Corporate dividencs and seasoned equity issues: an empirical investigation

Loderer, Claudio; Mauer, David C. (1992). Corporate dividencs and seasoned equity issues: an empirical investigation. Journal of Finance, 47(1), pp. 201-225. Wiley

Text 1992 Corporate Dividends and Seasoned Equity Issues An Empirical Investigation.pdf - Accepted Version Restricted to registered users only Available under License Publisher holds Copyright. Download (1MB) | Request a copy

This paper investigates whether managers rely on dividends to obtain a higher price in a stock offering and whether the stock price reaction to dividend and offering announcements justifies such a coordination. The evidence does not support either conjecture. Issuing firms are not more likely to pay or increase dividends than nonissuing forms. Moreover, there is little evidence that firms time stock offering announcements right after dividend declarations to befefit from the attendant information disclosure. The analysis of dividend and stock offering announcement effects suggests few if any benefits from linking divbidend and stock offering announcements.

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