Stock Dividends in Germany

An Empirical Analysis

2015. 38 Tab., 14 Abb.; 160 S.
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ISBN 978-3-89673-687-1
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Stock distributions can affect the number of outstanding shares and the equity structure of a firm. From a neoclassical perspective, neither should have any effect on market value. However, a respectable number of empirical studies disclose overwhelming evidence that stock markets have a significantly positive reaction to the announcement of stock distributions.

Despite the broad consensus about the positive market reaction, the possible causes are still debated. Focusing on stock dividends, which are a special type of stock distribution, this study revisits this puzzle and provides deeper insight into the economic ramifications of changes in the equity structure.


I Introduction

II Regulatory Framework

Basic Conditions – Further Legal Implications – Conclusions

III Theory and Empirical Evidence

Theoretical Considerations on Stock Distributions – Empirical Evidence

IV Data and Methodology

Descriptive Data – Event Study Design – Proxy for Jensen's Free Cash Flow

V Data Analysis

Announcement Effect of Stock Dividends – Test of the Free Cash Flow Hypothesis

VI Conclusions




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