search query: @author Johnson, S. / total: 9
reference: 8 / 9
| Author: | Johnson, S. |
| Title: | Dividend payout and the valuation effects of bond announcements |
| Journal: | Journal of Financial and Quantitative Analysis
1995 : SEP, VOL. 30:3, p. 407-424 |
| Index terms: | FINANCIAL ANALYSIS QUANTITATIVE TECHNIQUES INCOMES POLICY |
| Language: | eng |
| Abstract: | Recent theoretical models suggest debt and dividends can serve as substitute fee cash flow control or signaling devices. The author examines share price responses to announcements of straight debt issues and tests whether there are systematic differences between low and high dividend payout firms. Share price response is significantly positive for low growth-low dividend payout firms, and is negatively related to cross-sectional dividend payout. The results support arguments that debt and dividends are substitutes. |
SCIMA