: Dirk Sturz
: Stock Dividends in Germany. An Empirical Analysis
: Duncker& Humblot GmbH
: 9783896446879
: Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim
: 1
: CHF 63.10
:
: Geld, Bank, Börse
: English
: 160
: Wasserzeichen
: PC/MAC/eReader/Tablet
: PDF
Stock distributions can affect the number of outstanding shares and the equity structure of a firm. From a neoclassical perspective, neither should have any effect on market value. However, a respectable number of empirical studies disclose overwhelming evidence that stock markets have a significantly positive reaction to the announcement of stock distributions. Despite the broad consensus about the positive market reaction, the possible causes are still debated. Focusing on stock dividends, which are a special type of stock distribution, this study revisits this puzzle and provides deeper insight into the economic ramifications of changes in the equity structure.