This paper examines whether the overall market risk along with risks re‡ecting uncertainty related to the long run dynamics of market cash ‡ows (dividends) and discount rates (returns) price average returns on single-sorted portfolios of the Greek stock market. Following Campbell and Vuolteenaho (American Economic Review, 2004) we check whether these two types of risk provide an empirical impro...

Economic analysis and evidence indicate the market for corporate control is benefiting shareholders, society, and the corporate form of organization. The value of transactions in this market ran at a record rate of about $180 billion per year in 1985 and 1986--47 percent above the 1984 record of $122 billion. The number of transactions with purchase prices exceeding one billion dollars was 27 o...

In this paper, I consider a dynamic trade-off model of financing with difference in beliefs between the manager and investors. In the model, investors update more readily on earnings announcements than the manager does. The model offers a parsimonious treatment of endogenous financing, payout, and cash policies. The model generates a broad set of well-documented empirical facts that are difficu...

From various empirical evidences conducted in parts of the world on factors that influence dividend policy, results show there are similarities or mutual support between one study and another. However, also among variables have a relationship with policy showing contradictory This can happen due to differences business characteristics, environment, culture legal regulations differ from country ...

company’s value depends on its longterm ability to generate cash to fund value-creating growth and pay dividends to its shareholders. Even so, investment managers commonly base their stock selections on short-term earnings and portfolio tracking error rather than discounted cash flow (DCF)—the standard for valuing financial assets in well-functioning capital markets. Financial analysts fixate o...

The purpose of this study was to determine and analyze the effect cash holding dividends on firm value in property real estate companies listed Indonesia Stock Exchange, either partially or simultaneously. quantitative type research used study, population is all Exchange for 2010-2019 period sample selection technique uses purposive sampling so that a obtained. data collection techniques with d...

This study explores the relationship between ESG reputational risk, corporate payouts and firm value. Using a sample of 2021 US-listed firms 2007 2019, we provide robust evidence that risk relates to higher payouts, free cash flows amplify this relationship. Turning payout composition, document associates with mix comprising analogy share repurchases versus dividends; is more pronounced under f...

This paper proposes the introduction of a consumption-based corporate income tax in the European Union. Our proposal would guarantee neutrality regarding investment decisions and at the same time increase cost-efficiency. The proposal is based on the S-base cash flow tax, where transactions within the corporate sector are not at all taxable and only transactions between shareholders and corpora...