Shareholder Litigation Rights and Bank Dividends
نویسندگان
چکیده
We use the staggered adoption of Universal Demand (UD) laws, which significantly reduces shareholder litigation rights listed banks incorporated in 23 US states during period from 1989 to 2005, as a quasi-natural experiment examine impact on bank dividends. The results difference-in-difference analysis show that weakened lead an increase Further, we find UD laws is only evident for with greater agency conflicts and higher information asymmetry. However, no evidence affect banks’ share repurchases.
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ژورنال
عنوان ژورنال: Journal of Financial Services Research
سال: 2023
ISSN: ['0920-8550', '1573-0735']
DOI: https://doi.org/10.1007/s10693-023-00397-4