메뉴 건너뛰기




Volumn 14, Issue 4-5, 2004, Pages 369-385

The intra-industry impact of special dividend announcements: Contagion versus competition

Author keywords

Competition; Contagion; Information transfer; Price reaction; Special dividend

Indexed keywords


EID: 4043154441     PISSN: 1042444X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.mulfin.2004.02.002     Document Type: Article
Times cited : (13)

References (33)
  • 1
    • 4043153959 scopus 로고    scopus 로고
    • Special dividends, bonus issues and on-market buybacks: Signalling in an imputation environment
    • Blalachandran, B., Faff, R., 2004. Special dividends, bonus issues and on-market buybacks: Signalling in an imputation environment. Finance Letters 2 (1), 23-26
    • (2004) Finance Letters , vol.2 , Issue.1 , pp. 23-26
    • Blalachandran, B.1    Faff, R.2
  • 2
    • 4043067611 scopus 로고    scopus 로고
    • Further evidence on the announcement effect of bonus shares in an imputation tax setting
    • (in press)
    • Balachandran, B., Faff, R., Tanner, S., 2004. Further evidence on the announcement effect of bonus shares in an imputation tax setting. Global Finance Journal (in press)
    • (2004) Global Finance Journal
    • Balachandran, B.1    Faff, R.2    Tanner, S.3
  • 3
    • 4043123011 scopus 로고    scopus 로고
    • Signalling power of special dividend in an imputation environment
    • Accounting and Finance in press
    • Balachandran, B., Nguyen, T., 2004. Signalling power of special dividend in an imputation environment. Accounting and Finance, in press
    • (2004)
    • Balachandran, B.1    Nguyen, T.2
  • 4
    • 0012638685 scopus 로고
    • Risk and return from equity investments in the Australian mining industry: 1974-1983
    • Ball R. Risk and return from equity investments in the Australian mining industry: 1974-1983 JASSA 3 1986 10-12
    • (1986) JASSA , vol.3 , pp. 10-12
    • Ball, R.1
  • 5
    • 0001773835 scopus 로고
    • Risk and return from equity investments in the Australian mining industry: January 1958-February 1979
    • Ball, R., Brown, P., 1980. Risk and return from equity investments in the Australian mining industry: January 1958-February 1979. Australian Journal of Management 5, 45-66
    • (1980) Australian Journal of Management , vol.5 , pp. 45-66
    • Ball, R.1    Brown, P.2
  • 6
    • 0000118836 scopus 로고
    • Imperfect information, dividend policy, and the 'bird in the hand' fallacy
    • Bhattacharya, S., 1979. Imperfect information, dividend policy, and the 'bird in the hand' fallacy. Bell Journal of Economics, 259-270
    • (1979) Bell Journal of Economics , pp. 259-270
    • Bhattacharya, S.1
  • 7
  • 8
    • 48749142401 scopus 로고
    • Shareholder wealth information signalling and the specially designated dividend
    • Brickley A.J. Shareholder wealth information signalling and the specially designated dividend Journal of Financial Economics 12 1983 197-209
    • (1983) Journal of Financial Economics , vol.12 , pp. 197-209
    • Brickley, A.J.1
  • 9
    • 0142055307 scopus 로고    scopus 로고
    • Dividend omissions and intra-industry information transfers
    • Caton G. Goh J. Kohers N. Dividend omissions and intra-industry information transfers Journal of Financial Research 26 2003 51-64
    • (2003) Journal of Financial Research , vol.26 , pp. 51-64
    • Caton, G.1    Goh, J.2    Kohers, N.3
  • 10
    • 3142547473 scopus 로고    scopus 로고
    • Australian dividend reinvestment plans: An event study on discount rates
    • Chan K.K.W. McColough D. Skully M. Australian dividend reinvestment plans: an event study on discount rates Applied Financial Economics 6 1996 551-562
    • (1996) Applied Financial Economics , vol.6 , pp. 551-562
    • Chan, K.K.W.1    McColough, D.2    Skully, M.3
  • 12
    • 0038371974 scopus 로고    scopus 로고
    • Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and US firms
    • Dewenter K. Warther V. Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and US firms Journal of Finance 53 1998 879-904
    • (1998) Journal of Finance , vol.53 , pp. 879-904
    • Dewenter, K.1    Warther, V.2
  • 13
    • 33749638253 scopus 로고
    • Risk measurement when shares are subject to infrequent trading
    • Dimson E. Risk measurement when shares are subject to infrequent trading Journal of Financial Economics 7 1979 197-226
    • (1979) Journal of Financial Economics , vol.7 , pp. 197-226
    • Dimson, E.1
  • 14
    • 0012638503 scopus 로고    scopus 로고
    • Tilting the balance: How to put the 'value' in value management
    • Summer
    • Dolan, P., 1997. Tilting the balance: how to put the 'value' in value management. JASSA Summer, 24-29
    • (1997) JASSA , pp. 24-29
    • Dolan, P.1
  • 15
    • 0010927098 scopus 로고    scopus 로고
    • The intra-industry effects of open market share repurchases: Contagion or competitive?
    • Erwin G. Miller J. The intra-industry effects of open market share repurchases: Contagion or competitive? Journal of Financial Research 21 1998 389-406
    • (1998) Journal of Financial Research , vol.21 , pp. 389-406
    • Erwin, G.1    Miller, J.2
  • 16
    • 0030547054 scopus 로고    scopus 로고
    • Dividend changes, abnormal returns, and intra-industry firm valuations
    • Firth M. Dividend changes, abnormal returns, and intra-industry firm valuations Journal of Financial and Quantitative Analysis 31 2 1996 189-211
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , Issue.2 , pp. 189-211
    • Firth, M.1
  • 18
    • 84977702426 scopus 로고
    • The effects of stock repurchases on rival firms
    • Hertzel M. The effects of stock repurchases on rival firms Journal of Finance 46 1991 707-715
    • (1991) Journal of Finance , vol.46 , pp. 707-715
    • Hertzel, M.1
  • 19
    • 84993848932 scopus 로고
    • One-time cash flow announcement and free cash-flow theory: Share repurchases and special dividends
    • Howe M.K. He J. Kao W. One-time cash flow announcement and free cash-flow theory: Share repurchases and special dividends Journal of Finance 47 1992 1963-1975
    • (1992) Journal of Finance , vol.47 , pp. 1963-1975
    • Howe, M.K.1    He, J.2    Kao, W.3
  • 20
    • 0032267718 scopus 로고    scopus 로고
    • Information associated with dividend initiations: Firm specific or industry-wide
    • Howe J.S. Shen Y.P. Information associated with dividend initiations: Firm specific or industry-wide Financial Management 27 3 1998 17-26
    • (1998) Financial Management , vol.27 , Issue.3 , pp. 17-26
    • Howe, J.S.1    Shen, Y.P.2
  • 21
    • 4043104600 scopus 로고    scopus 로고
    • Contagion effects of dividend reduction or omission announcements in the electric utility industry
    • Impson M. Contagion effects of dividend reduction or omission announcements in the electric utility industry Financial Review 41 2000 121-136
    • (2000) Financial Review , vol.41 , pp. 121-136
    • Impson, M.1
  • 23
    • 84944836061 scopus 로고
    • Dividends, dilution and taxes: A signalling equilibrium
    • John K. Williams J. Dividends, dilution and taxes: A signalling equilibrium Journal of Finance 40 1985 1053-1070
    • (1985) Journal of Finance , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 24
    • 0001664151 scopus 로고
    • Signalling, information content, and the reluctance to cut dividends
    • Kalay, A., 1980. Signalling, information content, and the reluctance to cut dividends. Journal of Financial and Quantitative Analysis, 855-869
    • (1980) Journal of Financial and Quantitative Analysis , pp. 855-869
    • Kalay, A.1
  • 25
    • 0142109274 scopus 로고    scopus 로고
    • The industry wide implications of dividend omission and initiation announcements and the determinants of information transfer
    • Kohers N. The industry wide implications of dividend omission and initiation announcements and the determinants of information transfer Financial Review 34 1999 137-158
    • (1999) Financial Review , vol.34 , pp. 137-158
    • Kohers, N.1
  • 26
    • 0003143402 scopus 로고
    • Contagion and competitive intra-industry effects of bankruptcy announcements
    • Lang, L., Stulz, R., 1992. Contagion and competitive intra-industry effects of bankruptcy announcements. Journal of Financial Economics, 45-60
    • (1992) Journal of Financial Economics , pp. 45-60
    • Lang, L.1    Stulz, R.2
  • 27
    • 0032275158 scopus 로고    scopus 로고
    • The relative important of competition and contagion in intra-industry information transfer: An investigation of dividend announcement
    • Laux P. Starks L.T. Yoon P.S. The relative important of competition and contagion in intra-industry information transfer: An investigation of dividend announcement Financial Management 27 3 1998 5-16
    • (1998) Financial Management , vol.27 , Issue.3 , pp. 5-16
    • Laux, P.1    Starks, L.T.2    Yoon, P.S.3
  • 28
    • 0001214672 scopus 로고
    • Some estimates of the cost of capital to the electric utility industry, 1954-1957
    • Miller, M., Modigliani, F., 1966. Some estimates of the cost of capital to the electric utility industry, 1954-1957. American Economic Review, 333-391
    • (1966) American Economic Review , pp. 333-391
    • Miller, M.1    Modigliani, F.2
  • 29
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller M. Rock K. Dividend policy under asymmetric information Journal of Finance 40 1985 1031-1051
    • (1985) Journal of Finance , vol.40 , pp. 1031-1051
    • Miller, M.1    Rock, K.2
  • 30
    • 0012638977 scopus 로고    scopus 로고
    • Diggers, dreamers and lady luck
    • Autumn
    • Ord, T., 1998. Diggers, dreamers and lady luck. JASSA Autumn, 2-7
    • (1998) JASSA , pp. 2-7
    • Ord, T.1
  • 31
    • 4043106045 scopus 로고    scopus 로고
    • Two decades of information transfer studies: A review
    • Otchere I. Two decades of information transfer studies: A review Accounting Research Journal 151 2002 21-38
    • (2002) Accounting Research Journal , vol.15 , Issue.1 , pp. 21-38
    • Otchere, I.1
  • 32
    • 0037404226 scopus 로고    scopus 로고
    • Intra-industry effects of bank privatization: A clinical analysis of the privatization of the Commonwealth Bank of Australia
    • Otchere I. Chan J. Intra-industry effects of bank privatization: A clinical analysis of the privatization of the Commonwealth Bank of Australia Journal of Banking and Finance 27 2003 949-975
    • (2003) Journal of Banking and Finance , vol.27 , pp. 949-975
    • Otchere, I.1    Chan, J.2
  • 33
    • 4043124454 scopus 로고    scopus 로고
    • Do share buy back announcements convey firm specific or industry-wide information? A test of the undervaluation hypothesis
    • Otchere I. Ross M. Do share buy back announcements convey firm specific or industry-wide information? A test of the undervaluation hypothesis International Review of Financial Analysis 12 2 2002 1-21
    • (2002) International Review of Financial Analysis , vol.12 , Issue.2 , pp. 1-21
    • Otchere, I.1    Ross, M.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.