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

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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.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management

UniBE Contributor:

Loderer, Claudio

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0022-1082

Publisher:

Wiley

Language:

English

Submitter:

Karin Dolder

Date Deposited:

24 Jan 2014 09:02

Last Modified:

08 Dec 2014 02:03

BORIS DOI:

10.7892/boris.39533

URI:

https://boris.unibe.ch/id/eprint/39533

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