Search results for "Dividend"
showing 10 items of 38 documents
Free Cash Flow and the Governance of French Firms (Free Cash Flow Et Gouvernance Des Entreprises Françaises)
2008
The limitation of the problem of free cash flow depends on the efficiency of governance mechanisms. In our study, we chose four main governance mechanisms, namely debt, the distribution of dividends, boards of directors and ownership structure. On the basis of a sample of 94 French firms in 2004, the results show that sustained distribution of dividends, a small-sized board of directors and some level of share-ownership by board members and managers are necessary conditions to the resolution of free cash flow. External directors and controlling interests act on free cash flow risk rather indirectly by favouring a massive distribution of dividends. The CEO/chairman duality produces the oppos…
Déclaration et vérification des créances. Décision d'admission de la créance de la caution. Autorité de la chose jugée. Portée. Concours du créancier…
1999
International audience; (Com. 23 juin 1998, Banque populaire de la région Ouest de Paris c/ Sté CGL)
The Investment on Capital Market: From Target Price Valuation Models to Investor Final Decision
2018
The investments on capital market are more attractive nowadays considering the short-term potential earnings that this particular market can offer but also the opportunities generated by the new entry companies. The aim of the paper is to present different valuation models of share in order to identify/calculate a target price, on one hand, and to emphasize the impact of both internal and external information on price per share, on the other hand. The target price is an important instrument that drives, alongside with industry, financial, and risk analysis, the investment decision to buy, to hold, and to sell. The key issues in determining target price are equity analysis, cash flow forecas…
LIFE CARE ANNUITIES (LCA) EMBEDDED IN A NOTIONAL DEFINED CONTRIBUTION (NDC) FRAMEWORK
2016
AbstractThis paper examines the possibility of embedding public long-term care (LTC) insurance within the retirement pension system, i.e. introducing life care annuities into a notional defined contribution framework. To do this, we develop a multistate overlapping generations model that includes the so-called survivor dividend and give special attention to the assumptions made about mortality rates for dependent persons and LTC incidence rates, which largely determine the contribution rate assigned to LTC. The proposed model could be of interest to policymakers because it could be implemented without too much difficulty, it would universalize LTC coverage with a “fixed” cost, and it would …
Stock prices, dividends, and structural changes in the long-term: The case of U.S.
2020
Abstract According to several empirical studies, the Present Value model fails to explain the behaviour of stock prices in the long-run. In this paper we consider the possibility that a linear cointegrated regression model with multiple structural changes would provide a better empirical description of the Present Value model of U.S. stock prices. Our methodology is based on instability tests recently proposed in Kejriwal and Perron (2008, 2010) as well as the cointegration tests developed in Arai and Kurozumi (2007) and Kejriwal (2008). The results obtained are consistent with the existence of linear cointegration between the log stock prices and the log dividends. However, our empirical r…
Are there threshold effects in the stock price–dividend relation? The case of the US stock market, 1871–2004
2008
We use recent developments on threshold autoregressive models that allow deriving endogenously threshold effects to analyse the evolution of the US stock price–dividend relation over the period 1871 to 2004. More specifically, a mean-reverting dynamic behaviour of the stock price–dividend ratio should be expected once such threshold is reached. Our empirical results showed that significant adjustments would occur when, in a particular year, the stock price–dividend ratio had shown a decrease of more than 8.0% between the previous year and the fourth year before, which implies nonlinearities in the dynamic behaviour of the US stock price–dividend relation.
The board of directors and dividenc policy: the effect of gender diversity
2015
In this article, we aim to study the impact on dividends policy of gender diversity on the board of directors (hereinafter BD). We hypothesize that the proportion of women directors, the proportion of independent, institutional, and executive female directors, and the percentage of shares held by female directors on BD, have an impact on the dividends policy of Spanish companies. Our findings, analyzing the whole sample, show that the proportion of female directors and shares held by female directors are positively associated with dividend payout, while the percentage of institutional female directors has a negative impact. The percentage of independent and executive female directors has no…
Threshold cointegration and nonlinear adjustment between stock prices and dividends
2008
According to several empirical studies, the linear present-value model fails to explain the behaviour of stock prices in the long run. We analyse the possible presence of threshold cointegration between real stock prices and dividends for the US market during the period from 1871:1 to 2004:6. According to our results, the null hypothesis of linear cointegration between stock prices and dividends is rejected in favour of a two-regime threshold cointegration model. We find also that stock prices do not respond to equilibrium error, and dividends respond to the past divergence only if the deviation from the equilibrium error does not exceed the estimated threshold parameter. This in turn would…
Integrating retirement and permanent disability in NDC pension schemes
2015
ABSTRACTIn this article, we develop a theoretical basis for integrating retirement and permanent disability using a generic nonfinancial defined contribution framework. The methodology we use relies on a multistate overlapping generations model that includes the so-called survivor dividend. Currently, this feature can only be found in the Swedish defined contribution (DC) scheme. The results achieved in the numerical example we present endorse the fact that the model works well. Special attention is given to the assumptions made about mortality rates for disabled people and disability incidence rates, which largely determine the contribution rate assigned to disability. The model could be o…
Nonfinancial defined contribution pension schemes: is a survivor dividend necessary to make the system balanced?
2013
The survivor dividend, at a specific age, is the portion of participants’ credited account balances that is distributed on a birth cohort basis from the account balances of participants who do not survive to retirement. This article develops a model to show whether it would be justified to include the survivor dividend in the calculation of affiliate pension balances. The main findings are that the survivor dividend has a strong financial basis which enables the macro contribution rate applied to be the same as the individual credited rate, and that including the survivor dividend in the calculation of the initial pension is not irrelevant because the initial pension could rise by up to 21.…