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Revisiting corporate dividends and seasoned equity issues

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  • Yanzhi Wang
  • Sheng-Syan Chen
  • Yen-Ting Cheng

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  • 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.
    • Handle: RePEc:kap:rqfnac:v:36:y:2011:i:1:p:133-151
    DOI: 10.1007/s11156-010-0221-0
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    References listed on IDEAS

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    1. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, August.
    2. Doron Nissim & Amir Ziv, 2001. "Dividend Changes and Future Profitability," Journal of Finance, American Finance Association, vol. 56(6), pages 2111-2133, December.
    3. Welch, Ivo, 1992. "Sequential Sales, Learning, and Cascades," Journal of Finance, American Finance Association, vol. 47(2), pages 695-732, June.
    4. Loderer, Claudio F & Mauer, David C, 1992. "Corporate Dividends and Seasoned Equity Issues: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 47(1), pages 201-225, March.
    5. Gustavo Grullon & Roni Michaely & Shlomo Benartzi & Richard H. Thaler, 2005. "Dividend Changes Do Not Signal Changes in Future Profitability," The Journal of Business, University of Chicago Press, vol. 78(5), pages 1659-1682, September.
    6. Ambarish, Ramasastry & John, Kose & Williams, Joseph, 1987. "Efficient Signalling with Dividends and Investments," Journal of Finance, American Finance Association, vol. 42(2), pages 321-343, June.
    7. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
    8. John, Kose & Williams, Joseph, 1985. "Dividends, Dilution, and Taxes: A Signalling Equilibrium," Journal of Finance, American Finance Association, vol. 40(4), pages 1053-1070, September.
    9. Junggun Oh & Donghyun Park, 1999. "Financial Reforms and Financial Crisis: The Korean Case," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 2(03), pages 265-284.
    10. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    11. Karim, Khondkar E. & Rutledge, Robert W. & Gara, Stephen C. & Ahmed, Mojib, U., 2001. "An Empirical Examination of the Pricing of Seasoned Equity Offerings: A Test of the Signaling Hypothesis," Review of Quantitative Finance and Accounting, Springer, vol. 17(1), pages 63-79, July.
    12. Tim Loughran & Jay Ritter, 2004. "Why Has IPO Underpricing Changed Over Time?," Financial Management, Financial Management Association, vol. 33(3), Fall.
    13. Brous, Peter A. & Kini, Omesh, 1993. "A reexamination of analysts' earnings forecasts for takeover targets," Journal of Financial Economics, Elsevier, vol. 33(2), pages 201-225, April.
    14. Chee Lim & Tiong Thong & David Ding, 2008. "Firm diversification and earnings management: evidence from seasoned equity offerings," Review of Quantitative Finance and Accounting, Springer, vol. 30(1), pages 69-92, January.
    15. Ranjan D'Mello & Oranee Tawatnuntachai & Devrim Yaman, 2003. "Does the Sequence of Seasoned Equity Offerings Matter?," Financial Management, Financial Management Association, vol. 32(4), Winter.
    16. Joon Chae, 2005. "Trading Volume, Information Asymmetry, and Timing Information," Journal of Finance, American Finance Association, vol. 60(1), pages 413-442, February.
    17. Edel Barnes & Martin Walker, 2006. "The Seasoned-Equity Issues of UK Firms: Market Reaction and Issuance Method Choice," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(1-2), pages 45-78.
    18. Gustavo Grullon & Roni Michaely, 2004. "The Information Content of Share Repurchase Programs," Journal of Finance, American Finance Association, vol. 59(2), pages 651-680, April.
    19. Nohel, Tom & Tarhan, Vefa, 1998. "Share repurchases and firm performance:: new evidence on the agency costs of free cash flow," Journal of Financial Economics, Elsevier, vol. 49(2), pages 187-222, August.
    20. Ikenberry, David & Lakonishok, Josef & Vermaelen, Theo, 1995. "Market underreaction to open market share repurchases," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 181-208.
    21. Edel Barnes & Martin Walker, 2006. "The Seasoned‐Equity Issues of UK Firms: Market Reaction and Issuance Method Choice," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(1‐2), pages 45-78, January.
    22. Yoon, Pyung Sig & Starks, Laura T, 1995. "Signaling, Investment Opportunities, and Dividend Announcements," The Review of Financial Studies, Society for Financial Studies, vol. 8(4), pages 995-1018.
    23. Chaney, Paul K. & Hogan, Chris E. & Jeter, Debra C., 1999. "The effect of reporting restructuring charges on analysts' forecast revisions and errors," Journal of Accounting and Economics, Elsevier, vol. 27(3), pages 261-284, July.
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    Cited by:

    1. Kathryn E. Easterday & Pradyot K. Sen, 2023. "Another look at the dividend-price relationship in the accounting valuation framework," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 879-925, October.
    2. Bai-Sian Chen & Hong-Yi Chen & Hsiao-Yin Chen & Fang-Chi Lin, 2022. "Corporate growth and strategic payout policy," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 641-669, August.

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    More about this item

    Keywords

    Seasoned equity offerings; Dividend; Information asymmetry; G30; G35;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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