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Corporate Dividends and Seasoned Equity Issues: An Empirical Investigation

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  • Loderer, Claudio F
  • Mauer, David C
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    Abstract

    This paper investigates whether managers rely on dividends to obtain a higher price in a stock offering and whether the stock price reaction to dividend and offering announcements justifies such a coordination. The evidence does not support either conjecture. Issuing firms are not more likely to pay or increase dividends than nonissuing firms. Moreover, there is little evidence that firms time stock-offering announcements right after dividend declarations to benefit from the attendant information disclosure. The analysis of dividend and stock-offering announcement effects suggests few if any benefits from linking dividend and stock-offering announcements. Copyright 1992 by American Finance Association.

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    Bibliographic Info

    Article provided by American Finance Association in its journal Journal of Finance.

    Volume (Year): 47 (1992)
    Issue (Month): 1 (March)
    Pages: 201-25

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    Handle: RePEc:bla:jfinan:v:47:y:1992:i:1:p:201-25

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    Cited by:
    1. Chung, Kee H. & Wright, Peter & Charoenwong, Charlie, 1998. "Investment opportunities and market reaction to capital expenditure decisions," Journal of Banking & Finance, Elsevier, vol. 22(1), pages 41-60, January.
    2. Karpavičius, Sigitas, 2014. "Dividends: Relevance, rigidity, and signaling," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 289-312.
    3. Yanzhi Wang & Sheng-Syan Chen & Yen-Ting Cheng, 2011. "Revisiting corporate dividends and seasoned equity issues," Review of Quantitative Finance and Accounting, Springer, vol. 36(1), pages 133-151, January.
    4. Guo, Lin & Mech, Timothy S., 2000. "Conditional event studies, anticipation, and asymmetric information: the case of seasoned equity issues and pre-issue information releases," Journal of Empirical Finance, Elsevier, vol. 7(2), pages 113-141, August.
    5. D'Mello, Ranjan & Krishnaswami, Sudha & Larkin, Patrick J., 2008. "Determinants of corporate cash holdings: Evidence from spin-offs," Journal of Banking & Finance, Elsevier, vol. 32(7), pages 1209-1220, July.

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