Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper...

This paper examines the consequences of a certain regulatory restriction on bids <p> for dual class shares. Shares of dierent classes are often argued to have dierent <p> prices because a premium will be paid to the superior voting shares in the case of a <p> tender oer. This paper takes as given a setup...</p></p></p>

Firms pay out cash to shareholders using both dividends and share repurchases despite the fact that dividends are generally taxed more heavily than share repurchases. This paper provides a general explanation for this dividend puzzle by developing a class of signaling models where the most...

It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market....

This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as...