英语翻译We have shown that post-IPO banks exhibit dividend polic

英语翻译We have shown that post-IPO banks exhibit dividend policies in marked contrast to nonfinancial IPO firms.Post-IPO banks are far more likely to initiate dividends than nonfinancial IPO firms.Moreover,dividend initiation or increase has a major impact on the ultimate disposition of the bank.It increases the likelihood of acquisition by around 40% and reduces the expected time until acquisition by 83%.It also significantly increases the premium received by the IPO bank owners.Average takeover premiums for post-IPO dividend initiators/increasers exceed those on non-dividend payers by about 55% of the market value of the bank in the month prior to the takeover announcement.