This paper surveys the literature on payout policy. We start out by discussing several stylized
facts that are important to the development of any comprehensive payout policy framework …

The present study empirically analyses the association between board of directors'
composition and capital structure. Particularly, the fraction of independent directors on the …

This study empirically analyzes whether gender diversity enhances boards of directors'
independence and efficiency. Using data from 3,876 public firms in 47 countries and …

We compare three forms of common stock repurchases. Dutch‐auction self‐tender offers
and open‐market share repurchase programs are weaker signals of stock undervaluation …

The theory of market signaling and screening is a cornerstone of the new economics of
information. The last two and a half decades have not only witnessed a series of remarkable …

This paper develops a theory of choice among alternative procedures for distributing cash
from corporations to shareholders. Despite the preferential tax treatment of capital gains for …

Publisher Summary This chapter discusses the dividend policy that is crucial for areas of
financial economics. Five empirical observations have played an important role in …

When management has private information it has an incentive to finance investment by
issuing a security that is overpriced in the market. The market's valuation of the issued …

Yes. We show that dividend changes contain information about highly persistent changes in
future economic income. Three methodological differences lead us to different conclusions …

This study investigates the market reaction to cash dividend announcements for the period
2000–2004 employing data from the Athens Stock Exchange (ASE). In particular, the paper …