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Litigation Risk Management Through Corporate Payout Policy
16 references·4 citing·46 second hop
Litigation Risk Management Through Corporate Payout Policy (2022)Litigation Risk Management Through Corpor…Measuring Securities Litigation Risk (2011)Measuring Securities Litigati…Growing Out of Trouble? Corporate Responses to Liability Risk (2011)Growing Out of Trouble? Corpo…A Unified Theory of Tobin's q , Corporate Investment, Financing, and Risk Management (2011)A Unified Theory of Tobin's q…On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing (2007)On the Importance of Measurin…Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆ (2006)Dividend policy and the earne…Does disclosure deter or trigger litigation? (2005)Does disclosure deter or trig…Litigation risk and IPO underpricing (2002)Litigation risk and IPO under…Dividends, Share Repurchases, and the Substitution Hypothesis (2002)Dividends, Share Repurchases,…Disappearing dividends: changing firm characteristics or lower propensity to pay? (2001)Disappearing dividends: chang…The cash-flow permanence and information content of dividend increases versus repurchases (2000)The cash-flow permanence and …Financial flexibility and the choice between dividends and stock repurchases (2000)Financial flexibility and the…Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach (1998)Risk management, capital budg…Earnings disclosures and stockholder lawsuits (1997)Earnings disclosures and stoc…Dividend Policy under Asymmetric Information (1985)Dividend Policy under Asymmet…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)DISTRIBUTION OF INCOMES OF CO…Climate risk and payout flexibility around the world (2024)Climate risk and payout flexi…Judicial independence and crash risk: Evidence from a natural experiment in China (2023)Judicial independence and cra…Enterprise litigation risk and enterprise performance (2023)Enterprise litigation risk an…Litigation risk and corporate performance (2022)Litigation risk and corporate…Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (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)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Agency costs of free cash flow, corporate finance, and takeovers (1996)Stock Valuation and Learning about Profitability (2003)A Catering Theory of Dividends (2004)Product Market Threats, Payouts, and Financial Flexibility (2012)Dividend Policy, Growth, and the Valuation of Shares (1961)Job Market Signaling (1973)Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)Efficient Capital Markets: II (1991)The Dividend Puzzle (1976)Common stock repurchases and market signalling (1981)Corporate payout policy and managerial stock incentives (2001)Earnings Momentum and Earnings Management (2007)The evolving relation between earnings, dividends, and stock repurchases (2007)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Why do firms pay dividends? International evidence on the determinants of dividend policy☆ (2008)Corporate Investment and Stock Market Listing: A Puzzle? (2014)The Pricing of Options and Corporate Liabilities (1973)Are There Economies of Scale in Underwriting Fees? Evidence of Rising External Financing Costs (2000)Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market (2006)The cost of capital, corporation finance and the theory of investment (2008)A theory of systemic risk and design of prudential bank regulation (2009)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Why Firms Voluntarily Disclose Bad News (1994)The conservatism principle and the asymmetric timeliness of earnings1 (1997)Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio (2002)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)Mandatory CSR and sustainability reporting: economic analysis and literature review (2021)FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968)Conditional logit analysis of qualitative choice behavior (1972)The economic implications of corporate financial reporting (2005)Managerial Overconfidence and Accounting Conservatism (2012)Audit committee financial expertise and earnings management: The role of status (2014)The Governance Effect of the Media's News Dissemination Role: Evidence from Insider Trading (2015)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Capital Structure Puzzle (1984)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1985Dividend Policy under Asymmetric Information3,459 cited
  • 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES3,426 cited
  • 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?3,039 cited
  • 2006Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆1,805 cited
  • 2002Dividends, Share Repurchases, and the Substitution Hypothesis1,467 cited
  • 2000Financial flexibility and the choice between dividends and stock repurchases1,043 cited
  • 1997Earnings disclosures and stockholder lawsuits927 cited
  • 1998Risk management, capital budgeting, and capital structure policy for financial institutions: An integrated approach858 cited
  • 2011Measuring Securities Litigation Risk848 cited
  • 2011Growing Out of Trouble? Corporate Responses to Liability Risk689 cited
  • 2011A Unified Theory of Tobin's q , Corporate Investment, Financing, and Risk Management662 cited
  • 2005Does disclosure deter or trigger litigation?610 cited
  • 2007On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing604 cited
  • 2002

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Litigation risk and IPO underpricing
485 cited
  • 2000The cash-flow permanence and information content of dividend increases versus repurchases469 cited
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    • 2024Climate risk and payout flexibility around the world59 cited
    • 2023Judicial independence and crash risk: Evidence from a natural experiment in China57 cited
    • 2023Enterprise litigation risk and enterprise performance29 cited
    • 2022Litigation risk and corporate performance20 cited