Dividend Policy: Theory and Practice
Academic Press, Jun 24, 2003 - Business & Economics - 384 pages
Dividend Policy explores the puzzle presented by dividends: irrational and subject to fashion, yet popular and desirable, they remain a priority among managers, even while perceived as largely symbolic. After exploring the history of dividend payments, from the emergence of the modern corporation to current perspectives, it traces the evolution of academic models on dividend policy. Here the authors review models of symmetric and asymmetric information before analyzing academia's accomplishments in solving the dividend puzzle.
Related subjects, such as valuation and wealth distribution, round out the authors' presentation about new ways to think about one of the most intriguing subjects in financial economics.
* The only comprehensive study of dividend policy
* Covers the historical evolution of dividends and academic research on dividend policy
* Presents new ways of thinking about dividends and dividend policy
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abnormal returns academic agency costs Agree Neutral Strongly assets asymmetric information average Baskin BETA capital gains cash dividends changes in dividend chapter coefficient estimate common stock COMPUSTAT content of dividends corporate dividend policy Daily DeAngelo dends Disagree Agree Neutral distribution divi dividend increases dividend payments dividend payout ratio dividend policy dividend puzzle dividend reinvestment plans dividend yield dividends paid DRIP effect empirical equity event studies explain Fama firm’s Franco Modigliani free cash flow hypothesis income industry information content investors issues Journal ofBusiness Journal ofFinance Journal ofFinancial Kalay Lintner managerial Merton H method of analysis Miller Modigliani ofFinancial Economics ownership pay dividends payout ratio preferred stock profits Quarterly regression regulated firms REITs share price shareholders signaling significant Statistics stock dividends stock price stock repurchases stockholders Strongly Disagree Agree Table tax liability theory trading Unpublished working paper utilities variables variance variance decompositions XSRA