Research note: neural network analysis of dividend policy
Article Abstract:
Keywords: Accounting research, Dividends, Neural networks, Sensitivity analysis, USA; A vast literature has developed on the theory and empirical evidence on the dividend payout decision. This literature has generated a number of competing hypotheses about the role of dividends in corporate finance. The principal hypotheses can be classified as: * Signaling models * Managerial models (residual and pecking order theories) * Agency models * Stakeholder models The evidence is mixed for all these approaches. There is an emerging consensus that there is no single explanation of dividends. As Brook et al. stated that, "there is no reason to believe that corporate dividend policy is driven by a single goal." (Brook, et al., 1998, at 55). Thus, all these explanations are studied to investigate whether they explain at least in part dividend distributions. The question then becomes in large complex organizations what variables are more important in the dividend payout decision. For example, Brook et al. found evidence of signaling as an explanation of dividends but argued that it played a minor role.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 2000
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Celebrity performance and endorsement value: the case of tiger woods
Article Abstract:
An interesting issue little explored in the celebrity endorsement literature is whether or not the activities of a celebrity endorser affect company performance. We examine the impact of Tiger Woods' tournament performance on the endorsing firm's value subsequent to the contract signing. We do not find a relationship between Tiger's tournament placement and the excess returns of Fortune Brands (parent of Titleist). This is likely due to Titleist being a very small contributor to the total market value of Fortune Brands. We also fail to find a significant relationship for American Express suggesting the market does not view a golfer endorsing financial services as credible. We do, however, find a positive and significant impact of Tiger's performance on Nike's excess returns suggesting that the market values the additional publicity that Nike receives when Tiger is in contention to win.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 2000
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Application of Dimson type models in emerging markets: the case of the Athens stock exchange
Article Abstract:
Keywords: Accounting research, Stock markets, Modelling, Greece There is much empirical work on various aspects of the market model with data from both developed and emerging stock markets. No special attention has, however, been given to the validity of the traditional market model in specific areas of interest and exceptional market conditions. In emerging markets, for instance, thin trading, market over-reaction, excess market volatility, lead/lag structure, occur frequently and, we contend, are the main causes of the various forms of model misspecification.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 2000
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