How to cite this paper
Anwar, S., Singh, S & Jain, P. (2). Signaling mechanism of corporate payout policy: A case of Indian firms.Accounting, 0(0), 0-0.
Refrences
Aharony, J. & Swary, I. (1980) Quarterly dividend and earnings announcements and stockholders' returns: an empirical analysis. The Journal of Finance, 35(1), 1-12.
Allen, F. & Michaely, R. (2002). Payout policy. Working paper. The Wharton Financial Institutions Center, 1-150.
Ali, M.B. & Chowdhury, T.A. (2010). Effect of dividend on stock price in emerging stock market: a study on the listed private commercial banks in DSE. International Journal of Economics and Finance, 2(4), 52-64.
Asamoah, G.N. & Nkrumah, K. (2010). The impact of dividend announcement on share price behavior in Ghana. Journal of Business & Economics Research, 8(4), 47-58.
Baba, N. & Ueno, Y. (2008). Are stock repurchases more flexible than dividends? The case of Japanese firms. Applied Financial Economics Letters, 4(5), 315–318.
Baker, H.K., Powell, G.E. & Veit, E.T. (2003). Why companies use open-market repurchases: A managerial perspective. The Quarterly Review of Economics and Finance, 43(3), 483–504.
Ball, R. & Brown, P. (1968). An empirical evaluation of accounting numbers. Journal of Accounting Research, 6(2), 159-178.
Barclay, M.J. & Smith C.W. (1988). Corporate payout policy: Cash dividends verses open market repurchases. Journal of Financial Economics, 22(1), 61-82.
Bartov, E., Krinsky, I. & Lee, J. (1998). Evidence on how companies choose between dividends and open-market stock repurchases. Journal of Applied Corporate Finance, 11(1), 89-96.
Benartzi, S., Michaely, R. & Thaler, R. (1997). Do change in dividends signal the future or the past?. The Journal of Finance, 52(3), 1007-1034.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and the ‘‘bird in the hand’’ fallacy. Bell Journal of Economics, 10(1), 259–70.
Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2(2), 5-8.
Bowman, R.G. (1983). Understanding and conducting event studies. Journal of Business Finance and Accounting, 10(4), 561-584.
Brav, A., Graham, J.R., Harvey, C.R. & Michaely, R. (2005). Payout policy in the 21st century, Journal of Financial Economics, 77(3), 483–527.
Brennan, M. & Thakor, A. (1990). Shareholder preferences and dividend policy. Journal of Finance, 45(4), 993-1018.
Brown, S.J. & Warner, J.B. (1985). Using daily stock returns. The case of event studies. Journal of Financial Economics, 14(1), 3-31.
Cesari, A.D., Espenlaub, S. & Khurshed, A. (2011). Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity? Journal of Corporate Finance, 17(5), 1558–1579.
Chhachhi, I.S. & Davidson, W.N. (1997). A comparison of the market reaction to specially designated dividends and tender offer stock repurchases. Financial Management, 26(3), 89-96.
Choi, D. & Chen, S. (1997). The differential information conveyed by share repurchase tender offers and dividend increases. Journal of Financial Research, 20(4), 529-543.
Chowdhry, B. & Nanda, V. (1994). Repurchase premia as a reason for dividends: A dynamic model of corporate payout policies, The Review of Financial Studies, 7(2), 321-350.
Comment, R. & Jarrell, G.A. (1991). The relative signaling power of dutch-auction and fixed-price self-tender offers and open-market share repurchases. The Journal of Finance, 46(4), 1243-1271
Coulton, J.J. & Ruddock, C. (2011). Corporate payout policy in Australia and a test of the life-cycle theory. Accounting and Finance, 51(2), 381–407.
DeAngelo, H. & DeAngelo, L. (2006). The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics, 79(2), 293–315.
Deangelo, H., Deangelo, L. & Skinner, D.J. (1996). Reversal of fortune. Dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics, 40(3), 341–371.
Denis, D.J. (1990). Defensive Changes in corporate payout policy: Share repurchases and special dividends. The Journal of Finance, 45(5), 1433-1456.
Dittmar, A.K. & Dittmar, R.F. (2002). Stock repurchase waves: an explanation of the trends in aggregate corporate payout policy. http://ssrn.com/abstract=346548.
Dixon, R. Palmer, G., Stradling, B. & Woodhead, A. (2008). An empirical survey of the motivation for share repurchases in the UK. Managerial Finance, 34(12), 886-906.
Douglas, A.V. (2007). Managerial opportunism and proportional corporate payout policies. Managerial Finance, 33(1), 26-42.
Dua, V., Puri, H. & Mittal, R.K. (2010). Impact of buy-back of shares on stock prices in India: An empirical testing of stock market efficiency in its semi-strong form. Pranjana, 13(1), 59-71.
Eije, H.V. & Megginson, W.L. (2008). Dividends and share repurchases in the European Union. Journal of Financial Economics, 89(2), 347–374.
Fama, E.F. & Kenneth, R.F.(2001). Disappearing dividends: changing firm characteristics or lower propensity to pay. Journal of Financial Economics, 60(1), 3-43.
Fama, E., Fisher, L., Jensen, M. & Roll, R. (1969). The adjustment of stock Prices to new information. International Economic Review, 10(1), 1-21.
Fracassi, C. (2008). Stock price sensitivity to dividend changes. Working Paper, 1-39.
Gaspar, J.M., Massa, M., Matos, P., Patgiri R. & Rehman, Z. (2012). Payout policy choices and shareholder investment horizons, Review of Finance, 17(1), 261–320.
Grullon, G. & Ikenberry, D.L.(2000). What do we know about stock repurchase. Journal of Applied Corporate Finance, 13(1), 31-51.
Grullon, G. & Michaely, R. (2002). Dividends, share repurchases and the substitution hypothesis. Journal of Finance, 57(4), 1649–1684.
Grullon, G., Paye, B., Underwood, S., & Weston, J.P. (2011). Has the propensity to pay out declined? Journal of Financial and Quantitative Analysis, 46 (1), 1–24.
Guay, W. & Harford, J. (2000). The cash-flow permanence and information content of dividend
increases vs. repurchases. Journal of Financial Economics, 57(3), 385-415.
Gurgul, H. & Majdosz, P. (2005). Effect of dividend and repurchase announcements on the polish stock market. Operations Research and Decisions, 1(1), 25-41
Hausch, D.B. & Seward, J. K. (1993). Signaling with dividends and share repurchases: A choice between deterministic and stochastic cash disbursements. The Review of Financial Studies, 6(1), 121-154.
Haw, I.M., Simon, S.S. M., Hu, B. & Zhang, X. (2011). The contribution of stock repurchases to the value of the firm and cash holdings around the world. Journal of Corporate Finance, 17(1), 152–166.
Hsieh, J. & Wang, Q. (2008). Insiders' tax preferences and firms' choices between dividends and share repurchases. Journal of Financial and Quantitative Analysis, 43(1), 213-244.
Jain, R. (2007). Institutional and individual investor preferences for dividends and share repurchases. Journal of Economics and Business, 59(5), 406–429.
Jain, B. A., Shekhar, C. & Torbey, V. (2009). Payout initiation by IPO firms: The choice between dividends and share repurchases. The Quarterly Review of Economics and Finance, 49(4), 1275–1297.
Jagannathan, M., Stephens, C. P. & Weisbach, M. S. (2000). Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57(3), 355-384.
John, K. & Williams J. (1985). Dividends, dilution and taxes: A signaling equilibrium. Journal of Finance, 40(4), 1053-1070.
Jong, D. A., Dijk, R.V. & Veld, C. (2003). The dividend and share repurchase policies of Canadian firms: Empirical evidence based on a new research design, International Review of Financial Analysis 12(1), 349–377.
Kadioglu, E. (2008). The Announcement effect of cash dividend: evidence from Turkish capital market. Dissertation, 1-53.
Koch, A.S. & Sun, A.X. (2004). Dividend changes and the persistence of past earnings changes. The Journal of Finance, 59(5), 2093-2116.
Kooli, M. & L’Her, J.F. (2010). Dividends versus share repurchases evidence from Canada: 1985–2003. The Financial Review, 45(1), 57-81.
Kong, F.L. & Huang, S. (2014). The persistence of long-run abnormal returns following stock repurchases and offerings. Available at: http://www.mysmu.edu/faculty/fjfu/MgtSci2014.pdf.
Lee B. S. & Rui, O. M. (2007). Time-series behavior of share repurchases and dividends. The Journal of Financial and Quantitative Analysis, 42(1), 119-142.
Liang, W., Chan, K., Lai, W.H. & Wang, Y. (2011). Motivation for repurchases: A life cycle explanation. Journal of Financial Services Research, 43(2), 221-242.
Li, K. & McNally, W. (2003). The decision to repurchase, announcement returns and insider holdings: A conditional event study, The ICFAI Journal of Applied Finance, 9(6), 55-70.
Lie, E. (2000). Excess funds and agency problems: An empirical study of incremental cash disbursements. Review of Financial Studies, 13(1), 219-248.
Lie, E. (2005). Financial flexibility, performance, and the corporate payout choice. The Journal of Business, 78(6), 2179-2202.
Liljeblom, E. & Pasternack, D. (2006). Share repurchases, dividends and executive options: The effect of dividend protection. European Financial Management, 12(1), 7–28.
McNally, W.J. (1999). Open market stocks repurchase signaling. Financial Management, 28(2), 55- 67.
McWilliams, A. & Siegel, D. (1997). Event Studies in management research: Theoretical and
empirical issues. The Academy of Management Journal, 40(3), 626-657.
Medury, P.V., Bowyer, L.E. & Srinivasan, V. (1992). Stock Repurchases: A multivariate analysis of repurchasing firms. Quarterly Journal of Business and Economics, 31(1), 21-44.
Miller, M. & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40(4), 1033-1052.
Ming, W.C., Kao, E.H. & Fung, H. G. (2008). Impact of dividend-protected employee stock options on payout policies: Evidence from Taiwan. Pacific Economic Review, 13(4), 431–452.
Mishra, A.K. (2005). An empirical analysis of share buybacks in India. The ICFAI Journal of Applied Finance, 11(5), 5–24.
Nippel, P. & Nekat, K. (2009). The impact of a firm’s payout policy on stock prices and shareholders’ wealth in an inefficient market. Banking and Finance Review, 1(1), 63-83.
Ofer, A. & Thakor, A. (1987). A theory of stock price responses to alternative cash disbursementMethods: Stock repurchases and Dividends. Journal of Finance, 42(2), 365-394.
Renneboog, L. & Trojanowski, G. (2011). Patterns in payout policy and payout channel choice. Journal of Banking and Finance, 35(6), 1477–1490.
Rimbey, J.N. & Officer, D.T. (1992). Market response to subsequent dividend actions of dividend-initiating and dividend-omitting firms. Quarterly Journal of Business and Economics, 31(1), 3-20.
Sedzro, K. (2009). Comparing the market responses to dividends and repurchases: An empirical study. Journal of Academy of Business and Economics, 9(1), 20-21.
Sedzro, K. (2010). A unifying approach for comparing onetime payouts and recurring dividends. Global Journal of Business Research, 4(2), 141-153.
Skinner, D.J. (2008). The evolving relationship between earnings, dividends, and stock repurchases, Journal of Financial Economics, 87, 582-609.
Thirumalvalavan, P. & Sunitha, K. (2006). Share price behavior around buyback and dividend announcements in India. Retrieved from http://ssrn.com/abstract=873986.
Wann, C., Long, D.M., Pearson, D., & Wann, G. (2008). Liquidity shock induced dividend change: market reaction by firm quality. Journal of Academy of Business and Economics, 8(4), 137-151.
Wansley, J.W., Lane, W.R. & Sarkar, S. (1989). Managements' view on share repurchase and tender offer premiums. Financial Management, 18(3), 97-110.
Weigand, R.A. & Baker, H.K. (2009). Changing perspectives on distribution policy: The evolution from dividends to share repurchase. Managerial Finance, 35(6), 479- 492.
Allen, F. & Michaely, R. (2002). Payout policy. Working paper. The Wharton Financial Institutions Center, 1-150.
Ali, M.B. & Chowdhury, T.A. (2010). Effect of dividend on stock price in emerging stock market: a study on the listed private commercial banks in DSE. International Journal of Economics and Finance, 2(4), 52-64.
Asamoah, G.N. & Nkrumah, K. (2010). The impact of dividend announcement on share price behavior in Ghana. Journal of Business & Economics Research, 8(4), 47-58.
Baba, N. & Ueno, Y. (2008). Are stock repurchases more flexible than dividends? The case of Japanese firms. Applied Financial Economics Letters, 4(5), 315–318.
Baker, H.K., Powell, G.E. & Veit, E.T. (2003). Why companies use open-market repurchases: A managerial perspective. The Quarterly Review of Economics and Finance, 43(3), 483–504.
Ball, R. & Brown, P. (1968). An empirical evaluation of accounting numbers. Journal of Accounting Research, 6(2), 159-178.
Barclay, M.J. & Smith C.W. (1988). Corporate payout policy: Cash dividends verses open market repurchases. Journal of Financial Economics, 22(1), 61-82.
Bartov, E., Krinsky, I. & Lee, J. (1998). Evidence on how companies choose between dividends and open-market stock repurchases. Journal of Applied Corporate Finance, 11(1), 89-96.
Benartzi, S., Michaely, R. & Thaler, R. (1997). Do change in dividends signal the future or the past?. The Journal of Finance, 52(3), 1007-1034.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and the ‘‘bird in the hand’’ fallacy. Bell Journal of Economics, 10(1), 259–70.
Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2(2), 5-8.
Bowman, R.G. (1983). Understanding and conducting event studies. Journal of Business Finance and Accounting, 10(4), 561-584.
Brav, A., Graham, J.R., Harvey, C.R. & Michaely, R. (2005). Payout policy in the 21st century, Journal of Financial Economics, 77(3), 483–527.
Brennan, M. & Thakor, A. (1990). Shareholder preferences and dividend policy. Journal of Finance, 45(4), 993-1018.
Brown, S.J. & Warner, J.B. (1985). Using daily stock returns. The case of event studies. Journal of Financial Economics, 14(1), 3-31.
Cesari, A.D., Espenlaub, S. & Khurshed, A. (2011). Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity? Journal of Corporate Finance, 17(5), 1558–1579.
Chhachhi, I.S. & Davidson, W.N. (1997). A comparison of the market reaction to specially designated dividends and tender offer stock repurchases. Financial Management, 26(3), 89-96.
Choi, D. & Chen, S. (1997). The differential information conveyed by share repurchase tender offers and dividend increases. Journal of Financial Research, 20(4), 529-543.
Chowdhry, B. & Nanda, V. (1994). Repurchase premia as a reason for dividends: A dynamic model of corporate payout policies, The Review of Financial Studies, 7(2), 321-350.
Comment, R. & Jarrell, G.A. (1991). The relative signaling power of dutch-auction and fixed-price self-tender offers and open-market share repurchases. The Journal of Finance, 46(4), 1243-1271
Coulton, J.J. & Ruddock, C. (2011). Corporate payout policy in Australia and a test of the life-cycle theory. Accounting and Finance, 51(2), 381–407.
DeAngelo, H. & DeAngelo, L. (2006). The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics, 79(2), 293–315.
Deangelo, H., Deangelo, L. & Skinner, D.J. (1996). Reversal of fortune. Dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics, 40(3), 341–371.
Denis, D.J. (1990). Defensive Changes in corporate payout policy: Share repurchases and special dividends. The Journal of Finance, 45(5), 1433-1456.
Dittmar, A.K. & Dittmar, R.F. (2002). Stock repurchase waves: an explanation of the trends in aggregate corporate payout policy. http://ssrn.com/abstract=346548.
Dixon, R. Palmer, G., Stradling, B. & Woodhead, A. (2008). An empirical survey of the motivation for share repurchases in the UK. Managerial Finance, 34(12), 886-906.
Douglas, A.V. (2007). Managerial opportunism and proportional corporate payout policies. Managerial Finance, 33(1), 26-42.
Dua, V., Puri, H. & Mittal, R.K. (2010). Impact of buy-back of shares on stock prices in India: An empirical testing of stock market efficiency in its semi-strong form. Pranjana, 13(1), 59-71.
Eije, H.V. & Megginson, W.L. (2008). Dividends and share repurchases in the European Union. Journal of Financial Economics, 89(2), 347–374.
Fama, E.F. & Kenneth, R.F.(2001). Disappearing dividends: changing firm characteristics or lower propensity to pay. Journal of Financial Economics, 60(1), 3-43.
Fama, E., Fisher, L., Jensen, M. & Roll, R. (1969). The adjustment of stock Prices to new information. International Economic Review, 10(1), 1-21.
Fracassi, C. (2008). Stock price sensitivity to dividend changes. Working Paper, 1-39.
Gaspar, J.M., Massa, M., Matos, P., Patgiri R. & Rehman, Z. (2012). Payout policy choices and shareholder investment horizons, Review of Finance, 17(1), 261–320.
Grullon, G. & Ikenberry, D.L.(2000). What do we know about stock repurchase. Journal of Applied Corporate Finance, 13(1), 31-51.
Grullon, G. & Michaely, R. (2002). Dividends, share repurchases and the substitution hypothesis. Journal of Finance, 57(4), 1649–1684.
Grullon, G., Paye, B., Underwood, S., & Weston, J.P. (2011). Has the propensity to pay out declined? Journal of Financial and Quantitative Analysis, 46 (1), 1–24.
Guay, W. & Harford, J. (2000). The cash-flow permanence and information content of dividend
increases vs. repurchases. Journal of Financial Economics, 57(3), 385-415.
Gurgul, H. & Majdosz, P. (2005). Effect of dividend and repurchase announcements on the polish stock market. Operations Research and Decisions, 1(1), 25-41
Hausch, D.B. & Seward, J. K. (1993). Signaling with dividends and share repurchases: A choice between deterministic and stochastic cash disbursements. The Review of Financial Studies, 6(1), 121-154.
Haw, I.M., Simon, S.S. M., Hu, B. & Zhang, X. (2011). The contribution of stock repurchases to the value of the firm and cash holdings around the world. Journal of Corporate Finance, 17(1), 152–166.
Hsieh, J. & Wang, Q. (2008). Insiders' tax preferences and firms' choices between dividends and share repurchases. Journal of Financial and Quantitative Analysis, 43(1), 213-244.
Jain, R. (2007). Institutional and individual investor preferences for dividends and share repurchases. Journal of Economics and Business, 59(5), 406–429.
Jain, B. A., Shekhar, C. & Torbey, V. (2009). Payout initiation by IPO firms: The choice between dividends and share repurchases. The Quarterly Review of Economics and Finance, 49(4), 1275–1297.
Jagannathan, M., Stephens, C. P. & Weisbach, M. S. (2000). Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics, 57(3), 355-384.
John, K. & Williams J. (1985). Dividends, dilution and taxes: A signaling equilibrium. Journal of Finance, 40(4), 1053-1070.
Jong, D. A., Dijk, R.V. & Veld, C. (2003). The dividend and share repurchase policies of Canadian firms: Empirical evidence based on a new research design, International Review of Financial Analysis 12(1), 349–377.
Kadioglu, E. (2008). The Announcement effect of cash dividend: evidence from Turkish capital market. Dissertation, 1-53.
Koch, A.S. & Sun, A.X. (2004). Dividend changes and the persistence of past earnings changes. The Journal of Finance, 59(5), 2093-2116.
Kooli, M. & L’Her, J.F. (2010). Dividends versus share repurchases evidence from Canada: 1985–2003. The Financial Review, 45(1), 57-81.
Kong, F.L. & Huang, S. (2014). The persistence of long-run abnormal returns following stock repurchases and offerings. Available at: http://www.mysmu.edu/faculty/fjfu/MgtSci2014.pdf.
Lee B. S. & Rui, O. M. (2007). Time-series behavior of share repurchases and dividends. The Journal of Financial and Quantitative Analysis, 42(1), 119-142.
Liang, W., Chan, K., Lai, W.H. & Wang, Y. (2011). Motivation for repurchases: A life cycle explanation. Journal of Financial Services Research, 43(2), 221-242.
Li, K. & McNally, W. (2003). The decision to repurchase, announcement returns and insider holdings: A conditional event study, The ICFAI Journal of Applied Finance, 9(6), 55-70.
Lie, E. (2000). Excess funds and agency problems: An empirical study of incremental cash disbursements. Review of Financial Studies, 13(1), 219-248.
Lie, E. (2005). Financial flexibility, performance, and the corporate payout choice. The Journal of Business, 78(6), 2179-2202.
Liljeblom, E. & Pasternack, D. (2006). Share repurchases, dividends and executive options: The effect of dividend protection. European Financial Management, 12(1), 7–28.
McNally, W.J. (1999). Open market stocks repurchase signaling. Financial Management, 28(2), 55- 67.
McWilliams, A. & Siegel, D. (1997). Event Studies in management research: Theoretical and
empirical issues. The Academy of Management Journal, 40(3), 626-657.
Medury, P.V., Bowyer, L.E. & Srinivasan, V. (1992). Stock Repurchases: A multivariate analysis of repurchasing firms. Quarterly Journal of Business and Economics, 31(1), 21-44.
Miller, M. & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40(4), 1033-1052.
Ming, W.C., Kao, E.H. & Fung, H. G. (2008). Impact of dividend-protected employee stock options on payout policies: Evidence from Taiwan. Pacific Economic Review, 13(4), 431–452.
Mishra, A.K. (2005). An empirical analysis of share buybacks in India. The ICFAI Journal of Applied Finance, 11(5), 5–24.
Nippel, P. & Nekat, K. (2009). The impact of a firm’s payout policy on stock prices and shareholders’ wealth in an inefficient market. Banking and Finance Review, 1(1), 63-83.
Ofer, A. & Thakor, A. (1987). A theory of stock price responses to alternative cash disbursementMethods: Stock repurchases and Dividends. Journal of Finance, 42(2), 365-394.
Renneboog, L. & Trojanowski, G. (2011). Patterns in payout policy and payout channel choice. Journal of Banking and Finance, 35(6), 1477–1490.
Rimbey, J.N. & Officer, D.T. (1992). Market response to subsequent dividend actions of dividend-initiating and dividend-omitting firms. Quarterly Journal of Business and Economics, 31(1), 3-20.
Sedzro, K. (2009). Comparing the market responses to dividends and repurchases: An empirical study. Journal of Academy of Business and Economics, 9(1), 20-21.
Sedzro, K. (2010). A unifying approach for comparing onetime payouts and recurring dividends. Global Journal of Business Research, 4(2), 141-153.
Skinner, D.J. (2008). The evolving relationship between earnings, dividends, and stock repurchases, Journal of Financial Economics, 87, 582-609.
Thirumalvalavan, P. & Sunitha, K. (2006). Share price behavior around buyback and dividend announcements in India. Retrieved from http://ssrn.com/abstract=873986.
Wann, C., Long, D.M., Pearson, D., & Wann, G. (2008). Liquidity shock induced dividend change: market reaction by firm quality. Journal of Academy of Business and Economics, 8(4), 137-151.
Wansley, J.W., Lane, W.R. & Sarkar, S. (1989). Managements' view on share repurchase and tender offer premiums. Financial Management, 18(3), 97-110.
Weigand, R.A. & Baker, H.K. (2009). Changing perspectives on distribution policy: The evolution from dividends to share repurchase. Managerial Finance, 35(6), 479- 492.