Sturz Stock Dividends in Germany.

An Empirical Analysis
1. Auflage 2020
ISBN: 978-3-89644-687-9
Verlag: Duncker & Humblot
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Deutsch, Band 50, 160 Seiten

Reihe: Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim

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.

Autoren/Hrsg.

Sturz, Dirk

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte

Inhaltsverzeichnis

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

Appendices

References