메뉴 건너뛰기




Volumn 91, Issue 1, 2001, Pages 54-78

Dividends and expropriation

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0002616759     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.91.1.54     Document Type: Article
Times cited : (1117)

References (52)
  • 1
    • 84977431848 scopus 로고
    • Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis
    • March
    • Aharony, Joseph and Swary, Itzhak. "Quarterly Dividend and Earnings Announcements and Stockholders' Returns: An Empirical Analysis." Journal of Finance, March 1980, 35(1), pp. 1-12.
    • (1980) Journal of Finance , vol.35 , Issue.1 , pp. 1-12
    • Aharony, J.1    Swary, I.2
  • 2
    • 0003135050 scopus 로고
    • Toward an economic model of the japanese firm
    • March
    • Aoki, Masahiko. "Toward an Economic Model of the Japanese Firm." Journal of Economic Literature, March 1990, 28(1), pp. 1-27.
    • (1990) Journal of Economic Literature , vol.28 , Issue.1 , pp. 1-27
    • Aoki, M.1
  • 3
    • 0002093572 scopus 로고
    • The impact of initiating dividend payments on shareholders' wealth
    • January
    • Asquith, Paul and Mullins, David. "The Impact of Initiating Dividend Payments on Shareholders' Wealth." Journal of Business, January 1983, 56(1), pp. 77-96.
    • (1983) Journal of Business , vol.56 , Issue.1 , pp. 77-96
    • Asquith, P.1    Mullins, D.2
  • 4
    • 0002941942 scopus 로고
    • The determinants of corporate leverage and dividend policies
    • Winter
    • Barclay, Michael J.; Smith, Clifford W. and Watts, Ross L. "The Determinants of Corporate Leverage and Dividend Policies." Journal of Applied Corporate Finance, Winter 1995, 7(4), pp. 4-19.
    • (1995) Journal of Applied Corporate Finance , vol.7 , Issue.4 , pp. 4-19
    • Barclay, M.J.1    Smith, C.W.2    Watts, R.L.3
  • 7
    • 0000118836 scopus 로고
    • Imperfect information, dividend policy, and the 'bird in the hand' fallacy
    • Spring
    • Bhattacharya, Sudipto. "Imperfect Information, Dividend Policy, and the 'Bird In the Hand' Fallacy." Bell Journal of Economics, Spring 1979, 10(1), pp. 259-70.
    • (1979) Bell Journal of Economics , vol.10 , Issue.1 , pp. 259-270
    • Bhattacharya, S.1
  • 8
    • 48749142401 scopus 로고
    • Shareholder wealth, information signalling and the specially designated dividend: An empirical study
    • August
    • Brickley, James A. "Shareholder Wealth, Information Signalling and the Specially Designated Dividend: An Empirical Study." Journal of Financial Economics, August 1983, 12(2), pp. 187-209.
    • (1983) Journal of Financial Economics , vol.12 , Issue.2 , pp. 187-209
    • Brickley, J.A.1
  • 11
    • 0042829594 scopus 로고    scopus 로고
    • The separation of ownership and control in East Asian Corporations
    • October
    • Claessens, Stijn; Djankov, Simeon and Lang, Larry H. P. "The Separation of Ownership and Control in East Asian Corporations." Journal of Financial Economics, October 2000, 58(1), pp. 81-112.
    • (2000) Journal of Financial Economics , vol.58 , Issue.1 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.H.P.3
  • 13
    • 0001413464 scopus 로고
    • Two agency cost explanations of dividends
    • September
    • Easterbrook, Frank. "Two Agency Cost Explanations of Dividends." American Economic Review, September 1984, 74(4), pp. 650-59.
    • (1984) American Economic Review , vol.74 , Issue.4 , pp. 650-659
    • Easterbrook, F.1
  • 17
    • 84937291540 scopus 로고
    • A theory of income and dividend smoothing based on incumbency rents
    • February
    • Fudenberg, Drew and Tirole, Jean. "A Theory of Income and Dividend Smoothing Based on Incumbency Rents." Journal of Political Economy, February 1995, 103(1), pp. 75-93.
    • (1995) Journal of Political Economy , vol.103 , Issue.1 , pp. 75-93
    • Fudenberg, D.1    Tirole, J.2
  • 19
    • 0043277332 scopus 로고
    • Earnings information conveyed by dividend initiations and omissions
    • September
    • Healy, Paul M. and Palepu, Krishna G. "Earnings Information Conveyed by Dividend Initiations and Omissions." Journal of Financial Economics, September 1988, 21(2), pp. 149-75.
    • (1988) Journal of Financial Economics , vol.21 , Issue.2 , pp. 149-175
    • Healy, P.M.1    Palepu, K.G.2
  • 20
    • 0002432433 scopus 로고
    • The role of banks in reducing the cost of financial distress in Japan
    • September
    • Hoshi, Takeo; Scharfstein, David and Kashyap, Anil. "The Role of Banks in Reducing the Cost of Financial Distress in Japan." Journal of Financial Economics, September 1990, 27(1), pp. 67-88.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 67-88
    • Hoshi, T.1    Scharfstein, D.2    Kashyap, A.3
  • 21
    • 0001066475 scopus 로고
    • Agency cost of free cash flow, corporate finance, and takeovers
    • May Papers and Proceedings
    • Jensen, Michael C. "Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review, May 1986 (Papers and Proceedings), 76(2), pp. 323-29.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 22
    • 0003191078 scopus 로고
    • Eclipse of the public corporation
    • September/October
    • _. "Eclipse of the Public Corporation." Harvard Business Review, September/October 1989, 67(5), pp. 61-74.
    • (1989) Harvard Business Review , vol.67 , Issue.5 , pp. 61-74
  • 23
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signalling equilibrium
    • September
    • John, Kose and Williams, Joseph. "Dividends, Dilution, and Taxes: A Signalling Equilibrium." Journal of Finance, September 1985, 40(4), pp. 1053-70.
    • (1985) Journal of Finance , vol.40 , Issue.4 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 24
    • 0001225677 scopus 로고
    • Predictable events and excess returns: The case of dividend announcements
    • September
    • Kalay, Avner and Lowenstein, Uri. "Predictable Events and Excess Returns: The Case of Dividend Announcements." Journal of Financial Economics, September 1985, 14(3), pp. 423-49.
    • (1985) Journal of Financial Economics , vol.14 , Issue.3 , pp. 423-449
    • Kalay, A.1    Lowenstein, U.2
  • 25
    • 38249040721 scopus 로고
    • The information content of the timing of dividend announcements
    • July
    • _. "The Information Content of the Timing of Dividend Announcements." Journal of Financial Economics, July 1986, 16(3), pp. 373-88.
    • (1986) Journal of Financial Economics , vol.16 , Issue.3 , pp. 373-388
  • 26
    • 84937314069 scopus 로고
    • Top executive rewards and corporation performance: A comparison of Japan and the United States
    • June
    • Kaplan, Steven. "Top Executive Rewards and Corporation Performance: A Comparison of Japan and the United States." Journal of Political Economy, June 1994, 102(3), pp. 510-46.
    • (1994) Journal of Political Economy , vol.102 , Issue.3 , pp. 510-546
    • Kaplan, S.1
  • 27
    • 0000859784 scopus 로고    scopus 로고
    • Is group affiliation profitable in emerging markets? An analysis of diversified indian business groups
    • April
    • Khanna, Tarun and Palepu, Krishna. "Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups." Journal of Finance, April 2000, 55(2), pp. 807-37.
    • (2000) Journal of Finance , vol.55 , Issue.2 , pp. 807-837
    • Khanna, T.1    Palepu, K.2
  • 28
    • 0002694161 scopus 로고
    • Shareholder-manager conflict and the information content of dividends
    • Summer
    • Kumar, Praveen. "Shareholder-Manager Conflict and the Information Content of Dividends." Review of Financial Studies, Summer 1988, 1(2), pp. 111-36.
    • (1988) Review of Financial Studies , vol.1 , Issue.2 , pp. 111-136
    • Kumar, P.1
  • 29
    • 0006761611 scopus 로고    scopus 로고
    • Corporate ownership around the world
    • April
    • La Porta, Rafael; Lopez-de-Silanes, Florencio and Shleifer, Andrei. "Corporate Ownership around the World." Journal of Finance, April 1999, 54(2), pp. 471-517.
    • (1999) Journal of Finance , vol.54 , Issue.2 , pp. 471-517
    • La Porta, R.1    Lopez-De-Silanes, F.2    Shleifer, A.3
  • 31
    • 0032416910 scopus 로고    scopus 로고
    • Law and finance
    • December
    • _. "Law and Finance." Journal of Political Economy, December 1998, 106(6), pp. 1113-55.
    • (1998) Journal of Political Economy , vol.106 , Issue.6 , pp. 1113-1155
  • 33
    • 0012621543 scopus 로고    scopus 로고
    • Agency problems and dividend policies around the world
    • February
    • _. "Agency Problems and Dividend Policies Around the World." Journal of Finance, February 2000b, 55(1), pp. 1-33.
    • (2000) Journal of Finance , vol.55 , Issue.1 , pp. 1-33
  • 34
    • 0000243013 scopus 로고
    • Dividend announcements: Cash flow signalling vs. free cash flow hypothesis
    • September
    • Lang, Larry H. P. and Litzenberger, Robert H. "Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis." Journal of Financial Economics, September 1989, 24(1), pp. 181-92.
    • (1989) Journal of Financial Economics , vol.24 , Issue.1 , pp. 181-192
    • Lang, L.H.P.1    Litzenberger, R.H.2
  • 35
    • 21844510850 scopus 로고
    • The response of stock prices to permanent and temporary shocks to dividends
    • March
    • Lee, Bong-Soo. "The Response of Stock Prices to Permanent and Temporary Shocks to Dividends." Journal of Financial and Quantitative Analysis, March 1995, 30(1), pp. 1-22.
    • (1995) Journal of Financial and Quantitative Analysis , vol.30 , Issue.1 , pp. 1-22
    • Lee, B.-S.1
  • 36
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings, and taxes
    • May Papers and Proceedings
    • Lintner, John. "Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes." American Economic Review, May 1956 (Papers and Proceedings), 46(2), pp. 97-113.
    • (1956) American Economic Review , vol.46 , Issue.2 , pp. 97-113
    • Lintner, J.1
  • 37
    • 0000525598 scopus 로고
    • The effects of personal taxes and dividends on capital asset prices: Theory and empirical evidence
    • June
    • Litzenberger, Robert H. and Ramaswamy, Krishna. "The Effects of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence." Journal of Financial Economics, June 1979, 7(2), pp. 163-95.
    • (1979) Journal of Financial Economics , vol.7 , Issue.2 , pp. 163-195
    • Litzenberger, R.H.1    Ramaswamy, K.2
  • 38
    • 84977719574 scopus 로고
    • A re-examination of the wealth expropriation hypothesis: The case of captive finance subsidiaries
    • September
    • Malitz, Ileen. "A Re-Examination of the Wealth Expropriation Hypothesis: The Case of Captive Finance Subsidiaries." Journal of Finance, September 1989, 44(4), pp. 1039-47.
    • (1989) Journal of Finance , vol.44 , Issue.4 , pp. 1039-1047
    • Malitz, I.1
  • 39
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: Overreaction or drift?
    • June
    • Michaely, Roni; Thaler, Richard H. and Womack, Kent L. "Price Reactions To Dividend Initiations and Omissions: Overreaction or Drift?" Journal of Finance, June 1995, 50(2), pp. 573-608.
    • (1995) Journal of Finance , vol.50 , Issue.2 , pp. 573-608
    • Michaely, R.1    Thaler, R.H.2    Womack, K.L.3
  • 40
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • September
    • Miller, Merton H. and Rock, Kevin. "Dividend Policy Under Asymmetric Information." Journal of Finance, September 1985, 40(4), pp. 1031-51.
    • (1985) Journal of Finance , vol.40 , Issue.4 , pp. 1031-1051
    • Miller, M.H.1    Rock, K.2
  • 42
    • 0000243016 scopus 로고
    • Dividends and taxes: Some empirical evidence
    • December
    • _. "Dividends and Taxes: Some Empirical Evidence." Journal of Political Economy, December 1982, 90(6), pp. 1118-41.
    • (1982) Journal of Political Economy , vol.90 , Issue.6 , pp. 1118-1141
  • 44
    • 84993907298 scopus 로고
    • Dividend announcements, security performance, and capital market efficiency
    • December
    • Pettit, R. Richardson. "Dividend Announcements, Security Performance, and Capital Market Efficiency." Journal of Finance, December 1972, 27(5), pp. 993-1007.
    • (1972) Journal of Finance , vol.27 , Issue.5 , pp. 993-1007
    • Pettit, R.R.1
  • 45
    • 84944832590 scopus 로고
    • New evidence that taxes affect the valuation of dividends
    • December
    • Poterba, James and Summers, Lawrence. "New Evidence that Taxes Affect the Valuation of Dividends." Journal of Finance, December 1984, 39(5), pp. 1397-415.
    • (1984) Journal of Finance , vol.39 , Issue.5 , pp. 1397-1415
    • Poterba, J.1    Summers, L.2
  • 46
    • 84977724257 scopus 로고
    • The structure of corporate ownership in Japan
    • July
    • Prowse, Stephen. "The Structure of Corporate Ownership in Japan." Journal of Finance, July 1992, 47(3), pp. 1121-40.
    • (1992) Journal of Finance , vol.47 , Issue.3 , pp. 1121-1140
    • Prowse, S.1
  • 47
    • 0002022756 scopus 로고
    • Overseas Chinese Networks: Understanding the Enigma
    • February
    • Redding, Gordon S. "Overseas Chinese Networks: Understanding the Enigma." Long Range Planning, February 1995, 28(1), pp. 61-69.
    • (1995) Long Range Planning , vol.28 , Issue.1 , pp. 61-69
    • Redding, G.S.1
  • 48
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • June
    • Shleifer, Andrei and Vishny, Robert W. "A Survey of Corporate Governance." Journal of Finance, June 1997, 52(2), pp. 737-83.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 49
    • 0040955285 scopus 로고    scopus 로고
    • The implications of equity issuance decisions within parent-subsidiary governance structures
    • June
    • Slovin, Myron and Sushka, Marie. "The Implications of Equity Issuance Decisions within Parent-Subsidiary Governance Structures." Journal of Finance, June 1997, 52(2), pp. 841-57.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 841-857
    • Slovin, M.1    Sushka, M.2
  • 50
    • 0001690533 scopus 로고
    • The information content of dividends
    • April
    • Watts, Ross L. "The Information Content of Dividends." Journal of Business, April 1973, 46(2), pp. 191-211.
    • (1973) Journal of Business , vol.46 , Issue.2 , pp. 191-211
    • Watts, R.L.1
  • 51
    • 0001104190 scopus 로고    scopus 로고
    • On the costs of a bank-centered financial system: Evidence from the changing main bank relations in Japan
    • April
    • Weinstein, David and Yafeh, Yishay. "On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan." Journal of Finance, April 1998, 53(2), pp. 635-72.
    • (1998) Journal of Finance , vol.53 , Issue.2 , pp. 635-672
    • Weinstein, D.1    Yafeh, Y.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.