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The link between bank monitoring and corporate dividend policy: The case of dividend omissions

  • Low, Soo-Wah
  • Glorfeld, Louis
  • Hearth, Douglas
  • Rimbey, James N.
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    File URL: http://www.sciencedirect.com/science/article/pii/S0378-4266(00)00170-9
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    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 25 (2001)
    Issue (Month): 11 (November)
    Pages: 2069-2087

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    Handle: RePEc:eee:jbfina:v:25:y:2001:i:11:p:2069-2087
    Contact details of provider: Web page: http://www.elsevier.com/locate/jbf

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    1. Stephen D. Williamson, 1984. "Costly Monitoring, Financial Intermediation, and Equilibrium Credit Rationing," Working Papers 583, Queen's University, Department of Economics.
    2. Slovin, Myron B. & Sushka, Marie E. & Hudson, Carl D., 1988. "Corporate commercial paper, note issuance facilities, and shareholder wealth," Journal of International Money and Finance, Elsevier, vol. 7(3), pages 289-302, September.
    3. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-87, May.
    4. Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 689-721, August.
    5. Shlomo Benartzi & Roni Michaely & Richard Thaler, . "Do Changes in Dividends Signal the Future or the Past?," CRSP working papers 327, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    6. Slovin, Myron B. & Sushka, Marie E. & Hudson, Carl D., 1990. "External monitoring and its effect on seasoned common stock issues," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 397-417, March.
    7. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    8. Healy, Paul M. & Palepu, Krishna G., 1988. "Earnings information conveyed by dividend initiations and omissions," Journal of Financial Economics, Elsevier, vol. 21(2), pages 149-175, September.
    9. Billett, Matthew T & Flannery, Mark J & Garfinkel, Jon A, 1995. " The Effect of Lender Identity on a Borrowing Firm's Equity Return," Journal of Finance, American Finance Association, vol. 50(2), pages 699-718, June.
    10. Christie, William G., 1994. "Are Dividend Omissions Truly the Cruelest Cut of All?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 29(03), pages 459-480, September.
    11. John H. Boyd & Edward C. Prescott, 1985. "Financial intermediary-coalitions," Staff Report 87, Federal Reserve Bank of Minneapolis.
    12. Dimson, Elroy, 1979. "Risk measurement when shares are subject to infrequent trading," Journal of Financial Economics, Elsevier, vol. 7(2), pages 197-226, June.
    13. Gerald R. Jensen & James M. Johnson, 1995. "The Dynamics of Corporate Dividend Reductions," Financial Management, Financial Management Association, vol. 24(4), Winter.
    14. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
    15. Slovin, Myron B. & Young, John E., 1990. "Bank lending and initial public offerings," Journal of Banking & Finance, Elsevier, vol. 14(4), pages 729-740, October.
    16. James, Christopher & Wier, Peggy, 1990. "Borrowing relationships, intermediation, and the cost of issuing public securities," Journal of Financial Economics, Elsevier, vol. 28(1-2), pages 149-171.
    17. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
    18. Ram T. S. Ramakrishnan & Anjan V. Thakor, 1984. "Information Reliability and a Theory of Financial Intermediation," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 415-432.
    19. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
    20. Firth, Michael, 1996. "Dividend Changes, Abnormal Returns, and Intra-lndustry Firm Valuations," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(02), pages 189-211, June.
    21. Ram T. S. Ramakrishnan & Anjan V. Thakor, 1984. "Information Reliability and a Theory of Financial Intermediation," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 415-432.
    22. DeAngelo, Harry & DeAngelo, Linda & Skinner, Douglas J, 1992. " Dividends and Losses," Journal of Finance, American Finance Association, vol. 47(5), pages 1837-63, December.
    23. Roni Michaely & Richard H. Thaler & Kent Womack, 1994. "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?," NBER Working Papers 4778, National Bureau of Economic Research, Inc.
    24. Bhattacharya Sudipto & Thakor Anjan V., 1993. "Contemporary Banking Theory," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 2-50, October.
    25. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-31, June.
    26. Hirschey, Mark & Slovin, Myron B. & K. Zaima, Janis, 1990. "Bank debt, insider trading, and the return to corporate selloffs," Journal of Banking & Finance, Elsevier, vol. 14(1), pages 85-98, March.
    27. Charest, Guy, 1978. "Dividend information, stock returns and market efficiency-II," Journal of Financial Economics, Elsevier, vol. 6(2-3), pages 297-330.
    28. Dielman, Terry E. & Oppenheimer, Henry R., 1984. "An Examination of Investor Behavior during Periods of Large Dividend Changes," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(02), pages 197-216, June.
    29. Kalay, Avner, 1980. "Signaling, Information Content, and the Reluctance to Cut Dividends," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(04), pages 855-869, November.
    30. DeAngelo, Harry & DeAngelo, Linda & Skinner, Douglas J., 1996. "Reversal of fortune Dividend signaling and the disappearance of sustained earnings growth," Journal of Financial Economics, Elsevier, vol. 40(3), pages 341-371, March.
    31. Dhillon, Upinder S & Johnson, Herb, 1994. " The Effect of Dividend Changes on Stock and Bond Prices," Journal of Finance, American Finance Association, vol. 49(1), pages 281-89, March.
    32. Chinmoy Ghosh & J. Randall Woolridge, 1988. "An Analysis Of Shareholder Reaction To Dividend Cuts And Omissions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(4), pages 281-294, December.
    33. James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
    34. Sant, Rajiv & Cowan, Arnold R., 1994. "Do dividends signal earnings? The case of omitted dividends," Journal of Banking & Finance, Elsevier, vol. 18(6), pages 1113-1133, December.
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