The valuation of debt and equity, reorganization boundaries, and firm’s optimal dividend policies are studied in a framework where we model strategic interactions between debt holders and equity holders in a game-theoretic setting which can accommodate varying bargaining powers to the two claimants. Two formulations of reorganization are presented: debt-equity swaps and strategic debt service r...

We analyse the interaction between dividend policy and investment decision in a growth opportunity of a liquidity constrained firm. This leads us to study a mixed singular control/optimal stopping problem for a diffusion that we solve quasi-explicitly establishing connections with two auxiliary optimal stopping problems. We characterize situations where it is optimal to postpone dividend distri...

We explore the relationship between family ownership and dividend policy in an insider financial system under mandatory rules. In a civil law institutional setting like ours, concentration of management control hands members combination with poor corporate governance makes expropriation minorities more likely for high levels leading potentially to lower payouts. theorize on competing effects al...

This article provides an in-depth analysis of the role and significance dividend policy in financial management system joint-stock companies, describes theory calculating dividends, approaches to formation basic principles policy.

Three factors significantly influence profit repatriations by U.S. multinational firms: tax considerations, domestic financing and investment needs, and agency problems inside firms. Dividend repatriations are surprisingly persistent and resemble dividend payments to external shareholders. Tax considerations are influential but not decisive. Affiliates whose organizational forms carry differing...