ملخص
We investigate shareholder wealth effects of stock dividends using a unique dataset from Oman in which many market frictions that are used to explain the stock dividend announcement effect are either absent or limited. We find a positive stock market reaction to stock dividend distributions. We also find that firms that distribute stock dividends experience favorable changes in operating performance during the seven-year period around the stock dividend distribution. Our results suggest that stock dividends are used primarily to signal future operating performance and to a lesser extent to reduce stock prices to an optimal trading range.
اللغة الأصلية | English |
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الصفحات (من إلى) | 66-81 |
عدد الصفحات | 16 |
دورية | Journal of International Financial Markets, Institutions and Money |
مستوى الصوت | 28 |
رقم الإصدار | 1 |
المعرِّفات الرقمية للأشياء | |
حالة النشر | Published - يناير 2014 |
ASJC Scopus subject areas
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