Signalling with Dividends, Stock Repurchases, and Equity Issues Author(s): Paul Asquith and David W. Mullins, Jr. Source: Financial Management, Vol. 15, No. 3 (Autumn, 1986), pp. 27-44 Published by: Blackwell Publishing on behalf of the Financial Management Association International Stable URL: http://www.jstor.org/stable/3664842 Accessed: 01/03/2010 10:13
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=black. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.

Financial Management Association International and Blackwell Publishing are collaborating with JSTOR to digitize, preserve and extend access to Financial Management.

http://www.jstor.org

Common

Equity

Transactions

Signalling

with

Dividends,

Stock
Issues

and Repurchases,

Equity

Paul Asquith and David W. Mullins, Jr.

Paul Asquithand David W. Mullins, Jr., are membersof thefaculty of Harvard University.

* Decisions concerningequity cash flows - diviand equity issues - have dends,