ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00295.x

年代:1982

数据来源: WILEY

摘要:

AbstractThis paper examines the determinants of the dispersion of interest rates bid on competitively sold, new municipal issues. Theory suggests that the dispersion of prices (interest rates) on a new municipal issue depends on the expected costs and benefits of underwriter search on that issue. The greater the expected costs and the lower the expected benefits, the smaller will be underwriter search and the greater will be municipal interest rate dispersion. For empirical testing, the expected costs and benefits of underwriter search are measured by characteristics of the bond issue, the bond issuer, and the market conditions. The empirical tests suggest that the theory holds.

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00296.x

年代:1982

数据来源: WILEY

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00297.x

年代:1982

数据来源: WILEY

摘要:

AbstractIn this study, the open empirical question as to whether or not dividends contain information is investigated. The study involves 200 stocks and 376 dividend announcements over the 1971 to 1977 period; measures of unexpected dividends are related to measures of abnormal returns for dividend changing stocks. This study is important for three reasons:A testedex antedividend expectational model is used;The analysis is centered on daily, as opposed to monthly, returns; and,The influence of earnings on stock price is controlled explicitly.The evidence indicates that abnormal stock returns vary in sign with unexpected dividends. The results are consistent with the hypothesis that dividends contain information.

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00298.x

年代:1982

数据来源: WILEY

摘要:

AbstractA model of optimal dividend payout is presented in which increased dividends lower agency costs but raise the transactions cost of external financing. The optimal dividend payout minimizes the sum of these two costs. A cross‐sectional test of the model relates dividend payout to the fraction of equity held by insiders, the past and expected future revenue growth of the firm, the firm's beta coefficient, and the number of common stockholders. The coefficients of all variables are significant in the predicted directions. The results indicate that investment policy influences dividend polic

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00299.x

年代:1982

数据来源: WILEY

摘要:

AbstractThis research investigates the impacts that inflationary expectations and errors in those expectations had upon the stock market during 1975 to 1979. Expected rates of inflation were obtained via (1) Box‐Jenkins time‐series analysis and (2) naive extrapolation. Statistical analysis indicates only weak support for a Fisher effect in determining stock prices. However, the analysis consistently indicates that unanticipated changes in inflation are negatively related to stock market retu

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00300.x

年代:1982

数据来源: WILEY

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00301.x

年代:1982

数据来源: WILEY

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00302.x

年代:1982

数据来源: WILEY

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00303.x

年代:1982

数据来源: WILEY

ISSN:0270-2592    

DOI:10.1111/j.1475-6803.1982.tb00294.x

年代:1982

数据来源: WILEY