Viswanath, P V; Kim, Yu Kyung; Pandit, Jayant - In: Review of Quantitative Finance and Accounting 18 (2002) 4, pp. 359-79
We develop new tests of the dividend signaling hypothesis by focusing on the role of liquidity. We allow for two different types of signaling models: one where current dividends signal firm value and the objective is to prevent current dilution, and the other where commitments to future...