the study attempts to find out the impact of buyback announcement on share price. paired sample t-test is employed to compare share price before and after the buyback announcement. the analysis of variance is also used to find out whether there is any significant difference among industries in the price change due to buyback announcement. the study is carried out from 1st january 2005 to 31st d...

We examine a company’s decision to issue public debt for the first time by analyzing its behavior around the time of obtaining its first debt rating. Contrary to our expectations, we find that firms are more likely to pay dividends in the years prior to the initial rating rather than at or after the announcement date, and that the amount of dividend payments actually appears to decline (rather ...

Prior research, especially in the UK, has established a positive relationship, in crosssectional regression analyses, between market value and dividends. This result holds after controlling for the effects of earnings, book value, major media advertising expenditures, research and development expenditures, capital expenditures, capital contributions and ‘other information’. Papers with this res...

We consider a compound Poisson risk model where part of the premium is paid to the shareholders as dividends when the surplus exceeds a specified threshold level. In this model, we are interested in computing the moments of the total discounted dividends paid until ruin occurs. However, instead of employing the traditional argument which involves conditioning on the time and amount of the first...

Many large U.S. bank holding companies (BHCs) continued to pay dividends during the recent financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases by these BHCs dropped sharply in the early part of the crisis. Documenting this divergent behavior is...

editorial

We show that repurchases have not only became an important form of payout for U.S. corporations, but also that firms finance their share repurchases with funds that otherwise would have been used to increase dividends. We find that young firms have a higher propensity to pay cash through repurchases than they did in the past and that repurchases have become the preferred form of initiating a ca...

Dividend Policy is one of the most important financial decisions that managers encounter. This study contributes to the literature of dividend and empirical research investigating the effects of dynamic factors in Tehran Stock Exchange. Based on some criteria, the study contains 133 listed firms over a 10-year period from 2001 to 2010. To test the research hypotheses, this study uses Fixed Effe...