We investigate the value created through spinoffs over the 1965–1988 period by measuring
the stock returns of spinoffs, their parent firms, and parent-spinoff combinations for periods of …

This study examines the stock market's reaction to public announcements of corporate strategic
investment decisions. It includes a wide variety of strategic decisions: formation of joint …

This paper analyzes the effect of unexpected dividend changes on the values of common
stock, preferred stock, and bonds. Two potential effects are identified: a wealth transfer effect …

In this paper the proposition is tested that stock market reaction to a dividend change is a
function of its information content. A multiple regression model is formulated to identify the …

An analysis of overall market data and of individual companies traded on the NYSE, Amex
and OTC markets indicates a positive but statistically insignificant relation between changes …

In this study, the open empirical question as to whether or not dividends contain information
is investigated. The study involves 200 stocks and 376 dividend announcements over the …

In perfect capital markets, financial decisions such as reverse splits, which do not change
the risk position or earning power of a firm, have no effect on shareholder wealth. However, …

EISEMANN AND MOSES [6] RECENTLY surveyed the chief financial officers of over 30 firms
which had paid stock dividends in 1974.1 The officers overwhelmingly expressed the belief …

This paper examines the common stock valuation and liquidity effects of firms being added
to and deleted from the S&P 500 Index. Three potential pricing and trading volume …

This study analyzes stock dividends as signals from managers. It is argued that in the presence
of information asymmetries between managers and investors, stock dividends provide a …