Corporate Dividends and Seasoned Equity Issues: An Empirical Investigation
研究公司是否通过股利政策在增发股票时获得更高价格，以及市场对股利和增发公告的反应是否支持这种协调。证据不支持这两种假设。
ABSTRACT This paper investigates whether managers rely on dividends to obtain a higher price in a stock offering and whether the stock price reaction to dividend and offering announcements justifies such a coordination. The evidence does not support either conjecture. Issuing firms are not more likely to pay or increase dividends than nonissuing forms. Moreover, there is little evidence that firms time stock offering announcements right after dividend declarations to benefit from the attendant information disclosure. The analysis of dividend and stock offering announcement effects suggests few if any benefits from linking dividend and stock offering announcements.