메뉴 건너뛰기




Volumn 59, Issue 3, 2004, Pages 1125-1165

A catering theory of dividends

Author keywords

[No Author keywords available]

Indexed keywords


EID: 2942716949     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2004.00658.x     Document Type: Article
Times cited : (783)

References (81)
  • 1
    • 0041152114 scopus 로고    scopus 로고
    • A theory of dividends based on tax clienteles
    • Allen, Franklin, Antonio E. Bernardo, and Ivo Welch, 2000, A theory of dividends based on tax clienteles, Journal of Finance 55, 2499-2536.
    • (2000) Journal of Finance , vol.55 , pp. 2499-2536
    • Allen, F.1    Bernardo, A.E.2    Welch, I.3
  • 2
    • 84888936467 scopus 로고    scopus 로고
    • Payout policy
    • University of Pennsylvania
    • Alien, Franklin, and Roni Michaely, 2002, Payout policy, Working paper, University of Pennsylvania.
    • (2002) Working Paper
    • Alien, F.1    Michaely, R.2
  • 3
    • 2942737898 scopus 로고    scopus 로고
    • Stock return predictability: Is it there?
    • Ang, Andrew, and Geert Bekaert, 2001, Stock return predictability: Is it there? NBER Working paper 8207.
    • (2001) NBER Working Paper , vol.8207
    • Ang, A.1    Bekaert, G.2
  • 4
    • 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 Jr., D.W.2
  • 6
  • 7
    • 2942710426 scopus 로고    scopus 로고
    • Market liquidity as a sentiment indicator
    • forthcoming
    • Baker, Malcolm, and Jeremy Stein, 2003, Market liquidity as a sentiment indicator, Journal of Financial Markets, forthcoming.
    • (2003) Journal of Financial Markets
    • Baker, M.1    Stein, J.2
  • 8
    • 0142023951 scopus 로고    scopus 로고
    • The maturity of debt issues and predictable variation in bond returns
    • Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler, 2003, The maturity of debt issues and predictable variation in bond returns, Journal of Financial Economics 70, 261-291.
    • (2003) Journal of Financial Economics , vol.70 , pp. 261-291
    • Baker, M.1    Greenwood, R.2    Wurgler, J.3
  • 9
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity-dependent firms
    • Baker, Malcolm, Jeremy Stein, and Jeffrey Wurgler, 2003, When does the market matter? Stock prices and the investment of equity-dependent firms, Quarterly Journal of Economics 118, 969-1006.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 969-1006
    • Baker, M.1    Stein, J.2    Wurgler, J.3
  • 10
    • 0040435486 scopus 로고    scopus 로고
    • The equity share in new issues and aggregate stock returns
    • Baker, Malcolm, and Jeffrey Wurgler, 2000, The equity share in new issues and aggregate stock returns, Journal of Finance 55, 2219-2257.
    • (2000) Journal of Finance , vol.55 , pp. 2219-2257
    • Baker, M.1    Wurgler, J.2
  • 11
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker, Malcolm, and Jeffrey Wurgler, 2002a, Market timing and capital structure, Journal of Finance 57, 1-32.
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 12
    • 84888939788 scopus 로고    scopus 로고
    • Why are dividends disappearing? An empirical analysis
    • forthcoming
    • Baker, Malcolm and Jeffrey Wurgler, 2002b, Why are dividends disappearing? An empirical analysis, Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Baker, M.1    Wurgler, J.2
  • 15
    • 0011296488 scopus 로고    scopus 로고
    • Do changes in dividends signal the future or the past?
    • Benartzi, Shlomo, Roni Michaely, and Richard Thaler, 1997, Do changes in dividends signal the future or the past? Journal of Finance 52, 1007-1034.
    • (1997) Journal of Finance , vol.52 , pp. 1007-1034
    • Benartzi, S.1    Michaely, R.2    Thaler, R.3
  • 16
    • 0000118836 scopus 로고
    • Imperfect information, dividend policy, and 'the bird in the hand fallacy
    • Bhattacharya, S., 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
  • 18
    • 0002978530 scopus 로고
    • The effects of dividend yield and dividend policy on common stock prices and returns
    • Black, Fischer, and Myron S. Scholes, 1974, The effects of dividend yield and dividend policy on common stock prices and returns, Journal of Financial Economics 1, 1-22.
    • (1974) Journal of Financial Economics , vol.1 , pp. 1-22
    • Black, F.1    Scholes, M.S.2
  • 21
    • 2942712299 scopus 로고    scopus 로고
    • Did ERISA's prudent man rule change the pricing of dividend omitting firms?
    • Duke University
    • Brav, Alon, and J. B. Heaton, 1998, Did ERISA's prudent man rule change the pricing of dividend omitting firms? Working paper, Duke University.
    • (1998) Working Paper
    • Brav, A.1    Heaton, J.B.2
  • 22
    • 84989099586 scopus 로고
    • Measuring security price performance
    • Brown, Stephen, and Jerold Warner, 1980, Measuring security price performance, Journal of Financial Economics 8, 205-258.
    • (1980) Journal of Financial Economics , vol.8 , pp. 205-258
    • Brown, S.1    Warner, J.2
  • 23
    • 0002519023 scopus 로고    scopus 로고
    • Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk
    • Campbell, John Y., Martin Lettau, Burton G. Malkiel, and Yexiao Xu, 2001, Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk, Journal of Finance 56, 1-44.
    • (2001) Journal of Finance , vol.56 , pp. 1-44
    • Campbell, J.Y.1    Lettau, M.2    Malkiel, B.G.3    Xu, Y.4
  • 25
  • 26
    • 49049148412 scopus 로고
    • Common stock repurchases: An analysis of returns to bondholders and stockholders
    • Dann, Larry Y., 1981, Common stock repurchases: An analysis of returns to bondholders and stockholders, Journal of Financial Economics 9, 113-138.
    • (1981) Journal of Financial Economics , vol.9 , pp. 113-138
    • Dann, L.Y.1
  • 27
    • 0030101178 scopus 로고    scopus 로고
    • Dividend signaling and the disappearance of sustained earnings growth
    • DeAngelo, Harry, Linda DeAngelo, and Douglas J. Skinner, 1996, Dividend signaling and the disappearance of sustained earnings growth, Journal of Finance 40, 341-371.
    • (1996) Journal of Finance , vol.40 , pp. 341-371
    • Deangelo, H.1    Deangelo, L.2    Skinner, D.J.3
  • 28
    • 0029715608 scopus 로고    scopus 로고
    • The distorting effect of the prudent-man laws on institutional equity investments
    • Del Guercio, Diane, 1996, The distorting effect of the prudent-man laws on institutional equity investments, Journal of Financial Economics 40, 31-62.
    • (1996) Journal of Financial Economics , vol.40 , pp. 31-62
    • Del Guercio, D.1
  • 29
    • 84993866889 scopus 로고
    • Time-series variation in dividend pricing
    • Eades, Kenneth M., Patrick J. Hess, and E. Han Kim, 1994, Time-series variation in dividend pricing, Journal of Finance 49, 1617-1638.
    • (1994) Journal of Finance , vol.49 , pp. 1617-1638
    • Eades, K.M.1    Hess, P.J.2    Kim, E.H.3
  • 32
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing firm characteristics or lower propensity to pay?
    • Fama, Eugene F., and Kenneth R. French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60, 3-44.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-44
    • Fama, E.F.1    French, K.R.2
  • 35
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: Evidence from the field
    • Graham, John R., and Campbell R. Harvey, 2001, The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics 60, 187-244.
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-244
    • Graham, J.R.1    Harvey, C.R.2
  • 36
    • 19944407712 scopus 로고    scopus 로고
    • D. dividend clienteles exist? Evidence on dividend preferences of retail investors
    • Duke University
    • Graham, John R., and Alok Kumar, 2003, D. dividend clienteles exist? Evidence on dividend preferences of retail investors, Working paper, Duke University.
    • (2003) Working Paper
    • Graham, J.R.1    Kumar, A.2
  • 37
    • 2942730441 scopus 로고    scopus 로고
    • Trade and the comovement of stock returns: Evidence from Japan
    • Harvard University
    • Greenwood, Robin, and Nathan Sosner, 2003, Trade and the comovement of stock returns: Evidence from Japan, Working paper, Harvard University.
    • (2003) Working Paper
    • Greenwood, R.1    Sosner, N.2
  • 38
    • 0009777063 scopus 로고
    • To pay or not to pay dividends
    • Hakansson, Nils H., 1982, To pay or not to pay dividends, Journal of Finance 37, 415-428.
    • (1982) Journal of Finance , vol.37 , pp. 415-428
    • Hakansson, N.H.1
  • 39
    • 0043277332 scopus 로고
    • Earnings information conveyed by dividend initiations and omissions
    • Healy, Paul M., and Krishna G. Palepu, 1988, Earnings information conveyed by dividend initiations and omissions, Journal of Financial Economics 21, 149-176.
    • (1988) Journal of Financial Economics , vol.21 , pp. 149-176
    • Healy, P.M.1    Palepu, K.G.2
  • 40
    • 0031527461 scopus 로고    scopus 로고
    • Do investors ignore dividend taxation? A reexamination of the Citizens Utilities case
    • Hubbard, Jeff, and Roni Michaely, 1997, Do investors ignore dividend taxation? A reexamination of the Citizens Utilities case, Journal of Financial and Quantitative Analysis 32, 117-135.
    • (1997) Journal of Financial and Quantitative Analysis , vol.32 , pp. 117-135
    • Hubbard, J.1    Michaely, R.2
  • 42
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, Michael C., 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.C.1
  • 43
    • 84942435834 scopus 로고    scopus 로고
    • Managerial portfolio decisions and market timing
    • MIT Sloan School
    • Jenter, Dirk, 2001, Managerial portfolio decisions and market timing, Working paper, MIT Sloan School.
    • (2001) Working Paper
    • Jenter, D.1
  • 44
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signaling equilibrium
    • John, Kose, and Joseph 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
  • 45
    • 0003450039 scopus 로고    scopus 로고
    • A century of stock market liquidity and trading costs
    • Columbia University
    • Jones, Charles M., 2001, A century of stock market liquidity and trading costs, Working paper, Columbia University.
    • (2001) Working Paper
    • Jones, C.M.1
  • 46
    • 0000967257 scopus 로고
    • Note on bias in estimation of auto-correlation
    • Kendall, M. G., 1954, Note on bias in estimation of auto-correlation, Biometrika 41, 403-404.
    • (1954) Biometrika , vol.41 , pp. 403-404
    • Kendall, M.G.1
  • 47
    • 0031138827 scopus 로고    scopus 로고
    • Book-to-market, dividend yield, and expected market returns: A time series analysis
    • Kothari, S. P., and Jay Shanken, 1997, Book-to-market, dividend yield, and expected market returns: A time series analysis, Journal of Financial Economics 44, 169-203.
    • (1997) Journal of Financial Economics , vol.44 , pp. 169-203
    • Kothari, S.P.1    Shanken, J.2
  • 49
    • 84977736029 scopus 로고
    • Investor sentiment and the closed-end fund puzzle
    • Lee, Charles M., Andrei Shleifer, and Richard Thaler, 1991, Investor sentiment and the closed-end fund puzzle, Journal of Finance 46, 75-110.
    • (1991) Journal of Finance , vol.46 , pp. 75-110
    • Lee, C.M.1    Shleifer, A.2    Thaler, R.3
  • 50
    • 0002744905 scopus 로고
    • The distribution of incomes of corporations among dividends, retained earnings, and taxes
    • Lintner, John, 1956, The 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
  • 51
    • 84942445007 scopus 로고    scopus 로고
    • An examination of the long-run market reaction to announcement of dividend omissions and reductions
    • Drexel University
    • Liu, Yi, Samuel Szewczyk, and Zaher Zantout, 2003, An examination of the long-run market reaction to announcement of dividend omissions and reductions, Working paper, Drexel University.
    • (2003) Working Paper
    • Liu, Y.1    Szewczyk, S.2    Zantout, Z.3
  • 52
    • 0001705865 scopus 로고
    • The market valuation of cash dividends: A case to consider
    • Long, John B., 1978, The market valuation of cash dividends: A case to consider, Journal of Financial Economics 6, 235-264.
    • (1978) Journal of Financial Economics , vol.6 , pp. 235-264
    • Long, J.B.1
  • 53
    • 0002772595 scopus 로고
    • Dividend behavior for the aggregate stock market
    • Marsh, Terry A., and Robert C. Merton, 1987, Dividend behavior for the aggregate stock market, Journal of Business 60, 1-40.
    • (1987) Journal of Business , vol.60 , pp. 1-40
    • Marsh, T.A.1    Merton, R.C.2
  • 54
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: Overreaction or drift?
    • Michaely, Roni, Richard H. Thaler, and Kent L. 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.H.2    Womack, K.L.3
  • 55
    • 84944072660 scopus 로고
    • Debt and taxes
    • Miller, Merton H., 1977, Debt and taxes, Journal of Finance 32, 261-275.
    • (1977) Journal of Finance , vol.32 , pp. 261-275
    • Miller, M.H.1
  • 56
    • 0001699517 scopus 로고
    • Dividend policy, growth and the valuation of shares
    • Miller, Merton H., 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.H.1    Modigliani, F.2
  • 57
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, Merton H., 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.H.1    Rock, K.2
  • 60
    • 0003852296 scopus 로고    scopus 로고
    • Thinking through categories
    • Massachusetts Institute of Technology
    • Mullainathan, Sendhil, 2002, Thinking through categories, Working paper, Massachusetts Institute of Technology.
    • (2002) Working Paper
    • Mullainathan, S.1
  • 61
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, Stewart, 1984, The capital structure puzzle, Journal of Finance 39, 575-592.
    • (1984) Journal of Finance , vol.39 , pp. 575-592
    • Myers, S.1
  • 62
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, Stewart, and Nicholas Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 64
    • 0000706085 scopus 로고
    • A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix
    • Newey, Whitney K., and Kenneth D. West, 1987, A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix, Econometrica 55, 703-708.
    • (1987) Econometrica , vol.55 , pp. 703-708
    • Newey, W.K.1    West, K.D.2
  • 65
    • 0000801806 scopus 로고
    • Direct evidence on the marginal rate of taxation on dividend income
    • Peterson, Pamela, David Peterson, and James Ang, 1985, Direct evidence on the marginal rate of taxation on dividend income, Journal of Financial Economics 14, 267-282.
    • (1985) Journal of Financial Economics , vol.14 , pp. 267-282
    • Peterson, P.1    Peterson, D.2    Ang, J.3
  • 66
    • 0242512125 scopus 로고    scopus 로고
    • The real effects of investor sentiment
    • Northwestern University
    • Polk, Christopher, and Paola Sapienza, 2002, The real effects of investor sentiment, Working paper, Northwestern University.
    • (2002) Working Paper
    • Polk, C.1    Sapienza, P.2
  • 67
    • 38249043488 scopus 로고
    • The market valuation of cash dividends: The Citizens Utilities case reconsidered
    • Poterba, James M., 1986, The market valuation of cash dividends: The Citizens Utilities case reconsidered, Journal of Financial Economics 15, 395-405.
    • (1986) Journal of Financial Economics , vol.15 , pp. 395-405
    • Poterba, J.M.1
  • 68
    • 84885986394 scopus 로고    scopus 로고
    • The game of the name: Value changes accompanying dot.com additions and deletions
    • Purdue University
    • Rau, P. Raghavendra, Ajay Patel, Igor Osobov, Ajay Korana, and Michael J. Cooper, 2001, The game of the name: Value changes accompanying dot.com additions and deletions, Working paper, Purdue University.
    • (2001) Working Paper
    • Rau, P.R.1    Patel, A.2    Osobov, I.3    Korana, A.4    Cooper, M.J.5
  • 69
    • 0002284631 scopus 로고
    • Principles of categorization
    • Eleanor Rosch and Barbara B. Lloyd, eds. (Lawrence Erlbaum Associates, Hillsdale, NJ)
    • Rosch, Eleanor, 1978, Principles of categorization, in Eleanor Rosch and Barbara B. Lloyd, eds.: Cognition and Categorization (Lawrence Erlbaum Associates, Hillsdale, NJ).
    • (1978) Cognition and Categorization
    • Rosch, E.1
  • 70
    • 0000585629 scopus 로고
    • Explaining investor preference for cash dividends
    • Shefrin, Hersh M., and Meir Statman, 1984, Explaining investor preference for cash dividends, Journal of Financial Economics 13, 253-282.
    • (1984) Journal of Financial Economics , vol.13 , pp. 253-282
    • Shefrin, H.M.1    Statman, M.2
  • 76
    • 84960562707 scopus 로고
    • Efficient capital markets, inefficient firms: A model of myopic corporate behavior
    • Stein, Jeremy C., 1989, Efficient capital markets, inefficient firms: A model of myopic corporate behavior, Quarterly Journal of Economics 104, 655-669.
    • (1989) Quarterly Journal of Economics , vol.104 , pp. 655-669
    • Stein, J.C.1
  • 77
    • 0010104543 scopus 로고    scopus 로고
    • Rational capital budgeting in an irrational world
    • Stein, Jeremy C., 1996, Rational capital budgeting in an irrational world, Journal of Business 69, 429-455.
    • (1996) Journal of Business , vol.69 , pp. 429-455
    • Stein, J.C.1
  • 79
    • 0005208837 scopus 로고    scopus 로고
    • Understanding the aggregate book-to-market ratio and its implications to current equity-premium expectations
    • Harvard University
    • Vuolteenaho, Tuomo, 2000, Understanding the aggregate book-to-market ratio and its implications to current equity-premium expectations, Working paper, Harvard University.
    • (2000) Working Paper
    • Vuolteenaho, T.1
  • 80
    • 0001690533 scopus 로고
    • The information content of dividends
    • Watts, Ross, 1973, The information content of dividends, Journal of Business 46, 191-211.
    • (1973) Journal of Business , vol.46 , pp. 191-211
    • Watts, R.1
  • 81
    • 84944834395 scopus 로고
    • An investor expectations stock price predictive model using closed-end fund premiums
    • Zweig, Martin E., 1973, An investor expectations stock price predictive model using closed-end fund premiums, Journal of Finance 28, 67-87.
    • (1973) Journal of Finance , vol.28 , pp. 67-87
    • Zweig, M.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.