Results 261 to 270 of about 51,107 (296)

Payout Policy and Tax Deferral

The Journal of Finance, 1991
ABSTRACTEquilibrium in the standard finance model implies that value‐maximizing firms make taxable equity payouts, even when deferral effectively allows complete tax escape. Since tax deferral and consumption deferral are inherently jointly supplied goods, an excess aggregate supply of future consumption would result if firms followed conventional ...
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Workplace environment and payout policy

Journal of Economics and Business, 2019
Abstract Firms that encounter lawsuits are subject to unforeseen costs when a case is ruled in favor of the plaintiff. We examine the impact of lawsuits brought against firms and whether this affects the firms’ dividend policy, using unique hand-collected datasets of employee litigations and disputes that include court settlements for employee ...
Omer Unsal, Jennifer Brodmann
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Payout Policy and Cost of Capital

SSRN Electronic Journal, 2006
In this paper we examine the impact of payout policy on cost of capital. Using forward-looking implied cost of capital as a measure of expected returns, we examine the cross-sectional relation between cost of capital and (a) the level of payout and (b) the distribution policy choice between dividends and repurchases.
Meenakshi Sinha, Jayanthi Sunder, B. Swaminathan   +2 more
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Expropriation of Minority Shareholders and Payout Policy

SSRN Electronic Journal, 2009
This paper studies the payout policy of Italian firms controlled by large majority shareholders (controlled firms). The paper reports that a firm's share of dividends in total payout (dividends plus repurchases) is negatively related to the size of the cash flow stake of the firm's controlling shareholder and positively associated with the wedge ...
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Canadian corporate payout policy

International Journal of Managerial Finance, 2013
PurposeThe purpose of this paper is to examine cash dividends and stock repurchases in Canada from 1988 to 2006 and their relationship with earnings.Design/methodology/approachThe study uses logistic regressions to examine the likelihood of paying dividends and the timing of repurchases and OLS regressions to examine the level of payout.FindingsThe ...
H. Kent Baker, Bin Chang, Shantanu Dutta, Samir Saadi   +3 more
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Institutional Holdings and Payout Policy

The Journal of Finance, 2002
ABSTRACTWe examine the relation between institutional holdings and payout policy in U.S. public firms. We find that payout policy affects institutional holdings. Institutions avoid firms that do not pay dividends. However, among dividend‐paying firms they prefer firms that pay fewer dividends.
Yaniv Grinstein, Roni Michaely
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The impact of uncertainty on payout policy

Managerial Finance, 2016
Purpose The purpose of this paper is to investigate the impact of market-level uncertainty on dividend and repurchase decisions. Design/methodology/approach Using a large data set over a nearly 50-year period, the author examines the choice to pay dividends and repurchase shares using logit and multinomial logit regressions.
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Payout Policy around the World

SSRN Electronic Journal, 2023
Matías Braun, Germán Rubio, Tamara Tigero   +2 more
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Cost Structure and Payout Policy

SSRN Electronic Journal, 2015
I investigate the effects of firms’ proportion of fixed and variable costs on their payout policy and find that firms with higher fixed costs have significantly higher volatility in their future cash flows and more variable future operating incomes. These firms pay a lower fraction of their operating income in dividends and share repurchases.
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max EPS Payout Policy

SSRN Electronic Journal
Holding cash has a cost. For an EPS-maximizing CEO, that cost equals her firm’s earnings yield. EPS maximizers retain cash when they can get an even higher yield by investing the money. Otherwise, they return cash to shareholders. This is the EPS-maximizing payout policy.
Itzhak Ben-David, Alex Chinco
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