Michael Lacina
University of Houston–Clear Lake
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Publication
Featured researches published by Michael Lacina.
Review of Pacific Basin Financial Markets and Policies | 2008
Michael Lacina; Zhaohui Zhang
We study the stock price and trading volume reactions to dividend initiations by high-tech firms relative to those by non-high tech firms. We find significant positive cumulative abnormal returns and abnormal trading volume for both high-tech and non-high tech firms surrounding dividend initiations. However, when we control for variables such as size and dividend yield, stock returns and trading volume around dividend initiations are higher for high-tech firms than for non-high tech firms. We also find evidence that stock returns and trading volume for high-tech firms are higher with increases in liquid assets, although the volume reaction to increases in liquid assets is stronger than the return reaction, perhaps indicating clientele shifts. Overall, our findings convey stronger investor reaction to dividend initiations by high-tech firms, especially those with sufficient liquid assets.
Journal of Accounting Research | 2008
Yongtae Kim; Michael Lacina; Myung Seok Park
Advances in Accounting | 2009
Randall Zhaohui Xu; Michael Lacina
Archive | 2011
Michael Lacina; BuRyung Brian Lee; Zhaohui Randall Xu
Review of Quantitative Finance and Accounting | 2013
Michael Lacina; Byung T. Ro
Journal of International Accounting Research | 2009
Michael Lacina; Barry R. Marks; Haeyoung Shin
Journal of International Financial Management and Accounting | 2013
Michael Lacina; Barry R. Marks; Haeyoung Shin
Archive | 2008
Yongtae Kim; Michael Lacina; Myung Seok Park
Journal of Applied Business Research | 2011
Michael Lacina
Review of Pacific Basin Financial Markets and Policies | 2018
Michael Lacina; B. Brian Lee; Dong Wuk Kim