This paper examines dividend initiation announcements made by firms in the information technology sector. This sector is the subject of intense investor interest and has long been characterized with hyper growth, high margin, high volatility, and high risk. Also, the corporate life cycle of...

U. S. firms have increased their use of share repurchases to distribute cash to shareholders since 1973, although the record is not uniform across industries and firm sizes. We utilize three measures of payout, and find that high payout portfolios significantly outperform low payout portfolios...