En el presente artículo se describen y analizan los resultados del proyecto de investigación “Identificación y análisis de la percepción de los clientes respecto a la calidad del servicio recibido de parte de las grandes superficies de la ciudad de Ibagué”, principalmente los...

After a big post-2008 increase in the fraction of firms distributing cash in the U.S. -both as dividends and repurchases-, and the end of the increasing popularity of repurchases in other developed and emerging countries, the share of payers is no longer significantly lower in the U.S. than...

This paper analyzes corporate bond valuation of a straight bond, and the convertibility feature, when interest rates are stochastic and the firm value is determined by the interaction of a series of stochastic variables. The sensitivity of the corporate d

This paper analyzes the impact of security offering announcements on stock prices for a sample of 172 issues of securities in the Chilean financial market, during the 1993-2002 period. We found that the authorization of bond issues given by the SVS (Superintendencia de Valores y Seguros)...

We examine whether nominal stock price can help to explain the ex-dividend day anomaly. We find that stocks with lower nominal prices have ex-dividend day price drops that are more consistent with theoretical predictions based on an efficient market. After controlling for factors that have been...

In this paper we contribute to a line of literature that examines behavioral biases that impact important corporate decisions. Our paper builds on prior articles that examine heaping or rounding of EPS forecasts. Herrmann and Thomas (2005), Bamber, Hui and Yeung (2010) and Dechow and You (2012)...

We document new evidence that the ex-dividend day stock price behavior in the U.S. is inconsistent with the tax explanation in several aspects. We find that within a tick multiple, as dividend size increases, dividend yields increase, but the price-drop-to-dividend ratios decrease. For dividends...

We examine ex-dividend day behavior on the Copenhagen Stock Exchange. We report price drop ratios of 25%, well below the 70-80% from U.S. data. The tax clientele hypothesis predicts ratios between 57% and 126% based on the Danish tax structure. Our results conflict with tax and tick size models,...

The Carhart four-factor model is the most widely used risk adjusted performance metric for mutual fund returns. Recent papers find the four-factor model generates significant alphas and factor loadings for unmanaged stock market indexes. In this paper, we introduce a new methodology to eliminate...