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Dividend Policy provides a comprehensive study of dividend policy. It explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle. Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics. The book is recommended for professors and students in departments of finance and business, corporate finance staff, and financial regulators. The only comprehensive study of dividend policy Covers the historical evolution of dividends and academic research on dividend policy Presents new ways of thinking about dividends and dividend policy
In the aftermath of the financial crisis, investors are searching for new opportunities and products to safeguard their investments for the future. Riding high on the wave of new financial opportunities are Alternative Alternatives (AA). However, there is a dearth of information on what Alternative Alternatives are, how they work, and how they can be profited from. The book defines what Alternative Alternatives are, based on research and the following hypothesis: If the source (origin) of the risk lies outside of the financial markets, then it should be insulated from the vagaries of those markets. The book identifies and examines such and other unique, idiosyncratic, and difficult to replic...
?Mihail Topalov geht der Frage nach, warum die Unternehmen Dividenden zahlen. Der erste Teil des Buches liefert einen Überblick über die existierenden theoretischen Erklärungsansätze zur Dividendenpolitik und die Ergebnisse ihrer empirischen Überprüfung. Im zweiten Teil der Arbeit werden die Ergebnisse einer eigenen Befragung von Finanzvorständen börsennotierter Aktiengesellschaften in Deutschland dargestellt und analysiert. Anschließend werden auf der Grundlage der vorhandenen Datenbasis Determinanten der Dividendenpolitik herausgearbeitet und Hypothesen aufgestellt, anhand derer sich die theoretischen Erklärungsansätze im Rahmen einer quantitativen Analyse empirisch überprüfen lassen.
本書從現金股利分配決策和現金股利支付水平兩方面,就公司價值衡量現金股利的治理效應。發現現金股利的分配,能夠發揮公司的治理效應,有效於公司價值的提升。內容力求論證充分,結合實證研究與規範研究,其中一些觀點和研究成果作者期望能對規範中國上市公司的股利行為、促進中國關於收益分配問題的研究,具有一定的參考價值和指導意義。
English summary: Wolfgang Stutzel (1925-1987) was one of the most thought-provoking and influential scholars of the last 50 years. Stutzel's wide ranging theoretical publications and proposals in the fields of legal and economic policy were, when presented to the public, regarded as a challenge of mainstream positions; however they eventually gained general acceptance in many areas. His ideas continue to be pursued today, and their influence is still felt. The articles in this volume, written by 28 economists and legal experts, reflect this very clearly. German description: Wolfgang Stutzel (1925-1987) war einer der anregendsten und pragendsten Gelehrten der letzten 50 Jahre. Stutzels weitge...
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Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environment. Its empirical results illustrate that the effect of shareholder engagement depends on the characteristics of the specific blockholder as well as on interrelationships with additional blockholders.
This is Veselin Topalov's very personal account of his 2006 world championship match against the reigning world champion Vladimir Kramnik. With the help of co-author Zhivko Ginchev, Topalov shares his thoughts, hopes and fears as he fought for the most prestigious title in the chess world.
Corporate finance is a multifaceted discipline in which everything works in theory but not necessarily in practice. To bridge this gap, intelligently designed and executed surveys are essential in empirically validating conceptual hypotheses and the relative usefulness of various theories. Survey Research in Corporate Finance is a unique summary of state-of-the-art survey research in finance. Baker, Singleton, and Veit catalog and discuss the most important contributions to the field and provide a longitudinal perspective unavailable anywhere else. They offer an objective look at the role survey research in finance should play and illustrate the general and particular aspects of the form thi...