Quarterly Journal of Business and Economics articles from September 1993

Quarterly Journal of Business and Economics archives from September 1993

Dividend policies in practice: is there an industry effect?
September 22, 1993... INTRODUCTION While financial theory is unequivocal on the irrelevance of dividend policy in perfect capital markets, there is widespread recognition that payout policy in practice is controversial and not well understood. In the presence of...

New evidence on the behavior of Canadian stock prices in the days surrounding the ex-dividend day.
September 22, 1993... INTRODUCTION Ever since Elton and Gruber (1970) used the ratio of the ex-dividend day price change to the dividend per share to infer the typical investor's marginal tax rate and advanced the dividend (tax) clientele hypothesis there has been...

Do inside ownership and leverage share common determinants?
September 22, 1993... INTRODUCTION Jensen and Meckling (1976) posit that inside equity and leverage are determined jointly by the firm's attempt to minimize total agency costs.(1) More recent papers also suggest that inside equity and leverage share a common set of...

Returns to target shareholders from initial purchases of common shares: a multivariate analysis.
September 22, 1993... INTRODUCTION This paper investigates the returns to target shareholders associated with a significant event: the purchase of a substantial fraction of the target's common shares or share-equivalents as evidenced by the filing of a 13D...