marginal Investor: Evidence from Sweden," HUI Working Papers 3, HUI Research.
    3. Jan Bartholdy & Kate Brown, 2004. "Testing for Multiple Types of Marginal Investor in Ex-Day Pricing," Multinational Finance Journal, Multinational Finance Journal, vol. 8(3-4), pages 173-209, september.
    4. Rantapuska, Elias, 2008. "Ex-dividend day trading: Who, how, and why?: Evidence from the Finnish market," Journal of Financial Economics, Elsevier, vol. 88(2), pages 355-374, May.
    5. Cannavan, Damien & Gray, Stephen, 2017. "Dividend drop-off estimates of the value of dividend imputation tax credits," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 213-226.
    6. Amoako-Adu, Ben & Smith, Brian F., 2001. "Dual class firms: Capitalization, ownership structure and recapitalization back into single class," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1083-1111, June.
    7. Rydqvist, Kristian & Dai, Qinglei, 2007. "Investigation of the Costly-Arbitrage Model of Price Formation Around the Ex-Dividend Day," CEPR Discussion Papers 6074, C.E.P.R. Discussion Papers.
    8. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-002, Tilburg University, Tilburg Law and Economic Center.
    9. Milonas, Nikolaos T. & Travlos, Nickolaos G. & Xiao, Jason Zezhong & Tan, Cunkai, 2006. "The ex-dividend day stock price behavior in the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 155-174, April.
    10. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
    11. Khamis Al Yahyaee & Toan Pham & Terry Walter, 2008. "Ex‐Dividend Day Behavior in the Absence of Taxes and Price Discreteness," International Review of Finance, International Review of Finance Ltd., vol. 8(3‐4), pages 103-123, September.
    12. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
    13. Dan W. French & Paula L. Varson & Kenneth P. Moon, 2005. "Capital Structure and the Ex‐Dividend Day Return," The Financial Review, Eastern Finance Association, vol. 40(3), pages 361-379, August.
    14. Moritz Wagner & Xiaopeng Wei, 2020. "Cum-Ex Trading – The Biggest Fraud in History?," Working Papers in Economics 20/19, University of Canterbury, Department of Economics and Finance.
    15. Mark Iarovyi & sasson Bar Yosef & Itzhak Venezia, 2017. "Implied Maturity Mismatches and Investor Disagreement," Proceedings of Economics and Finance Conferences 4507072, International Institute of Social and Economic Sciences.
    16. Sarig, Oded & Tolkowsky, Efrat, 1997. "Dividend effects in Israel: a puzzle," Economics Letters, Elsevier, vol. 54(2), pages 169-174, February.
    17. Caprio, Lorenzo & Croci, Ettore, 2008. "The determinants of the voting premium in Italy: The evidence from 1974 to 2003," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2433-2443, November.
    18. Ming-Chang Cheng & Ching-Hwa Lee, 2016. "Trading Activities Around Ex-Dividend Days: Evidence from the Taiwan Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-17, March.
    19. Juan Gabriel Brida & W. Adrian Risso, 2009. "Dynamic and Structure of the Italian stock market based on returns and volume trading," Economics Bulletin, AccessEcon, vol. 29(3), pages 2417-2423.
    20. Liljeblom, Eva & Loflund, Anders & Hedvall, Kaj, 2001. "Foreign and domestic investors and tax induced ex-dividend day trading," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1687-1716, September.
    21. Dai, Qinglei & Rydqvist, Kristian, 2009. "Investigation of the costly-arbitrage model of price formation around the ex-dividend day in Norway," Journal of Empirical Finance, Elsevier, vol. 16(4), pages 582-596, September.
    22. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    23. Asimakopoulos, Panagiotis N. & Tsangarakis, Nickolaos V. & Tsiritakis, Emmanuel D., 2015. "Price adjustment method and ex-dividend day returns in a different institutional setting," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 1-12.
    24. Florentsen, Bjarne & Rydqvist, Kristian, 2002. "Ex-Day Behavior When Investors and Professional Traders Assume Reverse Roles: The Case of Danish Lottery Bonds," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 152-175, April.
    25. Apostolos Dasilas, 2009. "The ex-dividend day stock price anomaly: evidence from the Greek stock market," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 23(1), pages 59-91, March.
    26. Hue Hwa Au Yong & Christine Brown & Chloe Choy Yeing Ho, 2014. "Off-Market Buybacks in Australia: Evidence of Abnormal Trading around Key Dates," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 551-585, December.
    27. Oliver Zhen Li, 2010. "Tax‐Induced Dividend Capturing," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 866-904, July.
    28. Maria Borges, 2008. "The Ex-Dividend Day Stock Price Behavior: The Case of Portugal," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 36(1), pages 15-30, March.

  54. Michaely, Roni & Vila, Jean-Luc, 1995. "Investors' Heterogeneity, Prices, and Volume around the Ex-Dividend Day," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(2), pages 171-198, June.

    Cited by:

    1. Gorman, Larry R. & Mahajan, Arvind & Weigand, Robert A., 2004. "The ex-dividend day behavior of American depository receipts," Journal of Multinational Financial Management, Elsevier, vol. 14(1), pages 1-18, February.
    2. Chatjuthamard, Pattanaporn & Singh, Simran & Jiraporn, Pornsit & Lee, Sang Mook, 2024. "Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach," International Review of Financial Analysis, Elsevier, vol. 94(C).
    3. Ali, Ashiq & Klasa, Sandy & Zhen Li, Oliver, 2008. "Institutional stakeholdings and better-informed traders at earnings announcements," Journal of Accounting and Economics, Elsevier, vol. 46(1), pages 47-61, September.
    4. Margaret Lamb & Andrew Lymer, 1999. "Taxation research in an accounting context: future prospects and interdisciplinary perspectives," European Accounting Review, Taylor & Francis Journals, vol. 8(4), pages 749-776.
    5. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
    6. Raj Chetty & Joseph Rosenberg & Emmanuel Saez, 2005. "The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can we Learn from the 2003 Dividend Tax Cut?," NBER Working Papers 11452, National Bureau of Economic Research, Inc.
    7. Daunfeldt, Sven-Olov, 2005. "Tax-Induced Trading and the Identity of the Marginal Investor: Evidence from Sweden," HUI Working Papers 3, HUI Research.
    8. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    9. Kose John & Ravi S. Mateti & Duong Nguyen & Gopala Vasudevan, 2016. "The Ex†dividend Day Behaviour of REITs: Tax or Market Microstructure Effects," European Financial Management, European Financial Management Association, vol. 22(3), pages 341-366, June.
    10. Fernando Chague & Rodrigo De Losso, Bruno Giovannetti, 2018. "Individual Investors Look at Price Tags," Working Papers, Department of Economics 2018_17, University of São Paulo (FEA-USP).
    11. Jan Bartholdy & Kate Brown, 2004. "Testing for Multiple Types of Marginal Investor in Ex-Day Pricing," Multinational Finance Journal, Multinational Finance Journal, vol. 8(3-4), pages 173-209, september.
    12. Justin Cox & Kathleen P. Fuller & Robert Van Ness, 2024. "Where does ex‐dividend trading occur: An examination of trading venues around dividends," The Financial Review, Eastern Finance Association, vol. 59(1), pages 31-55, February.
    13. Thiess Buettner & Carolin Holzmann & Felix Kreidl & Hendrik Scholz, 2020. "Withholding-tax non-compliance: the case of cum-ex stock-market transactions," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 27(6), pages 1425-1452, December.
    14. Castillo, Augusto & Jakob, Keith, 2006. "The Chilean ex-dividend day," Global Finance Journal, Elsevier, vol. 17(1), pages 105-118, September.
    15. Murray Frank & Ravi Jagannathan, 1997. "Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes," Staff Report 229, Federal Reserve Bank of Minneapolis.
    16. Green, Richard C. & Rydqvist, Kristian, 1999. "Ex-day behavior with dividend preference and limitations to short-term arbitrage: the case of Swedish lottery bonds," Journal of Financial Economics, Elsevier, vol. 53(2), pages 145-187, August.
    17. John H. Boyd & Ravi Jagannathan, 1994. "Ex-dividend price behavior of common stocks," Working Papers 500, Federal Reserve Bank of Minneapolis.
    18. Aaro Hazak, 2006. "Dividend Decision under Distributed Profit Taxation: Investorís Perspective," Working Papers 145, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    19. Rantapuska, Elias, 2008. "Ex-dividend day trading: Who, how, and why?: Evidence from the Finnish market," Journal of Financial Economics, Elsevier, vol. 88(2), pages 355-374, May.
    20. Vassilis A. Efthymiou & George N. Leledakis, 2014. "The price impact of the disposition effect on the ex-dividend day of NYSE and AMEX common stocks," Quantitative Finance, Taylor & Francis Journals, vol. 14(4), pages 711-724, April.
    21. Cannavan, Damien & Gray, Stephen, 2017. "Dividend drop-off estimates of the value of dividend imputation tax credits," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 213-226.
    22. Amoako-Adu, Ben & Smith, Brian F., 2001. "Dual class firms: Capitalization, ownership structure and recapitalization back into single class," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1083-1111, June.
    23. Eugster, Nicolas & Ducret, Romain & Isakov, Dusan & Weisskopf, Jean-Philippe, 2020. "Chasing dividends during the COVID-19 pandemic," FSES Working Papers 520, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    24. Rydqvist, Kristian & Dai, Qinglei, 2007. "Investigation of the Costly-Arbitrage Model of Price Formation Around the Ex-Dividend Day," CEPR Discussion Papers 6074, C.E.P.R. Discussion Papers.
    25. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-002, Tilburg University, Tilburg Law and Economic Center.
    26. Milonas, Nikolaos T. & Travlos, Nickolaos G. & Xiao, Jason Zezhong & Tan, Cunkai, 2006. "The ex-dividend day stock price behavior in the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 155-174, April.
    27. Katsushi Suzuki, 2015. "Unique Dividends for Retail Shareholders: Evidence from Shareholder Perks," Discussion Papers 2015-20, Kobe University, Graduate School of Business Administration.
    28. Felix Kreidl, 2020. "Stock-Market Behavior on Ex-Dates: New Insights from German Stocks with Tax-Free Dividend," IJFS, MDPI, vol. 8(3), pages 1-21, September.
    29. Jakob, Keith J. & Ma, Tongshu, 2007. "Are ex[hyphen (true graphic)]day dividend clientele effects dead? Dividend yield versus dividend size," Journal of Empirical Finance, Elsevier, vol. 14(5), pages 718-735, December.
    30. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim, 2020. "What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange," Journal of Business Research, Elsevier, vol. 115(C), pages 365-377.
    31. Jiang Wang, 2002. "Trading Volume and Asset Prices," Annals of Economics and Finance, Society for AEF, vol. 3(2), pages 299-359, November.
    32. Khamis Al Yahyaee & Toan Pham & Terry Walter, 2008. "Ex‐Dividend Day Behavior in the Absence of Taxes and Price Discreteness," International Review of Finance, International Review of Finance Ltd., vol. 8(3‐4), pages 103-123, September.
    33. Wu, Chunchi & Hsu, Junming, 1996. "The Impact of the 1986 Tax Reform on Ex-Dividend Day Volume and Price Behavior," National Tax Journal, National Tax Association;National Tax Journal, vol. 49(2), pages 177-192, June.
    34. Chen, Hung-Ling & Chow, Edward H. & Shiu, Cheng-Yi, 2013. "Ex-dividend prices and investor trades: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 39-65.
    35. Moritz Wagner & Xiaopeng Wei, 2020. "Cum-Ex Trading – The Biggest Fraud in History?," Working Papers in Economics 20/19, University of Canterbury, Department of Economics and Finance.
    36. Hsing-Hua Hsiung & Juo-Lien Wang & Hong-Wei Huang, 2022. "The Different Dividend Signaling Effect under Tax Deduction around Ex-Right Day: Evidence from Taiwan Stock Exchange," JRFM, MDPI, vol. 15(11), pages 1-13, November.
    37. Liu, Wen-Rang & Chiang, Yao-Min & Chung, San-Lin, 2024. "Dividend-tax avoidance trade and its impact on the stock market," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    38. Efthymiou, Vassilis A. & Episcopos, Athanasios & Leledakis, George N. & Pyrgiotakis, Emmanouil G., 2021. "Intraday analysis of the limit order bias on the ex-dividend day of U.S. common stocks," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 405-421.
    39. Mark Iarovyi & sasson Bar Yosef & Itzhak Venezia, 2017. "Implied Maturity Mismatches and Investor Disagreement," Proceedings of Economics and Finance Conferences 4507072, International Institute of Social and Economic Sciences.
    40. Sarig, Oded & Tolkowsky, Efrat, 1997. "Dividend effects in Israel: a puzzle," Economics Letters, Elsevier, vol. 54(2), pages 169-174, February.
    41. Caprio, Lorenzo & Croci, Ettore, 2008. "The determinants of the voting premium in Italy: The evidence from 1974 to 2003," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2433-2443, November.
    42. Ming-Chang Cheng & Ching-Hwa Lee, 2016. "Trading Activities Around Ex-Dividend Days: Evidence from the Taiwan Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-17, March.
    43. Juan Gabriel Brida & W. Adrian Risso, 2009. "Dynamic and Structure of the Italian stock market based on returns and volume trading," Economics Bulletin, AccessEcon, vol. 29(3), pages 2417-2423.
    44. Liljeblom, Eva & Loflund, Anders & Hedvall, Kaj, 2001. "Foreign and domestic investors and tax induced ex-dividend day trading," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1687-1716, September.
    45. Ainsworth, Andrew & Lee, Adrian D., 2014. "Waiting costs and limit order book liquidity: Evidence from the ex-dividend deadline in Australia," Journal of Financial Markets, Elsevier, vol. 20(C), pages 101-128.
    46. Nguyen Ngoc Anh Le & Xiangkang Yin & Jing Zhao, 2020. "Effects of investor tax heterogeneity on stock prices and trading behaviour around the ex‐dividend day: the case of Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3775-3812, December.
    47. Dai, Qinglei & Rydqvist, Kristian, 2009. "Investigation of the costly-arbitrage model of price formation around the ex-dividend day in Norway," Journal of Empirical Finance, Elsevier, vol. 16(4), pages 582-596, September.
    48. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
    49. Asimakopoulos, Panagiotis N. & Tsangarakis, Nickolaos V. & Tsiritakis, Emmanuel D., 2015. "Price adjustment method and ex-dividend day returns in a different institutional setting," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 1-12.
    50. Holzmann, Carolin & Scholz, Hendrik & Kreidl, Felix & Büttner, Thiess, 2017. "Stock Market Behavior on Ex-Dividend Dates: The Case of Cum-Ex Transactions in Germany," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168242, Verein für Socialpolitik / German Economic Association.
    51. Florentsen, Bjarne & Rydqvist, Kristian, 2002. "Ex-Day Behavior When Investors and Professional Traders Assume Reverse Roles: The Case of Danish Lottery Bonds," Journal of Financial Intermediation, Elsevier, vol. 11(2), pages 152-175, April.
    52. Jeff Whitworth & Ramesh P. Rao, 2010. "Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005," Financial Management, Financial Management Association International, vol. 39(1), pages 419-445, March.
    53. Ainsworth, Andrew & Lee, Adrian D., 2023. "Sharing the dividend tax credit pie: The influence of individual investors on ex-dividend day returns," Journal of Financial Markets, Elsevier, vol. 62(C).
    54. Andrew Ainsworth & Kingsley YL Fong & David R Gallagher & Graham Partington, 2016. "Institutional trading around the ex-dividend day," Australian Journal of Management, Australian School of Business, vol. 41(2), pages 299-323, May.
    55. Apostolos Dasilas, 2009. "The ex-dividend day stock price anomaly: evidence from the Greek stock market," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 23(1), pages 59-91, March.
    56. Hue Hwa Au Yong & Christine Brown & Chloe Choy Yeing Ho, 2014. "Off-Market Buybacks in Australia: Evidence of Abnormal Trading around Key Dates," International Review of Finance, International Review of Finance Ltd., vol. 14(4), pages 551-585, December.
    57. Oliver Zhen Li, 2010. "Tax‐Induced Dividend Capturing," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 866-904, July.
    58. Murphy, A. & Schlag, C., 1999. "An empirical examination of the effect of dividend taxation on asset pricing and returns in Germany," Global Finance Journal, Elsevier, vol. 10(1), pages 35-52.
    59. Huang, Wei & Rhee, S. Ghon & Suzuki, Katsushi & Yasutake, Taeko, 2022. "Do investors value shareholder perks? Evidence from Japan," Journal of Banking & Finance, Elsevier, vol. 143(C).
    60. Maria Rosa Borges, 2007. "An Arbitrage Model for the Stock Price Adjustment in the Dividend Period," Working Papers Department of Economics 2007/09, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    61. Kai-Wei (Shaun) Siau & Stephen J. Sault & Geoffrey J. Warren & Henk Berkman, 2015. "Are imputation credits capitalised into stock prices?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 55(1), pages 241-277, March.
    62. Maria Borges, 2008. "The Ex-Dividend Day Stock Price Behavior: The Case of Portugal," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 36(1), pages 15-30, March.
    63. Tseng, Yun-lan & Hu, Shing-yang, 2013. "Tax reform and the identity of marginal traders around ex-dividend days," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 181-199.

  55. Roni Michaely & Wayne H. Shaw, 1995. "Does the Choice of Auditor Convey Quality in an Initial Public Offering?," Financial Management, Financial Management Association, vol. 24(4), Winter.

    Cited by:

    1. Kanagaretnam, Kiridaran & Krishnan, Gopal V. & Lobo, Gerald J., 2009. "Is the market valuation of banks' loan loss provision conditional on auditor reputation?," Journal of Banking & Finance, Elsevier, vol. 33(6), pages 1039-1047, June.
    2. Ricardo Leal & André Carvalhal-da-Silva, 2005. "Corporate Governance and Value in Brazil (and in Chile)," Research Department Publications 3208, Inter-American Development Bank, Research Department.
    3. Yin‐Hua Yeh & Pei‐Gi Shu & Re‐Jin Guo, 2008. "Ownership Structure and IPO Valuation—Evidence from Taiwan," Financial Management, Financial Management Association International, vol. 37(1), pages 141-161, March.
    4. Steve Fortin & Ahmad Hammami & Michel Magnan, 2021. "Re‐exploring Fair Value Accounting and Value Relevance: An Examination of Underlying Securities," Abacus, Accounting Foundation, University of Sydney, vol. 57(2), pages 220-250, June.
    5. Xin Chang & André F. Gygax & Elaine Oon & Hong Feng Zhang, 2008. "Audit quality, auditor compensation and initial public offering underpricing," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(3), pages 391-416, September.
    6. Elizabeth Demers & Philip Joos, 2007. "IPO Failure Risk," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 333-371, May.
    7. Agoraki, Maria-Eleni & Gounopoulos, Dimitrios & Kouretas, Georgios P., 2021. "Market expectations and the impact of credit rating on the IPOs of U.S. banks," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 587-610.
    8. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    9. Andrew J. Leone & Steve Rock & Michael Willenborg, 2007. "Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 111-153, March.
    10. Feng, Xunan & Johansson, Anders C., 2015. "Can mutual funds pick stocks in China? Evidence from the IPO market," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 170-186.
    11. Anis Mnif, 2009. "Board Of Directors And The Pricing Of Initial Public Offerings (Ipos): Does The Existence Of A Properly Structured Board Matter? Evidence From France," Post-Print halshs-00459257, HAL.
    12. Ricardo Leal & André Carvalhal-da-Silva, 2005. "Conducción y valor empresarial en Brasil (y Chile)," Research Department Publications 3209, Inter-American Development Bank, Research Department.
    13. Leif Atle Beisland & Roy Mersland & R. Oystein Strøm, 2013. "Audit Quality and Corporate Governance: Evidence from the Microfinance Industry," Working Papers CEB 13-035, ULB -- Universite Libre de Bruxelles.
    14. Roger D. Stover & Mark F. Schmitz, 1997. "Private Information in Bank Certification:Evidence from U.S. and Non-U.S. Bank Standby Letters of Credit," Multinational Finance Journal, Multinational Finance Journal, vol. 1(4), pages 309-324, December.
    15. Shu, Pei-Gi & Chiang, Sue-Jane, 2014. "Firm size, timing, and earnings management of seasoned equity offerings," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 177-194.
    16. Jeon, Jin Q. & Lee, Cheolwoo & Nasser, Tareque & Via, M. Tony, 2015. "Multiple lead underwriter IPOs and firm visibility," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 128-149.
    17. William Dimovski & Robert Brooks, 2006. "The Pricing of Property Trust IPOs in Australia," The Journal of Real Estate Finance and Economics, Springer, vol. 32(2), pages 185-199, March.
    18. Sonia Falconieri & Albert Murphy & Daniel Weaver, 2009. "Underpricing and Ex Post Value Uncertainty," Financial Management, Financial Management Association International, vol. 38(2), pages 285-300, June.
    19. Agoraki, Maria-Eleni K. & Gounopoulos, Dimitrios & Kouretas, Georgios P., 2022. "U.S. banks’ IPOs and political money contributions," Journal of Financial Stability, Elsevier, vol. 63(C).
    20. Catherine M. Daily & S. Trevis Certo & Dan R. Dalton & Rungpen Roengpitya, 2003. "IPO Underpricing: A Meta–Analysis and Research Synthesis," Entrepreneurship Theory and Practice, , vol. 27(3), pages 271-295, July.
    21. Benson, David F. & Brau, James C. & Cicon, James & Ferris, Stephen P., 2015. "Strategically camouflaged corporate governance in IPOs: Entrepreneurial masking and impression management," Journal of Business Venturing, Elsevier, vol. 30(6), pages 839-864.
    22. Jean Bédard & Daniel Coulombe & Lucie Courteau, 2008. "Audit Committee, Underpricing of IPOs, and Accuracy of Management Earnings Forecasts," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 519-535, November.
    23. Ali Albada & Othman Yong & Mohd. Ezani Mat Hassan & Ruzita Abdul-Rahim, 2018. "Retention ratio, lock-up period and prestige signals and their relationship with initial public offering (IPO) initial return: Malaysian evidence," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 14(2), pages 1-23.
    24. William Dimovski & Simmala Philavanh & Robert Brooks, 2011. "Underwriter reputation and underpricing: evidence from the Australian IPO market," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 409-426, November.
    25. Daily, Catherine M. & Certo, S. Trevis & Dalton, Dan R., 2005. "Investment bankers and IPO pricing: does prospectus information matter?," Journal of Business Venturing, Elsevier, vol. 20(1), pages 93-111, January.
    26. Pei-Gi Shu & Yin-Hua Yeh & Shean-Bii Chiu & Fu-Sheng Ho, 2011. "The reputation effect of venture capital," Review of Quantitative Finance and Accounting, Springer, vol. 36(4), pages 533-554, May.
    27. Natalia Matanova & Tanja Steigner & Bingsheng Yi & Qiancheng Zheng, 2019. "Going concern opinions and IPO pricing accuracy," Review of Quantitative Finance and Accounting, Springer, vol. 53(1), pages 195-238, July.
    28. Smart, Scott B. & Zutter, Chad J., 2003. "Control as a motivation for underpricing: a comparison of dual and single-class IPOs," Journal of Financial Economics, Elsevier, vol. 69(1), pages 85-110, July.
    29. Liu, Chunyan & Uchida, Konari & Yang, Yufeng, 2012. "Corporate governance and firm value during the global financial crisis: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 21(C), pages 70-80.
    30. Southam, Colette & Jiang, Guoliang (Frank) & Todd, James & Tonkin, Isaac, 2024. "Impact of post-IPO investments on the long-term financial market performance of Japanese IPOs: A preregistered report," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    31. Guenther, David A. & Willenborg, Michael, 1999. "Capital gains tax rates and the cost of capital for small business: evidence from the IPO market," Journal of Financial Economics, Elsevier, vol. 53(3), pages 385-408, September.
    32. Sheela Devi Sundarasen & Afzal Khan & Nakiran Rajangam, 2018. "Signalling Roles of Prestigious Auditors and Underwriters in an Emerging IPO Market," Global Business Review, International Management Institute, vol. 19(1), pages 69-84, February.
    33. André Luiz Carvalhal da Silva & Ricardo Pereira Câmara Leal, 2005. "Corporate Governance Index, Firm Valuation and Performance in Brazil," Brazilian Review of Finance, Brazilian Society of Finance, vol. 3(1), pages 1-18.
    34. Harjeet S. Bhabra & Richard H. Pettway, 2003. "IPO Prospectus Information and Subsequent Performance," The Financial Review, Eastern Finance Association, vol. 38(3), pages 369-397, August.
    35. Garg, Roshni & Shukla, Abha, 2024. "Sovereign wealth funds as anchor investors in IPOs: Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    36. Datta, Sudip & Gruskin, Mark & Iskandar-Datta, Mai, 2024. "Auditor certification and long-run performance of IPO stocks," Journal of Financial Stability, Elsevier, vol. 70(C).
    37. Pennathur, Anita & Smith, Deborah & Subrahmanyam, Vijaya, 2014. "The stock market impact of government interventions on financial services industry groups: Evidence from the 2007–2009 crisis," Journal of Economics and Business, Elsevier, vol. 71(C), pages 22-44.
    38. William Dimovski & Robert Brooks, 2003. "Financial characteristics of Australian initial public offerings from 1994 to 1999," Applied Economics, Taylor & Francis Journals, vol. 35(14), pages 1599-1607.
    39. Julia Sawicki, 2009. "Corporate governance and dividend policy in Southeast Asia pre- and post-crisis," The European Journal of Finance, Taylor & Francis Journals, vol. 15(2), pages 211-230.
    40. Nilabhra Bhattacharya & Elizabeth Demers & Philip Joos, 2010. "The Relevance of Accounting Information in a Stock Market Bubble: Evidence from Internet IPOs," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(3‐4), pages 291-321, April.
    41. Paul A. Copley & Edward B. Douthett, 2002. "The Association between Auditor Choice, Ownership Retained, and Earnings Disclosure by Firms Making Initial Public Offerings," Contemporary Accounting Research, John Wiley & Sons, vol. 19(1), pages 49-76, March.
    42. Ricardo Pereira Câmara Leal & André L. Carvalhal & Ana Paula Iervolino, 2015. "One Decade of Evolution of Corporate Governance Practices in Brazil," Brazilian Review of Finance, Brazilian Society of Finance, vol. 13(1), pages 134-161.
    43. Puan Yatim, 2010. "Board structures and the establishment of a risk management committee by Malaysian listed firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 14(1), pages 17-36, February.
    44. Beng Soon Chong & Kim Wai Ho, 2007. "Lockup and Voluntary Earnings Forecast Disclosure in IPOs," Financial Management, Financial Management Association International, vol. 36(3), pages 63-80, September.
    45. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany.
    46. Goergen, Marc & Gounopoulos, Dimitrios & Koutroumpis, Panagiotis, 2021. "Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs," Journal of Corporate Finance, Elsevier, vol. 67(C).
    47. Neil Hartnett, 2010. "The value relevance of earnings forecast disclosures: an investigation of forecast attributes and signalling in the Australian IPO context," Applied Financial Economics, Taylor & Francis Journals, vol. 20(23), pages 1819-1828.
    48. Samdani, Taufique, 2019. "Anchor-backed IPOs, reported earnings, and heterogeneous investors' beliefs," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 72-87.
    49. Chen, Yibiao & Wang, Steven Shuye & Li, Wei & Sun, Qian & Tong, Wilson H.S., 2015. "Institutional environment, firm ownership, and IPO first-day returns: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 150-168.
    50. Minardi, Andrea Maria Accioly Fonseca & Ferrari, Guilherme Lopes & AraújoTavares, Pedro Carvalho, 2013. "Performances of Brazilian IPOs backed by private equity," Journal of Business Research, Elsevier, vol. 66(3), pages 448-455.
    51. David Hirshleifer & Siew Hong Teoh, 2003. "Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis," European Financial Management, European Financial Management Association, vol. 9(1), pages 25-66, March.
    52. Peng, Xuan & Jia, Yibo & Chan, Kam C. & Wang, Xiongyuan, 2021. "Let us work together: The impact of customer strategic alliances on IPO underpricing and post-IPO performance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    53. Dimovski, William & Brooks, Robert, 2004. "Do you really want to ask an underwriter how much money you should leave on the table?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(3), pages 267-280, July.
    54. Florin DOBRE & Adriana Florina POPA & Ada Lorena NICULIÞÃ, 2013. "What Exactly Financial Auditors Report Give the Divergence Between Ethics, Social Responsibility and Financial Performance. Is the Audit Profession Still Sustainable?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(1), pages 63-70, March.
    55. Dimovski, William & Brooks, Robert, 2008. "The underpricing of gold mining initial public offerings," Research in International Business and Finance, Elsevier, vol. 22(1), pages 1-16, January.
    56. Rui Ding, 2016. "Disclosure of Downside Risk and Investors' Use of Qualitative Information: Evidence from the IPO Prospectus's Risk Factor Section," International Review of Finance, International Review of Finance Ltd., vol. 16(1), pages 73-126, March.
    57. Nahata, Rajarishi, 2008. "Venture capital reputation and investment performance," Journal of Financial Economics, Elsevier, vol. 90(2), pages 127-151, November.
    58. Garner, Jacqueline L. & Marshall, Beverly B., 2010. "The non-7% solution," Journal of Banking & Finance, Elsevier, vol. 34(7), pages 1664-1674, July.
    59. Abdullah Mohammed Alzharani & Abdullah Mohammed Alzharani, 2015. "An Empirical Investigation Of Audit Committee Effectiveness And Risk Management: Evidence From Saudi Arabia," Accounting & Taxation, The Institute for Business and Finance Research, vol. 7(1), pages 39-49.
    60. Elena Dobre & Georgiana Oana Stanila & Laura Brad, 2015. "The Influence of Environmental and Social Performance on Financial Performance: Evidence from Romania’s Listed Entities," Sustainability, MDPI, vol. 7(3), pages 1-41, March.
    61. Mitton, Todd, 2002. "A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 64(2), pages 215-241, May.
    62. Jerry W. Chen & Eunice S. Khoo & Zihang Peng, 2023. "Climate change disclosure and the information environment in the initial public offering market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 907-952, April.
    63. Till Drebinger & Shailendra Kumar Rai & Heiko Hinrichs, 2019. "Performance of IPOs of Indian Companies Backed by Private Equity," Vision, , vol. 23(4), pages 397-409, December.

  56. Michaely, Roni & Thaler, Richard H & Womack, Kent L, 1995. "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?," Journal of Finance, American Finance Association, vol. 50(2), pages 573-608, June.
    See citations under working paper version above.
  57. Michaely, Roni & Shaw, Wayne H, 1994. "The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories," The Review of Financial Studies, Society for Financial Studies, vol. 7(2), pages 279-319.

    Cited by:

    1. Michelle Lowry & Micah S. Officer & G. William Schwert, 2010. "The Variability of IPO Initial Returns," Journal of Finance, American Finance Association, vol. 65(2), pages 425-465, April.
    2. Patrick M. Corrigan, 2022. "Does an initial public offering (IPO) issuer's Securities and Exchange Commission registration fee calculation method predict pricing revisions and IPO underpricing?," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 19(4), pages 1114-1147, December.
    3. Cao Melanie & Shouyong Shi, 2002. "Signalling in the Internet Craze of Initial Public Offerings," Working Papers shouyong-02-03, University of Toronto, Department of Economics.
    4. Su, Chen & Bangassa, Kenbata, 2011. "The impact of underwriter reputation on initial returns and long-run performance of Chinese IPOs," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(5), pages 760-791.
    5. Chan, Kam C. & Li, Guangzi, 2022. "Prior banking relationships and long-term IPO performance," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 123-134.
    6. Dewenter, Kathryn L. & Field, Laura Casares, 2001. "Investment bank reputation and relaxed listing requirements: Evidence from infrastructure firm IPOs in Hong Kong," Pacific-Basin Finance Journal, Elsevier, vol. 9(2), pages 101-117, April.
    7. Hahl, Teemu & Vähämaa, Sami & Äijö, Janne, 2014. "Value versus growth in IPOs: New evidence from Finland," Research in International Business and Finance, Elsevier, vol. 31(C), pages 17-31.
    8. Agathee, Ushad Subadar & Sannassee, Raja Vinesh & Brooks, Chris, 2012. "The underpricing of IPOs on the Stock Exchange of Mauritius," Research in International Business and Finance, Elsevier, vol. 26(2), pages 281-303.
    9. Hoque, Hafiz & Mu, Shaolong, 2021. "Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market," Journal of International Money and Finance, Elsevier, vol. 115(C).
    10. Guangming Gong & Liang Xiao & Si Xu & Xun Gong, 2019. "Do Bond Investors Care About Engagement Auditors’ Negative Experiences? Evidence from China," Journal of Business Ethics, Springer, vol. 158(3), pages 779-806, September.
    11. Salim Chahine & Jean-Pierre Mathieu, 2003. "Valorisation stratégique par contextes de valeur : le cas des introductions sur le nouveau marché," Post-Print hal-00765190, HAL.
    12. Cornelli, Francesca & Goldreich, David, 1999. "Bookbuilding and Strategic Allocation," CEPR Discussion Papers 2160, C.E.P.R. Discussion Papers.
    13. Kao, Lanfeng & Chen, Anlin, 2020. "How a pre-IPO audit committee improves IPO pricing efficiency in an economy with little value uncertainty and information asymmetry," Journal of Banking & Finance, Elsevier, vol. 110(C).
    14. Kanis Saengchote & Jananya Sthienchoak, 2020. "Mutual Fund Participation in IPOs: Thai Evidence," PIER Discussion Papers 131, Puey Ungphakorn Institute for Economic Research.
    15. Shaorong Zhang, 2005. "Underpricing, Share Overhang, and Insider Selling in Follow‐on Offerings," The Financial Review, Eastern Finance Association, vol. 40(3), pages 409-428, August.
    16. Kilincarslan, Erhan & Ozdemir, Ozgur, 2018. "Institutional investment horizon and dividend policy: An empirical study of UK firms," Finance Research Letters, Elsevier, vol. 24(C), pages 291-300.
    17. Daniels, Kenneth N. & Vijayakumar, Jayaraman, 2007. "Does underwriter reputation matter in the municipal bond market?," Journal of Economics and Business, Elsevier, vol. 59(6), pages 500-519.
    18. Chen, Yangyang & Duong, Huu Nhan & Goyal, Abhinav & Veeraraghavan, Madhu, 2023. "Social capital and the pricing of initial public offerings," Journal of Empirical Finance, Elsevier, vol. 74(C).
    19. Silvia Rossetto, 2008. "The price of rapid exit in venture capital-backed IPOs," Annals of Finance, Springer, vol. 4(1), pages 29-53, January.
    20. Pegah Dehghani & Ros Zam Zam Sapian, 2014. "Sectoral herding behavior in the aftermarket of Malaysian IPOs," Venture Capital, Taylor & Francis Journals, vol. 16(3), pages 227-246, July.
    21. Goergen, M. & Renneboog, L.D.R. & Khurshed, A., 2004. "Shareholder Lockup Agreements in the European New Markets," Other publications TiSEM 979913ff-6b49-4b14-b86a-e, Tilburg University, School of Economics and Management.
    22. Vincent Bignon & Marc Flandreau, 2010. "The Economics of Badmouthing: Libel Law and the Underworld of the Financial Press in France before World War I," Working Papers hal-04140910, HAL.
    23. Nagpurnanand Prabhala & Manju Puri, 1998. "How Does Underwriter Price Support Affect IPOs? Empirical Evidence," Yale School of Management Working Papers ysm91, Yale School of Management, revised 01 Jul 2000.
    24. Paula Hill, 2007. "Declared investment plans and IPO firm value," Applied Financial Economics, Taylor & Francis Journals, vol. 18(1), pages 23-39.
    25. Yun (Ellen) Zhu, 2009. "The Relation between IPO Underpricing and Litigation Risk Revisited: Changes between 1990 and 2002," Financial Management, Financial Management Association International, vol. 38(2), pages 323-355, June.
    26. Reena Aggarwal & Nagpurnanand R. Prabhala & Manju Puri, 2002. "Institutional Allocation in Initial Public Offerings: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(3), pages 1421-1442, June.
    27. Ranajit Kumar Bairagi & William Dimovski, 2010. "The underpricing of US REIT IPOs: 1996--2010," Journal of Property Research, Taylor & Francis Journals, vol. 28(3), pages 233-248, December.
    28. Zhang Hanbing & Jeffrey E. Jarrett & Xia Pan, 2021. "The Post-IPO Performance in the PRC," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(11), pages 109-109, July.
    29. Beckman, Judy & Garner, Jacqueline & Marshall, Beverly & Okamura, Hideo, 2001. "The influence of underwriter reputation, keiretsu affiliation, and financial health on the underpricing of Japanese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 9(5), pages 513-534, November.
    30. Kristian D. Allee & Theodore E. Christensen & Bryan S. Graden & Kenneth J. Merkley, 2021. "The Genesis of Voluntary Disclosure: An Analysis of Firms’ First Earnings Guidance," Management Science, INFORMS, vol. 67(3), pages 1914-1938, March.
    31. He, Jingbin & Ma, Xinru & Liao, Jingchi, 2021. "Preference for bid time in hybrid auctioned IPOs: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    32. Banerjee, Suman & Dai, Lili & Shrestha, Keshab, 2011. "Cross-country IPOs: What explains differences in underpricing?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1289-1305.
    33. Yu, Ting & Tse, Y.K., 2006. "An empirical examination of IPO underpricing in the Chinese A-share market," China Economic Review, Elsevier, vol. 17(4), pages 363-382.
    34. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
    35. Bill Dimovski, 2010. "The Pricing Of Infrastructure Initial Public Offerings: Evidence From Australia," ERES eres2010_028, European Real Estate Society (ERES).
    36. Cristiana Cardi & Camilla Mazzoli & Sabrina Severini, 2019. "People have the power: post IPO effects of intellectual capital disclosure," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(2), pages 228-255, April.
    37. Boulton, Thomas J., 2023. "Property rights and access to equity capital in China," Global Finance Journal, Elsevier, vol. 55(C).
    38. Ozdemir, Ozgur & Upneja, Arun, 2016. "The role of internationalization on the IPO performance of service firms: Examination of initial returns, long-run returns, and survivability," International Business Review, Elsevier, vol. 25(5), pages 997-1009.
    39. Henna Malik & Malik Muhammad Shehr Yar & Attiya Yasmin Javid, 2017. "New Issues Puzzle: Experience from Karachi Stock Exchange," Working Papers id:12182, eSocialSciences.
    40. Thomas J. Chemmanur & Imants Paeglis & Karen Simonyan, 2011. "Management Quality and Antitakeover Provisions," Journal of Law and Economics, University of Chicago Press, vol. 54(3), pages 651-692.
    41. Dimitris Papanikolaou & Brett Green & William Fuchs, 2014. "Adverse Selection, Slow Moving Capital and Misallocation," 2014 Meeting Papers 124, Society for Economic Dynamics.
    42. Adriani, Fabrizio & Deidda, Luca & Sonderegger, Silvia, 2009. "The Role of Financial Intermediaries in Securities Issues: A Theoretical Analysis," MPRA Paper 16112, University Library of Munich, Germany.
    43. Sascha Füllbrunn & Tibor Neugebauer & Andreas Nicklisch, 2020. "Underpricing of initial public offerings in experimental asset markets," Experimental Economics, Springer;Economic Science Association, vol. 23(4), pages 1002-1029, December.
    44. Carow, Kenneth A. & Kane, Edward J., 2002. "Event-study evidence of the value of relaxing long-standing regulatory restraints on banks, 1970-2000," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(3), pages 439-463.
    45. Leite, Tore, 2004. "Excess initial returns in IPOs," Journal of Financial Intermediation, Elsevier, vol. 13(3), pages 359-377, July.
    46. Aggarwal, Reena & Klapper, Leora, 2003. "Ownership structure and initial public offerings," Policy Research Working Paper Series 3103, The World Bank.
    47. Haini Deng & Gregor Dorfleitner, 2007. "Underpricing in Chinese IPOs-some recent evidence," Applied Financial Economics, Taylor & Francis Journals, vol. 18(1), pages 9-22.
    48. Marc Flandreau & Norbert Gaillard & Ugo Panizza, 2009. "Conflicts of Interest, Reputation and the Interwar Debt Crisis: Banksters or Bad Luck?," IHEID Working Papers 02-2010, Economics Section, The Graduate Institute of International Studies, revised Feb 2010.
    49. Jelic, Ranko & Saadouni, Brahim & Briston, Richard, 2001. "Performance of Malaysian IPOs: Underwriters reputation and management earnings forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 9(5), pages 457-486, November.
    50. Francis, Bill B. & Hasan, Iftekhar & Lothian, James R. & Sun, Xian, 2010. "The Signaling Hypothesis Revisited: Evidence from Foreign IPOs," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(1), pages 81-106, February.
    51. Kumar G Arun & Pandey, Ajay, 2001. "Relative Effectiveness of Signals in IPOs in Indian Capital Markets," IIMA Working Papers WP2001-09-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    52. Juewei Wang & Jenny Jing Wang & Steve Tulig & Weidong Zhang & Zeyu Li, 2022. "A study on the effect of joint supervision between auditors and sponsors: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2757-2780, June.
    53. Engelen, Peter-Jan & van Essen, Marc, 2010. "Underpricing of IPOs: Firm-, issue- and country-specific characteristics," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1958-1969, August.
    54. Chen, Yangyang & Goyal, Abhinav & Veeraraghavan, Madhu & Zolotoy, Leon, 2020. "Terrorist attacks, investor sentiment, and the pricing of initial public offerings," Journal of Corporate Finance, Elsevier, vol. 65(C).
    55. Gautam Das & Malayendu Saha & Abhijit Kundu, 2016. "Analyzing Long-run Performance of Select Initial Public Offerings Using Monthly Returns: Evidence from India," Vision, , vol. 20(3), pages 237-248, September.
    56. Kashefi Pour, Eilnaz & Lasfer, Meziane, 2013. "Why do companies delist voluntarily from the stock market?," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4850-4860.
    57. Arnab Bhattacharya & Binay Bhushan Chakrabarti & Chinmoy Ghosh & Milena Petrova, 2020. "Innovations in financing: The impact of anchor investors in Indian IPOs," European Financial Management, European Financial Management Association, vol. 26(4), pages 1059-1106, September.
    58. Sibylle Lehmann, 2010. "Explaining the performance of Initial Public Offerings in Imperial Germany, 1897-1914: the role of reputation," Working Papers 10005, Economic History Society.
    59. Eom, Chanyoung, 2018. "Institutional bidding behaviors during IPO bookbuilding: Evidence from Korea," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 413-427.
    60. Hsu, Yenshan & Shiu, Cheng-Yi, 2010. "The overconfidence of investors in the primary market," Pacific-Basin Finance Journal, Elsevier, vol. 18(2), pages 217-239, April.
    61. William Dimovski & Robert Brooks, 2006. "The Pricing of Property Trust IPOs in Australia," The Journal of Real Estate Finance and Economics, Springer, vol. 32(2), pages 185-199, March.
    62. Kromidha, Endrit & Li, Matthew C., 2019. "Determinants of leadership in online social trading: A signaling theory perspective," Journal of Business Research, Elsevier, vol. 97(C), pages 184-197.
    63. Bamidele M. Ilo, 2015. "The Projected Utilization of Initial Public Offer (IPO) Proceeds in Nigeria," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 11(4), pages 72-85, August.
    64. Zhang, Zikai & Neupane, Suman, 2024. "Global IPO underpricing during the Covid-19 pandemic: The impact of firm fundamentals, financial intermediaries, and global factors," International Review of Financial Analysis, Elsevier, vol. 91(C).
    65. L. Cassia & G. Giudici & S. Paleari & R. Redondi, 2004. "IPO underpricing in Italy," Applied Financial Economics, Taylor & Francis Journals, vol. 14(3), pages 179-194.
    66. Cai, Jun & Loughran, Tim, 1998. "The performance of Japanese seasoned equity offerings, 1971-1992," Pacific-Basin Finance Journal, Elsevier, vol. 6(5), pages 395-425, November.
    67. Ranajit Kumar Bairagi & William Dimovski, 2012. "The direct costs of raising external equity capital for US REIT IPOs," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 30(6), pages 538-562, September.
    68. Beverly Marshall, 2004. "The effect of firm financial characteristics and the availability of alternative finance on IPO underpricing," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 88-103, March.
    69. Francis, Bill B. & Hasan, Iftekhar & Sun, Xian, 2009. "Political connections and the process of going public: evidence from China," Bank of Finland Research Discussion Papers 7/2009, Bank of Finland.
    70. van Bommel, Jos & Vermaelen, Theo, 2003. "Post-IPO capital expenditures and market feedback," Journal of Banking & Finance, Elsevier, vol. 27(2), pages 275-305, February.
    71. Deng, Qi & Zhou, Zhong-guo, 2016. "Overreaction in ChiNext IPOs' initial returns: How much and what caused it?," Emerging Markets Review, Elsevier, vol. 29(C), pages 82-103.
    72. Drivas, Kyriakos & Gounopoulos, Dimitrios & Konstantios, Dimitrios & Tsiritakis, Emmanuel, 2018. "Trademarks, Firm Longevity and IPO Underpricing," MPRA Paper 89430, University Library of Munich, Germany.
    73. Catherine M. Daily & S. Trevis Certo & Dan R. Dalton & Rungpen Roengpitya, 2003. "IPO Underpricing: A Meta–Analysis and Research Synthesis," Entrepreneurship Theory and Practice, , vol. 27(3), pages 271-295, July.
    74. Bayley, Luke & Lee, Philip J. & Walter, Terry S., 2006. "IPO flipping in Australia: cross-sectional explanations," Pacific-Basin Finance Journal, Elsevier, vol. 14(4), pages 327-348, September.
    75. Pukthuanthong, Kuntara, 2006. "Underwriter learning about unfamiliar firms: Evidence from the history of biotech IPOS," Journal of Financial Markets, Elsevier, vol. 9(4), pages 366-407, November.
    76. Bill Dimovski & Christopher Ratcliffe & Monica Keneley, 2017. "Another piece of the puzzle: REIT IPO underpricing after the financial crisis," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 35(3), pages 264-276, April.
    77. Li, Xingli & Pukthuanthong, Kuntara & Glenn Walker, Marcus & Walker, Thomas John, 2016. "The determinants of IPO-related shareholder litigation: The role of CEO equity incentives and corporate governance," Journal of Financial Markets, Elsevier, vol. 31(C), pages 81-126.
    78. Christian Nielsen & Gunnar Rimmel & Tadanori Yosano, 2015. "Outperforming markets: IC and the long-term performance of Japanese IPOs," Accounting Forum, Taylor & Francis Journals, vol. 39(2), pages 83-96, June.
    79. Welch, Ivo, 1996. "Equity offerings following the IPO theory and evidence," Journal of Corporate Finance, Elsevier, vol. 2(3), pages 227-259, February.
    80. Kathleen Weiss Hanley & Charles Lee & Paul Seguin, 1995. "The Marketing of Closed-End Fund IPOs," Center for Financial Institutions Working Papers 94-21, Wharton School Center for Financial Institutions, University of Pennsylvania.
    81. Dereeper, Sebastien & Mashwani, Asad Iqbal, 2018. "Equity carve-outs, divergence of beliefs and analysts’ following," Research in International Business and Finance, Elsevier, vol. 43(C), pages 58-67.
    82. Aharon Cohen Mohliver & Gitit Gur-Gershgorn & Shinjinee Chattopadhyay, 2013. "IPO pricing and ownership structure: the business-group effect," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 16, pages 327-344, Edward Elgar Publishing.
    83. Re‐Jin Guo & Baruch Lev & Charles Shi, 2006. "Explaining the Short‐ and Long‐Term IPO Anomalies in the US by R&D," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(3‐4), pages 550-579, April.
    84. Tanya Gulati & S. K. Bose & Supriyo Roy, 2017. "Short selling restrictions in 2005–2009 in Indian market and underpricing of initial public offerings," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(1), pages 116-135, January.
    85. Rohit Bansal & Ashu Khanna, 2013. "Vector Auto-regressive Analysis of Determinants of IPO Underpricing: Empirical Evidence from Bombay Stock Exchange," Global Business Review, International Management Institute, vol. 14(4), pages 651-689, December.
    86. Hyun Duk Lee & Frederick Dongchuhl Oh & Junghum Park, 2022. "The impact of mandatory K‐IFRS adoption on IPO underpricing," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 1101-1119, January.
    87. Attiya Yasmin Javid & Henna Malik, 2016. "Performance and capital structure of IPOs in Pakistan from 2000 to 2015," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-19, December.
    88. Yong, Othman, 2007. "A review of IPO research in Asia: What's next?," Pacific-Basin Finance Journal, Elsevier, vol. 15(3), pages 253-275, June.
    89. Kulabutr Komenkul & Mohamed Sherif & Bing Xu, 2017. "IPOs’ signalling effects for speculative stock detection: evidence from the Stock Exchange of Thailand," Applied Economics, Taylor & Francis Journals, vol. 49(31), pages 3067-3085, July.
    90. João Batista Amorim Toniato, 2007. "“Hot Issue” IPO Markets and its Consequences for Issuing Firms and Investors: The UK Market of 2000," Brazilian Business Review, Fucape Business School, vol. 4(1), pages 1-26, January.
    91. Ali Albada & Othman Yong & Mohd. Ezani Mat Hassan & Ruzita Abdul-Rahim, 2018. "Retention ratio, lock-up period and prestige signals and their relationship with initial public offering (IPO) initial return: Malaysian evidence," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 14(2), pages 1-23.
    92. Feng, Xunan & Johansson, Anders C., 2016. "Judging a Book by Its Cover: Analysts and Attention-Driven Price Patterns in China’s IPO Market," Stockholm School of Economics Asia Working Paper Series 2016-39, Stockholm School of Economics, Stockholm China Economic Research Institute.
    93. Sheena Chhabra & Ravi Kiran, 2022. "Impact of information on winners' curse and long run performance of initial public offerings," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 975-992, January.
    94. Ling, David C. & Ryngaert, Michael, 1997. "Valuation uncertainty, institutional involvement, and the underpricing of IPOs: The case of REITs," Journal of Financial Economics, Elsevier, vol. 43(3), pages 433-456, March.
    95. Farhadi, Reza & Nanda, Vikram, 2021. "What do employees know? Quality perception and ‘over-satisfaction’ in firms going public," Journal of Corporate Finance, Elsevier, vol. 66(C).
    96. William Dimovski & Simmala Philavanh & Robert Brooks, 2011. "Underwriter reputation and underpricing: evidence from the Australian IPO market," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 409-426, November.
    97. Bhattacharya, Arnab, 2017. "Innovations in new venture financing: Evidence from Indian SME IPOs," Global Finance Journal, Elsevier, vol. 34(C), pages 72-88.
    98. Carey, Peter & Fang, Victor & Zhang, Hong Feng, 2016. "The role of optimistic news stories in IPO pricing," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 41(C), pages 16-29.
    99. Anup Agrawal & Tommy Cooper, 2010. "Accounting Scandals in IPO Firms: Do Underwriters and VCs Help?," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 19(4), pages 1117-1181, December.
    100. Salim Chahine & Jean-Pierre Mathieu, 2003. "Valorisation stratégique par contextes de valeur:le cas des introductions sur le Nouveau marché," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 91-114, June.
    101. Banerjee, Shantanu & Güçbilmez, Ufuk & Pawlina, Grzegorz, 2016. "Leaders and followers in hot IPO markets," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 309-334.
    102. Deqiu Chen & Yujing Ma & Xiumin Martin & Roni Michaely, 2020. "On the Fast Track: Information Acquisition Costs and Information Production," Swiss Finance Institute Research Paper Series 20-14, Swiss Finance Institute.
    103. S. Trevis Certo & Catherine M. Daily & Dan R. Dalton, 2001. "Signaling Firm Value through Board Structure: An Investigation of Initial Public Offerings," Entrepreneurship Theory and Practice, , vol. 26(2), pages 33-50, December.
    104. Dorsman, André & Gounopoulos, Dimitrios, 2013. "European Sovereign Debt Crisis and the performance of Dutch IPOs," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 308-319.
    105. Su, Dongwei, 2004. "Leverage, insider ownership, and the underpricing of IPOs in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(1), pages 37-54, February.
    106. Nesrine Bouzouita & Jean-François Gajewski & Carole Gresse, 2015. "Liquidity Benefits from IPO Underpricing : Ownership Dispersion or Information Effect," Post-Print hal-01632510, HAL.
    107. Lehmann, Sibylle H., 2012. "Taking firms to the stock market: IPOs and the importance of large banks in Imperial Germany 1896 - 1913," FZID Discussion Papers 58-2012, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    108. Colak, Gonul & Gounopoulos, Dimitrios & Loukopoulos, Panagiotis & Loukopoulos, Georgios, 2021. "Political power, local policy uncertainty and IPO pricing," Journal of Corporate Finance, Elsevier, vol. 67(C).
    109. Tiziana La Rocca, 2021. "Do prestigious underwriters shape IPO pricing? A meta-analytic review," Review of Managerial Science, Springer, vol. 15(3), pages 573-609, April.
    110. Sibylle Lehmann, 2011. "Taking Firms to the Stock Market: IPOs and the Importance of Universal Banks in Imperial Germany 1896-1913," Cologne Economic History papers 9, University of Cologne, Department of Economic and Business History, revised Mar 2011.
    111. Paula Hill & David Hillier, 2009. "Market Feedback, Investment Constraints, and Managerial Behavior," European Financial Management, European Financial Management Association, vol. 15(3), pages 584-605, June.
    112. Chemmanur, Thomas J. & Gupta, Manish & Simonyan, Karen & Tehranian, Hassan, 2021. "The relationship between venture capital backing and the top management team quality of firms going public and implications for initial public offerings," Journal of Business Venturing, Elsevier, vol. 36(6).
    113. Boulton, Thomas J. & Campbell, T. Colin, 2016. "Managerial confidence and initial public offerings," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 375-392.
    114. Kashefi Pour, Eilnaz, 2015. "IPO survival and CEOs’ decision-making power: The evidence of China," Research in International Business and Finance, Elsevier, vol. 33(C), pages 247-267.
    115. Riccardo Ferretti & Antonio Meles, 2010. "Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs," Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 23-47, September.
    116. Premti, Arjan & Madura, Jeff, 2013. "Motives and consequences of IPOs in cold periods," The Quarterly Review of Economics and Finance, Elsevier, vol. 53(4), pages 486-496.
    117. Ginsberg Ari & Hasan Iftekhar & Tucci Christopher L, 2011. "Unpacking the Effects of Corporate Venture Capital Investor Ties on the Reduction of Price Discounting among IPO Firms," Entrepreneurship Research Journal, De Gruyter, vol. 1(2), pages 1-29, March.
    118. Maher Kooli & Jean-Marc Suret, 2001. "The Underpricing of Initial Public Offerings: Further Canadian Evidence," CIRANO Working Papers 2001s-50, CIRANO.
    119. Laura Casares Field & Jonathan M. Karpoff, 2002. "Takeover Defenses of IPO Firms," Journal of Finance, American Finance Association, vol. 57(5), pages 1857-1889, October.
    120. Susana Álvarez & Víctor M. González, 2005. "Signalling and the Long‐run Performance of Spanish Initial Public Offerings (IPOs)," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 325-350, January.
    121. Hoque, Hafiz, 2014. "Role of asymmetric information and moral hazard on IPO underpricing and lockup," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 30(C), pages 81-105.
    122. Qi Deng & Lunge Dai & Zixin Yang & Zhong-guo Zhou & Monica Hussein & Dingyi Chen & Mick Swartz, 2022. "The Impact of Regulation Regime Changes on ChiNext IPOs: Effects of 2013 and 2020 Reforms on Pricing and Overreaction," Papers 2212.11779, arXiv.org.
    123. Associate Prof. Renato Giovannini & Associate Prof. Vincenzo Capizzi & Associate Prof. Gian Marco Chiesi, 2010. "Investment Banking Services: Ownership Structures, Financial Advisory and Corporate Governance Models," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 1(1), pages 49-63, November.
    124. Chandler, Jeffrey A. & Payne, G. Tyge & Moore, Curt & Brigham, Keith H., 2019. "Family involvement signals in initial public offerings," Journal of Family Business Strategy, Elsevier, vol. 10(1), pages 8-16.
    125. Woei-Chyuan Wong & Seow-Eng Ong & Joseph Ooi, 2013. "Sponsor Backing in Asian REIT IPOs," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 299-320, February.
    126. Harjeet S. Bhabra & Richard H. Pettway, 2003. "IPO Prospectus Information and Subsequent Performance," The Financial Review, Eastern Finance Association, vol. 38(3), pages 369-397, August.
    127. Deng, Qi & Dai, Lunge & Yang, Zixin & Zhou, Zhong-Guo & Hussein, Monica & Chen, Dingyi & Swartz, Mick, 2023. "The impacts of regulation regime changes on ChiNext IPOs: Effects of 2013 and 2020 reforms on initial return, fair value and overreaction," International Review of Financial Analysis, Elsevier, vol. 89(C).
    128. Qi Huang & Richard M. Levich, 1999. "Underpricing of New Equity Offerings by Privatized Firms: An International Test," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-075, New York University, Leonard N. Stern School of Business-.
    129. Agarwal, Sumit & Liu, Chunlin & Rhee, S. Ghon, 2008. "Investor demand for IPOs and aftermarket performance: Evidence from the Hong Kong stock market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 18(2), pages 176-190, April.
    130. Jungha Kim & Kyung Ryang Ko & Wonyong Choi, 2024. "Green Business Model and Green Media Coverage for a Successful Initial Public Offering: Evidence from the Korean Firms," Sustainability, MDPI, vol. 16(11), pages 1-20, May.
    131. Chen, Donghua & Guan, Yuyan & Zhang, Tianyu & Zhao, Gang, 2017. "Political connection of financial intermediaries: Evidence from China's IPO market," Journal of Banking & Finance, Elsevier, vol. 76(C), pages 15-31.
    132. Chatterjee, Sris & Chidambaran, N.K. & Goswami, Gautam, 2016. "Security design for a non-standard IPO: The case of SPACs," Journal of International Money and Finance, Elsevier, vol. 69(C), pages 151-178.
    133. Cheng, Louis T.W. & Sharma, Piyush & Yan, Siyuan, 2023. "Success begets success! Exploring the carry-over effects of total underwriting effort on post-IPO issuer firm outcomes," Journal of Business Research, Elsevier, vol. 163(C).
    134. Xiang, Erwei & Tian, Gloria Y. & Yang, Fan & Liu, Zhiyuan, 2014. "Do mutual funds have information advantage? Evidence from seasoned equity offerings in China," International Review of Financial Analysis, Elsevier, vol. 31(C), pages 70-79.
    135. Mario Levis, 1995. "Seasoned equity offerings and the short‐ and long‐run performance of initial public offerings in the UK," European Financial Management, European Financial Management Association, vol. 1(2), pages 125-146, July.
    136. Kenji Kutsuna & William Dimovski & Robert Brooks, 2007. "The Pricing and Underwriting Costs of Japanese REIT IPOs," Discussion Papers 2007-37, Kobe University, Graduate School of Business Administration.
    137. Georgina Benou & Kimberly C. Gleason & Jeff Madura, 2007. "Impact of Visibility and Investment Advisor Credibility on the Valuation Effects of High‐Tech Cross‐Border Acquisitions," Financial Management, Financial Management Association International, vol. 36(1), pages 69-89, March.
    138. Dunbar, Craig G. & King, Michael R., 2023. "Syndicate structure and IPO outcomes: The impact of underwriter roles and syndicate concentration," Journal of Corporate Finance, Elsevier, vol. 79(C).
    139. Gao, Ya & Liao, Chi & Zhang, Ying & Zhang, Zixu, 2021. "The role of investor protections on the value of investment banking relationships: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    140. Mazouz, Khelifa & Mohamed, Abdulkadir & Saadouni, Brahim & Yin, Shuxing, 2017. "Underwriters' allocation with and without discretionary power: Evidence from the Hong Kong IPO market," International Review of Financial Analysis, Elsevier, vol. 49(C), pages 128-137.
    141. Meng, Qingbin & Peng, Tong & Song, Xuan & Wang, Song, 2024. "Green innovation and IPO return: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 660-677.
    142. Zheng Qiao & Chongwu Xia & Lei Zhang, 2020. "Does corporate hedging affect firm valuation? Evidence from the IPO market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(6), pages 895-927, June.
    143. Qi Deng & Zhong-guo Zhou, 2016. "The pricing of first day opening price returns for ChiNext IPOs," Review of Quantitative Finance and Accounting, Springer, vol. 47(2), pages 249-271, August.
    144. Jain, Bharat A. & Kini, Omesh, 1999. "On investment banker monitoring in the new issues market," Journal of Banking & Finance, Elsevier, vol. 23(1), pages 49-84, January.
    145. Sarra Ben Slama Zouari & Abdelkader Boudriga & Neila Boulila Taktak, 2011. "Determinants Of Ipo Underpricing: Evidence From Tunisia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 13-32.
    146. Shikha Bhatia & Balwinder Singh, 2012. "Examining the Performance of IPOs," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 37(3), pages 219-251, August.
    147. Malik Muhammad Shehr Yar & Attiya Yasmin Javid, 2014. "Liquidity Benefits From Underpricing: Evidence from Initial Public Offerings Listed at Karachi Stock Exchange," PIDE-Working Papers 2014:101, Pakistan Institute of Development Economics.
    148. Patrick Sentis, 2009. "Merging Activity as a Rational Explanation for the Long-Run Underperformance of IPO," Multinational Finance Journal, Multinational Finance Journal, vol. 13(1-2), pages 75-102, March-Jun.
    149. Syed Emad Azhar Ali & Fong-Woon Lai & Ahmad Ali Jan & Haseeb ur Rahman & Syed Quaid Ali Shah & Salaheldin Hamad, 2024. "Does intellectual capital curb the long-term effect of information security breaches on firms’ market value?," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(4), pages 3673-3702, August.
    150. Goergen, M. & Renneboog, L.D.R. & Khurshed, A., 2004. "Shareholder Lockup Agreements in French Nouveau Marche and German Neuer Markt IPOs," Discussion Paper 2004-012, Tilburg University, Tilburg Law and Economic Center.
    151. Aelee Jun & David R. Gallagher & Graham H. Partington, 2011. "Institutional Dividend Clienteles Under an Imputation Tax System," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(1-2), pages 198-224, January.
    152. Chitru S. Fernando & Srinivasan Krishnamurthy & Paul A. Spindt, 2002. "Is the Offer Price in IPOs Informative? Underpricing, Ownership Structure, and Performance," Center for Financial Institutions Working Papers 01-33, Wharton School Center for Financial Institutions, University of Pennsylvania.
    153. Jean Helwege & J. Nellie Liang, 2003. "Initial public offerings in hot and cold markets," Finance and Economics Discussion Series 2003-04, Board of Governors of the Federal Reserve System (U.S.).
    154. Su H. Chan & Mark H. Stohs & Ko Wang, 2001. "Are Real Estate IPOs a Different Species? Evidence from Hong Kong IPOs," Journal of Real Estate Research, American Real Estate Society, vol. 21(3), pages 337-356.
    155. Saengchote, Kanis & Sthienchoak, Jananya, 2020. "Strategic participation in IPOs by affiliated mutual funds: Thai evidence," Pacific-Basin Finance Journal, Elsevier, vol. 63(C).
    156. Philip Brown & Andrew Ferguson & Kate Stone, 2008. "Share Purchase Plans in Australia: Issuer Characteristics and Valuation Implications," Australian Journal of Management, Australian School of Business, vol. 33(2), pages 307-332, December.
    157. Grammenos, Costas Th. & Papapostolou, Nikos C., 2012. "US shipping initial public offerings: Do prospectus and market information matter?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 48(1), pages 276-295.
    158. Beverly Marshall & Claire Crutchley & Diane Lending, 2004. "Early internet IPOs versus subsequent entrants," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 104-116, March.
    159. Sanjay Varshney & Rich Robinson, 2004. "IPO research symposium review," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 28(1), pages 56-67, March.
    160. Su, Chen, 2015. "Does institutional reform improve the impact of investment bank reputation on the long-term stock performance of initial public offerings?," The British Accounting Review, Elsevier, vol. 47(4), pages 445-470.
    161. Jeppsson, Hans, 2018. "Initial public offerings, subscription precommitments and venture capital participation," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 650-668.
    162. Feng, Yi & Song, Keke & Tian, Yisong S., 2019. "Director networks and initial public offerings," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 246-264.
    163. McGuinness, Paul B., 2014. "IPO firm value and its connection with cornerstone and wider signalling effects," Pacific-Basin Finance Journal, Elsevier, vol. 27(C), pages 138-162.
    164. Su, Dongwei, 2004. "Adverse-selection versus signaling: evidence from the pricing of Chinese IPOs," Journal of Economics and Business, Elsevier, vol. 56(1), pages 1-19.
    165. Boucher, Carène & Kooli, Maher, 2022. "Anatomy of money-losing IPOs," Research in International Business and Finance, Elsevier, vol. 60(C).
    166. Kaneko, Takashi & Pettway, Richard H., 2003. "Auctions versus book building of Japanese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 11(4), pages 439-462, September.
    167. David Feldman & Charles Trzcinka & Russell Winer, 2015. "Pricing under noisy signaling," Review of Quantitative Finance and Accounting, Springer, vol. 45(2), pages 435-454, August.
    168. Ellingsen, Tore & Rydqvist, Kristian, 1997. "The Stock Market as a Screening Device and the Decision to Go Public," SSE/EFI Working Paper Series in Economics and Finance 174, Stockholm School of Economics.
    169. Fernando, Chitru S. & Krishnamurthy, Srinivasan & Spindt, Paul A., 2004. "Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms," Journal of Financial Markets, Elsevier, vol. 7(4), pages 377-403, October.
    170. Lin Li & Peter Lam & Wilson H.S. Tong & Justin Law, 2024. "CEO Turnovers Due to Poor Industry Performances: An Examination of the Boards' Retention Criteria," Post-Print hal-04425594, HAL.
    171. Bradley, Daniel J. & Gonas, John S. & Highfield, Michael J. & Roskelley, Kenneth D., 2009. "An examination of IPO secondary market returns," Journal of Corporate Finance, Elsevier, vol. 15(3), pages 316-330, June.
    172. Dimovski, William & Brooks, Robert, 2004. "Do you really want to ask an underwriter how much money you should leave on the table?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(3), pages 267-280, July.
    173. Paul B. McGuinness, 2019. "The Role of Governance and Bank Funding in the Determination of Cornerstone Allocations in Chinese Equity Offers," JRFM, MDPI, vol. 12(3), pages 1-20, July.
    174. Li, Xiaorong & Wang, Steven Shuye & Wang, Xue, 2019. "Trust and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 224-248.
    175. Xiaoqiong Cai & Guy Liu & Bryan Mase, 2008. "The long-run performance of initial public offerings and its determinants: the case of China," Review of Quantitative Finance and Accounting, Springer, vol. 30(4), pages 419-432, May.
    176. Ranko Jelic & Brahim Saadouni & Mike Wright, 2005. "Performance of Private to Public MBOs: The Role of Venture Capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3‐4), pages 643-682, April.
    177. Martijn J. Assem & Nico L. Sar & Philippe Versijp, 2017. "CEOs and CFOs on IPOs: The Process and Success of Going Public," De Economist, Springer, vol. 165(4), pages 381-410, December.
    178. Arnab Bhattacharya & Binay Bhushan Chakrabarti, 2014. "An Examination of Adverse Selection Risk in Indian IPO After-Markets using High Frequency Data," International Journal of Economic Sciences, Prague University of Economics and Business, vol. 2014(3), pages 01-49.
    179. Klova, Valeriia, 2017. "IPO underpricing: What about the shipping sector?," Journal of Multinational Financial Management, Elsevier, vol. 42, pages 95-115.
    180. Dimovski, William & Brooks, Robert, 2008. "The underpricing of gold mining initial public offerings," Research in International Business and Finance, Elsevier, vol. 22(1), pages 1-16, January.
    181. Datta, Sudip & Gruskin, Mark & Iskandar-Datta, Mai, 2015. "On post-IPO stock price performance: A comparative analysis of RLBOs and IPOs," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 187-203.
    182. Dunbar, Craig G., 1998. "The Choice between Firm-Commitment and Best-Efforts Offering Methods in IPOs: The Effect of Unsuccessful Offers," Journal of Financial Intermediation, Elsevier, vol. 7(1), pages 60-90, January.
    183. An, Heng (Hunter) & Chan, Kam C., 2008. "Credit ratings and IPO pricing," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 584-595, December.
    184. Habib, Michel A. & Ljungqvist, Alexander P., 1998. "Underpricing and IPO proceeds: a note," Economics Letters, Elsevier, vol. 61(3), pages 381-383, December.
    185. Adler Haymans Manurung & Edhi Juwono & Indra Siswanti, 2019. "Behavior of Initial Return in Indonesia Market," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(4), pages 1-3.
    186. Yibiao Chen & Steven S. Wang & Wilson H. S. Tong & Hui Zhu, 2017. "Economic freedom and IPO underpricing," Frontiers of Business Research in China, Springer, vol. 11(1), pages 1-22, December.
    187. Nesrine Bouzouita & Jean-François Gajewski & Carole Gresse, 2015. "Liquidity Benefits from IPO Underpricing: Ownership Dispersion or Information Effect," Financial Management, Financial Management Association International, vol. 44(4), pages 785-810, October.
    188. David Williams & W. Duncan & Peter Ginter, 2010. "Testing a model of signals in the IPO offer process," Small Business Economics, Springer, vol. 34(4), pages 445-463, May.
    189. Youngjoo Lee, 2022. "The Impact of Corporate Governance Mechanisms on the Commitment of Managers in an IPO Setting: Evidence from Korean Small and Venture Firms," Sustainability, MDPI, vol. 14(2), pages 1-16, January.
    190. Wolfgang Bessler & Stefan Thies, 2006. "Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in Germany," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 1-37, Fall.
    191. Elvira Tiziana La Rocca, 2016. "Ipo, Underpricing e Corporate governance: una meta analisi," ESPERIENZE D'IMPRESA, FrancoAngeli Editore, vol. 2016(1), pages 41-64.
    192. Fjesme, Sturla Lyngnes, 2020. "Retail investor experience, asset learning, and portfolio risk-adjusted returns," Finance Research Letters, Elsevier, vol. 36(C).
    193. Blass, Asher & Yafeh, Yishay, 2001. "Vagabond shoes longing to stray: Why foreign firms list in the United States," Journal of Banking & Finance, Elsevier, vol. 25(3), pages 555-572, March.
    194. Deng, Qi & Zheng, Linhong & Peng, Jiaqi & Li, Xu & Zhou, Zhong-guo & Hussein, Monica & Chen, Dingyi & Swartz, Mick, 2024. "The impacts of registration regime implementation on IPO pricing efficiency," International Review of Financial Analysis, Elsevier, vol. 93(C).
    195. Goergen, Marc & Renneboog, Luc & Khurshed, Arif, 2006. "Explaining the diversity in shareholder lockup agreements," Journal of Financial Intermediation, Elsevier, vol. 15(2), pages 254-280, April.
    196. Chung, San-Lin & Liu, Wen-Rang & Tsai, Wei-Che, 2014. "The impact of derivatives hedging on the stock market: Evidence from Taiwan’s covered warrants market," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 123-133.
    197. Claude Laurin & Anthony E. Boardman & Aidan R. Vining, 2004. "Government Underpricing of Share‐Issue Privatizations," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 75(3), pages 399-429, September.
    198. Carsten Burhop, 2011. "The Underpricing of Initial Public Offerings at the Berlin Stock Exchange, 1870–96," German Economic Review, Verein für Socialpolitik, vol. 12(1), pages 11-32, February.
    199. Fariss–Terry Mousa & Richard Reed, 2013. "The Impact of Slack Resources on High–Tech IPOs," Entrepreneurship Theory and Practice, , vol. 37(5), pages 1123-1147, September.
    200. Fabrizio Adriani & Luca G. Deidda & Silvia Sonderegger, 2014. "How do Financial Intermediaries Create Value in Security Issues?," Review of Finance, European Finance Association, vol. 18(5), pages 1915-1951.
    201. Chang, Eddy & Chen, Chao & Chi, Jing & Young, Martin, 2008. "IPO underpricing in China: New evidence from the primary and secondary markets," Emerging Markets Review, Elsevier, vol. 9(1), pages 1-16, March.
    202. Boudriga, Abdelkader & Ben Slama, Sarra & Boulila, Neila, 2009. "What determines IPO underpricing ? Evidence from a frontier market," MPRA Paper 18069, University Library of Munich, Germany.
    203. Salim Chahine & Igor Filatotchev & Shaker A. Zahra, 2011. "Building Perceived Quality of Founder–Involved IPO Firms: Founders’ Effects on Board Selection and Stock Market Performance," Entrepreneurship Theory and Practice, , vol. 35(2), pages 319-335, March.
    204. K. Gleason & J. Johnston & J. Madura, 2008. "What factors drive IPO aftermarket risk?," Applied Financial Economics, Taylor & Francis Journals, vol. 18(13), pages 1099-1110.
    205. Rekha Handa & Balwinder Singh, 2017. "Performance of Indian IPOs: An Empirical Analysis," Global Business Review, International Management Institute, vol. 18(3), pages 734-749, June.
    206. Harris, Oneil, 2018. "The impact of industrial districts on the pricing of IPOs," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 274-285.
    207. Jain, Bharat A. & Shekhar, Chander & Torbey, Violet, 2009. "Payout initiation by IPO firms: The choice between dividends and share repurchases," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1275-1297, November.
    208. Bogan, Vicki, 2009. "Bubbles or convenience yields? A theoretical explanation with evidence from technology company equity carve-outs," International Review of Economics & Finance, Elsevier, vol. 18(2), pages 248-281, March.
    209. Kennedy, Duane B. & Sivakumar, Ranjini & Vetzal, Kenneth R., 2006. "The implications of IPO underpricing for the firm and insiders: Tests of asymmetric information theories," Journal of Empirical Finance, Elsevier, vol. 13(1), pages 49-78, January.
    210. Chen, Yangyang & Chui, Andy C.W. & Goyal, Abhinav & Veeraraghavan, Madhu, 2022. "Societal secrecy and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 76(C).
    211. Pham, Peter K. & Kalev, Petko S. & Steen, Adam B., 2003. "Underpricing, stock allocation, ownership structure and post-listing liquidity of newly listed firms," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 919-947, May.
    212. Rama Seth & S. R. Vishwanatha & Durga Prasad, 2019. "Allocation to Anchor Investors, Underpricing, and the After‐Market Performance of IPOs," Financial Management, Financial Management Association International, vol. 48(1), pages 159-186, March.
    213. Schill, Michael J., 2004. "Sailing in rough water: market volatility and corporate finance," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 659-681, November.
    214. Fernando, Chitru S. & Gatchev, Vladimir A. & May, Anthony D. & Megginson, William L., 2015. "Prestige without purpose? Reputation, differentiation, and pricing in U.S. equity underwriting," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 41-63.
    215. Rohini Mahajan & Balwinder Singh, 2011. "Impact of Lock-in Period Expiration on Share Prices and Volume: An Empirical Study," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 36(2), pages 155-174, May.
    216. Boucher, Carène & Kooli, Maher & Walker, Thomas, 2023. "Litigation risk, underpricing, and money-losing IPOs," Global Finance Journal, Elsevier, vol. 55(C).
    217. Engelen Peter-Jan & van Essen Marc, 2008. "Underpricing of IPOs and Legal Frameworks Around the World," Review of Law & Economics, De Gruyter, vol. 4(1), pages 419-441, December.
    218. Yung, Chris & Zender, Jaime F., 2010. "Moral hazard, asymmetric information and IPO lockups," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 320-332, June.
    219. Monnet, Cyril & Quintin, Erwan, 2017. "Limited disclosure and hidden orders in asset markets," Journal of Financial Economics, Elsevier, vol. 123(3), pages 602-616.
    220. Katharina, Lewellen, 2004. "Risk, Reputation, and the Price Support of IPOs," Working papers 4453-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    221. Chemmanur, Thomas & Yan, An, 2009. "Product market advertising and new equity issues," Journal of Financial Economics, Elsevier, vol. 92(1), pages 40-65, April.
    222. Schuster, Josef Anton, 2003. "The cross-section of European IPO returns," LSE Research Online Documents on Economics 24859, London School of Economics and Political Science, LSE Library.
    223. Klein, Peter G. & Wuebker, Robert & Zoeller, Kathrin, 2016. "Relationship banking and conflicts of interest: Evidence from German initial public offerings," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 210-221.

  58. Michaely, Roni, 1991. "Ex-dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act," Journal of Finance, American Finance Association, vol. 46(3), pages 845-859, July.

    Cited by:

    1. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
    2. Gorman, Larry R. & Mahajan, Arvind & Weigand, Robert A., 2004. "The ex-dividend day behavior of American depository receipts," Journal of Multinational Financial Management, Elsevier, vol. 14(1), pages 1-18, February.
    3. Andrew B. Ainsworth & Kingsley Y.L. Fong & David R. Gallagher & Graham Partington, 2018. "Taxes, Order Imbalance and Abnormal Returns around the ex‐Dividend day," International Review of Finance, International Review of Finance Ltd., vol. 18(3), pages 379-409, September.
    4. Daunfeldt, Sven-Olov, 2005. "Tax-Induced Trading and the Identity of the Marginal Investor: Evidence from Sweden," HUI Working Papers 3, HUI Research.
    5. Blau, Benjamin M. & Fuller, Kathleen P. & Van Ness, Robert A., 2011. "Short selling around dividend announcements and ex-dividend days," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 628-639, June.
    6. Kilincarslan, Erhan & Ozdemir, Ozgur, 2018. "Institutional investment horizon and dividend policy: An empirical study of UK firms," Finance Research Letters, Elsevier, vol. 24(C), pages 291-300.
    7. 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.
    8. Manuel Espitia & Francisco-Javier Ruiz, 1997. "Ex—dividend day stock price falls on the Spanish stock market," Applied Financial Economics, Taylor & Francis Journals, vol. 7(5), pages 481-492.
    9. Chen, Zhijuan & Lin, William T. & Ma, Changfeng & Tsai, Shih-Chuan, 2014. "Liquidity provisions by individual investor trading prior to dividend announcements: Evidence from Taiwan," The North American Journal of Economics and Finance, Elsevier, vol. 28(C), pages 358-374.
    10. Castillo, Augusto & Jakob, Keith, 2006. "The Chilean ex-dividend day," Global Finance Journal, Elsevier, vol. 17(1), pages 105-118, September.
    11. Ravinder K. Bhardwaj & LeRoy D. Brooks, 1999. "Further Evidence On Dividend Yields And The Ex-Dividend Day Stock Price Effect," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 22(4), pages 503-514, December.
    12. Paudel, Shishir & Silveri, Sabatino (Dino) & Wu, Mark, 2022. "Investor sentiment and asset prices: Evidence from the ex-day," Journal of Banking & Finance, Elsevier, vol. 139(C).
    13. Dixon, Peter N. & Fox, Corbin A. & Kelley, Eric K., 2021. "To own or not to own: Stock loans around dividend payments," Journal of Financial Economics, Elsevier, vol. 140(2), pages 539-559.
    14. Aelee Jun & Graham H. Partington, 2014. "Taxes, International Clienteles and the Value of ADR Dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1337-1360, November.
    15. Cannavan, Damien & Gray, Stephen, 2017. "Dividend drop-off estimates of the value of dividend imputation tax credits," Pacific-Basin Finance Journal, Elsevier, vol. 46(PB), pages 213-226.
    16. Harry Huizinga & Luc Laeven & Gaëtan Nicodème, 2007. "Capital Structure and International Debt Shifting," Working Papers CEB 07-015.RS, ULB -- Universite Libre de Bruxelles.
    17. Milonas, Nikolaos T. & Travlos, Nickolaos G. & Xiao, Jason Zezhong & Tan, Cunkai, 2006. "The ex-dividend day stock price behavior in the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 14(2), pages 155-174, April.
    18. Katsushi Suzuki, 2015. "Unique Dividends for Retail Shareholders: Evidence from Shareholder Perks," Discussion Papers 2015-20, Kobe University, Graduate School of Business Administration.
    19. Jakob, Keith J. & Ma, Tongshu, 2007. "Are ex[hyphen (true graphic)]day dividend clientele effects dead? Dividend yield versus dividend size," Journal of Empirical Finance, Elsevier, vol. 14(5), pages 718-735, December.
    20. Hodgkinson, Lynn & Partington, Graham, 2013. "Capital gains tax, managed funds and the value of dividends: The case of New Zealand," The British Accounting Review, Elsevier, vol. 45(4), pages 271-283.
    21. Khamis Al Yahyaee & Toan Pham & Terry Walter, 2008. "Ex‐Dividend Day Behavior in the Absence of Taxes and Price Discreteness," International Review of Finance, International Review of Finance Ltd., vol. 8(3‐4), pages 103-123, September.
    22. Florian Schulz, 2016. "On the Timing and Pricing of Dividends: Comment," American Economic Review, American Economic Association, vol. 106(10), pages 3185-3223, October.
    23. Rozycki, John J., 1997. "A tax motivation for smoothing dividends," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(2), pages 563-578.
    24. Wu, Chunchi & Hsu, Junming, 1996. "The Impact of the 1986 Tax Reform on Ex-Dividend Day Volume and Price Behavior," National Tax Journal, National Tax Association;National Tax Journal, vol. 49(2), pages 177-192, June.
    25. Dupuis, Daniel, 2019. "Ex-dividend day price behavior and liquidity in a tax-free emerging market," Emerging Markets Review, Elsevier, vol. 38(C), pages 239-250.
    26. Sorjonen, Pasi, 2002. "Ex-Dividend Day Behavior of Stock Prices in Finland in 1989-90 and 1993-97," Discussion Papers 674, The Research Institute of the Finnish Economy.
    27. Carlos Martins, 2007. "Consistency of Dividend Signalling and Future Maturity Level:Evidence from UK Data," Working Papers de Economia (Economics Working Papers) 40, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    28. Keith Jakob & Ryan Whitby, 2017. "The impact of nominal stock price on ex-dividend price responses," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 939-953, May.
    29. Ming-Chang Cheng & Ching-Hwa Lee, 2016. "Trading Activities Around Ex-Dividend Days: Evidence from the Taiwan Stock Market," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-17, March.
    30. Sung Gyun Mun & SooCheong (Shawn) Jang, 2022. "Explaining the asset growth anomaly in the restaurant industry: Motivations and consequences," Tourism Economics, , vol. 28(1), pages 62-82, February.
    31. Vithessonthi, Chaiporn & Tongurai, Jittima, 2012. "The impact of capital account liberalization measures," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(1), pages 16-34.
    32. Liljeblom, Eva & Loflund, Anders & Hedvall, Kaj, 2001. "Foreign and domestic investors and tax induced ex-dividend day trading," Journal of Banking & Finance, Elsevier, vol. 25(9), pages 1687-1716, September.
    33. Lasfer, M. Ameziane, 1996. "Taxes and dividends: The UK evidence," Journal of Banking & Finance, Elsevier, vol. 20(3), pages 455-472, April.
    34. Boulton, Thomas J. & Braga-Alves, Marcus V. & Shastri, Kuldeep, 2012. "Payout policy in Brazil: Dividends versus interest on equity," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 968-979.
    35. Clinton Feuerherdt & Stephen Gray & Jason Hall, 2010. "The Value of Imputation Tax Credits on Australian Hybrid Securities," International Review of Finance, International Review of Finance Ltd., vol. 10(3), pages 365-401, September.
    36. Asimakopoulos, Panagiotis N. & Tsangarakis, Nickolaos V. & Tsiritakis, Emmanuel D., 2015. "Price adjustment method and ex-dividend day returns in a different institutional setting," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 1-12.
    37. Sorjonen, Pasi, 2002. "Ex-Dividend Day Stock Returns and Tick Rules," Discussion Papers 675, The Research Institute of the Finnish Economy.
    38. Holzmann, Carolin & Scholz, Hendrik & Kreidl, Felix & Büttner, Thiess, 2017. "Stock Market Behavior on Ex-Dividend Dates: The Case of Cum-Ex Transactions in Germany," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168242, Verein für Socialpolitik / German Economic Association.
    39. Jack Francis & Tsing Wu & Nan-Ting Kuo, 2012. "Effects of tax reform on drop-off ratios and on the ex-dividend and ex-right prices," Review of Quantitative Finance and Accounting, Springer, vol. 39(2), pages 147-164, August.
    40. Dhatt, Manjeet S. & Kim, Yong H. & Mukherji, Sandip, 1996. "Is the stock dividend ex-day effect due to market microstructure?: Contrary evidence from Korea," Global Finance Journal, Elsevier, vol. 7(1), pages 89-99.
    41. Jeff Whitworth & Ramesh P. Rao, 2010. "Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005," Financial Management, Financial Management Association International, vol. 39(1), pages 419-445, March.
    42. Graham, John R., 1999. "Do personal taxes affect corporate financing decisions?," Journal of Public Economics, Elsevier, vol. 73(2), pages 147-185, August.
    43. Pattenden, Kerry & Twite, Garry, 2008. "Taxes and dividend policy under alternative tax regimes," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 1-16, February.
    44. Jeff Whitworth & David A. Carter, 2010. "The Ex‐Day Price Behavior of REITs: Taxes or Ticks?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(4), pages 733-752, Winter.
    45. Bali, Rakesh & Hite, Gailen L., 1998. "Ex dividend day stock price behavior: discreteness or tax-induced clienteles?," Journal of Financial Economics, Elsevier, vol. 47(2), pages 127-159, February.
    46. Andrew Ainsworth & Kingsley YL Fong & David R Gallagher & Graham Partington, 2016. "Institutional trading around the ex-dividend day," Australian Journal of Management, Australian School of Business, vol. 41(2), pages 299-323, May.
    47. H. Baker & Gary Powell & E. Veit, 2002. "Revisiting managerial perspectives on dividend policy," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(3), pages 267-283, September.
    48. James M. Poterba, 2001. "Taxation, Risk-Taking, and Household Portfolio Behavior," NBER Working Papers 8340, National Bureau of Economic Research, Inc.
    49. K. H. Nguyen, 2014. "Impact of a dividend initiation wave on shareholder wealth," Applied Financial Economics, Taylor & Francis Journals, vol. 24(8), pages 573-586, April.
    50. Fazakas, Gergely & Kosárka, Judit, 2008. "Osztalékpolitikai elméletek [Dividend policy theories]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 782-806.
    51. Bali, Rakesh & Francis, Jack Clark, 2016. "Ex day effects of the 2003 dividend tax cut," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 11-22.
    52. Andrei Anghel & Tudor Cristiana, 2013. "Investors' Dividend Preference On The Romanian Equity Market: A Cross-Sectional Empirical Investigation," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 61-69, December.
    53. Baker, H. Kent & Powell, Gary E. & Veit, E. Theodore, 2002. "Revisiting the dividend puzzle: Do all of the pieces now fit?," Review of Financial Economics, Elsevier, vol. 11(4), pages 241-261.
    54. Sorjonen, Pasi, . "Essays on Dividends and Taxes," ETLA A, The Research Institute of the Finnish Economy, number 30, June.
    55. Ki C. Han, 1994. "The Effect Of The 1986 Tax Reform Act On Ex-Dividend Day Return Behavior," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(2), pages 175-186, June.
    56. Oliver Zhen Li, 2010. "Tax‐Induced Dividend Capturing," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 866-904, July.
    57. Sorjonen, Pasi, 2002. "Ex-Dividend Day Stock Price Behavior, Taxes and Discrete Prices; A Simulation Experiment," Discussion Papers 676, The Research Institute of the Finnish Economy.
    58. Al-Yahyaee, Khamis Hamed, 2013. "The effect of a reduction in price discreteness on ex-day stock returns in a unique environment," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 23(C), pages 283-294.
    59. Candra Chahyadi & Jesus Salas, 2012. "Not paying dividends? A decomposition of the decline in dividend payers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(2), pages 443-462, April.
    60. William Hardin & Gow-Cheng Huang & Kartono Liano, 2012. "Dividend Size, Yield, Clienteles and REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 435-449, August.

  59. Elton, Edwin J & Gruber, Martin J & Michaely, Roni, 1990. "The Structure of Spot Rates and Immunization," Journal of Finance, American Finance Association, vol. 45(2), pages 629-642, June.

    Cited by:

    1. Andrea Roncoroni & Stefano Galluccio & Paolo Guiotto, 2010. "Shape factors and cross-sectional risk," Post-Print hal-00736733, HAL.
    2. Carcano, Nicola & Foresi, Silverio, 1997. "Hedging against interest rate risk: Reconsidering volatility-adjusted immunization," Journal of Banking & Finance, Elsevier, vol. 21(2), pages 127-141, February.
    3. Sonia Benito & Alfonso Novales Cinca, 2005. "A factor analysis of volatility across the term structure: the Spanish case," Documentos de Trabajo del ICAE 0502, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    4. Rose, Andrew, 2002. "Do WTO Members have More Liberal Trade Policy?," CEPR Discussion Papers 3659, C.E.P.R. Discussion Papers.
    5. Soto, Gloria M., 2004. "Duration models and IRR management: A question of dimensions?," Journal of Banking & Finance, Elsevier, vol. 28(5), pages 1089-1110, May.
    6. Edward J. Elton & Martin J. Gruber & Deepak Agrawal & Christopher Mann, 1999. "Explaining the Rate Spread on Corporate Bonds," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-082, New York University, Leonard N. Stern School of Business-.
    7. Elton, Edwin J. & Gruber, Martin J. & Mei, Jianping, 1996. "Return generating process and the determinants of term premiums," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1251-1269, August.
    8. David Atance & Alejandro Balbás & Eliseo Navarro, 2020. "Constructing dynamic life tables with a single-factor model," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 43(2), pages 787-825, December.
    9. Ioannides, Michalis, 2003. "A comparison of yield curve estimation techniques using UK data," Journal of Banking & Finance, Elsevier, vol. 27(1), pages 1-26, January.
    10. Cláudia Simões & Luís Oliveira & Jorge M. Bravo, 2021. "Immunization Strategies for Funding Multiple Inflation-Linked Retirement Income Benefits," Risks, MDPI, vol. 9(4), pages 1-28, March.
    11. Lekkos, Ilias, 2001. "Factor models and the correlation structure of interest rates: Some evidence for USD, GBP, DEM and JPY," Journal of Banking & Finance, Elsevier, vol. 25(8), pages 1427-1445, August.
    12. Galluccio, Stefano & Roncoroni, Andrea, 2006. "A new measure of cross-sectional risk and its empirical implications for portfolio risk management," Journal of Banking & Finance, Elsevier, vol. 30(8), pages 2387-2408, August.
    13. López, Susana, 2000. "Envelopes for the term structure of interest rates," DEE - Working Papers. Business Economics. WB 9966, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    14. Balbas, Alejandro & Ibanez, Alfredo, 1998. "When can you immunize a bond portfolio?," Journal of Banking & Finance, Elsevier, vol. 22(12), pages 1571-1595, December.
    15. Pilar Abad & Sonia Benito, 2006. "Valor en Riesgo en carteras de renta fija: una comparación entre modelos empíricos de la estructura temporal," Documentos de Trabajo del ICAE 0604, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    16. Pilar Abad Romero, 2003. "Un Contraste Alternativo De La Hipótesis De Las Expectativas En Swaps De Tipos De Interés," Working Papers 0306, Universidade de Vigo, Departamento de Economía Aplicada.
    17. Ventura Bravo, Jorge Miguel & Pereira da Silva, Carlos Manuel, 2006. "Immunization using a stochastic-process independent multi-factor model: The Portuguese experience," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 133-156, January.
    18. Montagut, Esperanza H., 2004. "Hedging bond portfolios versus infinitely many ranked factors of risk," DEE - Working Papers. Business Economics. WB wb043312, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    19. Eliseo Navarro & Juan M. Nave, 1997. "A two-factor duration model for interest rate risk management," Investigaciones Economicas, Fundación SEPI, vol. 21(1), pages 55-74, January.
    20. López, Susana, 2001. "Financial innovation and arbitrage in the Spanish bond market," DEE - Working Papers. Business Economics. WB wb010101, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    21. Jorge Miguel Ventura Bravo & Carlos Manuel Pereira da Silva, 2005. "Immunization Using a Parametric Model of the Term Structure," Economics Working Papers 19_2005, University of Évora, Department of Economics (Portugal).
    22. Michael Theobald & Peter Yallup, 2010. "Liability-driven investment: multiple liabilities and the question of the number of moments," The European Journal of Finance, Taylor & Francis Journals, vol. 16(5), pages 413-435.
    23. Soto, Gloria M., 2001. "Immunization derived from a polynomial duration vector in the Spanish bond market," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1037-1057, June.
    24. Nawalkha, Sanjay K. & Soto, Gloria M. & Zhang, Jun, 2003. "Generalized M-vector models for hedging interest rate risk," Journal of Banking & Finance, Elsevier, vol. 27(8), pages 1581-1604, August.

  60. Ho, Thomas S. Y. & Michaely, Roni, 1988. "Information Quality and Market Efficiency," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(1), pages 53-70, March.

    Cited by:

    1. Ahmad Fraz & Arshad Hassan, 2017. "Stock Price Synchronicity and Information Environment," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(4), pages 213-232, December.
    2. Tung Liang Liao & Mei-Chu Ke & Hsiang-Tai Yu, 2005. "Anomalous price behaviour around stock repurchases on the Taiwan stock exchange," Applied Economics Letters, Taylor & Francis Journals, vol. 12(1), pages 29-39.
    3. David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, August.
    4. Terry Richardson & David Peterson, 1997. "Causes of cross-autocorrelation in security returns: Transaction costs versus information quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 21(3), pages 29-39, September.
    5. Marco Di Maggio & Marco Pagano, 2012. "Financial Disclosure and Market Transparency with Costly Information Processing," EIEF Working Papers Series 1212, Einaudi Institute for Economics and Finance (EIEF), revised May 2014.
    6. Hirshleifer, David & Teoh, Siew Hong, 2003. "Limited attention, information disclosure, and financial reporting," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 337-386, December.
    7. Schaetzle, Dominik, 2011. "Ökonomische Funktionen von Ratingagenturen: Ratingagenturen in der neoinstitutionalistischen Finanzierungstheorie," Arbeitspapiere 113, University of Münster, Institute for Cooperatives.
    8. Patrick J. Kelly, 2014. "Information Efficiency and Firm-Specific Return Variation," Working Papers w0208, Center for Economic and Financial Research (CEFIR).
    9. Hirshleifer, David & Teoh, Siew Hong, 2005. "Limited Investor Attention and Stock Market Misreactions to Accounting Information," Working Paper Series 2005-24, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    10. Cristian Barra & Anna Papaccio, 2024. "A parametric approach to institutional quality and bank cost inefficiency in diversity context: The case of Italy," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(3), pages 723-759, September.
    11. Laivi Laidroo, 2008. "Measuring Public Announcementsí Disclosure Quality on Tallinn, Riga and Vilnius Stock Exchanges," Working Papers 181, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    12. Bernhardt, Dan & Mahani, Reza S., 2007. "Asymmetric information and stock return cross-autocorrelations," Economics Letters, Elsevier, vol. 96(1), pages 14-22, July.
    13. Kihoon Hong & Jinhee Kim & So Yean Kwack, 2022. "External Monitoring, ESG, and Information Content of Discretionary Accruals," Sustainability, MDPI, vol. 14(13), pages 1-15, June.
    14. Su, Thanh Dinh & Nguyen, Canh Phuc, 2021. "Twin balances, public governance and private investment: Quantile estimation for OECD countries," International Economics, Elsevier, vol. 165(C), pages 85-93.
    15. Lee, Kuan-Hui & Wang, Shu-Feng, 2023. "Allocation of attention and the delayed reaction of stock returns to liquidity shock: Global evidence," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 421-444.
    16. Schaetzle, Dominik, 2011. "Ratingagenturen in der neoklassischen Finanzierungstheorie: Eine Auswertung empirischer Studien zum Informationsgehalt von Ratings," Arbeitspapiere 110, University of Münster, Institute for Cooperatives.
    17. Michael J. Brennan & Anjan V. Thakor, 2004. "Shareholder Preferences and Dividend Policy," Finance 0411017, University Library of Munich, Germany.
    18. David Hirshleifer & KEWEI HOU & Siew Hong Teoh & YINGLEI ZHANG, 2004. "Do Investors Overvalue Firms With Bloated Balance Sheets?," Finance 0412001, University Library of Munich, Germany.
    19. Nguyen, Canh Phuc & Nguyen, Thai Vu Hong & Schinckus, Christophe, 2019. "Institutions, economic openness and stock return co-movements: An empirical investigation in emerging markets," Finance Research Letters, Elsevier, vol. 28(C), pages 137-147.
    20. Kuessi, Richard & Nantob, N'Yilimon & Aguey, Segnon & Couchoro, Mawuli Kodjovi, 2023. "Competition and banking efficiency in the WAEMU: The role of multinationals and institutions," International Economics, Elsevier, vol. 175(C), pages 45-62.
    21. Theurl, Theresia & Schaetzle, Dominik, 2011. "Ratingagenturen in der Kritik: Eine Analyse der Reformforderungen und -vorschläge," Arbeitspapiere 116, University of Münster, Institute for Cooperatives.
    22. William H. Branson & Dwight M. Jaffee, 1990. "The Globalization of Information and Capital Mobility," NBER Working Papers 3496, National Bureau of Economic Research, Inc.
    23. Dessaint, Olivier & Matray, Adrien, 2017. "Do managers overreact to salient risks? Evidence from hurricane strikes," Journal of Financial Economics, Elsevier, vol. 126(1), pages 97-121.
    24. Daniel, Kent & Hirshleifer, David & Teoh, Siew Hong, 2002. "Investor psychology in capital markets: evidence and policy implications," Journal of Monetary Economics, Elsevier, vol. 49(1), pages 139-209, January.
    25. Chanchal Chatterjee & Paromita Dutta, 2015. "Anomalous Price Behaviour around Open Market Stock Repurchase Announcements in India," Vikalpa: The Journal for Decision Makers, , vol. 40(4), pages 435-443, December.
    26. Sarah E. Bonner & Artur Hugon & Beverly R. Walther, 2007. "Investor Reaction to Celebrity Analysts: The Case of Earnings Forecast Revisions," Journal of Accounting Research, Wiley Blackwell, vol. 45(3), pages 481-513, June.
    27. David Hirshleifer & SONYA SEONGYEON LIM & Siew Hong Teoh, 2004. "Disclosure to an Audience with Limited Attention," Game Theory and Information 0412002, University Library of Munich, Germany.
    28. David Hirshleifer & TYLER G. SHUMWAY, 2004. "Good Day Sunshine: Stock Returns and the Weather," Finance 0412004, University Library of Munich, Germany.
    29. Mills, Brian M. & Salaga, Steven, 2018. "A natural experiment for efficient markets: Information quality and influential agents," Journal of Financial Markets, Elsevier, vol. 40(C), pages 23-39.
    30. Hirshleifer, David & Subrahmanyam, Avanidhar & Titman, Sheridan, 2006. "Feedback and the success of irrational investors," Journal of Financial Economics, Elsevier, vol. 81(2), pages 311-338, August.
    31. Riccardo Ferretti & Francesco Pattarin, 2008. "Is public information really public? The role of newspapers," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0008, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    32. Canh P. Nguyen & Christophe Schinckus & Thanh D. Su & Felicia H. L. Chong, 2022. "Determinants of stock market returns in emerging markets: The linkage between institutional quality and macro liquidity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4472-4486, October.
    33. Kohers, Theodor & Pandey, Vivek & Kohers, Gerald, 1997. "Using nonlinear dynamics to test for market efficiency among the major U.S. stock exchanges," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(2), pages 523-545.
    34. Daxue Wang, 2006. "Cross-Autocorrelation of Dual-Listed Stock Portfolio Returns: Evidence from the Chinese Stock Market," Computing in Economics and Finance 2006 182, Society for Computational Economics.
    35. Cioroianu, Iulia & Corbet, Shaen & Larkin, Charles, 2021. "The differential impact of corporate blockchain-development as conditioned by sentiment and financial desperation," Journal of Corporate Finance, Elsevier, vol. 66(C).
    36. Hirshleifer, David & Lim, Sonya S. & Teoh, Siew Hong, 2004. "Disclosure to a Credulous Audience: The Role of Limited Attention," MPRA Paper 5198, University Library of Munich, Germany.

Chapters

  1. Annette Alstadsæter & Martin Jacob & Roni Michaely, 2017. "Do Dividend Taxes Affect Corporate Investment?," NBER Chapters, in: Personal Income Taxation and Household Behavior (TAPES), National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  2. Allen, Franklin & Michaely, Roni, 2003. "Payout policy," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 7, pages 337-429, Elsevier.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.