BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Słoński Tomasz (Uniwersytet Ekonomiczny we Wrocławiu), Zawadzki Bartosz (Uniwersytet Ekonomiczny we Wrocławiu)
Title
Analiza jakościowa wpływu ogłoszenia skupu akcji i wypłaty dywidendy na ceny akcji polskich spółek giełdowych
The Effects of Announcing Stock Buyback and Dividend Payout on Polish Stock Prices - Quantitative Analysis
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2011, nr 38, s. 457-468, rys., tab., bibliogr. 15 poz.
Keyword
Spółki giełdowe, Dywidenda, Analiza jakościowa
Stock market companies, Dividend, Qualitative analysis
Note
streszcz., summ..
Company
Giełda Papierów Wartościowych w Warszawie
Warsaw Stock Exchange
Abstract
The main area of the authors interests was the significant increase of the number of share buybacks programs in 2008. Financial theory gives many potential reasons for conducting a share buyback. In Polish economic environment share buybacks cannot be treated as an alternative for the dividend payout, not only due to fiscal differences but mostly because of the different information content of this transactions. Although the information capacity of the share buyback is higher than of the dividend, the main reason for conducting such programs was merely to send a signal about the undervaluation of shares.(original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Szczecin University Main Library
Full text
Show
Bibliography
Show
  1. Allen F., Bernardo A., Welch I.: A Theory of Dividends Based on Tax Clientels, "Journal of Finance" 2002, 55.
  2. Asquith P., Mullins Jr D.: The impact of Initiating Dividend Payments on Shareholder Wealth, "Journal of Business", January 1983.
  3. Bhattacharaya S.: Imperfect Information, Dividend Policy and the 'Bird in Hand' Fallacy, "Bell Journal of Economics" 1979, Vol. 10.
  4. Black F., Scholes M.: The Effects of Dividend Yield and Dividend Policy on Common Stock Prices and Returns, "Journal of Financial Economics", May 1974.
  5. Dittmar A.: Why Do Firm Repurchase Stocks?, "Journal of Business" 2000, vol. 73.
  6. Grullon G., Michaely R.: Dividends, Share Repurchase and the Substitution Hypothesis, "Journal of Finance" 2002, 57.
  7. Fama E.F., French K.R.: Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay, "Journal of Financial Economics", vol. 60(1) April, 2001
  8. Ikenberry D., Lakonishok J., Vermaelen T., Market Underreaction on Open Market Share Repurchases, "Journal of Financial Economics" 1995, 39.
  9. Julio B., Ikenberry D.L.: Reappearing Dividends, (July 2004), dostępny na stronie SSRN: http://ssrn. com/abstract=585703.
  10. Kose J., Williams J.: Dividends, Dilution and Taxes: A Signaling Equilibrium, "Journal of Finance" 1985, vol. 40.
  11. Lambert R.A.: Contracting Theory and Accounting, "Journal of Accounting and Economics" 2001, Vol. 32.
  12. Masulis R.: Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes, "Journal of Finance" May 1980.
  13. Modigiliani F., Miller M.: Taxes and the Cost of Capital: A Correction, "American Economic Review" June 1963.
  14. Słoński T., Kwiatkowski K.: Czynniki określające stopę zwrotu małych spółek notowanych na GPW w Warszawie według zmodyfikowanego modelu CAPM, Zeszyty Naukowe Uniwersytetu Szczecińskiego 2010, nr 586.
  15. Vermaelen T.: Common Stock Repurchases and Market Signaling: An Empirical Study, "Journal of Financial Economics" 1981, June (9).
Cited by
Show
ISSN
1640-6818
1733-2842
Language
pol
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu