. Moreover, a number of surveys present the assessment of payout policy, especially dividend policy, from decision …

into volatility persistence in stock returns. In part two, I show that the introduction of continuous trading on the WSE is … volatility on days after limit hits and positive autocorrelation in stock returns. I do not find significant advantages of this …

volatility on foreign exchange markets. Starting point is the market participant's microeconomic investment decision, which is … trading volume and volatility on foreign exchange markets. We apply various two-country-models with representative market …

most pervasive determinant across other dividend measures such as dividend payout, total payout and repurchases. Overall …

profitable firms have higher leverage. Firms facing low corporate tax rates choose not to issue any debt. Increases in volatility … accelerate investment when volatility is high. Chapter 2 tests the model's predictions with respect to financial policy by …

market movements. We find dividend change announcements elicit agreater change in stock price when the nature of the news … responsiveness of investors to market direction and volatility. …

the impact of a firm‟s product market power, through the channel of business risk, on its dividend policy. Using three … market power positively affects a firm‟s dividend decision, both in terms of the probability of paying a dividend and the … amount of the dividend. I also provide evidence that the route through which market power affects the dividend decision is …