Efficient Signalling with Dividends and Investments
构建了一个股利与投资（或等价地，股利与净新股发行）的高效信号均衡模型，发现公司内部人利用多种信号时，高效组合必须最小化耗散成本；均衡中许多公司既发放股利又偏离最优投资，且股利对股价有正向影响，而新股发行对资产在位型公司有负向公告效应、对投资机会型公司有正向效应。
ABSTRACT An efficient signalling equilibrium with dividends and investments or, equivalently, dividends and net new issues of stock is constructed, and its properties are identified. Because corporate insiders can exploit multiple signals, the efficient mix must minimize dissipative costs. In equilibrium, many firms both distribute dividends and deviate from first‐best investment. Also, the impact of dividends on stock prices is positive. By contrast, the announcement effect of new stock is negative for firms with private information primarily about assets in place and positive for firms with inside information mainly about opportunities to invest.