Stock Dividends in Germany.
An Empirical Analysis
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Beschreibung
Stock distributions can affect the number of outstanding shares and the equity structure of a firm. From a neoclassical perspective, neither should have any effect on market value. However, a respectable number of empirical studies disclose overwhelming evidence that stock markets have a significantly positive reaction to the announcement of stock distributions.
Despite the broad consensus about the positive market reaction, the possible causes are still debated. Focusing on stock dividends, which are a special type of stock distribution, this study revisits this puzzle and provides deeper insight into the economic ramifications of changes in the equity structure.
Autor*in
Dirk Sturz
Themen in »Stock Dividends in Germany.«
Empirical Analysis Stock distribution Stock dividends