کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960566 929499 2006 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Dividend policy, signaling, and discounts on closed-end funds
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Dividend policy, signaling, and discounts on closed-end funds
چکیده انگلیسی

We test the predictions of dividend signaling models using closed-end equity funds that adopt explicit policies committing them to pay minimum dividend yields. These policies represent deliberate attempts to reduce share price undervaluation relative to NAV. Funds that adopt minimum dividend policies experience reductions in their share price discounts, trade at smaller discounts than other funds, earn greater excess returns following policy adoption, and their managers survive longer than other managers do. The results are broadly consistent with the predictions of dividend signaling models, and suggest that high quality closed-end funds can reduce undervaluation via dividend policy.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 81, Issue 3, September 2006, Pages 539–562
نویسندگان
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