Risque de surinvestissement, signalisation et annonce du dividende:le cas français

Monique Calvi-Reveyron ()
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Monique Calvi-Reveyron: Université de Savoie

Revue Finance Contrôle Stratégie, 1999, vol. 2, issue 3, 115-145

Abstract: This article fets out the results of an empirical study, realised on the French Stocks Exchange, of the reactions of prices, when there are announcements of important changes of the dividend. Two hypotheses are opposed:the signaling and the free cash flow hypothesis. The market reacts to the announcement of dividend but the reaction is significant only in firms which present a high risk of overinvesting. The dividend change rate affects the abnormal returns only in firms which have a low "market to book" rate or a high level of discretionary funds. These results are consistent with free cash flow hypothesis.

Keywords: dividend announcement; agency theory; free cash flow; signaling. (search for similar items in EconPapers)
Date: 1999
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