On their profits, companies must decide whether to distribute to its shareholders or invest in profitable projects that enhance future results. Many researches tried to discover the factors that influenced companies to distribute part of their profits based on theirs total dividend payout....

We exploit a feature in Brazilian regulation that requires firms to pay a minimal dividend (depending on the firm's bylaws and yearly income) to study the factors influencing firms to pay above minimum rates. Due to this fact we consider their desire to pay occurs only when they pay an amount...

IPOs are, up to now, one of the unresolved questions in Finance. Emerging markets new environment and different legal and financial markets characteristics may add new lights to understand this phenomenon. We found that in some points Brazilian, Indian and Chinese IPOs have the same features as...

This paper examines stock prices reaction to open market repurchases announcements at the Sao Paulo Stock Exchange between May 30, 1997 and October 31, 1998. This institutional scenario is a good testing ground for some theoretical hypotheses about stock repurchase announcements, because during...