Date of Award
Doctor of Philosophy
Sergio H. Lence
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.
Xiang, Jun, "Three essays on an event-driven investment strategy: Dividend adjustments, share repurchases, and market timing" (2016). Graduate Theses and Dissertations. 16532.