Dividend Payment with Ruin Constraint

2019 ◽  
pp. 1-22
Author(s):  
Christian Hipp
Keyword(s):  
Dividend Payment

scholarly journals Share Repurchases: A Literature Review

2016 ◽  
Vol 8 (2) ◽  
pp. 1
Author(s):  
Sarthak Kumar Jena ◽  
Chandra Sekhar Mishra ◽  
Prabina Rajib
Keyword(s):  
Literature Review ◽  
Corporate Finance ◽  
Regulatory Framework ◽  
Earning Management ◽  
Share Repurchases ◽  
Share Repurchase ◽  
Dividend Payment ◽  
Significant Growth ◽  
Alternative Method ◽  
The Usa

<p>Share repurchases evolved as an alternative method of payout and a corporate finance tool in 1950 in the USA. From 1980 to 2000 it has achieved a significant growth as compared to dividend payment by companies. Then, share repurchase is gradually spread to other countries like UK, Canada, etc.  Pertinent to its growing importance, over the years an enormous literature has emerged that deals with many facets of share repurchase. This article classifies and organizes literature in relations to the established hypotheses, determinants affecting share repurchase decisions, the effect of share repurchase on liquidity and earning management around share repurchase. In additions to the above, this article also analyses the regulatory framework of Indian buyback starting from 1998. It gives a brief view of sections of old Companies Act (1956) and new Companies Act (2013) dealing with buyback. This article also provides a snapshot of SEBI buyback regulations, 1998 and also accommodates all the amendments.</p>

scholarly journals An efficient method for option pricing with discrete dividend payment

2008 ◽  
Vol 56 (3) ◽  
pp. 822-835 ◽  
Author(s):  
Cristina Ballester ◽  
Rafael Company ◽  
Lucas Jódar
Keyword(s):  
Option Pricing ◽  
Efficient Method ◽  
Dividend Payment

scholarly journals Does Market Power Affect Banking Dividend Policy? Evidence from Nepal

2021 ◽  
Vol 1 (4) ◽  
pp. 297-306
Author(s):  
Sahadev Bhatt
Keyword(s):  
Market Power ◽  
Banking Sector ◽  
Market Competition ◽  
Influencing Factor ◽  
Commercial Banking ◽  
Agency Conflicts ◽  
Dividend Payment ◽  
Lerner Index ◽  
Asset Growth ◽  
Structural Measure

We attempt to explain how market power impacts bank dividend payment behaviors in Nepal by taking the sample from the commercial banking sector employing a panel data regression model. Using the Lerner Index (LI), a non-structural measure of market power or lack of competition, we found that market power inversely but statistically insignificantly affect dividend payment. This finding leads us to conclude that market power-a proxy of more or less competition is not an important and influencing factor to the dividend decisions in commercial banking sectors signifying that competition does not seem helpful in mitigating agency conflicts. It is also concluded that banking dividend payouts are not the result of the punitive influence of product market antagonism. Further, among other firm-specific determinants, bank size and leverage significantly positively whereas asset growth significantly negatively affect the dividend decision. However, profitability is found insignificant determinant of dividend payment. The paper enriches and contributes to the literature on banking dividend payout and helps to identify the key factors that affect banking dividend decision-making.  Keywords : Banks, Market competition, Market power, Lerner Index, Nepal

scholarly journals Evaluation of advance dividend from an distinguised profit distribution: An accounting and tax examinationÖrtülü kazanç dağıtımı açısından kâr payı avansının değerlendirilmesi: Muhasebe ve vergi açısından bir inceleme

2017 ◽  
Vol 14 (4) ◽  
pp. 5027
Author(s):  
Ahmet Cemkut Badem ◽  
Yavuz Kılınç
Keyword(s):  
Full Text ◽  
Transfer Pricing ◽  
English Abstract ◽  
Public Ownership ◽  
Public Companies ◽  
Dividend Payment ◽  
Profit Distribution ◽  
Earnings Distribution ◽  
Public Company ◽  
Interim Period

Advance dividend is the process of distributing dividends to shareholders in advance through the interim period profit of the companies. While the dividend payment is accepted to be made only by company of public ownership, it has been approved to be used by non-public companies as well as the Turkish Code of Commerce numbered 6102. This study provides explanations for the calculation and recognition of profit advance dividends by utilizing the data of IPEK A.Ş., which is non-public company, and the application of implicit earnings distribution provisions through transfer pricing especially for recalled advance dividends.Extended English abstract is in the end of Full Text PDF (TURKISH) file.ÖzetKâr payı avansı, işletmelerin ara dönemde elde etmiş oldukları kârlar üzerinden ortaklara önceden temettü dağıtması işlemidir. Kâr payı avansı sadece halka açık anonim şirketler tarafından yapılması kabul görürken 6102 sayılı Türk Ticaret Kanunu’nun yasalaşması ile birlikte halka kapalı anonim şirketler tarafından da kullanımı kabul edilmiştir. Yapılan bu çalışmada, halk açık olmayan İPEK A.Ş.’nin verilerinden yararlanılarak avans kâr payı tutarının hesaplanması, muhasebeleştirilmesi ve özellikle geri çağrılan avans kâr payına yönelik transfer fiyatlandırması yolu ile örtülü kazanç dağıtımı hükümlerinin uygulanmasına yönelik açıklamalara yer verilmiştir.

scholarly journals The impact of the crisis caused by coronavirus on business decisions of the companies whose shares are listed on the Banja Luka stock exchange: Example of the dividend payment decision

Bankarstvo ◽  
2021 ◽  
Vol 50 (1) ◽  
pp. 44-65
Author(s):  
Goran Radivojac ◽  
Boško Mekinjić ◽  
Aleksandra Krčmar
Keyword(s):  
Stock Exchange ◽  
Retention Rate ◽  
Retention Rates ◽  
Financial Reports ◽  
Business Decisions ◽  
Dividend Payment ◽  
Banja Luka ◽  
Almost All ◽  
Republika Srpska ◽  
The Impact

The subject of this paper is an analysis of the impact of the crisis caused by coronavirus on business decisions of issuers whose shares are listed on the Banja Luka Stock Exchange, through the example of dividend payment decisions. For the purpose of determining the factual situation, we observed publicly available financial reports of all companies that paid dividends from profits for 2018 and 2019 and made a comparison of profit retention rates in the two observed periods. We also analyzed other available information on the operations of these issuers. The research results show that in 10 out of 16 cases in which there was dividend payment from profits for 2019, the rate of profit retention increased compared to 2018. In addition to the mentioned 16 cases of dividend payment from the profit for the previous year, two cases were recorded in which dividend payment was made, but from the accumulated profit of previous years, so that the retention rate was not calculated for these issuers. If we take into account the fact that, in almost all cases, the decision on the (non-)payment of dividends was made at a time when uncertainties regarding coronavirus were already present in Republika Srpska, it can be concluded that the impending crisis had an impact on 2019 net results distribution decisions.

scholarly journals The effects of dividend policy to stock prices of listed companies in Vietnam stock market

2020 ◽  
Author(s):  
Thị Lam Hồ ◽  
Thùy Phương Trâm Hồ
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Price ◽  
Dividend Policy ◽  
Corporate Value ◽  
Business Managers ◽  
Dividend Payment ◽  
Share Prices ◽  
Finance Management ◽  
The Impact

Dividend policy is one of the most important policies in corporate finance management. Understanding the impact of dividend policy on the distribution of profits, corporate value and thus on the stock price is important for business managers to make policies and for investors to make investment decisions. This study is conducted to evaluate the impact of dividend policy on share prices for companies listed on Vietnam’s stock market in the period from 2010 to 2018, based on the availability of continuous dividend payment data. Using the FGLS method with panel data of 100 companies listed on the HoSE and HNX, we find evidence of the impact of dividend policy on stock prices, supporting supports the bird in the hand and the signal detection theories. The findings of this study help to suggest a few recommendations for business managers and investors.

scholarly journals Do Cash Holdings Differ in Europe and Asia Pacific?

2019 ◽  
Vol 7 (2) ◽  
pp. 1-32
Author(s):  
Ummar Aftab ◽  
Waseem Akhter Qureshi ◽  
Attiya Yasmin Javid
Keyword(s):  
Financial Markets ◽  
Cash Holdings ◽  
Cash Flows ◽  
Negative Influence ◽  
Asia Pacific ◽  
Cash Holding ◽  
Financial Assets ◽  
Dividend Payment ◽  
Financial Strength ◽  
Cash Reserves

This paper identifies the determinants that contribute towards the variation in financial assets that make up a firm’s total cash reserves, specifically in two important regions of the world i.e. Asia Pacific and Europe. The findings of the research reveal that firms in the region of Asia Pacific have slightly higher cash holdings, as compared to firms in Europe. Moreover, the study also identifies that the elevated cash holdings in Asia Pacific are not a result of the agency problem, as is generally viewed, rather, the shareholder power hypothesis is a more appropriate measure to elucidate this elevation in the level of cash holdings in the region. When shedding light on to the firm specific cash holding determinants, the findings of the research reveal that leverage, dividend payment, profitability, growth and net working capital, cash flows and financial strength, influence cash reserves in both the regions, exactly in the same manner. This shows the application of transaction, and precautionary motives in both the regions. The study further identifies that size, and investments have a varying effect in both the regions that are taken into consideration. Again, this difference may be attributed to Shareholders’ Power Hypothesis, specifically for Asia Pacific and the Agency View, specifically for Europe. Shareholders’ Right Index influences cash reserves in Asia Pacific in a positive manner, while in Europe, the same index shows a negative influence. The development in the financial markets has a negative negatively influence on cash holdings in Asia Pacific, and a positive one in Europe.

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