求翻译,英翻译汉We document that recent post-IPO banks display very different dividend behavior than newly public nonfinancial firms, and that this behavior is highly predictive of post-IPO outcomes. Whereas only 3.7% of industrial firms going

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求翻译,英翻译汉Wedocumentthatrecentpost-IPObanksdisplayverydifferentdividendbehaviorthannewlypublicnonfinan

求翻译,英翻译汉We document that recent post-IPO banks display very different dividend behavior than newly public nonfinancial firms, and that this behavior is highly predictive of post-IPO outcomes. Whereas only 3.7% of industrial firms going
求翻译,英翻译汉
We document that recent post-IPO banks display very different dividend behavior than newly public nonfinancial firms, and that this behavior is highly predictive of post-IPO outcomes. Whereas only 3.7% of industrial firms going public had initiated dividends 10 years subsequent to their IPO in theFama and French (2001)sample, we find that 59% of banks not already paying dividends pre-IPO had initiated them post-IPO, on average only 1.6 years after going public. Moreover, over half the banks already paying dividends pre-IPO increased their dividend per share by at least 50% after the IPO. (We here and henceforth refer to all banks and thrifts simply as banks and to dividend initiation and dividend increases jointly as dividend initiations.) Dividend initiation has a profound effect on the ultimate disposition of the bank. Specifically, dividend initiation dramatically increases the likelihood that a recent IPO bank will be acquired by another institution, even after controlling for a wide range of bank.characteristics and
performance measures. In addition, conditional on becoming a takeover target, post-IPO dividend initiation predicts a considerably higher takeover premium; the incremental premium associated with dividend initiation averages around 55% of the stock price in the month prior to the takeover announcement.

求翻译,英翻译汉We document that recent post-IPO banks display very different dividend behavior than newly public nonfinancial firms, and that this behavior is highly predictive of post-IPO outcomes. Whereas only 3.7% of industrial firms going
我们的材料证明,最近首次公开募股后的银行表现出的股利分配行为与新上市的非金融企业有很大差异,这种行为在很大程度上能预示首次公开募股后的结果.尽管只有3.7%的上市工业企业在首次公开募股10年后才开始分红,但我们发现.

我们的文件,最近银行IPO后显示非常不同的股利行为比刚上市非金融公司而言,这种行为是高度预测的IPO后的结果。而只有3.7%的工业企业上市发起了股利的IPO thefama和法国在随后的10年(2001)的样品,我们发现,59%的银行不支付股息前IPO已经开始他们在IPO后,仅1.6年后上市的平均。此外,超过半数的银行已经支付股息前IPO增加他们的股息每股至少50%的IPO后。(我们这里,从此称所...

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我们的文件,最近银行IPO后显示非常不同的股利行为比刚上市非金融公司而言,这种行为是高度预测的IPO后的结果。而只有3.7%的工业企业上市发起了股利的IPO thefama和法国在随后的10年(2001)的样品,我们发现,59%的银行不支付股息前IPO已经开始他们在IPO后,仅1.6年后上市的平均。此外,超过半数的银行已经支付股息前IPO增加他们的股息每股至少50%的IPO后。(我们这里,从此称所有银行和储蓄机构是银行和股利的萌生和股息的增加共同作为股利。股利起始)对银行的最终处置的深远的影响。具体而言,股利开始戏剧性地增加近期IPO的银行将被另一机构收购的可能性,即使在宽范围的bank.characteristics和控制措施。此外,有条件成为收购目标,IPO后首次发放股利预测一个相当高的收购溢价;股息起始平均在一个月里的股票价格的55%到收购宣布之前相关的增量溢价。

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我们最近的文档,购买银行显示不同的股利行为比新上市非金融公司,上市之后,这种行为是高度预测的结果。而只有3.7%的工业企业上市发起红利10年之后他们在theFama IPO和法国(2001)样本,我们发现59%的银行不支付红利上市前已经开始上市后,上市后平均只有1.6年。此外,超过一半的银行已经支付股息上市前增加了至少50%的每股股息在IPO之后。(我们这里,从今以后把所有银行和储蓄机构为银行和股...

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我们最近的文档,购买银行显示不同的股利行为比新上市非金融公司,上市之后,这种行为是高度预测的结果。而只有3.7%的工业企业上市发起红利10年之后他们在theFama IPO和法国(2001)样本,我们发现59%的银行不支付红利上市前已经开始上市后,上市后平均只有1.6年。此外,超过一半的银行已经支付股息上市前增加了至少50%的每股股息在IPO之后。(我们这里,从今以后把所有银行和储蓄机构为银行和股息共同发起和股息增加红利提升。)红利开始有深远的影响的最终处置银行。具体来说,红利开始大幅增加的可能性最近上市银行将收购另一个机构,甚至在控制了一个广泛的银行。的特点和
性能的措施。此外,条件成为收购目标,上市后红利开始预测相当高的收购溢价,溢价增量与股息启动平均约55%的股票价格在收购前公告。

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