... The value of the stock, P0, at the beginning of the year will be where E(P1) is the estimate of the value of the stock at the end of the year and E(d1) is the estimate of the dividend ... maintained, and has a profound effect on the market's perception of the value of the company. A possible additional consequence is the increased threat of replacement of management through, ... partial sell-offs and total liquidations. Journal of Financial Economics, 8, 229–52. Jain, P. (1985). The effect of voluntary sell-off announcements on shareholder wealth. Journal of Finance,...