Degree Type

Dissertation

Date of Award

2016

Degree Name

Doctor of Philosophy

Department

Economics

Major

Economics

First Advisor

Sergio H. Lence

Abstract

This dissertation consists of three individual chapters. Chapter 1 documents that market responds negatively to dividend cuts and positively to dividend increases. Chapter 2 finds that firms hierarchally cut dividends and repurchases to meet their investment, or capital expenditure needs. Based on the analysis of Chapters 1 and 2, Chapter 3 discusses the discrepancy between firms and the market when firms adjust dividends, and shows that firms take advantage of this discrepancy to buy back shares.

Copyright Owner

Jun Xiang

Language

en

File Format

application/pdf

File Size

119 pages

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