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- W3124336875 abstract "Recent studies have sought to call into question the role of information signaling in explaining dividends. We study the role of liquidity in dividend signaling theories as a means of testing dividend signaling models as a class. The dividend signaling literature contains two kinds of models: one where current dividends signal firm value and the objective is to prevent current dilution, and the other where dividend clienteles exist and commitments to future dividends constitute the signal. We show that, in the dilution models (the first type), market reactions to announcements of dividend increases should be less sensitive to the size of the dividend increase, the tighter the available liquidity, while the reverse should hold for the dividend commitment models (the second type). We use data on dividend declarations to test the above hypotheses. Our empirical results suggest that the data are consistent with signaling models in general, and dividend commitment models in particular. Since shareholders in the dilution models are concerned about current market price, while those in the commitment models are more interested in the future market price, one may also interpret our results as a refutation of the near-term oriented shareholder hypothesis. Our data also fail to support plausible interpretations of the overinvestment hypothesis." @default.
- W3124336875 created "2021-02-01" @default.
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- W3124336875 date "1998-08-25" @default.
- W3124336875 modified "2023-09-26" @default.
- W3124336875 title "Dilution, Dividend Commitments and Liquidity: Do Dividend Changes Reflect Information Signaling?" @default.
- W3124336875 hasPublicationYear "1998" @default.
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