Purpose – This study aims to provide a modern perspective on the role of dividends in smaller developed countries such as Ireland by examining views regarding the determinants of payout levels, the role of taxation and the relevance of conventional signalling theory....

Deeply-discounted rights issues (DDRIs) remain rare on the world's largest stock markets, but the costs and benefits of such issues have attracted renewed attention in recent years as market regulators search for ways of driving down the cost of external fund raising. The relative scarcity of...

The paper examines three hypotheses about the effect of insider trading on the market response to new financing announcements (NFAs) using a sample of disclosures made by UK firms between 1989 and 1991. The study demonstrates first that no systematic relationships exist between the market...

The evidence in this note indicates that the average stock market reaction to news of ordinary equity issues by quoted companies may depend on the share issue method employed. Using a sample of announcements made in the UK between 1989 and 1991 we find that the market response is significantly...

A substantive literature examines the short- and long-run performance of share returns following an Initial Public Offering (IPO). However, the related issue of why companies seek to raise money through an IPO, or the factors that are important in this equity-issuing process, have attracted very...

Corporate governance as a coherent notion and independent topic of academic and practitioner interest has developed rapidly in the last ten years. In particular, most countries have seen the publication of vast numbers of regulatory reports outlining best practice in handling the issues that...

Several recent studies document significant share returns at the time when strategic alliances are announced to the stock market. However, the earlier evidence is focused on equally weighted portfolio returns and/or individual partner returns. A value-weighted portfolio approach is used here to...