메뉴 건너뛰기




Volumn 87, Issue 3, 2008, Pages 582-609

The evolving relation between earnings, dividends, and stock repurchases

Author keywords

Dividends; Earnings; Payout policy; Stock repurchases

Indexed keywords


EID: 40849102409     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2007.05.003     Document Type: Article
Times cited : (449)

References (30)
  • 1
    • 66049131570 scopus 로고    scopus 로고
    • Payout policy
    • Constantinedes G.M., Harris M., and Stulz R. (Eds), Elsevier, Amsterdam
    • Allen F., and Michaely R. Payout policy. In: Constantinedes G.M., Harris M., and Stulz R. (Eds). Handbook of the Economics of Finance (2003), Elsevier, Amsterdam 337-429
    • (2003) Handbook of the Economics of Finance , pp. 337-429
    • Allen, F.1    Michaely, R.2
  • 4
    • 0011296488 scopus 로고    scopus 로고
    • Do changes in dividends signal the future or the past?
    • Bernartzi S., Michaely R., and Thaler R. Do changes in dividends signal the future or the past?. Journal of Finance 52 (1997) 1007-1043
    • (1997) Journal of Finance , vol.52 , pp. 1007-1043
    • Bernartzi, S.1    Michaely, R.2    Thaler, R.3
  • 5
    • 40849105514 scopus 로고    scopus 로고
    • Blouin, J.L., Ready, J.S., Shackelford, D.A., 2004. Did dividends increase immediately after the 2003 reduction in tax rate?. Unpublished working paper, University of Pennsylvania and University of North Carolina.
    • Blouin, J.L., Ready, J.S., Shackelford, D.A., 2004. Did dividends increase immediately after the 2003 reduction in tax rate?. Unpublished working paper, University of Pennsylvania and University of North Carolina.
  • 7
    • 26444595536 scopus 로고    scopus 로고
    • Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut
    • Chetty R., and Saez E. Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut. Quarterly Journal of Economics 120 (2005) 791-832
    • (2005) Quarterly Journal of Economics , vol.120 , pp. 791-832
    • Chetty, R.1    Saez, E.2
  • 8
    • 40849084264 scopus 로고    scopus 로고
    • Choe, H., 1990. Intertemporal and cross-sectional variation of corporate dividend policy. Ph.D. Dissertation. University of Chicago.
    • Choe, H., 1990. Intertemporal and cross-sectional variation of corporate dividend policy. Ph.D. Dissertation. University of Chicago.
  • 9
    • 0031498152 scopus 로고    scopus 로고
    • Changes in the value relevance of earnings and book values over the past forty years
    • Collins D.W., Maydew E.L., and Weiss I.S. Changes in the value relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24 (1997) 39-67
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 39-67
    • Collins, D.W.1    Maydew, E.L.2    Weiss, I.S.3
  • 11
    • 0030101178 scopus 로고    scopus 로고
    • Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth
    • DeAngelo H., DeAngelo L.E., and Skinner D.J. Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics 40 (1996) 341-371
    • (1996) Journal of Financial Economics , vol.40 , pp. 341-371
    • DeAngelo, H.1    DeAngelo, L.E.2    Skinner, D.J.3
  • 13
    • 2442689383 scopus 로고    scopus 로고
    • Are dividends disappearing? Dividend concentration and the consolidation of earnings
    • DeAngelo H., DeAngelo L.E., and Skinner D.J. Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics 72 (2004) 425-456
    • (2004) Journal of Financial Economics , vol.72 , pp. 425-456
    • DeAngelo, H.1    DeAngelo, L.E.2    Skinner, D.J.3
  • 14
    • 30744455448 scopus 로고    scopus 로고
    • Dividend policy and the earned/contributed capital mix: a test of the lifecycle theory
    • DeAngelo H., DeAngelo L.E., and Stulz R.M. Dividend policy and the earned/contributed capital mix: a test of the lifecycle theory. Journal of Financial Economics 81 (2006) 227-254
    • (2006) Journal of Financial Economics , vol.81 , pp. 227-254
    • DeAngelo, H.1    DeAngelo, L.E.2    Stulz, R.M.3
  • 16
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: changing firm characteristics or lower propensity to pay?
    • Fama E.F., and French K.R. Disappearing dividends: changing firm characteristics or lower propensity to pay?. Journal of Financial Economics 60 (2001) 3-43
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.F.1    French, K.R.2
  • 18
    • 19944392552 scopus 로고    scopus 로고
    • Institutional holdings and payout policy
    • Grinstein Y., and Michaely R. Institutional holdings and payout policy. Journal of Finance 60 (2005) 1389-1426
    • (2005) Journal of Finance , vol.60 , pp. 1389-1426
    • Grinstein, Y.1    Michaely, R.2
  • 19
    • 0042170206 scopus 로고    scopus 로고
    • Dividends, share repurchases, and the substitution hypothesis
    • Grullon G., and Michaely R. Dividends, share repurchases, and the substitution hypothesis. Journal of Finance 57 (2002) 1649-1684
    • (2002) Journal of Finance , vol.57 , pp. 1649-1684
    • Grullon, G.1    Michaely, R.2
  • 20
    • 17544364418 scopus 로고    scopus 로고
    • Dividend changes do not signal changes in future profitability
    • Grullon G., Michaely R., Benartzi S., and Thaler R.H. Dividend changes do not signal changes in future profitability. Journal of Business 78 (2005) 1659-1682
    • (2005) Journal of Business , vol.78 , pp. 1659-1682
    • Grullon, G.1    Michaely, R.2    Benartzi, S.3    Thaler, R.H.4
  • 21
    • 0001603786 scopus 로고    scopus 로고
    • The cash-flow permanence and information content of dividend increases versus repurchases
    • Guay W., and Harford J. The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics 57 (2000) 385-415
    • (2000) Journal of Financial Economics , vol.57 , pp. 385-415
    • Guay, W.1    Harford, J.2
  • 24
    • 0001357772 scopus 로고    scopus 로고
    • Financial flexibility and the choice between dividends and stock repurchases
    • Jagannathan M., Stephens C.P., and Weisbach M.S. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 57 (2000) 355-384
    • (2000) Journal of Financial Economics , vol.57 , pp. 355-384
    • Jagannathan, M.1    Stephens, C.P.2    Weisbach, M.S.3
  • 25
    • 0001066475 scopus 로고
    • The agency costs of free cash flows: corporate finance and takeovers
    • Jensen M.C. The agency costs of free cash flows: corporate finance and takeovers. American Economic Review 76 (1986) 323-329
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 26
    • 0036145216 scopus 로고    scopus 로고
    • When a buyback isn't a buyback: open market repurchases and employee options
    • Kahle K.M. When a buyback isn't a buyback: open market repurchases and employee options. Journal of Financial Economics 63 (2002) 235-261
    • (2002) Journal of Financial Economics , vol.63 , pp. 235-261
    • Kahle, K.M.1
  • 27
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings, and taxes
    • Lintner J. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 46 (1956) 97-113
    • (1956) American Economic Review , vol.46 , pp. 97-113
    • Lintner, J.1
  • 28
    • 0039147411 scopus 로고    scopus 로고
    • Dividend changes and future profitability
    • Nissim D., and Ziv A. Dividend changes and future profitability. Journal of Finance 56 (2001) 2111-2133
    • (2001) Journal of Finance , vol.56 , pp. 2111-2133
    • Nissim, D.1    Ziv, A.2
  • 29
    • 40849133006 scopus 로고    scopus 로고
    • Peyer, U.C., Vermaelen, T., 2006. The nature and persistence of buyback anomalies. Unpublished working paper, INSEAD.
    • Peyer, U.C., Vermaelen, T., 2006. The nature and persistence of buyback anomalies. Unpublished working paper, INSEAD.
  • 30
    • 40849088569 scopus 로고    scopus 로고
    • Skinner, D.J., 2004. What do dividends tell us about earnings quality?. Unpublished working paper, The University of Chicago.
    • Skinner, D.J., 2004. What do dividends tell us about earnings quality?. Unpublished working paper, The University of Chicago.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.