CGN: Distributions: Dividends最新文献_第2页

Marketable Securities: Storage or Investment? 有价证券:储存还是投资?

CGN: Distributions: Dividends Pub Date : 2014-10-15 DOI: 10.2139/ssrn.1446683

Craig O. Brown

引用次数: 6

The Unintended Effect of FAS 123R on Firms’ Stock Repurchase Activity FAS 123R对企业股票回购行为的非预期影响

CGN: Distributions: Dividends Pub Date : 2014-10-15 DOI: 10.2139/ssrn.2512289

J. Golden, M. Kohlbeck

引用次数: 2

Ownership Structure and Dividend Policy: Evidence from China 股权结构与股利政策:来自中国的证据

CGN: Distributions: Dividends Pub Date : 2014-08-01 DOI: 10.5539/ijef.v6n8p197

Yordying Thanatawee

引用次数: 23

Mandatory Disclosure and Firm Behavior: Evidence from Share Repurchases 强制性信息披露与企业行为:来自股票回购的证据

CGN: Distributions: Dividends Pub Date : 2014-07-25 DOI: 10.2139/ssrn.1585459

A. Bonaimé

引用次数: 44

Agency Conflicts, Dividend Payout, and the Direct Benefits of Conservative Financial Reporting to Equity-Holders 代理冲突、股利支付和保守财务报告对股东的直接利益

CGN: Distributions: Dividends Pub Date : 2013-11-24 DOI: 10.2139/ssrn.2359031

Henock Louis, Oktay Urcan

引用次数: 37

Ownership Structure, Board Composition, and Dividend Policies - Evidence from Saudi Arabia 股权结构、董事会组成和股息政策——来自沙特阿拉伯的证据

CGN: Distributions: Dividends Pub Date : 2013-04-30 DOI: 10.2139/ssrn.2258399

Mohammed M. Soliman

引用次数: 16

除息日至發放日之間隔天數與公司財務彈性 (The Period from the Ex-Dividend Date to the Payment Date and Corporate Financial Flexibility) 除息日至发放日之间隔天数与公司财务弹性 (The Period from the Ex-Dividend Date to the Payment Date and Corporate Financial Flexibility)

CGN: Distributions: Dividends Pub Date : 2013-01-03 DOI: 10.2139/SSRN.2218274

Jen-Chang Liu, Mei-Hui Lu, Jr-Jung Chiou

{"title":"除息日至發放日之間隔天數與公司財務彈性 (The Period from the Ex-Dividend Date to the Payment Date and Corporate Financial Flexibility)","authors":"Jen-Chang Liu, Mei-Hui Lu, Jr-Jung Chiou","doi":"10.2139/SSRN.2218274","DOIUrl":"https://doi.org/10.2139/SSRN.2218274","url":null,"abstract":"Chinese Abstract: 本文分析台灣股市2002至2006年之現金股息發放資料，發現除息日至發放日之間隔天數分布於6至155日；而且，全體市場之間隔天數有逐年增加之現象。持續檢視2007至2009年之發放資料後，發現上述現象顯著改善，主要原因是台塑集團改變股息發放政策。本研究估計台塑集團因此項政策改變，而導致$1.61億之利息收入機會成本，但投資人權益卻獲得改善。本研究再分析樣本公司之財務報表資料，發現集團別是間隔天數長短之主要決定因素，而且間隔天數與公司財務彈性（現金與約當現金除以總資產）呈現顯著負相關。此發現證明財務彈性與股息發放政策存在互動關係，且符合自由現金流量假說的廣義解讀。本研究也說明：部分發放公司遵循一致且穩定的短間隔天數政策，呈現重視股東權益之發放模式。 English Abstract: This article analyzes the cash dividend distribution of firms in the Taiwan stock market between 2002 and 2009. The duration between the ex-dividend date and the payment date is between 6 and 155 days. The dividends-weighted average periods increased gradually between 2002 and 2006. However, it decreased between 2007 and 2009. This is due to a change in the Formosa Group’s dividend payment policy. The change incurred a potential opportunity cost of TW$ 161 million of interest revenue to the Formosa Group. On the other hand, investors have benefited from this policy change. This study examines both the dividend policy and the financial position. In addition to finding the group identification factor is closely related to the period between the ex-dividend date and the payment date, we discovered the period correlated negatively to the level of financial flexibility (cash/asset). This evidence supports the view that financial flexibility matters in the short run. These findings are in line with the spirit of the free-cash-flow hypotheses. We also document evidence that some firms follow a policy of short and consistent periods between the ex-dividend date and the payment date, which benefits the shareholder.","PeriodicalId":372148,"journal":{"name":"CGN: Distributions: Dividends","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129665499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

The Dividend Month Premium 股息月溢价

CGN: Distributions: Dividends Pub Date : 2012-10-01 DOI: 10.2139/ssrn.1930620

Samuel M. Hartzmark, David H. Solomon

引用次数: 90

Shareholders’ Preferences, Business Cycles and Market Reactions to Dividend Announcements in Public Companies – Empirical Evidence 上市公司股东偏好、商业周期和市场对股利公告的反应——实证证据

CGN: Distributions: Dividends Pub Date : 2012-06-20 DOI: 10.2139/ssrn.2548969

Agnieszka Perepeczo

引用次数: 7

Payout Policy Relevance and Accounting Based Valuation 支付政策相关性和基于会计的估值

CGN: Distributions: Dividends Pub Date : 2012-05-01 DOI: 10.2139/ssrn.2111558

C. Clubb, M. Walker

{"title":"Payout Policy Relevance and Accounting Based Valuation","authors":"C. Clubb, M. Walker","doi":"10.2139/ssrn.2111558","DOIUrl":"https://doi.org/10.2139/ssrn.2111558","url":null,"abstract":"DeAngelo and DeAngelo (2006) (D&D hereafter) argue that ‘payout policy is not irrelevant and investment is not the sole determinant of value, even in frictionless markets.’ We first re-examine their critique using M&M’s (1961) multiperiod valuation framework and identify non-essential operating cash expenses as an important mechanism for managerial free cash flow (FCF) retention, thus confirming D&D’s argument that payout policy is relevant and demonstrating the role of both earnings measurement and investment policy in an effective payout policy. Second, we develop a general analysis of the valuation and informational roles of FCF payout in a perfect capital market and apply this framework to the well-known accounting valuation models of Ohlson (1995) and Feltham and Ohlson (1996), showing how these models permit payout valuation relevance due to managerial FCF retention but not payout informational relevance. Finally, we consider how the Feltham and Ohlson (1996) model can be extended to incorporate time variation in expected profitability of capital investment caused by time variation in managerial FCF retention activities and show that this model embeds both payout value relevance and payout informational relevance. We conclude that, while research on accounting valuation models based on the assumption of payout valuation irrelevance is of theoretical and practical interest, the development of models where FCF payout plays an explicit valuation and informational role due to issues of moral hazard is an interesting and important direction for future research.","PeriodicalId":372148,"journal":{"name":"CGN: Distributions: Dividends","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132096253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2