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  • Influence
Dividends, Share Repurchases, and the Substitution Hypothesis
We show that repurchases have not only became an important form of payout for U.S. corporations, but also that firms finance their share repurchases with funds that otherwise would have been used toExpand
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Payout Policy in the 21st Century
We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managersExpand
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Are Dividend Changes a Sign of Firm Maturity
Firms that increase (decrease) dividends experience a significant decline (increase) in their systematic risk. The dividend-increasing firms do not increase their capital expenditure and experience aExpand
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The Information Content of Share Repurchase Programs
Contrary to the implications of many payout theories, we find that announcements of open-market share repurchase programs are not followed by an increase in operating performance. However, we findExpand
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Dynamic Volume-Return Relation of Individual Stocks
We examine the dynamic relation between return and volume of individual stocks. Using a simple model in which investors trade to share risk or speculate on private information, we show that returnsExpand
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Conflict of interest and the credibility of underwriter analyst recommendations
Brokerage analysts frequently comment on and sometimes recommend companies that their firms have recently taken public. We show that stocks that underwriter analysts recommend perform more poorlyExpand
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Institutional Holdings and Payout Policy
We examine the relation between institutional holdings and payout policy in U.S. public firms. We find that payout policy affects institutional holdings. Institutions avoid firms that do not payExpand
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The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories
We test the empirical implications of several models of IPO underpricing. Consistent with the winner's-curse hypothesis, we show that in markets where investors know a priori that they do not have toExpand
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Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?
Initiations and omissions of dividend payments are important changes in corporate financial policy. This paper investigates the market reaction to such changes in terms of prices, volume, and changesExpand
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Payout Policy in the 21st Century
We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managersExpand
  • 930
  • 36