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Dividend announcements and double inefficiency of production: the implications of uncertainty and asymmetric information
Journal of Economics and Business - SPOUDAI
View Archive Info| Field | Value | |
| Title |
Dividend announcements and double inefficiency of production: the implications of uncertainty and asymmetric information
Dividend announcements and double inefficiency of production: the implications of uncertainty and asymmetric information |
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| Creator |
Ίκκος, Άρης
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| Subject |
Χρηματοδότηση της επιχείρησης; Οικονομικά της επιχείρησης
Corporate finance; Business administration |
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| Description |
A two-period model of the firm is constructed in a world which is characterised by uncertainty regarding earnings and production possibilities and by asymmetric information between insiders and outsiders. It is then shown that dividend announcements reveal more about the firm's value than earnings announcements do and that the two together reveal information about the investment policy of the firm that each one can not reveal. Moreover, Fisher-optimum investment policy is not sustainable through time. A solution to the problem of declaring dividends that fulfill the rational expectations criterion is proposed leading to double (allocative and X-) inefficiency of production. |
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| Publisher |
University of Piraeus
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| Date |
1995-01-01
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
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| Format |
application/pdf
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| Identifier |
http://spoudai.unipi.gr/index.php/spoudai/article/view/1034
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| Source |
SPOUDAI - Journal of Economics and Business; Vol 45, No 1-2 (1995)
2241-424X 1105-8919 |
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| Language |
eng
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| Relation |
http://spoudai.unipi.gr/index.php/spoudai/article/view/1034/1113
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| Rights |
Copyright (c) 1995 SPOUDAI - Journal of Economics and Business
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