Impact of partial control on policies enacted by partial targets

Article Abstract:

An analysis of partial acquirers' corporate control over partial acquisitions reveals that partial targets and partial acquirers experience significant valuation effects in response to policies enacted by the target. The study measures valuation effects on targets and acquirers in response to policies enacted by targets and analyzes the policies incorporating proxies for the degree of the acquirers' control and finds that valuation effects on partial targets in response to subsequent policies are usually conditioned by the degree of control by partial acquirers.

Research and Development in the Social Sciences and Humanities, Management Science, Acquisitions and mergers, Corporate governance

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Dividend policy and corporate performance

Article Abstract:

A study is conducted to examine changes in corporate long-term share price performance after dividend initiations and omissions. Findings indicate that dividend initiations result in favorable long-term stock performance while dividend omissions are followed by poor long-term share performance. The results also suggest a linkage between the immediate share response and long-term valuation effects for firms initiating dividends. There is no significant evidence of such a relationship for companies omitting dividends.

Dividend Policy, Dividends, Corporate distributions

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Valuation effects from issuing zero-coupon debt

Article Abstract:

The cash flow characteristics of zero-coupon debt were analyzed. No significant share price response to the entire sample of zero-coupon bonds was observed. Findings further indicate that the share price reaction to liquid yield option notes is less favorable than other forms of zero-coupon debt. Firms are likely to issue zero-coupon debt when they perform remarkably.

Prices and rates, Stocks, Stock prices, Zero coupon securities

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