this world; though all the discussions are focused on the causal relationships in allthe scientific arguments. One of the methods to study the designed causal relationshipsobjectively is Granger causality test. This paper aims to investigate the longtermcausal relationship between the stock price and dividends. The statisticalpopulation includes 180 active companies in Stock Exchange of Tehran ...

In this short paper, we show how fluctuation identities for Lévy processes with no positive jumps yield the distribution of the present value of dividends paid until ruin in a Lévy insurance risk model with a dividend barrier.

We consider communication situations games being the combination of a TU-game and a communication graph. We study the average tree (AT) solutions introduced by Herings et al. [9] and [10]. The AT solutions are defined with respect to a set, say T , of rooted spanning trees of the communication graph. We characterize these solutions by efficiency, linearity and an axiom of T -hierarchy. Then we ...

The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is more than three times larger from 2000 to 2019 1971 1999. We find that an increase in aggregate corporate income accounts for 37% of the payouts, payout rate 63%. Firms have higher rates 2000s not only because they are older, larger, free cash flow, but also pay their flow. Thou...

In this study, we examine the effects of geopolitical risk on corporate payout policy. Exploiting a news-based index risk, find that firms adopt more conservative policy by reducing share repurchases in response to greater whereas cash dividends are insignificant. Further analysis suggests flow uncertainty and financial distress two potential channels through which affects We also show repurcha...

The 2008 Global Financial Crisis was an extreme shock to the UK housing market. Frozen international capital markets resulted in highly restrictive mortgage lending by retail banks, and collapse homebuying threatened heavily indebted housebuilding industry. To counteract threat, between 2013, Government issued shared equity loans requiring matching from housebuilders alongside bank mortgages de...

We study the causal effect of labor unions on corporate payout policy by using a regression discontinuity (RD) design. Passing a union election leads to an 8.7% lower dividend ratio and a 17.9% lower total payout ratio (including both dividends and share repurchases) than failing an election in the following year. The negative effect of unions on payout is absent in firms located in states with...

This study investigates whether product market competition reduces agency problems between controlling shareholders and minority shareholders in Japan. We study Japan because of its salient weakness in investor protection and the severity of agency conflicts. In a large sample of Japanese firms we find that Japanese firms in more competitive industries pay more dividends than firms in less comp...

The current study aims to investigate the relationship between stock liquidity risk and financial information quality criteria (i.e. the timely dividends announcement, accruals quality and the percentage of profitability prediction error) of companies listed on the Tehran Stock Exchange. For this purpose, 148 cases of data from listed companies, collected from 2007 to 2012, were employed in ord...