Why individual investors want dividends

Journal of Corporate Finance

Volumn 12, Issue 1, 2005, Pages 121-158

  Dong, Ming ^a   Robinson, Chris ^b   Veld, Chris ^c  

^a YORK UNIVERSITY   (Canada)

^b YORK UNIVERSITY   (Canada)

^c SIMON FRASER UNIVERSITY   (Canada)

Author keywords

Dividends; Individual investors; Survey

Indexed keywords

EID: 27944435313     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2004.04.006     Document Type: Article

References (47)

1. F. Allen R. Michaely Payout policy In: G.M. Constantinides M. Harris R.M. Stulz (Eds.), Handbook of the Economics of Finance 2003 Elsevier Amsterdam 337-429
2. Baker, M., Wurgler, J., 2003. Why are dividends disappearing? An empirical analysis, Working Paper, Harvard Business School.
3. H.K. Baker G.E. Farrelly R.B. Edelman A survey of management views on dividend policy Financial Management 14 1985 78-83
4. H.K. Baker G.E. Powell T.T. Veit Revisiting managerial perspectives on dividend policy Journal of Economics and Finance 26 2002 267-283
5. N. Barberis R. Thaler A survey of behavioral finance In: G.M. Constantinides M. Harris R.M. Stulz (Eds.), Handbook of the Economics of Finance 2003 Elsevier Amsterdam 1053-1128
6. S. Bhattacharya Imperfect information, dividend policy and the "bird in the hand" fallacy Bell Journal of Economics 10 1979 259-270
7. F. Black The dividend puzzle Journal of Portfolio Management 2 1976 5-8
8. F. Black M. Scholes The effects of dividend yield and dividend policy on common stock prices and returns Journal of Financial Economics 1 1974 1-22
9. Brav, A., Graham, J.R., Harvey, C.R., Michaely, R., in press. Payout policy in the 21st century, Journal of Financial Economics.
10. R.A. Brealey S.C. Myers Principles of corporate finance 7th edition 2003 McGraw-Hill New York
11. M.J. Brennan Taxes, market valuation and financial policy National Tax Journal 23 1970 417-429
12. R. Comment G.A. Jarrell The relative signaling power of Dutch-auction and fixed-price self-tender offers and open market share repurchases The Journal of Finance 46 1991 1243-1271
13. W.F.M. DeBondt R.H. Thaler Financial decision making in markets and firms: A behavioral perspective In: R. Jarrow V. Maksimovic W.T. Ziemba (Eds.), Finance, handbooks in operations research and management science vol. 9 1995 North-Holland Amsterdam 385-410
14. A. De Jong R. Kabir T. Marra A. Röell Ownership and control in the Netherlands In: F. Barca M. Becht (Eds.), The control of corporate Europe 2001 Oxford University Press Oxford, United Kingdom
15. A. De Jong R.V. Dijk C. Veld The dividend and share repurchase policies of Canadian firms: Empirical evidence based on an alternative research design International Review of Financial Analysis 12 2003 349-377
16. De Jong, A., DeJong, D., Mertens, G., Wasley, C., in press. The role of self-regulation in corporate governance: Evidence and implications from The Netherlands, Journal of Corporate Finance.
17. B. Donkers A. van Soest Subjective measures of household preferences and financial decisions Journal of Economic Psychology 20 1999 613-642
18. B. Donkers B. Melenberg A. van Soest Estimating risk attitudes using lotteries - a large sample approach Journal of Risk and Uncertainty 22 2001 165-195
19. A. Dorsman Dividend en dividendpolitiek Dividend and dividend policy 1988 Stenfert Kroese BV Leiden, the Netherlands
20. F.H. Easterbrook Two agency-cost explanations of dividends American Economic Review 74 1984 650-659
21. E.F. Fama K.R. French Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60 2001 3-43
22. G.M. Frankfurter B.G. Wood Dividend policy theories and their empirical tests International Review of Financial Analysis 11 2002 111-138
23. Fuller, K., Goldstein, M., 2003. Dividend policy and market movements, Working Paper, Terry College of Business, University of Georgia.
24. B.G. Glaser A.C. Strauss The discovery of grounded theory: Strategies for qualitative research 1967 Aldine Press Chicago
25. Goergen, M., Renneboog, L., Correia da Silva, L., in press. When do German firms change their dividends? Journal of Corporate Finance.
26. M. Gordon The investment, financing, and valuation of the corporation 1961 Richard D. Irwin Homewood, IL
27. M. Gordon The savings, investment and valuation of a corporation Review of Economics and Statistics 44 1962 37-51
28. J.R. Graham C.R. Harvey The theory and practice of corporate finance: evidence from the field Journal of Financial Economics 60 2001 187-243
29. G. Grullon R. Michaely Dividends, share repurchases, and the substitution hypothesis The Journal of Finance 57 2002 1649-1684
30. K. Gugler Corporate governance, dividend payout policy, and the interrelation between dividends, and capital investment Journal of Banking and Finance 27 2003 1297-1321
31. K. Gugler B.B. Yurtoglu Corporate governance and dividend pay-out policy in Germany European Economic Review 47 2003 731-758
32. D. Ikenberry J. Lakonishok T. Vermaelen Market underreaction to open market share repurchases Journal of Financial Economics 39 1995 181-208
33. D. Ikenberry J. Lakonishok T. Vermaelen Stock repurchases in Canada: performance and strategic trading Journal of Finance 55 2000 2373-2398
34. M. Jagannathan C.P. Stephens M.S. Weisbach Financial flexibility and the choice between dividends and stock repurchases Journal of Financial Economics 57 2000 355-384
35. M.C. Jensen Agency costs of free cash flow, corporate finance and takeovers American Economic Review 76 1986 323-329
36. R.C. Lease W. Lewellen G. Schlarbaum Market segmentation: Evidence on the individual investor Financial Analysts Journal 32 1976 53-60 September-October
37. R.C. Lease J. Kose A. Kalay U. Loewenstein O.H. Sarig Dividend policy: its impact on firm value 2000 Harvard Business School Press
38. J. Lintner Distribution of incomes of corporations among dividends, retained earnings, and taxes American Economic Review 46 1956 97-113
39. R.H. Litzenberger K. Ramaswamy The effects of dividends on common stock prices: Tax effects or information effects The Journal of Finance 37 1982 429-443
40. G.T.K. Meussen Netherlands: Income tax act 2001 European Taxation 40 2000 490-498
41. M. Miller F. Modigliani Dividend policy, growth and the valuation of shares Journal of Business 34 1961 411-433
42. M. Miller K. Rock Dividend policy under asymmetric information The Journal of Finance 40 1985 1031-1051
43. S.C. Myers N.S. Majluf Corporate financing and investment decisions when firms have information that investors do not have Journal of Financial Economics 13 1984 187-221
44. S.A. Ross R.W. Westerfield J.E. Jaffe Corporate finance 2002 McGraw-Hill New York
45. H.M. Shefrin M. Statman Explaining investor preference for cash dividends Journal of Financial Economics 13 1984 253-282
46. H.M. Shefrin R. Thaler The behavioral life-cycle hypothesis Economic Inquiry 26 1988 609-643
47. A. Winnett A. Lewis Household accounts, mental accounts, and savings behaviour: Some old economics rediscovered? Journal of Economic Psychology 16 1995 431-448