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Disclaimer Any opinions expressed here are those of the author(s) and not those of the IIIS. All works posted here are owned and copyrighted by the author(s). Papers may only be downloaded for personal use only. Abstract This paper examines the integration of European equity markets over the 1985-2002 period using a relatively new cointegrating technique(More)
Disclaimer Any opinions expressed here are those of the author(s) and not those of the IIIS. All works posted here are owned and copyrighted by the author(s). Papers may only be downloaded for personal use only. Abstract Using weekly observations on 9 Asian currencies from November 1976 to December 2003, we reexamine the evidence of an emerging yen block in(More)
We study the impact of firm dividend policies on firm risks in the United States, from 1987 to 2011. The impact of a comprehensive set of dividend policies (cash dividend initiations, omissions, the duration of the policies, the amounts of payout) is assessed on a set of important firm risks (total, idiosyncratic and systematic market risks, as well as the(More)
We find that investors across the globe differentially prefer dividend-paying stocks over non-dividend-paying stocks more in declining markets than in advancing markets, whether in developed or emerging markets or before or after the 2008 global crisis, even accounting for growth opportunities, size and risk effects. Dividend paying stocks outperform(More)
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