The role of leverage in the asymmetric valuation of dividends

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dc.contributor.authorKremer, Daniel
dc.contributor.authorUniversity of Lethbridge. Faculty of Management
dc.contributor.supervisorAsem, Ebenezer
dc.date.accessioned2011-12-08T21:24:46Z
dc.date.available2011-12-08T21:24:46Z
dc.date.issued2008
dc.descriptionvi, 36 leaves ; 29 cmen_US
dc.description.abstractFuller and Goldstein (2004) find that dividend payments are more valuable in down markets than in up markets. This research extends this study to determine whether the asymmetry in valuing dividend signals is influenced by debt financing. This is essential since firms with high debt financing are more likely to be affected by down markets than those with low debt financing. Consistent with this, the results show firms with greater indebtedness experience greater declines in returns during down markets. This decline, however, was observed to be mitigated by the payment of dividends, with the greatest improvement in returns concentrated with the most highly indebted firms. These results are robust to size, beta, and book-to-market values.en_US
dc.identifier.urihttps://hdl.handle.net/10133/2573
dc.language.isoen_USen_US
dc.publisherLethbridge, Alta. : University of Lethbridge, Faculty of Management, c2008en_US
dc.publisher.facultyManagementen_US
dc.relation.ispartofseriesProject (University of Lethbridge. Faculty of Management)en_US
dc.subjectDividendsen_US
dc.subjectFinancial leverageen_US
dc.subjectCorporate debten_US
dc.titleThe role of leverage in the asymmetric valuation of dividendsen_US
dc.typeThesisen_US
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