Dividends and corporate shareholders

Review of Financial Studies

Volumn 22, Issue 6, 2009, Pages 2423-2455

  Barclay, Michael J ^a   Holderness, Clifford G ^b   Sheehan, Dennis P ^c  

^a UNIVERSITY OF ROCHESTER   (United States)

^b BOSTON COLLEGE   (United States)

^c PENNSYLVANIA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 67649565536     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhn060     Document Type: Article

References (35)

1. Agrawal, A., and N. Jayaraman. 1994. The Dividend Policies of All-Equity Firms: A Direct Test of the Free Cash Flow Theory. Managerial Decision Economics 15:139-48.
2. Allen, F., A. Bernardo, and I. Welch. 2000. A Theory of Dividends Based on Tax Clienteles. Journal of Finance 55:2499-536.
3. Allen, F., and R. Michaely. 2003. Payout Policy, in George Constantinides, Milton Harris, and Rene Stulz (eds.), North-Holland Handbook of Economics. Amsterdam: Elsevier-North-Holland.
4. Allen, J., and G. Phillips. 2000. Corporate Equity Ownership, Operating Alliances and Product Market Relationships. Journal of Finance 55:2791-815.
5. Barclay, M., and C. Holderness. 1989. Private Benefits from Control of Public Corporations. Journal of Financial Economics 25:371-95.
6. Bebchuk, L., A. Cohen, and A. Ferrell. 2004. What Matters in Corporate Governance? Unpublished Working Paper, Harvard Law School, Cambridge, MA.
7. Binay, M. 2001. Do Dividend Clienteles Exist? Institutional Investor Reaction to Dividend Events. Unpublished Working Paper, University of Texas, Austin, TX.
8. Black, F. 1976. The Dividend Puzzle. Journal of Portfolio Management 3:5-8.
9. Brav, A., J. Graham, C. Harvey, and R. Michaely. 2005. Payout Policy in the 21st Century. Journal of Financial Economics 77:483-527.
10. Brav, A., and J. Heaton. 1998. Did ERISA's Prudent Man Rule Change the Pricing of Dividend Omitting Firms? Unpublished Working Paper, Duke University, Durham, NC.
11. Brealey, R., S. Myers, and F. Allen. 2006. Principles of Corporate Finance, 8th ed., Irwin: McGraw-Hill.
12. Chetty, R., and E. Saez. 2005. Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut. Quarterly Journal of Economics 120:791-833.
13. Eckbo, E., and S. Verma. 1994. Managerial Share Ownership, Voting Power, and Corporate Dividends. Journal of Corporate Finance 1:33-62.
14. Elton, E., and M. Gruber. 1970. Marginal Stockholder Tax Rates and the Clientele Effect. Review of Economics and Statistics 52:68-74.
15. Fama, E., and K. French. 2001. Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay? Journal of Financial Economics 40:283-306.
16. Fee, C., C. Hadlock, and S. Thomas. 2006. Corporate Equity Ownership and the Governance of Product Market Relationships. Journal of Finance 61:1217-51.
17. Field, L., and D. Sheehan. 2004. IPO Underpricing and Outside Blockholdings. Journal of Corporate Finance 10:263-80.
18. Gompers, P., J. Ishii, and A. Metrick. 2003. Corporate Governance and Equity Prices. Quarterly Journal of Economics 118:107-55.
19. Graham, J. 1996a. Debt and the Marginal Tax Rate. Journal of Financial Economics 41:41-73.
20. Graham, J. 1996b. Proxies for the Corporate Marginal Tax Rate. Journal of Financial Economics 42:187- 221.
21. Graham, J., and A. Kumar. 2006. Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors. Journal of Finance 61:1305-36.
22. Grinstein, Y., and R. Michaely. 2005. Institutional Holdings and Payout Policy. Journal of Finance 60:1389-426.
23. Holderness, C., and D. Sheehan. 2000. Constraints on Large-Block Shareholders, in Randall A. Morck (ed.), Concentrated Corporate Ownership (National Bureau of Economic Research). Chicago, IL: University of Chicago Press.
24. Jagannathan, M., C. Stephens, and M. Weisbach. 2000. Financial Flexibility and the Choice between Dividends and Stock Repurchases. Journal of Financial Economics 57:355-84.
25. Jensen, G., D. Solberg, and T. Zorn. 1992. Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies. Journal of Financial and Quantitative Analysis 27:247-64.
26. Lintner, J. 1956. Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes. American Economic Review 46:97-113.
27. Litzenberger, R. and K. Ramaswamy. 1979. The Effect of Personal Taxes and Dividends on Capital Asset Prices: Theory and Empirical Evidence. Journal of Financial Economics 7:163-96.
28. Michaely, R., R. Thaler, and K. Womack. 1995. Price Reactions to Dividend Initiations and Omissions: Overre-action or Drift? Journal of Finance 50:573-608.
29. Mikkelson, W., and H. Regassa. 1991. Premiums Paid in Block Transactions. Managerial and Decision Economics 12:511-7.
30. Perez-Gonzalez, F. 2003. Large Shareholders and Dividends: Evidence from U.S. Tax Reforms. Unpublished Working Paper, Columbia University, New York.
31. Roe, M. 1994. Strong Managers Weak Owners: The Political Roots of American Corporate Finance. Princeton, NJ: Princeton University Press.
32. Ross, S., R. Westerfield, and J. Jaffe. 2005. Corporate Finance, 7th ed., Irwin: McGraw-Hill.
33. Scholz, J. 1992. A Direct Examination of the Dividend Clientele Hypothesis. Journal of Public Economics 49:261-85.
34. Shleifer, A., and R. Vishny. 1986. Large Shareholders and Corporate Control. Journal of Political Economy 94:461-88.
35. Stephens, C., and M. Weisbach. 1998. Actual Share Reacquisitions in Open Market Repurchases Programs. Journal of Finance 53:313-33.