The Lintner model revisited: Dividends versus total payouts
نویسندگان
چکیده
منابع مشابه
A Lintner Model of Dividends and Managerial Rents
We develop a model where dividend payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm. But the threat of intervention by outside shareholders constrains rents and forces rents and dividends to move in lockstep. Managers are risk-averse, and their utility function allows for habit formation. We show that dividends follow Lintn...
متن کاملDividends, Total Cash Flow to Shareholders, and Predictive Return Regressions
This paper provides new evidence on the predictive power of dividend yields for U.S. aggregate stock returns. Following Miller and Modigliani, we construct a measure of the dividend yield that includes all cash flows to shareholders. We show that this alternative cash-flow yield has strong and stable predictive power for returns, and appears robust to a battery of tests that have been proposed ...
متن کاملHybrid Total Knee Arthroplasty Revisited: Midterm Followup of Hybrid versus Cemented Fixation in Total Knee Arthroplasty
The optimal method of fixation in total knee arthroplasty is still debated. Hybrid total knee arthroplasty (TKA), with cemented tibial and cementless femoral components, is a proposed method of fixation to improve outcomes. Although several studies have shown favorable outcomes, there is still lack of consensus in the literature. We hypothesized that hybrid TKA yields similar clinical, radiogra...
متن کاملmoments of the present value of total dividends and related problems in the risk model with delayed claims
in this paper, a compound binomial risk model in the presence of a constant dividend barrier is studied. two types of individual claims, main claims and by-claims, are defined, where every by-claim is induced by the main claim randomly and may be delayed for one time period with a certain probability. in the evaluation of the moments of the present value of dividends, the interest rates are ass...
متن کاملOptimal dividends in the dual model under transaction costs
We analyze the optimal dividend payment problem in the dual model under constant transaction costs. We show, for a general spectrally positive Lévy process, an optimal strategy is given by a (c1, c2)-policy that brings the surplus process down to c1 whenever it reaches or exceeds c2 for some 0 ≤ c1 < c2. The value function is succinctly expressed in terms of the scale function. A series of nume...
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: Journal of Banking & Finance
سال: 2015
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2015.01.005