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 in the Greek stock market. Our results suggest that a two-beta intertemporal capital asset pricing model explains half of the cross-sectional variation in averag...

We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that fi rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that undertaking an open market repurchase results in a signi cant reduction in the size of the shareholder base...

We examine the effect of corporate governance on the use of dividends and repurchases, composition of payout, and inclusion of a pre-commitment feature in the payout policy. We find that dividend payout is decreasing in governance quality. Corporate governance has a mixed effect on repurchases: good external governance prompts managers to repurchase more and to use repurchases as the only form ...

An increase in the trading volume of dividend-declaring shares at a particular moment may indicate that company is performing well and has promising prospects. The dividend announcement includes crucial information for investors seeking abnormal returns. This study seeks to determine assess whether there difference between AR TVA before following release cash dividends. study's data analysis me...

In this paper, we model the cash surplus (or equity) of a risky business with Brownian motion (with drift). Owners can take out in form “dividends”, subject to transaction costs. However, if hits 0 then ruin occurs and cannot operate any more. We consider two types dividend distributions: (i) periodic, regular ones (that is, dividends be paid only at countably many points time, according specif...

Business strategy's impact on firm cash holdings and dividend payouts has largely remained unexplored. We identify a fundamental direct link between firm's business strategy its payouts. Analysing two large samples of data US firms over the period 1992–2017, we find strong evidence that prospectors (defenders) are likely to hold more (less) pay less (more) dividends than other firms. Further an...

The Distribution of Full Income in Greece Non-cash incomes from either private or public sources can have substantial effects on the distribution of economic welfare. However, standard approaches to inequality measurement either neglect them or take into account only selected non-monetary items. Using data for Greece in the mid 2000s we show that it is possible to incorporate a comprehensive li...