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Stock dividends in Germany an empirical analysis.
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Alemán |
| Publicado: |
[S.l.] :
DUNCKER & HUMBLOT,
2020.
|
| Colección: | Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim.
|
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Intro
- Preface
- Table of Contents
- Tables
- Figures
- I Introduction
- II Regulatory Framework
- II.1 Basic Conditions
- II.1.a Stock Dividends, Stock Splits and Accounting
- II.1.b Bonus Shares
- II.1.c Effects on the Par Value
- II.2 Further Legal Implications
- II.2.a Restrictions for Future Equity Issuances
- II.2.b Distribution of Funds
- II.3 Conclusions
- III Theory and Empirical Evidence
- III.1 Theoretical Considerations on Stock Distributions
- III.1.a Classification of Existing Approaches
- III.1.b Signaling Theory
- III.1.b.1 Fundamentals of Signaling
- III.1.b.2 Stock Distributions as Signals
- III.1.b.2.1 Retained Earnings Hypothesis
- III.1.b.2.2 Reputation of the Management
- III.1.b.2.3 Neglected Firm
- III.1.b.2.4 Trading Range as a Signal
- III.1.c Liquidity and Further Explanations
- III.1.c.1 Trading Range Hypothesis
- III.1.c.2 Further Explanations
- III.1.d Jensen's Free Cash Flow Hypothesis
- III.1.e Conclusions
- III.2 Empirical Evidence
- III.2.a Evidence from the US
- III.2.a.1 Signaling Effects
- III.2.a.2 Liquidity Effects
- III.2.b Evidence from Germany
- III.2.b.1 General Findings
- III.2.b.2 Signaling Effects
- III.2.b.3 Liquidity Effects
- IV Data and Methodology
- IV.1 Descriptive Data
- IV.1.a Data Collection
- IV.1.b Size of the Firms
- IV.1.c Distributions of Events through Time
- IV.1.d Split Ratio
- IV.2 Event Study Design
- IV.2.a Market Efficiency
- IV.2.b Computation of Abnormal Returns
- IV.2.b.1 Discrete and Continuous Returns
- IV.2.b.2 Modeling Normal Returns
- IV.2.c Statistical Estimation of Normal and Abnormal Returns
- IV.2.d Test of Significance
- IV.3 Proxy for Jensen's Free Cash Flow
- V Data Analysis
- V.1 Announcement Effect of Stock Dividends
- V.1.a Estimation of Abnormal Returns
- V.1.b Analysis of Abnormal Returns
- V.1.b.1 Cumulative Abnormal Returns for the Total Sample
- V.1.b.2 Diluted Events
- V.1.b.3 Special Distributions
- V.1.b.4 Euro Converters
- V.1.b.5 Split Ratio Effects
- V.1.b.6 Bonus Shares
- V.1.b.7 Cash Dividends
- V.1.b.8 Market Value
- V.2 Test of the Free Cash Flow Hypothesis
- V.2.a Cash Flow and Tobin's q
- V.2.b Free Cash Flow Proxy
- VI Conclusions
- Appendices
- References