The Dividend and Share Repurchase Policies of Canadian Firms
Why this work is in the frame
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Bibliographic record
Abstract
textabstractWe empirically investigate dividend and share repurchase policies of Canadian firms. We have sent a\nquestionnaire to the 500 largest non-financial Canadian companies listed on the Toronto Stock\nExchange, of which 191 usable responses were returned. These data are used to measure firm\ncharacteristics. We use several logit regression analyses to test the structure and determinants of the\ndividend and share repurchase choice. Our results are consistent with a structure in which the\ncompany first decides whether it wants to pay out cash to its shareholders or not. In the second stage\nthe firm decides on the form of the payout: dividends, share repurchases or both. Payout is determined\nby free cash flow. The choice for dividends and repurchases depends on behavioral and tax\npreferences. Furthermore, the payout is less likely to be dividends if the company has executive stock\noption plans. Finally, we find evidence for the Brennan and Thakor (1990) model. According to this\nmodel the existence of asymmetric information amongst outsiders is associated with a preference for\ndividend payments over share repurchases.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.037 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it