Fundamentals or Market Movements: What Drives the Dividend Decision?
نویسندگان
چکیده
منابع مشابه
What drives 'Unconscious' Multi-Attribute Decision-Making?
This study aims to further investigate the Unconscious Thought Theory (UTT, Dijksterhuis & Nordgren, 2006), namely whether individual differences account for differences in choice made after either deliberation (conscious thought, CT) or distraction (unconscious thought, UT). Also, subjective weighting was considered and choice options were constructed following individual preferences, hence av...
متن کاملMarket Structure and Credit Card Pricing: What Drives the Interchange?
This paper presents a model for the credit card industry, where oligopolistic card networks price their products in a complex marketplace with competing payment instruments, rational consumers/merchants, and competitive card issuers/acquirers. The analysis suggests that card networks demand higher interchange fees to maximize card issuers’ profits as card payments become more efficient. At equi...
متن کاملMarket Participation and Dividend Clienteles
Models of dividend preferences (clienteles) can lead to biased results if they ignore the connection between market participation and asset allocation decisions. Using data from the Consumer Expenditure Survey (CEX), I jointly model and estimate these investment decisions with a two-step procedure due to Heckman (1977). The estimated coefficients support the idea that market frictions and behav...
متن کاملDividend Behavior for the Aggregate Stock Market
We develop and estimate a model of the dynamic behavior of aggregate corporate dividends as a function of the change in permanent earnings of firms. Although structured along the lines of the Lintner-Brittain-FamaBabiak models of individual-firm dividend behavior, the model uses changes in stock prices instead of accounting earnings to measure permanent earnings changes. The performance of the ...
متن کاملThe Dividend Initiation Decision : Theory and Evidence
This paper develops and tests a dynamic, sequential equilibrium model of corporate cash payout policy that endogenizes a firm's dividend initiation decision, and its extreme reluctance to subsequently cut dividends in a sequential equilibrium. After payment of dividends, all excess cash is disgorged via stock repurchases that elicit no price reactions. The theoretical model generates results co...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.784424