Initial dividends and implications for investors
Research Foundation of the Institute of Chartered Financial Analysts, Jan 1, 1996 - Business & Economics - 66 pages
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20-day portfolios agency theory AGROW alpha Amex announcement day announcement effects average excess retum beta Book value cash ﬂows CBDMV Chartered Financial Analysts chi-square statistic Classiﬁcation cluster analysis coefﬁcient companies in Cluster company’s Compustat CRSP Equal dividend decision dividend initiation dividend policy dividend-initiating companies effects of dividend equal to zero ﬁnance ﬁnancial characteristics ﬁndings ﬁrm ﬁrst ﬁve days growth holding periods initial dividend announcement investment opportunities investors logit model LOGMVE LOGSAL market effects market response market value Maximum Likelihood mean number means portfolio retums measures negative NIDTA non-dividend-paying stocks number of stocks NYSE OTC companies OTC stocks p-value pay dividends percent level positive excess retums positive market proﬁle proﬁt proﬁtability ratios relative retums and excess sample signal signaling theory signiﬁcantly different signiﬁcantly positive Speciﬁcity statistical signiﬁcance t5statistic Table univariate valuation value of equity variable is equal Wansley Weighted Index Xret 20 Xret Xret means portfolio