| Tekijä: | Ofer, A. R. Thakor, A. V. |
| Otsikko: | A theory of stock price responses to alternative corporate cash disbursement methods : stock repurchases and dividends. |
| Lehti: | Journal of Finance
1987 : JUN, VOL. 42:2, p. 365-394 |
| Asiasana: | SHARE PRICES DIVIDENDS EQUILIBRIUM ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | A model is developed in which managers can signal their firms' true values by using either a dividend or a stock repurchase or both. A number of stylized facts are explained about these cash-disbursement mechanisms, particularly those concerning the relative magnitudes of stock price responses to dividends and repurchases. Most importantly, it is explained why a stock repurchase elicits a significantly higher price response, on average, than a dividend announcement. |
SCIMA