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Author: Thomas Joseph Carroll
Publisher:
Published: 1988
Total Pages: 67
ISBN-13:
DOWNLOAD EBOOK →earnings and the market reaction to subsequent earnings announcements measure ex-post revisions in expectations.
Author:
Publisher:
Published: 2007
Total Pages: 83
ISBN-13: 9781846632563
DOWNLOAD EBOOK →Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Author: Günter Bamberg
Publisher: Springer Science & Business Media
Published: 2012-12-06
Total Pages: 538
ISBN-13: 3642750605
DOWNLOAD EBOOK →Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.
Author: Luis Correia da Silva
Publisher: OUP Oxford
Published: 2004-02-26
Total Pages: 204
ISBN-13: 0191531812
DOWNLOAD EBOOK →Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.
Author: Lilian Edwards
Publisher: Bloomsbury Publishing
Published: 2009-09-10
Total Pages: 708
ISBN-13: 184731712X
DOWNLOAD EBOOK →This is the third edition of a successful book which offers students and practitioners an up-to-date overview of developments in Internet law and practice. The editors have once again assembled a team of specialist authors to write about those aspects of Internet law which are of special importance in the global regulation of the Internet and focussed around three principal themes- e-commerce, intellectual property, and privacy, data protection and cyber-crime with, in addition a major contribution on Internet Governance. This edition incorporates for the first time areas such as data protection, privacy and electronic surveillance, cyber crime and cyber security, jurisdiction and dispute resolution online. The sectionon IP contains clear and comprehensive analysis of the many and varied ways in which IP and the internet intersect including open source licenses and the IP problems around search engines. The new edition also takes account of all current cases and legislation, including the draft revised EC Telecoms Package and the Audio Visual Media Services Directive. This book will be essential reading for students, teachers and practitioners interested in Internet law and practice as well as technologists and social scientists. 'The book is easy to read, and...has been well edited...and flows smoothly through the various topics. ...the book provides a worthwhile overview of this developing area of law throughout the world.' Peter Walsh, International Trade Law Annual 'a thorough and stimulating survey. ...a good introduction for lawyers and students approaching Internet and e-commerce law for the first time, and a useful course text.' Brian Hutchinson, The Irish Jurist
Author: Jack D. Glen
Publisher: World Bank Publications
Published: 1995
Total Pages: 40
ISBN-13:
DOWNLOAD EBOOK →Author: Harry DeAngelo
Publisher: Now Publishers Inc
Published: 2009
Total Pages: 215
ISBN-13: 1601982046
DOWNLOAD EBOOK →Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author: H. Kent Baker
Publisher: John Wiley & Sons
Published: 2009-04-27
Total Pages: 832
ISBN-13: 0470471220
DOWNLOAD EBOOK →Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.
Author: Joseph M. Berrospide
Publisher: DIANE Publishing
Published: 2011-04
Total Pages: 50
ISBN-13: 1437939864
DOWNLOAD EBOOK →The effect of bank capital on lending is a critical determinant of the linkage between financial conditions and real activity, and has received especial attention in the recent financial crisis. The authors use panel-regression techniques to study the lending of large bank holding companies (BHCs) and find small effects of capital on lending. They then consider the effect of capital ratios on lending using a variant of Lown and Morgan's VAR model, and again find modest effects of bank capital ratio changes on lending. The authors¿ estimated models are then used to understand recent developments in bank lending and, in particular, to consider the role of TARP-related capital injections in affecting these developments. Illus. A print on demand pub.
