Insider ownership and dividend signals: Additional evidence from the banking industry

Michael Filbeck, Patricia A. Chadwell

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

This study investigates the relationship between the concentration of insider ownership and the share-price response to dividend-policy changes implemented by bank holding companies (BHCs). Using a cross-industry sample, previous research (Born 1988) found that there are differences in the magnitude of the share-price response to dividend initiations which may be explained by the concentration of insider ownership of the sampled firms. We hypothesize that the concentration of insider ownership does not play a role in differences in share price for BHCs due to the presence of regulatory monitors. The results of this study support our hypothesis.

Original languageEnglish (US)
Pages (from-to)109-117
Number of pages9
JournalJournal of Economics and Finance
Volume17
Issue number2
DOIs
StatePublished - Jun 1 1993

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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