Stock Dividends in Germany. An Empirical Analysis, vol 50

Edited by Sturz

in Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim from Duncker & Humblot GmbH, Berlin

Abstract: 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.

Keywords: Empirical Analysis; Stock distribution; Stock dividends (search for similar items in EconPapers)
JEL-codes: E00 (search for similar items in EconPapers)
Date: 2020
Edition: 1
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