Access the full text.
Sign up today, get DeepDyve free for 14 days.
H. DeAngelo, L. Deangelo (1990)
Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE FirmsJournal of Finance, 45
H. DeAngelo, L. Deangelo, Douglas Skinner (1992)
Dividends and LossesJournal of Finance, 47
George Handjinicolaou, A. Kalay (1984)
Wealth redistributions or changes in firm valueJournal of Financial Economics, 13
Masulis Masulis (1980b)
The effects of capital structure change on security prices: A study of exchange offersJournal of Financial Economics, 8
Ronald Masulis (1980)
Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price ChangesJournal of Finance, 35
Ronald Masulis (1980)
The Effects of Capital Structure Change on Security Prices: A Study of Exchange OffersCorporate Finance: Capital Structure & Payout Policies eJournal
Larry Dann (1981)
Common stock repurchases : An analysis of returns to bondholders and stockholdersJournal of Financial Economics, 9
John Hand, Robert Holthausen, R. Leftwich (1992)
The Effect of Bond Rating Agency Announcements on Bond and Stock PricesJournal of Finance, 47
Handjinicolaou Handjinicolaou, Kalay Kalay (1984)
Wealth redistributions or changes in firm value: An analysis of returns to bondholders and stockholders around dividend announcementsJournal of Financial Economics, 13
J. Woolridge (1983)
Dividend Changes and Security PricesJournal of Finance, 38
Jayaraman Jayaraman, Shastri Shastri (1978)
The valuation of specially designated dividendsJournal of Financial and Quantitative Analysis, 23
Narayanan Jayaraman, Kuldeep Shastri (1988)
The Valuation Impacts of Specially Designated DividendsJournal of Financial and Quantitative Analysis, 23
ABSTRACT This study examines stock and bond price reactions to dividend changes. The positive stock market response to dividend increases has several potential explanations, two of the more commonly discussed being information content and wealth redistribution between stockholders and bondholders. The evidence presented supports the wealth redistribution hypothesis but does not rule out the information content hypothesis. Typically we find that the bond price reaction to announcements of large dividend changes is opposite to the stock price reaction. Our results differ from those of Handjinicolaou and Kalay.
The Journal of Finance – Wiley
Published: Mar 1, 1994
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.