On stock dividends and stock splits, see
Baker, H. Kent, and Patricia L. Gallagher, “Management’s
View of Stock Splits,” Financial Management,Summer
1980, 73–77.
Baker, H. Kent, Aaron L. Phillips, and Gary E. Powell, “The
Stock Distribution Puzzle: A Synthesis of the Literature
on Stock Splits and Stock Dividends,” Financial Practice
and Education,Spring/Summer 1995, 24–37.
McNichols, Maureen, and Ajay Dravid, “Stock Dividends,
Stock Splits, and Signaling,” Journal of Finance,July 1990,
857–879.
On repurchases, see
Denis, David J., “Defensive Changes in Corporate Payout
Policy: Share Repurchases and Special Dividends,” Jour-
nal of Finance,December 1990, 1433–1456.
Finnerty, Joseph E., “Corporate Stock Issue and Repur-
chase, Financial Management,Autumn 1975, 62–71.
Gay, Gerald D., Jayant R. Kale, and Thomas H. Noe,
“Share Repurchase Mechanisms: A Comparative Analysis
of Efficacy, Shareholder Wealth and Corporate Control
Effects,” Financial Management,Spring 1991, 44–59.
Klein, April, and James Rosenfeld, “The Impact of Targeted
Share Repurchases on the Wealth of Non-Participating
Shareholders,” Journal of Financial Research, Summer
1988, 89–97.
Netter, Jeffry M., and Mark L. Mitchell, “Stock-Repurchase
Announcements and Insider Transactions after the Octo-
ber 1987 Stock Market Crash,” Financial Management,
Autumn 1989, 84–96.
Pugh, William, and John S. Jahera, Jr., “Stock Repurchases
and Excess Returns: An Empirical Examination,” The Fi-
nancial Review,February 1990, 127–142.
Stewart, Samuel S., Jr., “Should a Corporation Repurchase
Its Own Stock?” Journal of Finance,June 1976, 911–921.
Wansley, James W., William R. Lane, and Salil Sarkar,
“Managements’ View on Share Repurchase and Tender
Offer Premiums,” Financial Management,Autumn 1989,
97–110.
Woolridge, J. Randall, and Donald R. Chambers, “Reverse
Splits and Shareholder Wealth,” Financial Management,
Autumn 1983, 5–15.
For surveys of managers’ views on dividend policy, see
Baker, H. Kent, Gail E. Farrelly, and Richard B. Edelman,
“A Survey of Management Views on Dividend Policy,”
Financial Management,Autumn 1985, 78–84.
Pruitt, Stephen W., and Lawrence J. Gitman, “The Interac-
tions between the Investment, Financing, and Dividend
Decisions of Major U.S. Firms,” Financial Review,August
1991, 409–430.
Other pertinent articles include
Asquith, Paul, and David W. Mullins, Jr., “Signalling with
Dividends, Stock Repurchases, and Equity Issues,” Fi-
nancial Management,Autumn 1986, 27–44.
Born, Jeffrey A., “Insider Ownership and Signals—Evidence
from Dividend Initiation Announcement Effects,” Finan-
cial Management,Spring 1988, 38–45.
Brennan, Michael J., and Anjan V. Thakor, “Shareholder
Preferences and Dividend Policy,” Journal of Finance,
September 1990, 993–1018.
Chang, Rosita P., and S. Ghon Rhee, “The Impact of Per-
sonal Taxes on Corporate Dividend Policy and Capital
Structure Decisions,” Financial Management,Summer
1990, 21–31.
DeAngelo, Harry, and Linda DeAngelo, “Dividend Policy
and Financial Distress: An Empirical Investigation of
Troubled NYSE Firms,” Journal of Finance,December
1990, 1415–1432.
DeAngelo, Harry, Linda DeAngelo, and Douglas J. Skinner,
“Dividends and Losses,” Journal of Finance,December
1992, 1837–1863.
Dempsey, Stephen J., and Gene Laber, “Effects of Agency
and Transactions Costs on Dividend Payout Ratios:
Further Evidence of the Agency-Transaction Cost Hypo-
thesis,” Journal of Financial Research,Winter 1992, 317–
321.
Fehrs, Donald H., Gary A. Benesh, and David R. Peterson,
“Evidence of a Relation between Stock Price Reactions
Around Cash Dividend Changes and Yields,” Journal of
Financial Research,Summer 1988, 111–123.
Ghosh, Chinmoy, and J. Randall Woolridge, “An Analysis of
Shareholder Reaction to Dividend Cuts and Omissions,”
Journal of Financial Research,Winter 1988, 281–294.
Healy, Paul M., and Krishna G. Palepu, “How Investors In-
terpret Changes in Corporate Financial Policy,” Journal
of Applied Corporate Finance,Fall 1989, 59–64.
Impson, C. Michael, and Imre Karafiath, “A Note on the
Stock Market Reaction to Dividend Announcements,”
The Financial Review,May 1992, 259–271.
Kale, Jayant R., and Thomas H. Noe, “Dividends, Uncer-
tainty, and Underwriting Costs Under Asymmetric In-
formation,” Journal of Financial Research,Winter 1990,
265–277.
Manakyan, Herman, and Carolyn Carroll, “An Empirical
Examination of the Existence of a Signaling Value Func-
tion for Dividends,” Journal of Financial Research,Fall
1990, 201–210.
Peterson, David R., and Pamela P. Peterson, “A Further Un-
derstanding of Stock Distributions: The Case of Reverse
Stock Splits,” Journal of Financial Research,Fall 1992,
189–205.
Peterson, Pamela P., David R. Peterson, and Norman H.
Moore, “The Adoption of New-Issue Dividend Rein-
vestment Plans and Shareholder Wealth,” Financial
Review,May 1987, 221–232.
Talmor, Eli, and Sheridan Titman, “Taxes and Dividend
Policy,” Financial Management,Summer 1990, 32–35.
Wansley, James W., C. F. Sirmans, James D. Shilling, and
Young-jin Lee, “Dividend Change Announcement Ef-
fects and Earnings Volatility and Timing,” Journal of Fi-
nancial Research,Spring 1991, 37–49.Selected Additional References and Cases 541