메뉴 건너뛰기




Volumn 57, Issue 4, 2002, Pages 1649-1684

Dividends, share repurchases, and the substitution hypothesis

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0042170206     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/1540-6261.00474     Document Type: Article
Times cited : (827)

References (34)
  • 1
    • 0041152114 scopus 로고    scopus 로고
    • A theory of dividends based on tax clientele
    • Allen, Franklin, Antonio Bernardo, and Ivo Welch, 2000, A theory of dividends based on tax clientele, Journal of Finance 55, 2499-2536.
    • (2000) Journal of Finance , vol.55 , pp. 2499-2536
    • Allen, F.1    Bernardo, A.2    Welch, I.3
  • 2
    • 0041620224 scopus 로고    scopus 로고
    • Payout policy
    • George Constantinides, Milton Harris, and Rene Stulz, eds.: (Elsevier, Amsterdam, The Netherlands), forthcoming
    • Alien, Franklin, and Roni Michaely, 2002, Payout policy, in George Constantinides, Milton Harris, and Rene Stulz, eds.: North-Holland Handbooks of Economics (Elsevier, Amsterdam, The Netherlands), forthcoming.
    • (2002) North-Holland Handbooks of Economics
    • Alien, F.1    Michaely, R.2
  • 3
    • 0002093572 scopus 로고
    • The impact of initiating dividend payments on shareholders' wealth
    • Asquith, Paul, and David W. Mullins, Jr., 1983, The impact of initiating dividend payments on shareholders' wealth, Journal of Business 56, 77-96.
    • (1983) Journal of Business , vol.56 , pp. 77-96
    • Asquith, P.1    Mullins, D.W.2
  • 5
    • 0040093991 scopus 로고    scopus 로고
    • The indirect economic penalties in SEC investigations of underwriters
    • Beatty, Randolph P., Howard Bunsis, and John R. M. Hand, 1998, The indirect economic penalties in SEC investigations of underwriters, Journal of Financial Economics 50, 151-186.
    • (1998) Journal of Financial Economics , vol.50 , pp. 151-186
    • Beatty, R.P.1    Bunsis, H.2    Hand, J.R.M.3
  • 6
    • 0010198239 scopus 로고
    • Tax policy and the dividend puzzle
    • Bernheim, B. Doug, 1991, Tax policy and the dividend puzzle, RAND Journal of Economics 22, 455-476.
    • (1991) RAND Journal of Economics , vol.22 , pp. 455-476
    • Bernheim, B.D.1
  • 7
    • 0018393437 scopus 로고
    • Imperfect information, dividend policy, and "the bird in the hand" fallacy
    • Bhattacharya, Sudipto, 1979, Imperfect information, dividend policy, and "the bird in the hand" fallacy, Bell Journal of Economics 10, 259-270.
    • (1979) Bell Journal of Economics , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 8
    • 48749142401 scopus 로고
    • Shareholder wealth, information signaling and the specially designated dividend: An empirical study
    • Brickley, James A., 1983, Shareholder wealth, information signaling and the specially designated dividend: An empirical study, Journal of Financial Economics 12, 187-209.
    • (1983) Journal of Financial Economics , vol.12 , pp. 187-209
    • Brickley, J.A.1
  • 9
  • 10
    • 0043123009 scopus 로고    scopus 로고
    • Discounting dividends
    • August
    • "Discounting dividends," Institutional Investor, August 1997, 31.
    • (1997) Institutional Investor , pp. 31
  • 11
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook, Frank, 1984, Two agency-cost explanations of dividends, American Economic Review 74, 650-659.
    • (1984) American Economic Review , vol.74 , pp. 650-659
    • Easterbrook, F.1
  • 12
    • 0000692893 scopus 로고
    • The empirical relationships between the dividend and investment decisions of firms
    • Fama, Eugene, 1974, The empirical relationships between the dividend and investment decisions of firms, American Economic Review 64, 304-318.
    • (1974) American Economic Review , vol.64 , pp. 304-318
    • Fama, E.1
  • 13
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing firm characteristics or lower propensity to pay?
    • Fama, Eugene, and Kenneth French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60, 3-43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.1    French, K.2
  • 14
    • 0000928969 scopus 로고
    • Risk, return and equilibrium: Empirical tests
    • Fama, Eugene, and James Macbeth, 1973, Risk, return and equilibrium: Empirical tests, Journal of Political Economy 81, 607-636.
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.1    Macbeth, J.2
  • 15
    • 0001746484 scopus 로고
    • The financial and market effects of the SEC's accounting and auditing enforcement releases
    • Feroz, Ehsan H., Kyungjoo Park, and Victor S. Pastena, 1991, The financial and market effects of the SEC's accounting and auditing enforcement releases, Journal of Accounting Research 29, 107-142.
    • (1991) Journal of Accounting Research , vol.29 , pp. 107-142
    • Feroz, E.H.1    Park, K.2    Pastena, V.S.3
  • 17
    • 0043277332 scopus 로고
    • Earnings information conveyed by dividend initiations and omissions
    • Healy, Paul M., and Krishna Palepu, 1988, Earnings information conveyed by dividend initiations and omissions, Journal of Financial Economics 21, 149-175.
    • (1988) Journal of Financial Economics , vol.21 , pp. 149-175
    • Healy, P.M.1    Palepu, K.2
  • 18
    • 68749095430 scopus 로고
    • SEC eases way for repurchases of firm's stock
    • 10 November
    • Hudson, Richard L., "SEC eases way for repurchases of firm's stock," Wall Street Journal, 10 November 1982, 2.
    • (1982) Wall Street Journal , pp. 2
    • Hudson, R.L.1
  • 20
    • 0001357772 scopus 로고    scopus 로고
    • Financial flexibility and the choice between dividends and stock repurchases
    • Jagannathan, Murray, Clifford P. Stephens, and Michael S. Weisbach, 2000, Financial flexibility and the choice between dividends and stock repurchases, Journal of Financial Economics 57, 355-384.
    • (2000) Journal of Financial Economics , vol.57 , pp. 355-384
    • Jagannathan, M.1    Stephens, C.P.2    Weisbach, M.S.3
  • 21
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, Michael, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 22
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signaling equilibrium
    • John, Kose, and John Williams, 1985, Dividends, dilution, and taxes: A signaling equilibrium, Journal of Finance 40, 1053-1070.
    • (1985) Journal of Finance , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 23
    • 85050840323 scopus 로고
    • The reputational penalty firms bear from committing criminal fraud
    • Karpoff, John M., and John R. Lott, Jr., 1993, The reputational penalty firms bear from committing criminal fraud, Journal of Law and Economics 36, 757-802.
    • (1993) Journal of Law and Economics , vol.36 , pp. 757-802
    • Karpoff, J.M.1    Lott, J.R.2
  • 24
    • 0033275359 scopus 로고    scopus 로고
    • The role of personal taxes in corporate decisions: An empirical analysis of share repurchases and dividends
    • Lie, Eric, and Heidi Lie, 1999, The role of personal taxes in corporate decisions: An empirical analysis of share repurchases and dividends, Journal of Financial and Quantitative Analysis 34, 533-552.
    • (1999) Journal of Financial and Quantitative Analysis , vol.34 , pp. 533-552
    • Lie, E.1    Lie, H.2
  • 25
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings, and taxes
    • Lintner, John, 1956, Distribution of incomes of corporations among dividends, retained earnings, and taxes, American Economic Review 46, 97-113.
    • (1956) American Economic Review , vol.46 , pp. 97-113
    • Lintner, J.1
  • 26
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: Overreaction or drift?
    • Michaely, Roni, Richard Thaler, and Kent Womack, 1995, Price reactions to dividend initiations and omissions: Overreaction or drift? Journal of Finance 50, 573-608.
    • (1995) Journal of Finance , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.2    Womack, K.3
  • 27
    • 0001699517 scopus 로고
    • Dividend policy, growth, and the valuation of shares
    • Miller, Merton, and Franco Modigliani, 1961, Dividend policy, growth, and the valuation of shares, Journal of Business 34, 411-433.
    • (1961) Journal of Business , vol.34 , pp. 411-433
    • Miller, M.1    Modigliani, F.2
  • 28
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, Merton, and Kevin Rock, 1985, Dividend policy under asymmetric information, Journal of Finance 40, 1031-1051.
    • (1985) Journal of Finance , vol.40 , pp. 1031-1051
    • Miller, M.1    Rock, K.2
  • 29
    • 85018069001 scopus 로고    scopus 로고
    • Morrison Health Case Inc. reports strong third quarter results
    • 26 March
    • "Morrison Health Case Inc. reports strong third quarter results," Business Wire, 26 March 1998.
    • (1998) Business Wire
  • 30
    • 0039053862 scopus 로고
    • Stock price responses to the SEC's enforcement actions
    • Nourayi, Mahmoud, 1994, Stock price responses to the SEC's enforcement actions, Journal of Accounting and Public Policy 13, 333-347.
    • (1994) Journal of Accounting and Public Policy , vol.13 , pp. 333-347
    • Nourayi, M.1
  • 31
    • 0039870288 scopus 로고
    • A bounds test for equality between sets of coefficients in two linear regression models under heteroskedasticity
    • Ohtani, Kazuhiro, and Masahito Kobayashi, 1986, A bounds test for equality between sets of coefficients in two linear regression models under heteroskedasticity, Econometric Theory 2, 220-231.
    • (1986) Econometric Theory , vol.2 , pp. 220-231
    • Ohtani, K.1    Kobayashi, M.2
  • 32
    • 0042622218 scopus 로고    scopus 로고
    • A longitudinal analysis of corporate payout policies
    • Tel Aviv University and the Wharton School
    • Sarig, Oded, 2000, A longitudinal analysis of corporate payout policies, Working paper, Tel Aviv University and the Wharton School.
    • (2000) Working Paper
    • Sarig, O.1
  • 33
    • 0008313654 scopus 로고    scopus 로고
    • Actual share reacquisitions in open market repurchases programs
    • Stephens, Clifford, and Michael Weisbach, 1998, Actual share reacquisitions in open market repurchases programs, Journal of Finance 53, 313-333.
    • (1998) Journal of Finance , vol.53 , pp. 313-333
    • Stephens, C.1    Weisbach, M.2
  • 34
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, Hall, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica 48, 817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.