Sudipto Bhattacharya, Abstract: An Exploration of Nondissipative Dividend-Signaling Structures, The Journal of Financial and Quantitative Analysis, Vol. 14, No. 4, Proceedings of 14th Annual Conference of the Western Finance Association, June 21-23, 1979 (Nov., 1979), pp. 667-668
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Sudipto Bhattacharya (1979) studied this question.
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