Publications
Detailed Information
Dividends as a signaling device and the disappearing dividend puzzle
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Shapiro, Dmitry | - |
dc.contributor.author | Zhuang, Anan | - |
dc.date.accessioned | 2024-05-14T07:26:12Z | - |
dc.date.available | 2024-05-14T07:26:12Z | - |
dc.date.created | 2018-01-10 | - |
dc.date.created | 2018-01-10 | - |
dc.date.created | 2018-01-10 | - |
dc.date.created | 2018-01-10 | - |
dc.date.created | 2018-01-10 | - |
dc.date.issued | 2015-05 | - |
dc.identifier.citation | Journal of Economics and Business, Vol.79, pp.62-81 | - |
dc.identifier.issn | 0148-6195 | - |
dc.identifier.uri | https://hdl.handle.net/10371/202048 | - |
dc.description.abstract | In this paper we develop a generalization of the Baker and Wurgler (2012) signaling model where investors are loss-averse to dividend cuts. We apply our framework to study how a firm's characteristics and manager's incentives affect payout policy properties. In equilibrium firms with riskier earnings are less likely to pay dividends, however, those that pay, payout more. Similarly, firms whose managers have a higher share of stock options in their compensation package are less likely to pay positive dividends. There is a clientele effect. Investors' preferences and choices affect the payout policy and two otherwise identical firms can greatly differ in how they pay dividends. Finally, we relate our model's predictions to the disappearing dividend puzzle. © 2015 Elsevier Inc. | - |
dc.language | 영어 | - |
dc.publisher | Elsevier BV | - |
dc.title | Dividends as a signaling device and the disappearing dividend puzzle | - |
dc.type | Article | - |
dc.identifier.doi | 10.1016/j.jeconbus.2014.12.005 | - |
dc.citation.journaltitle | Journal of Economics and Business | - |
dc.identifier.scopusid | 2-s2.0-84922440623 | - |
dc.citation.endpage | 81 | - |
dc.citation.startpage | 62 | - |
dc.citation.volume | 79 | - |
dc.description.isOpenAccess | N | - |
dc.contributor.affiliatedAuthor | Shapiro, Dmitry | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.subject.keywordPlus | INFORMATION-CONTENT | - |
dc.subject.keywordPlus | EARNINGS ANNOUNCEMENTS | - |
dc.subject.keywordPlus | STOCK REPURCHASES | - |
dc.subject.keywordPlus | PAYOUT POLICY | - |
dc.subject.keywordPlus | TAX CUT | - |
dc.subject.keywordPlus | RETURNS | - |
dc.subject.keywordPlus | RISK | - |
dc.subject.keywordPlus | INCENTIVES | - |
dc.subject.keywordAuthor | Disappearing dividend puzzle | - |
dc.subject.keywordAuthor | Dividends | - |
dc.subject.keywordAuthor | Loss-aversion | - |
dc.subject.keywordAuthor | Signaling | - |
- Appears in Collections:
- Files in This Item:
- There are no files associated with this item.
Item View & Download Count
Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.