The paper presents new evidence on the contribution to price discovery of the upstairs market. The ‘component share' and ‘information share' measures are used, supplemented by the probability of informed trading (PIN) analysis. Most discovery arises downstairs, consistent with previous...

We compare the importance of opportunities for market timing with incentives to manage EPS, in decisions to repurchase. We distinguish between repurchases which are done to distribute cash (payout-related) and those which are conducted to provide shares for re-issue to staff (pay-related). Firms...

This paper determines the market value of dividends in the UK during periods before and after 1997. Previous studies, which use the ex-dividend day method, tend to provide noisy and potentially biased measures of dividend value. We estimate the value of dividends from the prices of shares that...