...Tatiana Ershova; Marina Zavertiaeva; Dmitry Kirpishchikov Purpose This study examines the impact of influential shareholders, namely, state and influential businessmen, on the dividend policies of firms. A special focus is made on the causal effect of exogenous changes: general and personal...

...Maria Rosa Borges Purpose The purpose of this paper is to discuss the stock price adjustment after a dividend distribution, allowing for different types of investors and market imperfections, including taxes and transaction costs. Design/methodology/approach An arbitrage model is developed...

...' industry‐wide retained earnings increase, while aggregate external shareholders' returns decrease unless dividend ratios are all unity. It is shown that qualitatively there is no difference in the outcomes of all profit specifications, whereas there is a quantitative difference. Research limitations...

...A.A. Lonie; G. Abeyratna; D.M. Power; C.D. Sinclair Investigates the stock market response to interactive dividend and earnings announcements by a sample of 620 UK companies over the period January to June 1991. First, examines the possibility that the response to a dividend announcement may...