The dividend displacement property and the substitution of anticipated earnings for dividends in equity valuation

Accounting Review

Volumn 72, Issue 1, 1997, Pages 1-21

  Penman, Stephen H ^a   Sougiannis, Theodore ^b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

Author keywords

Dividend displacement property; Dividend irrelevance property; Dividends; Earnings; Equity valuation

Indexed keywords

EID: 0031288059     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

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22. THE ACCOUNTING REVIEW Vol. 72, No. 1 January 1997 pp. 23-46