Submitted by Rafael Santana (rafael.silvasantana@ufpe.br) on 2017-04-18T18:39:39Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação (2016-03-04) - KLIVER LAMARTHINE ALVES CONFESSOR.pdf: 1386264 bytes, checksum: 187856adab13aa330884ca934200e20d (MD5) / Made available in DSpace on 2017-04-18T18:39:39Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Dissertação (2016-03-04) - KLIVER LAMARTHINE ALVES CONFESSOR.pdf: 1386264 bytes, checksum: 187856adab13aa330884ca934200e20d (MD5) Previous issue date: 2016-03-04 / Este estudo tem o objetivo de analisar se a inclusão do fator Payout no modelo de três fatores de Fama e French (1993) é relevante para explicação do retorno das empresas cotadas na BM&FBOVESPA entre o período de 2004 e 2014. O Payout avalia o nível de pagamento de dividendos. O prêmio pelo fator Payout é obtido pela diferença dos retornos entre as empresas que pagaram Payout Incremental – percentual de dividendos maior do que versa a legislação – e o retorno daquelas empresas que não pagaram dividendos. O método utilizado nesse trabalho baseia-se no modelo de Fama e French (1993), onde o fator Payout foi adicionado aos fatores prêmio pelo risco de mercado (RM-RF), prêmio pelo fator tamanho (SMB) e prêmio pelo fator book-to-market (HML) criando um novo modelo de 4 fatores. O poder explicativo desse modelo foi testado em face do retorno de 12 carteiras criadas a partir da ortogonalização dos desses fatores. Os resultados indicam que o fator Payout é significativo no modelo e que este fator geralmente possui uma relação negativa com o retorno das carteiras. O modelo consegue explicar melhor o retorno de sete dentre as doze carteiras estudadas, dessas destacam-se as carteiras de pequenas, de alto valor e que pagaram dividendos incrementais, pequenas, de baixo valor e que pagaram dividendos incrementais, pequenas, de baixo valor e que não pagaram dividendos, com um poder explicativo de mais de 70%. Para as carteiras grande, de alto valor e que não pagaram dividendos, grande, de baixo valor e que não pagaram dividendos, pequenas, de baixo valor e que pagaram dividendos mínimo, pequenas, de alto valor e que não pagaram dividendos, o modelo explica o retorno em mais de 50% com as variáveis apresentadas. A variável Payout não foi significativa apenas para a carteira pequena, de baixo valor e que pagaram dividendos. Portanto, a inclusão do fator Payout ao modelo de Fama e French (1993) possui relevância para os estudos de avaliação de portfólios. Este estudo contribui para as discussões e aprimoramento dos modelos de precificação de ativos no mercado brasileiro. / This study aims to analyze whether the inclusion of the Payout factor on the three factors of Fama and French (1993) is relevant to an explanation of the return of the companies listed on the BM&FBOVESPA between 2004 and 2014. The Payout evaluates the level of payment of dividends. The premium of the Payout’s factor is obtained by the difference of returns among the companies that paid the dividend percentage – Incremental Payout higher than what legislation suggests – and the return of the companies that did not pay dividends. The method used in this paper is based on Fame and French (1993) model’s, which the Payout factor was added to by the market risk premium (RM-RF), an award by the factor (SMB) size and prize for the book-to-market factor (HML) creating a new model of 4 factors. The explanatory power of this model was tested in the face of the return of 12 portfolios created by orthogonalizing these factors. The results indicate that the Payout factor is significant in the model and that this factor generally has a negative relationship with the return of portfolios. The model can explain better the return of seven from twelve portfolios studied. From these portfolios stands out portfolios with little value, high value and that paid dividends, small, low-value and that paid dividends, small, low-value and that did not pay dividends, with an explanatory power of over 70%. For great portfolios, high value and that did not pay dividends, large, low-value and that did not pay dividends, small, low-value and that paid minimum dividends, small, high value and that did not pay dividends, the model explains the return in more than 50% with the variables presented. The variable Payout was not significant for small, low portfolio value and that paid dividends. Therefore, the inclusion of the Payout factor model of Fame and French (1993) has relevance to portfolio assessment studies. This study contributes to the discussion and improvement of asset pricing models in the Brazilian market.

Utdelningspolitik är ett ämne inom finansieringsområdet som har varit flitigt omdiskuterat under många år. Huruvida branschen som företaget är verksam inom har en inverkan på utdelningspolitiken eller inte är ett område som det finns relativt lite forskning inom. Forskare är oense om branschen påverkar företagens utdelningsbeslut. Vissa hävdar att det finns branscheffekter vilket gör att företagens utdelningspolitik påverkas av branschen och som resulterar i att utdelning tenderar att se olika ut mellan branscher. Det finns också forskare som exempelvis Higgins (1972) som påstår motsatsen och menar att branschen inte har någon större påverkan utan att företagen bestämmer utdelningspolitiken utifrån deras egen situation. Uppsatsens syfte är att undersöka om det finns skillnader i utdelningspolitiken i sex olika branscher som jämförts. Det har gjorts genom att analysera utdelningsandelen från totalt 52 företag på OMX Stockholm under tidsperioden 2001-2011. För att jämföra om det finns skillnader mellan branscherna så har ett hypotestest och en regressionsanalys genomförts. Resultatet av undersökningen pekar på att det inte finns några skillnader mellan de undersökta branscherna, vilket tyder på en avsaknad av branscheffekter i utdelningspolitiken. / Payout policy is a controversial topic within corporate finance that has been discussed extensively for many years. Whether the industry that companies operate in has an impact on payout policy is an area that is less clear. Some researchers argue that there exist industry effects, which means that companies’ payout policy is influenced by the industries. On the contrary, there are also other researchers like Higgins (1972) who claim that industries do not have any impact on companies’ payout policy. Instead, companies decide the payout policy based on their own circumstances. This study aims to examine if there are any differences in payout policy among six different industries. By comparing the payout ratios of 52 companies from OMX Stockholm during the period 2001-2011, a hypothesis test and a regression analysis were performed. The result of the study indicates that there are no differences among these industries, which suggests a lack of industry effects in payout policy.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-11-17T12:01:56Z No. of bitstreams: 1 Felipe Camardelli_.pdf: 806963 bytes, checksum: 73109010eb46d57243e89942df327ba6 (MD5) / Made available in DSpace on 2017-11-17T12:01:56Z (GMT). No. of bitstreams: 1 Felipe Camardelli_.pdf: 806963 bytes, checksum: 73109010eb46d57243e89942df327ba6 (MD5) Previous issue date: 2016-04-29 / Nenhuma / Sob a perspectiva da Teoria da Agência, esta pesquisa investiga a influência da governança corporativa na determinação da política de dividendos das companhias listadas na BM&FBovespa. Essa influência é investigada em conexão com a vontade das companhias em pagar acima mínimo legal e contratual estabelecido. Para atingir este objetivo, um modelo de regressão de dados em painel com efeitos aleatórios foi aplicado sobre uma amostra de 759 observações no período de 2010 a 2013. Os resultados encontrados sugerem que: i) o segmento de governança em que estão listadas não afeta a decisão das companhias de pagar dividendos acima do mínimo obrigatório; (ii) empresas com Ações Preferenciais na composição de seu capital social tendem a distribuir menos dividendos; iii) o grau de independência do Conselho de Administração não exerce influência sobre a vontade de pagar das empresas; iv) o fato de o principal executivo ser também o presidente do Conselho de Administração das empresas não exerce influência na vontade de pagar das empresas; v) empresas com mais oportunidades de investimento tendem a distribuir menos dividendos; e (vi) as empresas tendem a manter sua política de dividendos estável. Esta pesquisa contribui com a literatura de dividendos na medida em que traz evidências sobre o papel de mecanismos específicos de governança corporativa na política de dividendos das companhias. Sugere-se que a discussão do tema seja ampliada de forma a testar outros mecanismos de governança corporativa que possam influenciar na decisão de pagar dividendos. / Under an Agency Theory framework, using empirical evidence, this research seeks to understand the influence of corporate governance in determining the dividend policy of companies listed on the BM&FBovespa. The influence is investigated in connection with companies’ will to pay dividends at levels above the minimum level of payment required by Brazilian corporate law. In order to achieve this goal, a panel data regression analysis with a random effects estimation model was fitted on a sample of 759 data points from years 2010 to 2013. Our findings suggest that: i) the governance segment in which companies are listed does not affect the decision to pay dividends above the minimum level; ii) companies with Preferred Shares tend to pay a lower amount of dividends; iii) the Board of Directors’ degree of independence does not influence the payment of dividends above the mandatory minimum; iv) the fact that the CEO is also the Chairman of the Board of Directors of the company has no influence on the decision to pay above the mandatory minimum ; v) companies with more investment opportunities tend to pay less dividends; and (vi) companies tend to adopt a constant dividend payout ratio. This research contributes to the payout policy literature as it provides evidence of the role of specific corporate governance mechanisms in the dividend payout policy of companies. Further research is recommended regarding additional corporate governance mechanisms that could influence the decision to pay dividends.

This research attempts to provide an explanation for the firm's choice of using either a dividend or a stock repurchase for distributing cash to its stockholders. It also provides an examination of the impact of the firm's disbursement decision on the stock market's resulting reassessment of the value of the firm. Before analyzing the disbursement decision, I examine the stock market effects of dividends and stock repurchases using an event study methodology that corrects for the possible variance change effects of cash distribution announcements. I find that the measured wealth effects are statistically significant and similar, for the most part, to that reported in earlier studies, notwithstanding increases in the variance of the abnormal returns distribution. I apply LIMDEP's full information maximum likelihood estimator (FIML) to investigate the factors influencing a firm's disbursement decision. I use proxies to represent the major theories put forward in the literature to explain firms' rationales for making cash disbursements, namely, signaling / asymmetric information, undervaluation hypothesis, agency theory, dividend clientele, corporate control, optimal capital structure theory, managerial incentives hypothesis, financial flexibility and cash flow permanence. I find that the firm's payout choice is related to the change in annual earnings per share, the residual volatility in daily stock returns prior to the distribution, the level of undervaluation, the free cash flows of the firm, the size of the firm, the extent of available managerial stock options, the average dividend yield, the volatility of operating earnings, the average daily stock return prior to announcement, the relative proportion of permanent cash flows, and the difference in the levels of permanent cash flows pre and post announcement. I evaluate the stock market impact of the disbursement choice by using a self-selectivity limited-dependent variables model. The findings indicate that while open market repurchasing firms make optimal disbursement choices, that is reflected in the reaction of the stock market to the disbursement announcement, firms using repurchase tender offers make disbursement decisions detrimental to the welfare of their stockholders. However, similar results were inconclusive with regard to firms choosing to utilize dividends as their cash payout mechanism.

Submitted by Haroudo Xavier Filho (haroudo.xavierfo@ufpe.br) on 2016-03-02T17:20:52Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Tese Kécia_ok.pdf: 2529280 bytes, checksum: 617f3e37322ea7246d7014e03f5c6932 (MD5) / Made available in DSpace on 2016-03-02T17:20:52Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Tese Kécia_ok.pdf: 2529280 bytes, checksum: 617f3e37322ea7246d7014e03f5c6932 (MD5) Previous issue date: 2015-05-27 / Este estudo teve como objetivo investigar os fatores relacionados ao pagamento de dividendos e de payout incremental das empresas brasileiras listadas na Bolsa de Valores de São Paulo (BM&FBovespa) no período de 2002 a 2013. O payout pago foi calculado com base no lucro líquido ajustado, com dados coletados nas atas das assembleias e nas Demonstrações das Mutações do Patrimônio Líquido. O Payout incremental corresponde ao valor efetivamente distribuído pelas empresas além do que é estabelecido nos estatuto social. Os dados referentes às proxies dos fatores de pagamento de dividendos foram coletados na base de dados Economatica® e na página eletrônica da Comissão de Valores Mobiliários. A amostra final foi composta por uma diversidade de 287 empresas, distribuídas nos anos estudados, variando entre 144 empresas em 2002 a 285 em 2013. Os dados foram organizados em painel desbalanceado, e foram realizadas regressões logit com efeitos aleatórios. A principal conclusão foi de que existe maior probabilidade de que as empresas com maior rentabilidade, proporção de caixa, concentração acionária e as pertencentes a algum nível diferenciado de governança, distribuam payout incremental, e as que possuem maior oportunidade de crescimento sejam menos prováveis de pagar payout incremental, o que pode ser relacionado à possibilidade de elas reterem mais recursos para novos projetos, favorecendo o enriquecimento dos acionistas. / This study investigated the factors related to the payment of dividends and incremental payout of Brazilian companies listed on the São Paulo Stock Exchange (BM & FBovespa) from 2002 to 2013. The paid payout was calculated based on adjusted net income, with data collected in the protocol of assembly and the Statement of Changes in Shareholders' Equity. The incremental Payout corresponds to the amount actually distributed by companies beyond what is established in the bylaws. Data for proxies of dividend payment factors were collected at Economatica® database and on the website of the Comissão de Valores Mobiliários. The final sample consisted of a range of 287 companies distributed in the years studied and ranging from 144 companies in 2002 and 285 in 2013. The data were organized and carried out unbalanced panel logit regression with random effects. The main conclusion was that there is greater likelihood that companies with higher profitability, ratio of cash, ownership concentration and belonging to a differentiated level of governance, distribute incremental payout and those with greater growth opportunities are less likely to pay payout incremental, which may be related to the possibility of they retain more resources for new projects, favoring the enrichment of shareholders

Denna studie visar utbetalningspolitiken hos företag noterade på Stockholmsbörsen år 2000-2015. Svensk utbetalningspolitik skiljer sig från utbetalningspolitiken i USA och inom EU. I Sverige fick återköp som utbetalningsform stor genomslagskraft år 2000 men trots detta är utdelningar fortsatt den dominerande utbetalningsformen idag. Vid en uppdelning i finansiella och industriella företag blir det tydligt att finansiella företag fått en allt mer betydelsefull roll inom svensk utbetalningspolitik. En ökad koncentration av det kassaflöde samtliga företag fördelar till aktieägare tycks inte kunna urskiljas på den svenska marknaden. Skiljer man på finansiella och industriella företag går det att se en ökad koncentration av det kassaflöde som fördelas av finansiella företag. År 2015 finns en stor andel mogna företag på Stockholmsbörsen vilket förklarar att total utbetalning av företag har ökat sedan 2000. Det framkommer genom att studera företagens kapitalstruktur och fas i den ekonomiska livscykeln. / This paper depicts payout policies of companies listed on the Stockholm Stock Exchange (SSE) 2000-2015. Payout policy in Sweden differs significantly from policy in the U.S. and the rest of the EU. In Sweden open market stock repurchases (OMR) came to be the dominant method of payout back in 2000. However, since then dividends have taken over the scene. Comparing financial and industrial corporations, makes it evident that financial corporations have come to gain prominence when it comes to shaping payout policy. It is not possible to entail an increasing concentration of cash flow that companies distribute to shareholders, when investigating the entire Swedish stock market. Dividing between the two sectors proves a heightened concentration of payouts among financial corporations. In 2015 mature companies have come to gain a greater share of SSE, which explains the increased number of dividend paying corporations since 2000. This becomes evident when examining the capital structure of the companies and their phase in the economic lifecycle.

Följande uppsats undersöker hur svensk utbetalningspolitik har utvecklats under åren 1992-2012. Urvalet består av de företag som under våren 2014 var noterade på Stockholmsbörsens “Large”, “Mid” eller “Small Cap” lista. Återköpens andel av den totala utbetalningsandelen visar sig inte vara lika hög som andra internationella studier har visat. Det är istället utdelningarna som utgör merparten av de totala utbetalningarna. Däremot så har andelen företag som enbart delar ut minskat trots att utdelningarna ökat, vilket också styrks av resultat från tidigare studier. Lägre nettoresultat under finanskrisen följs av minskade utbetalningar under 2008-2009. Återköpen minskar under denna period markant till att i stort sätt utebli, vilket bekräftar tidigare studier. / This paper provides evidence on Swedish payout policy during the past 20 years (1992-2012). The sample data consists of companies that were listed on Stockholm Stock Exchange (SSE) “Large”, “Mid” or “Small Cap” list during spring 2014. We show that repurchases of shares still represents a small proportion of the total payout, which contradicts results from other international studies. The dividends therefore still constitute the bulk of the total payments. We document a drop in net income during the financial crisis followed by reduced payments during 2008-2009. Repurchases decrease significantly during this period to virtually absent; confirming previous studies that argue that repurchases are a more flexible payout method than dividends.

Over the last two decades, share repurchases have emerged as the dominant payout channel, offering a more flexible means of returning excess cash to investors. However, little is known about the costs associated with payout-related financial flexibility. Using a unique identification strategy, we document a significant cost. We find that actual repurchase investments underperform hypothetical investments that mechanically smooth repurchase dollars through time by approximately two percentage points per year on average. This cost of financial flexibility is correlated with earnings management, managerial entrenchment, and less institutional monitoring. (C) 2016 Elsevier B.V. All rights reserved.

Problem: Stock repurchases, and dividends have been a topic of academic interest for decades. Researchers have been trying to understand the determinants of payout policies and the conjunctural relationship between dividends and repurchases. That is, under which circumstances is one preferred over the other. In this paper, we make an attempt to contribute to the already existing research on the area. For this purpose, we study a specific period in time when a tax reform was enacted. That way we hope to obtain information on the payout policy that companies choose, and how the taxes influence these Purpose: In this paper our aim is to find out, by using a sample of quarterly data prior and after the implementation of the 2012 (enacted in 2012 and put into effect in January 1, 2013) tax reform (four quarters prior and four quarters after), whether the payout policies are affected by the changes in the dividend and/or the capital gain tax. This may, in turn, reveal information about the dividends and repurchases and how corporations choose to respond to adjustments in taxes as explained by the dependent variables. Method: We perform multinomial logistic, fixed and random effects regression analyses to the quarterly data of companies listed on the United States stock market benchmark index, the S&P 500. We use descriptive statistics and theoretical fundamentals to establish a relationship between the dividends and repurchases policies, as the changes in the tax code come to effect. Results and Conclusion: Despite the size of the sample, we found that firms tend to prefer; 1) to do a combination of dividend and repurchases, and 2) when taxes increase, there is a positive effect on dividend, and that repurchases are preferred over dividends.

Firms that announce open-market share repurchase programs are not obligated to follow through in the actual acquisition of shares. In fact, we find that the majority of firms fail to acquire the target number of shares specified at announcement and many firms fail to repurchase any shares at all. Therefore, the announcement of a share repurchase program has a degree of uncertainty regarding the announcing firms credibility. This study examines the possibility that market participants evaluate the credibility of a firms share repurchase announcement based on the firms previous share repurchase history. We examine 1,507 share repurchase programs for firms listed on the Toronto Stock Exchange (TSX) from 1995 to 2005 and find that firms that have completed a higher proportion of previous share repurchase programs experience larger abnormal returns on the announcement of subsequent repurchase programs. Therefore, we conclude that the market reacts more favorably to the share repurchase announcements of credible firms compared to firms that lack credibility.