Abstract We derive a consistent valuation approach that integrates the interdependent effects of cash dividends, share repurchases and active debt management while considering personal taxes. The is based on assumption predetermined proportion flow to equity used for instead dividends. Additionally, we examine cost by deriving appropriate adjustment formulae. Furthermore, run simulations invest...

Public announcement logic is an extension of multi-agent epistemic logic with dynamic operators to model the informational consequences of announcements to the entire group of agents. We propose an extension of public announcement logic with a dynamic modal operator that expresses what is true after any announcement: ♦φ expresses that there is a truthful announcement ψ after which φ is true. Th...

There is a positive association between stock-for-stock acquirers’ pre-merger abnormal accruals and post-merger announcement lawsuits. The market only partially anticipates the effects of post-merger announcement lawsuits at the merger announcement and the post-merger announcement long-term market underperformance is largely limited to litigated acquisitions. Overall, the evidence suggests that...

This meta-analysis summarizes the available data concerning the impact that the public announcement that Earvin "Magic" Johnson, a National Basketball Association All-Star, had tested positive for HIV. The results demonstrate that the announcement increased the level of accurate knowledge in persons, the number of persons getting tested for HIV, and the desire to obtain more information about H...

A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A solution for TU-games assigns a set of payoff vectors to every TU-game. Some solutions that are based on distributing dividends are the Shapley value (being the single-valued solution distributing the dividends equally am...

This paper examines the determinants of bid-ask spreads and their behaviour around corporate earning announcement dates, for a sample of UK firms over the period 1986-94. The paper finds that closing daily spreads are affected by order processing costs (proxied by trading volumes), inventory control costs (trading volumes and return variability) and asymmetric information (unusually high tradin...