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Dividend announcements and double inefficiency of production: the implications of uncertainty and asymmetric information

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University of Peiraeus   

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Spoudai - Journal of Economics and Business   

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Dividend announcements and double inefficiency of production: the implications of uncertainty and asymmetric information (EL)
Dividend announcements and double inefficiency of production: the implications of uncertainty and asymmetric information (EN)
Ίκκος, Άρης
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
1995-01-01
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. (EN)
Χρηματοδότηση της επιχείρησης (EL)
Οικονομικά της επιχείρησης (EL)
Business administration (EN)
Corporate finance (EN)
Σπουδαί - Journal of Economics and Business
English
University of Piraeus (EN)
1105-8919
2241-424X
SPOUDAI - Journal of Economics and Business; Vol 45, No 1-2 (1995) (EN)
Copyright (c) 1995 SPOUDAI - Journal of Economics and Business (EN)
University of Peiraeus
Spoudai - Journal of Economics and Business
Scientific Papers



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