메뉴 건너뛰기




Volumn 55, Issue , 2015, Pages 140-149

Market movements and the excess cash theory

Author keywords

Dividend payments; Excess cash theory; Market's outlook

Indexed keywords


EID: 85027950106     PISSN: 10629769     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.qref.2014.07.003     Document Type: Article
Times cited : (4)

References (35)
  • 4
    • 84897636918 scopus 로고    scopus 로고
    • The behavioral foundations of corporate dividend policy a cross-country analysis
    • Breuer W., Rieger M.O., Soypak K.C. The behavioral foundations of corporate dividend policy a cross-country analysis. Journal of Banking and Finance 2014, 42:247-265.
    • (2014) Journal of Banking and Finance , vol.42 , pp. 247-265
    • Breuer, W.1    Rieger, M.O.2    Soypak, K.C.3
  • 7
    • 30744455448 scopus 로고    scopus 로고
    • Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory
    • DeAngelo H., DeAngelo L., Stulz R.M. Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics 2006, 81:227-254.
    • (2006) Journal of Financial Economics , vol.81 , pp. 227-254
    • DeAngelo, H.1    DeAngelo, L.2    Stulz, R.M.3
  • 8
    • 84972017273 scopus 로고
    • The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles
    • Denis D.J., Denis D.K., Sarin A. The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles. Journal of Financial and Quantitative Analysis 1994, 29:567-587.
    • (1994) Journal of Financial and Quantitative Analysis , vol.29 , pp. 567-587
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 9
    • 48349116716 scopus 로고    scopus 로고
    • Why do firms pay dividends? International evidence on the determinants of dividend policy
    • Denis D.J., Osobov I. Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics 2008, 89:62-82.
    • (2008) Journal of Financial Economics , vol.89 , pp. 62-82
    • Denis, D.J.1    Osobov, I.2
  • 10
    • 41849150429 scopus 로고    scopus 로고
    • Share reacquisitions, surplus cash, and agency problems
    • Denis O., Young S. Share reacquisitions, surplus cash, and agency problems. Journal of Banking and Finance 2008, 32:795-806.
    • (2008) Journal of Banking and Finance , vol.32 , pp. 795-806
    • Denis, O.1    Young, S.2
  • 12
    • 14844309371 scopus 로고    scopus 로고
    • Sensitivity of investor reaction to market direction and volatility: Dividend change announcements
    • Docking D.S., Koch P.D. Sensitivity of investor reaction to market direction and volatility: Dividend change announcements. Journal of Financial Research 2005, 28:21-40.
    • (2005) Journal of Financial Research , vol.28 , pp. 21-40
    • Docking, D.S.1    Koch, P.D.2
  • 13
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing firm characteristics or lower propensity to pay?
    • Fama E.F., French K.R. Disappearing dividends: Changing firm characteristics or lower propensity to pay?. Journal of Financial Economics 2001, 60:3-43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.F.1    French, K.R.2
  • 14
    • 0000928969 scopus 로고
    • Risk, return and equilibrium: Empirical tests
    • Fama E.F., MacBeth J. Risk, return and equilibrium: Empirical tests. Journal of Political Economy 1973, 81:607-636.
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.F.1    MacBeth, J.2
  • 19
    • 84993848932 scopus 로고
    • One-time cash flow announcements and free cash flow theory: Share repurchases and special dividends
    • Howe K.M., He J., Kao W.G. One-time cash flow announcements and free cash flow theory: Share repurchases and special dividends. Journal of Finance 1992, 47:1963-1975.
    • (1992) Journal of Finance , vol.47 , pp. 1963-1975
    • Howe, K.M.1    He, J.2    Kao, W.G.3
  • 20
    • 70350582780 scopus 로고    scopus 로고
    • Payout initiation by IPO firms: The choice between dividends and share repurchases
    • Jain B.A., Shekharb C., Torbeyc V. Payout initiation by IPO firms: The choice between dividends and share repurchases. Quarterly Review of Economics and Finance 2009, 49:1275-1297.
    • (2009) Quarterly Review of Economics and Finance , vol.49 , pp. 1275-1297
    • Jain, B.A.1    Shekharb, C.2    Torbeyc, V.3
  • 21
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. American Economics Review 1986, 76:323-329.
    • (1986) American Economics Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 22
    • 0043282602 scopus 로고    scopus 로고
    • On the differential market reaction to dividend initiations
    • Jin Z. On the differential market reaction to dividend initiations. Quarterly Review of Economics and Finance 2000, 40:263-277.
    • (2000) Quarterly Review of Economics and Finance , vol.40 , pp. 263-277
    • Jin, Z.1
  • 23
    • 6344263999 scopus 로고    scopus 로고
    • Dividend changes and the persistence of past earnings changes
    • Koch A.S., Sun A.X. Dividend changes and the persistence of past earnings changes. Journal of Finance 2004, 59:2093-2116.
    • (2004) Journal of Finance , vol.59 , pp. 2093-2116
    • Koch, A.S.1    Sun, A.X.2
  • 24
    • 0000243013 scopus 로고
    • Dividend announcements: Cash flow signaling vs. free cash hypothesis?
    • Lang L.H., Litzenberger R.H. Dividend announcements: Cash flow signaling vs. free cash hypothesis?. Journal of Financial Economics 1989, 24:181-192.
    • (1989) Journal of Financial Economics , vol.24 , pp. 181-192
    • Lang, L.H.1    Litzenberger, R.H.2
  • 25
    • 0040615519 scopus 로고
    • A test of the free cash flow hypothesis: The case of bidder returns
    • Lang L.H., Stulz R.M., Walkling R.A. A test of the free cash flow hypothesis: The case of bidder returns. Journal of Financial Economics 1991, 29:315-335.
    • (1991) Journal of Financial Economics , vol.29 , pp. 315-335
    • Lang, L.H.1    Stulz, R.M.2    Walkling, R.A.3
  • 26
    • 84977733537 scopus 로고
    • Free cash flow stockholder gains in going private transactions
    • Lehn K., Poulsen A. Free cash flow stockholder gains in going private transactions. Journal of Finance 1989, 44:771-789.
    • (1989) Journal of Finance , vol.44 , pp. 771-789
    • Lehn, K.1    Poulsen, A.2
  • 27
    • 0033262854 scopus 로고    scopus 로고
    • Excess funds and agency problems: An empirical study of incremental cash disbursements
    • Lie E. Excess funds and agency problems: An empirical study of incremental cash disbursements. Review of Financial Studies 2000, 13:219-248.
    • (2000) Review of Financial Studies , vol.13 , pp. 219-248
    • Lie, E.1
  • 28
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: Overreaction or drift?
    • Michaely R., Thaler R., Womack K. Price reactions to dividend initiations and omissions: Overreaction or drift?. Journal of Finance 1995, 50:573-608.
    • (1995) Journal of Finance , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.2    Womack, K.3
  • 30
    • 0039147411 scopus 로고    scopus 로고
    • Dividend changes and future profitability
    • Nissim D., Ziv A. Dividend changes and future profitability. Journal of Finance 2001, 56:2111-2133.
    • (2001) Journal of Finance , vol.56 , pp. 2111-2133
    • Nissim, D.1    Ziv, A.2
  • 31
    • 0000205744 scopus 로고    scopus 로고
    • Share repurchases and firm performance: new evidence on the agency cost of free cash flow
    • Nohel T., Tarhan V. Share repurchases and firm performance: new evidence on the agency cost of free cash flow. Journal of Financial Economics 1998, 49:187-222.
    • (1998) Journal of Financial Economics , vol.49 , pp. 187-222
    • Nohel, T.1    Tarhan, V.2
  • 33
    • 0000778902 scopus 로고
    • Self-tender offers: The effects of free cash flow, cash flow signaling, and the measurement of Tobin's Q
    • Perfect S.B., Peterson D.R., Peterson P.P. Self-tender offers: The effects of free cash flow, cash flow signaling, and the measurement of Tobin's Q. Journal of Banking and Finance 1995, 19:1005-1023.
    • (1995) Journal of Banking and Finance , vol.19 , pp. 1005-1023
    • Perfect, S.B.1    Peterson, D.R.2    Peterson, P.P.3
  • 34
    • 78649482156 scopus 로고    scopus 로고
    • Excess cash and stock returns
    • Simutin M. Excess cash and stock returns. Financial Management 2010, 39:1197-1222.
    • (2010) Financial Management , vol.39 , pp. 1197-1222
    • Simutin, M.1
  • 35
    • 0039798175 scopus 로고
    • Signaling, investment opportunities, and dividend announcements
    • Yoon P.S., Starks L.T. Signaling, investment opportunities, and dividend announcements. Review of Financial Studies 1995, 8:995-1018.
    • (1995) Review of Financial Studies , vol.8 , pp. 995-1018
    • Yoon, P.S.1    Starks, L.T.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.