We model consumption and dividend growth as di¤erent processes across two latent regimes. We estimate the equilibrium model over 1930-2009 and show that the second regime is associated with recessions, market downturns, higher risk premia, lower consumption and dividend growth, higher volatility of returns and growth rates, and lower market-wide price-dividend ratio. The model performs better a...

journal of accounting advances (j.a.a) vol. 2, no. 2, fall & winter 2010, ser. 59/3     extended abstract   an investigation of agency theory and signaling theory in dividend policies: the role of institutional investors   dr. g. r. karami         dr. s. mehrani               h. eskandar tehran university   introduction        dividend has a special position among decision makers. dividend poli...

A financial portfolio typically pays dividend based on its value. We show that there is a unique portfolio that pays the maximum dividend rate while remaining solvent, under appropriate assumptions. We also give a characterization of both the portfolio and the optimal dividend rate. © 2015 Elsevier Inc. All rights reserved.

In this paper, I test the dividend clientele hypothesis (DCH) by examining the impact of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the 2003 tax act) on household portfolio dividend yields. The DCH predicts that the 2003 tax act, which reduced the tax-disadvantage of dividends differentially across the income distribution, would cause high income households to shift their portfo...

We consider in this paper the optimal dividend problem for an insurance company whose uncontrolled reserve process evolves as a classical Cramér–Lundberg model with arbitrary claim-size distribution. Our objective is to find the dividend payment policy which maximizes the cumulative expected discounted dividend pay-outs until the time of bankruptcy imposing a ceiling on the dividend rates. We c...

The main issue writer examines in this writing is to analyze whether or not dividend policy is a determinant to maintain stock values or firm values as a whole. It is essential that dividend policy is managed properly to enhance the satisfaction of the investors at any level of characteristics. At the end, investors are the key that determines the stock value movement. Some investors are lookin...

Publicly listed real estate firms offer an indirect form of real estate investment in Singapore, which are a less restrictive in terms of dividend distribution and asset holding requirements compared to the REITs. Do the dividend policies of these real estate firms differ from those adopted by the US REITs as shown in the earlier findings by Wang, Erickson and Gau (1993) and Bradley, Capozza an...

We propose a generalized framework for the modeling of tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously paid dividends. In our setup the dividend processes are only required to be semi-martingales. We give a definition of self-financing replication which incorporates dividend processes, and we show how this allows us to translate standa...

We develop new tests of the dividend signaling hypothesis by focusing on the role of liquidity. We allow for two different types of signaling models: one where current dividends signal firm value and the objective is to prevent current dilution, and the other where commitments to future dividends constitute the signal. We find that the results differ by the sign of the dividend surprise. Signal...

The study is an effort to fiind out the impact of earnings management on dividend payout policy for two coutries that is Pakistan and China. A set of listed Companies in both of the countries have been investigated to analyze the relationship for the year 2003 to 2007 in Pakistan and 2001 to 2007 in China. Dividend policy has been measured by dividend payout. Whereas earnings management has bee...