@incollection{,
	
					
					
					36C2014338119670C739C196DDFEEEA7
				,
	author={{TalebLotfi}},
	journal={{Global Journal of Management and Business Research}},
	journal={{GJMBR}}2249-45880975-585310.34257/GJMBR,
	address={Cambridge, United States},
	publisher={Global Journals Organisation}1813352
}

@incollection{b0,
	
	
		,
	title={{Quarterly Dividend and Earning Announcements and Stockholder's Returns}}
		,
	author={{
			JAharony
		} and {
			ISwary
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			35
			
			,
	year={1980}
		
	

}

@incollection{b1,
	
	
		,
	title={{The market for Lemon: Quality uncertainty and the market Mechanism}}
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	author={{
			GAkerlof
		}}
	
	
		,
	journal={{Quarterly Journal of Economics}}
		
			89
			
			,
	year={1970}
		
	

}

@incollection{b2,
	
	
		,
	title={{A theory of dividend based on tax clientele}}
		,
	author={{
			AllenFBernardo
		} and {
			AWelch
		} and {
			I
		}}
		
		
	
	
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	journal={{The Journal of Finance}}
		
			55
			6
			
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	year={2000}
		
	

}

@book{b3,
	
	
		,
	title={{Payout Policy}}
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	author={{
			FAllen
		} and {
			RMichaely
		}}
		
		
			,
	year={2001}
			,
	publisher={Wharton school Working Paper}
		
	

}

@incollection{b4,
	
	
		,
	title={{Efficient signaling with dividends and investments}}
		,
	author={{
			RAmbarish
		} and {
			KJohn
		} and {
			JEt Williams
		}}
		
		
	
	
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	journal={{The Journal of Finance}}
		
			42
			
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	year={1987}
		
	

}

@incollection{b5,
	
	
		,
	title={{Dividends, Taxes and Signaling Evidence from Germany}}
		,
	author={{
			YAmihud
		} and {
			MMurgia
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			52
			
			,
	year={1997}
		
	

}

@incollection{b6,
	
	
		,
	title={{The impact of initiating dividend payment on shareholder's wealth}}
		,
	author={{
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		} and {
			DMullins
		}}
		
	
	
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	journal={{The Journal of Business}}
		
			56
			
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	year={1983}
		
	

}

@incollection{b7,
	
	
		,
	title={{Dutch auction repurchase: an analysis of shareholder heterogeneity}}
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	author={{
			LBagwell
		}}
	
	
		,
	journal={{The Journal of Finance}}
		
			47
			
			,
	year={1992}
		
	

}

@incollection{b8,
	
	
		,
	title={{Cash Distributions to Shareholders}}
		,
	author={{
			LBagwell
		} and {
			LSimon
		} and {
			JShoven
		}}
		
		
	
	
		,
	journal={{Journal of Economic Perspectives}}
		
			47
			
			,
	year={1989}
		
	

}

@incollection{b9,
	
	
		,
	title={{A survey of Management View's on Dividend Policy}}
		,
	author={{
			HBaker
		} and {
			GEFarrelly
		} and {
			REt Edelman
		}}
		
		
	
	
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	journal={{Financial Management}}
		
			14
			
			,
	year={1985}
		
	

}

@incollection{b10,
	
	
		,
	title={{The equity share in new issues and aggregate stock returns}}
		,
	author={{
			MBaker
		} and {
			JWurgler
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			55
			
			,
	year={2000}
		
	

}

@incollection{b11,
	
	
		,
	title={{Dividend and The Value of The firm: Evidence from the Australian Equity Market}}
		,
	author={{
			RBall
		} and {
			Brown Ph
		} and {
			FJFinn
		} and {
			RROfficer
		}}
		
		
		
	
	
		,
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			4
			
			,
	year={1979}
		
	

}

@incollection{b12,
	
	
		,
	title={{An empirical evaluation of accounting numbers}}
		,
	author={{
			RBall
		} and {
			PBrown
		}}
		
	
	
		,
	journal={{The Journal of Accounting Research}}
		
			6
			
			,
	year={1968}
		
	

}

@incollection{b13,
	
	
		,
	title={{Dividends, Taxes and Common Stock Price: The Ex-Dividend Day Behavior of Common Stock Prices Before the Income Tax}}
		,
	author={{
			MJBarclay
		}}
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			19
			
			,
	year={1987}
		
	

}

@incollection{b14,
	
	
		,
	title={{The information Content on dividend: A signaling approach}}
		,
	author={{
			SBar-Yosef
		} and {
			CHuffman
		}}
		
	
	
		,
	journal={{The Journal of Finance and Quantitative Analysis}}
		
			21
			
			,
	year={1988}
		
	

}

@incollection{b15,
	
	
		,
	title={{Dividend policy and capital market theory}}
		,
	author={{
			SBar-Yosef
		} and {
			RKolodny
		}}
		
	
	
		,
	journal={{The Review of Economics and Statistics}}
		
			58
			
			,
	year={1976}
		
	

}

@incollection{b16,
	
	
		,
	title={{The information content of annual earnings announcements}}
		,
	author={{
			WBeaver
		}}
	
	
		,
	journal={{The Journal of Accounting Research}}
		
			6
			
			,
	year={1968}
		
	

}

@incollection{b17,
	
	
		,
	title={{Do changes in dividends signal the future or the past}}
		,
	author={{
			SBenartzi
		} and {
			RMichaely
		} and {
			RThaler
		}}
		
		
	
	
		,
	journal={{The Journal of Finance}}
		
			52
			
			,
	year={1997}
		
	

}

@incollection{b18,
	
	
		,
	title={{A Taxed-based Test of Dividend Signaling Hypothesis}}
		,
	author={{
			DBernheim
		} and {
			AWantz
		}}
		
	
	
		,
	journal={{The American Economics Review}}
		
			85
			
			,
	year={1995}
		
	

}

@incollection{b19,
	
	
		,
	title={{Tax policy and Dividend Puzzle}}
		,
	author={{
			DBernheim
		}}
	
	
		,
	journal={{Rand Journal of Economics}}
		
			2
			
			,
	year={1991}
		
	

}

@incollection{b20,
	
	
		,
	title={{Prior Information and Market Reaction to Dividend Changes}}
		,
	author={{
			RJBest
		} and {
			RWBest
		}}
		
	
	
		,
	journal={{The Review of Quantitative Finance and Accounting}}
		
			17
			
			,
	year={2001}
		
	

}

@incollection{b21,
	
	
		,
	title={{Imperfect Information, Dividend policy, and the Bird in the Hand Fallacy}}
		,
	author={{
			SBhattacharaya
		}}
	
	
		,
	journal={{Bell Journal of Economics}}
		
			10
			
			,
	year={1979}
		
	

}

@incollection{b22,
	
	
		,
	title={{the dividend Puzzle}}
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	author={{
			FBlack
		}}
	
	
		,
	journal={{Journal of Portfolio management}}
		
			2
			
			,
	year={1976}
		
	

}

@incollection{b23,
	
	
		,
	title={{Payout Policy in the 21 st century}}
		,
	author={{
			ABrav
		} and {
			JGraham
		} and {
			CHarvey
		} and {
			REt Michaely
		}}
		
		
		
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			77
			
			,
	year={2003}
		
	

}

@incollection{b24,
	
	
		,
	title={{Leverage, dividends and the cost of capital}}
		,
	author={{
			EBrigham
		} and {
			MGordon
		}}
		
	
	
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	journal={{The Journal of Finance}}
		
			23
			
			,
	year={1968}
		
	

}

@incollection{b25,
	
	
		,
	title={{Using Daily Stock Returns: The Case of event Studies}}
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	author={{
			SBrown
		} and {
			JWarner
		}}
		
	
	
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	journal={{The Journal of Financial Economics}}
		
			14
			
			,
	year={1985}
		
	

}

@incollection{b26,
	
	
		,
	title={{Dividend Information, Stock Return and Market Efficiency}}
		,
	author={{
			GCharest
		}}
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			6
			
			,
	year={1978}
		
	

}

@incollection{b27,
	
	
		,
	title={{Repurchase premia as a reason for dividends: A dynamic model of corporate payout policies}}
		,
	author={{
			BChowdhry
		} and {
			VNanda
		}}
		
	
	
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	journal={{The Review of Financial Studies}}
		
			7
			
			,
	year={1994}
		
	

}

@incollection{b28,
	
	
		,
	title={{The relative Power of Dutch-action and Fixed-Priced self-tender offers and open market share repurchase}}
		,
	author={{
			RComment
		} and {
			GJarrel
		}}
		
	
	
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			46
			
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	year={1991}
		
	

}

@incollection{b29,
	
	
		,
	title={{The effect of Common Stock Repurchase on Security Holder's Returns}}
		,
	author={{
			LDann
		}}
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			9
			
			,
	year={1981}
		
	

}

@incollection{b30,
	
	
		,
	title={{The irrelevance of the MM dividend irrelevance theorem}}
		,
	author={{
			HDeangelo
		} and {
			LDeangelo
		}}
		
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			79
			
			,
	year={2006}
		
	

}

@incollection{b31,
	
	
		,
	title={{Reversal of fortune, dividend signaling and the disappearance of sustained earning growth}}
		,
	author={{
			HDeangelo
		} and {
			LDeangelo
		} and {
			DSkinner
		}}
		
		
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			40
			
			,
	year={1996}
		
	

}

@incollection{b32,
	
	
		,
	title={{Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE firms}}
		,
	author={{
			HDeangelo
		} and {
			LDeangelo
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			45
			
			,
	year={1990}
		
	

}

@incollection{b33,
	
	
		,
	title={{The information content of dividend changes: Cash-flow signaling over investment and dividend clienteles}}
		,
	author={{
			JDenis
		} and {
			KDenis
		} and {
			ASarin
		}}
		
		
	
	
		,
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			29
			
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	year={1994}
		
	

}

@incollection{b34,
	
	
		,
	title={{Dividends, asymmetric information, and agency conflicts: evidence from comparison of the dividend policies of Japanese and Us firms}}
		,
	author={{
			KDewenter
		} and {
			VWarther
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			53
			
			,
	year={1998}
		
	

}

@incollection{b35,
	
	
		,
	title={{Why do firms repurchase stock}}
		,
	author={{
			ADittmar
		}}
	
	
		,
	journal={{The Journal of Business}}
		
			73
			
			,
	year={2000}
		
	

}

@incollection{b36,
	
	
		,
	title={{Empirical evidence on dividend as a signal of firms value}}
		,
	author={{
			KEades
		}}
	
	
		,
	journal={{The Journal of Financial and Quantitative Analysis}}
		
			17
			4
			
			,
	year={1982}
		
	

}

@incollection{b37,
	
	
		,
	title={{An empirical examination of the information content of balance sheet and dividend announcements: A signaling Approach}}
		,
	author={{
			SElfakhani
		}}
	
	
		,
	journal={{The Journal of Financial and Strategic decision}}
		
			8
			
			,
	year={1995}
		
	

}

@incollection{b38,
	
	
		,
	title={{Dividend yield and expectation stock return}}
		,
	author={{
			EFama
		} and {
			KFrench
		}}
		
	
	
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			22
			
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}

@book{b39,
	
	
		,
	title={{Signaling, free cash-flow and no monotonic dividends}}
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	author={{
			KFuller
		} and {
			AThakor
		}}
		
		
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	year={2000}
		
		
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}

@incollection{b40,
	
	
		,
	title={{Dividends share repurchase and substitution hypothesis}}
		,
	author={{
			GGrullon
		} and {
			RMichaely
		}}
		
	
	
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	journal={{The journal of Finance}}
		
			57
			
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	year={2002}
		
	

}

@incollection{b41,
	
	
		,
	title={{The information Content of Share Repurchase Programs}}
		,
	author={{
			GGrullon
		} and {
			RMichaely
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			
			,
	year={2004}
		
	

}

@incollection{b42,
	
	
		,
	title={{Dividend changes context and signaling efficiency in Japan}}
		,
	author={{
			KHarada
		} and {
			PNguyen
		}}
		
	
	
		,
	journal={{Pacific-Basin Finance Journal}}
		
			13
			
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	year={2005}
		
	

}

@incollection{b43,
	
	
		,
	title={{Earning information conveyed by dividend initiation and omission}}
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	author={{
			PHealy
		} and {
			KPalepu
		}}
		
	
	
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	journal={{The Journal of Financial Economics}}
		
			21
			
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	year={1988}
		
	

}

@incollection{b44,
	
	
		,
	title={{Market Underreaction to Open Market Share Repurchase}}
		,
	author={{
			DIkenberry
		} and {
			JLakonishok
		} and {
			TVermaelen
		}}
		
		
	
	
		,
	journal={{The Journal of Financial Economics}}
		
			39
			
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	year={1995}
		
	

}

@incollection{b45,
	
	
		,
	title={{Stock Repurchase in Canada: Performance and Strategic Trading}}
		,
	author={{
			DIkenberry
		} and {
			JLakonishok
		} and {
			TVermaelen
		}}
		
		
	
	
		,
	journal={{The Journal of Finance}}
		
			55
			
			,
	year={2000}
		
	

}

@incollection{b46,
	
	
		,
	title={{Agency costs of free cash-flow, corporate finance and takeovers}}
		,
	author={{
			MJensen
		}}
	
	
		,
	journal={{The American Economic Review}}
		
			76
			
			,
	year={1986}
		
	

}

@incollection{b47,
	
	
		,
	title={{Theory of the firm: managerial behavior, agency costs and ownership structure}}
		,
	author={{
			MJensen
		} and {
			WMeckling
		}}
		
	
	
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			3
			
			,
	year={1976}
		
	

}

@incollection{b48,
	
	
		,
	title={{Costly contracting and optimal payout constraints}}
		,
	author={{
			KJohn
		} and {
			AKalay
		}}
		
	
	
		,
	journal={{The journal of Finance}}
		
			37
			
			,
	year={1982}
		
	

}

@incollection{b49,
	
	
		,
	title={{Dividend, Dilution and Taxes: A signaling Equilibrium}}
		,
	author={{
			KJohn
		} and {
			JWilliams
		}}
		
	
	
		,
	journal={{The journal of Finance}}
		
			40
			
			,
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}

@incollection{b50,
	
	
		,
	title={{Signaling information Content and the reluctance to cut dividends}}
		,
	author={{
			AKalay
		}}
	
	
		,
	journal={{The Journal of Financial and Quantitative Analysis}}
		
			15
			
			,
	year={1980}
		
	

}

@incollection{b51,
	
	
		,
	title={{Operating Performance Following Open Market Share Repurchase Announcements}}
		,
	author={{
			ELie
		}}
	
	
		,
	journal={{Journal of Accounting & Economics}}
		
			39
			
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	year={2005}
		
	

}

@incollection{b52,
	
	
		,
	title={{The Information Content of Canadian Open Market Repurchase Announcements}}
		,
	author={{
			KLi
		} and {
			WMcnally
		}}
		
	
	
		,
	journal={{Managerial Finance}}
		
			33
			
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	year={2007}
		
	

}

@incollection{b53,
	
	
		,
	title={{Distribution of Incomes of Corporations among Dividend, retained earning and taxes}}
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	author={{
			JLintner
		}}
	
	
		,
	journal={{The American Economic Review}}
		
			46
			
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}

@incollection{b54,
	
	
		,
	title={{Optimal Dividends and Corporate Growth under uncertainty}}
		,
	author={{
			JLintner
		}}
	
	
		,
	journal={{The Quarterly Journal of Economics}}
		
			78
			
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}

@incollection{b55,
	
	
		,
	title={{Prices reaction to dividend initiation and omission: Overreaction or drift?}}
		,
	author={{
			RMichaely
		} and {
			RThaler
		} and {
			KWomack
		}}
		
		
	
	
		,
	journal={{The Journal of Finance}}
		
			50
			
			,
	year={1995}
		
	

}

@incollection{b56,
	
	
		,
	title={{Dividend Policy, Growth and valuation of Shares}}
		,
	author={{
			MMiller
		} and {
			FModigliani
		}}
		
	
	
		,
	journal={{The Journal of Business}}
		
			34
			
			,
	year={1961}
		
	

}

@incollection{b57,
	
	
		,
	title={{Some estimates of the cost of capital of the electric utility industry 1954-57}}
		,
	author={{
			MMiller
		} and {
			FModigliani
		}}
		
	
	
		,
	journal={{The American Economic Review}}
		
			56
			
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}

@incollection{b58,
	
	
		,
	title={{Dividend Policy under Asymmetric Information}}
		,
	author={{
			MMiller
		} and {
			KRock
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			40
			
			,
	year={1985}
		
	

}

@incollection{b59,
	
	
		,
	title={{Dividend Changes and Future Profitability}}
		,
	author={{
			DNissim
		} and {
			AZiv
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			56
			
			,
	year={2001}
		
	

}

@incollection{b60,
	
	
		,
	title={{Corporate Financial policy Information and Market Expectations: An Empirical investigation of Dividends}}
		,
	author={{
			AOfer
		} and {
			DSiegel
		}}
		
	
	
		,
	journal={{The Journal of Finance}}
		
			42
			
			,
	year={1987}
		
	

}

@incollection{b61,
	
	
		,
	title={{Dividend Announcements, Security Performance, and capital market Efficiency}}
		,
	author={{
			RPettit
		}}
	
	
		,
	journal={{The Journal of Finance}}
		
			27
			
			,
	year={1972}
		
	

}

@incollection{b62,
	
	
		,
	title={{The impact of Dividend announcements: A reconciliation}}
		,
	author={{
			RPettit
		}}
	
	
		,
	journal={{The Journal of Business}}
		
			49
			
			,
	year={1976}
		
	

}

@incollection{b63,
	
	
		,
	title={{The nature and persistence of buyback anomalies}}
		,
	author={{
			UPeyer
		} and {
			TVermaelen
		}}
		
	
	
		,
	journal={{Review of Financial Studies}}
		
			22
			
			,
	year={2009}
		
	

}

@incollection{b64,
	
	
		,
	title={{The determination of Financial Structure: The Incentive-Signaling Approach}}
		,
	author={{
			SRoss
		}}
	
	
		,
	journal={{Bell Journal of Economics}}
		
			8
			
			,
	year={1977}
		
	

}

@incollection{b65,
	
	
		,
	title={{Dividend Policy and Common Stock Prices}}
		,
	author={{
			JWalter
		}}
	
	
		,
	journal={{The Journal Finance}}
		
			11
			
			,
	year={1956}
		
	

}

@incollection{b66,
	
	
		,
	title={{Dividend Policy: it's Influence on the Value of the Enterprise}}
		,
	author={{
			JWalter
		}}
	
	
		,
	journal={{The Journal of Finance}}
		
			18
			
			,
	year={1963}
		
	

}

@incollection{b67,
	
	
		,
	title={{The information Content of Dividend}}
		,
	author={{
			RWatts
		}}
	
	
		,
	journal={{The Journal of Business}}
		
			46
			
			,
	year={1973}
		
	

}

@incollection{b68,
	
	
		,
	title={{Efficient Signaling with Dividend, Investments and Stock Repurchases}}
		,
	author={{
			JWilliams
		}}
	
	
		,
	journal={{The Journal of Finance}}
		
			43
			
			,
	year={1988}
		
	

}