Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 14 of 14 for “"payout policy"”.
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Fire the caterer : a test of catering theory for corporate dividend payout policy
We propose that the catering theory of dividends will not hold when tested with an extended sample period, different formulations of the dividend premium, and subsets of our sample divided by industry. The catering theory implies that managers cater to irrational and timevarying investor demand for …
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Determinants of Dividend Payout Policy for the Manufacturing Companies Listed at DSE in Tanzania
… aimed at examining the determinants of dividend payout policy for the manufacturing companies listed at DSE in Tanzania. Quantitative research design employed to carry out the study. The secondary data were used which extracted from the Annual Report of Sampled firms. This data have been sourced …
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The Effects of Dilutions and Payout Policy on Equity- and Stock-linked Call Options on a Firm with Leverage
… allows for the effects of dilutions and buyback policy on stock-linked options to be explored. Using the framework developed by Backwell et al. (2022) with asset value dynamics presented by Leland (1994), the capital-debt structure of a firm is modelled. Finitedifference methods utilising a …
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Two Essays in Corporate Finance and Investment
… Corporate Governance, Capital Structure, and Payout Policy"", addresses several issues in dual-class stocks: why and when firms create dual-class stocks, and how the creation of dual-class stocks affects shareholders' wealth, corporate governance, capital structure, and payout policy. The …
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The dividend initiation decision : theory and evidence
… sequential equilibrium model of corporate cash payout policy that endogenizes a firm's dividend initiation decision, and its extreme reluctance to subsequently cut dividends in a sequential equilibrium. After payment of dividends, all excess cash is disgorged via stock repurchases that elicit no …
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Three essays on taxation and corporate finance: evidence from Japan
… dividend taxation and stock selling as well as payout policy. A 2011 tax reform in Japan raised the top marginal tax rates on dividend income from 10% to 43.6% among individual investors whose ownership ratio is in between 3% to 5%. This tax reform creates an incentive for these investors to …
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Essays in empirical corporate finance and investment
… The 2-4 articles focus on the relationship among payout policy, executive compensation and earnings management. To establish a causal effect, we are revisiting and expanding previous research questions and examining them from another viewpoint with identification strategies. Specifically, we are …
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Essays in financial economics
… Frydman and Eric Hilt, documents the dividend policy of firms in the United States during the first three decades of the twentieth century. This period features severe information asymmetry between insiders and outsiders, while other factors that could affect the payout policy were relatively …
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International aspects of capital allocation efficiency
… do external monitoring mechanisms shape a firm’s payout policy and improve the firm’s capital allocation efficiency through the actions of short sellers? 3. Are developing countries still able to achieve sustained output growth by directing investment into the manufacturing sector? Has the …
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Essays on executive compensation and dividend policy
… second examines the impact that various dividend payout policies have on stock prices. Below are the individual abstracts for each chapter. CHAPTER 1: Sovereign wealth funds are major players in the global markets. We contribute to the corporate governance literature by examining the possible …
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Essays in financial economics
… sequential equilibrium model of corporate cash payout policy that endogenizes a firm's dividend initiation decision, and its extreme reluctance to subsequently cut dividends in a sequential equilibrium. After payment of dividends, all excess cash is disgorged via stock repurchases that elicit no …
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Three Essays on Fiscal Stimulus, Corporate Policies, and the Local Economy
… share of U.S. corporate profits. In parallel, payout rates have risen sharply: firms increasingly return profits to shareholders rather than retain them. Together, these two trends have produced a dramatic surge in corporate payout distributions. For example, total dividends and share …
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Three Essays on Dynamic Corporate Finance in Continuous Time
… respectively. The group's optimal investment policy is a time-varying weighted average of investors' optimal policies. Debt is safe and procyclical as the firm dynamically rebalances in response to shocks. We show that only non-linear contracts in conjunction with dynamic investment and …
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Private Equity and Venture Capital Investors' Involvement in Firms Post Initial Public Offering
… the investments’ spending patterns, and the payout policy. These decisions are identified in prior literature to have a direct impact on firm value. I demonstrate that PE and VC investors with retained ownership continue to extensively monitor their backed IPOs. However, the two types of …