The Valuation Impacts of Specially Designated Dividends
分析特别指定股息公告前后股票和债券价格的变化，发现市场将其视为正面信号，股东获得大部分收益，且收益与公告频率负相关。
This paper examines the valuation impacts of specially designated dividends (SDDs) by analyzing the behavior of stock and bond prices on dates surrounding their announcements. The evidence presented here suggests that SDDs are considered positive signals by the market, with (most of) the gains associated with their announcements accruing to stockholders. In addition, we present some evidence that the gain to stockholders is negatively related to the frequency of SDD announcements.