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Contribution of Dividend Policy Stability to the Measurement of Dividend Announcement and Ex-Dividend Effects on the French Market
16 references·0 citing·44 second hop
Contribution of Dividend Policy Stability to the Measurement of Dividend Announcement and Ex-Dividend Effects on the French Market (2000)Contribution of Dividend Policy Stability…Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes (1998)Why do stock prices drop by l…Stock Returns, Dividend Yields, and Taxes (1998)Stock Returns, Dividend Yield…Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and U.S. Firms (1998)Dividends, Asymmetric Informa…Dividend Changes, Abnormal Returns, and Intra-Industry Firm Valuations (1996)Dividend Changes, Abnormal Re…Investors' Heterogeneity, Prices, and Volume around the Ex-Dividend Day (1995)Investors' Heterogeneity, Pri…Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift? (1994)Price Reactions to Dividend I…Are Dividend Omissions Truly the Cruelest Cut of All? (1994)Are Dividend Omissions Truly …Ex‐Dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act* (1991)Ex‐Dividend Day Stock Price B…Tax-induced trading around ex-dividend days (1986)Tax-induced trading around ex…Predictable events and excess returns: The case of dividend announcements (1985)Predictable events and excess…Market rationality and dividend announcements (1985)Market rationality and divide…The Ex-Dividend Day Behavior of Canadian Stock Prices: Tax Changes and Clientele Effects (1984)The Ex-Dividend Day Behavior …On interpreting security returns during the ex-dividend period (1984)On interpreting security retu…Tax Reform and Ex-Dividend Day Behavior (1983)Tax Reform and Ex-Dividend Da…The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect (1982)The Ex-Dividend Day Behavior …The Dividend Puzzle (1976)The Dividend PuzzleThe Adjustment of Stock Prices to New Information (1969)Stock returns and the weekend effect (1980)The Effects of Stock Splits on Bid-Ask Spreads (1990)Ex dividend day stock price behavior: discreteness or tax-induced clienteles? (1998)The Adjustment of Stock Prices to New Information (2003)Marginal Stockholder Tax Rates and the Clientele Effect (1970)Dividends and taxes (1978)Dividends and Taxes: Some Empirical Evidence (1982)Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex‐Dividend Pricing before and after Decimalization (2003)Tax Changes and Asset Pricing (2009)An Empirical Evaluation of Accounting Income Numbers (1968)Time Series Analysis: Forecasting and Control (1977)Using daily stock returns (1985)Equilibrium pricing and portfolio composition in the presence of uncertain parameters (1988)Security Returns Around Earnings Announcements. (1991)An analysis of contagion and competitive effects at commercial banks (1999)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)New Evidence That Taxes Affect the Valuation of Dividends (1984)Measuring security price performance (1980)Volume for Winners and Losers: Taxation and Other Motives for Stock Trading (1986)The behavior of daily stock market trading volume (1989)Dividend Policy, Growth, and the Valuation of Shares (1961)On the Impossibility of Informationally Efficient Markets (1980)On the Impossibility of Informationally Efficient Markets (1980)Investor Tax Heterogeneity and Ex‐Dividend Day Trading Volume (2006)Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model (2006)What drives the increased informativeness of earnings announcements over time? (2007)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)What Do We Know about Capital Structure? Some Evidence from International Data (1995)Agency costs of free cash flow, corporate finance, and takeovers (1996)What motivates managers' choice of discretionary accruals? (1996)Bank Power and Cash Holdings: Evidence from Japan (2001)National culture and dividend policy (2009)The effect of personal taxes and dividends on capital asset prices (1979)Trading Volume with Private Valuation: Evidence from The Ex-Dividend Day (1996)Jumps and Information Flow in Financial Markets (2011)Inference in Long‐Horizon Event Studies: A Bayesian Approach with Application to Initial Public Offerings (2000)Market Reactions to Tangible and Intangible Information (2001)Costly Information Processing: Evidence from Earnings Announcements (2008)Noise (1986)Financial flexibility and the choice between dividends and stock repurchases (2000)A Catering Theory of Dividends (2004)
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References

  • 1976The Dividend Puzzle1,235 cited
  • 1982The Ex-Dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect440 cited
  • 1998Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and U.S. Firms362 cited
  • 1986Tax-induced trading around ex-dividend days331 cited
  • 1994Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?317 cited
  • 1984On interpreting security returns during the ex-dividend period296 cited
  • 1998Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes269 cited
  • 1985Predictable events and excess returns: The case of dividend announcements263 cited
  • 1991Ex‐Dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act*214 cited
  • 1995Investors' Heterogeneity, Prices, and Volume around the Ex-Dividend Day173 cited
  • 1998Stock Returns, Dividend Yields, and Taxes167 cited
  • 1983Tax Reform and Ex-Dividend Day Behavior150 cited
  • 1984The Ex-Dividend Day Behavior of Canadian Stock Prices: Tax Changes and Clientele Effects143 cited
  • 1985Market rationality and dividend announcements136 cited
  • 1996Dividend Changes, Abnormal Returns, and Intra-Industry Firm Valuations

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  • 1994Are Dividend Omissions Truly the Cruelest Cut of All?82 cited
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