메뉴 건너뛰기




Volumn 9, Issue C, 1995, Pages 793-837

Dividend policy

Author keywords

[No Author keywords available]

Indexed keywords


EID: 77951608784     PISSN: 09270507     EISSN: None     Source Type: Book Series    
DOI: 10.1016/S0927-0507(05)80069-6     Document Type: Review
Times cited : (93)

References (105)
  • 1
    • 84977431848 scopus 로고
    • Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis
    • Aharony, J., Swary, I., Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis. J. Finance 35:1 (1980), 1–12.
    • (1980) J. Finance , vol.35 , Issue.1 , pp. 1-12
    • Aharony, J.1    Swary, I.2
  • 2
    • 84977708705 scopus 로고
    • Efficient signaling with dividends and investments
    • Ambarish, R., John, K., Williams, J., Efficient signaling with dividends and investments. J. Finance 42:2 (1987), 321–343.
    • (1987) J. Finance , vol.42 , Issue.2 , pp. 321-343
    • Ambarish, R.1    John, K.2    Williams, J.3
  • 3
    • 0002093572 scopus 로고
    • The impact of initiating dividend payments on shareholders' wealth
    • Asquith, P., Mullins, D.W. Jr., The impact of initiating dividend payments on shareholders' wealth. J. Bus. 56:1 (1983), 77–96.
    • (1983) J. Bus. , vol.56 , Issue.1 , pp. 77-96
    • Asquith, P.1    Mullins, D.W.2
  • 4
    • 84963091667 scopus 로고
    • Wealth maximization and the cost of capital
    • Auerbach, A.J., Wealth maximization and the cost of capital. Q. J. Econ. 93:3 (1979), 433–446.
    • (1979) Q. J. Econ. , vol.93 , Issue.3 , pp. 433-446
    • Auerbach, A.J.1
  • 5
    • 0001533544 scopus 로고
    • Shareholder heterogeneity: Evidence and implications
    • Bagwell, L.S., Shareholder heterogeneity: Evidence and implications. Am. Econ. Rev. 81:2 (1991), 218–221.
    • (1991) Am. Econ. Rev. , vol.81 , Issue.2 , pp. 218-221
    • Bagwell, L.S.1
  • 6
    • 85023562777 scopus 로고
    • Transaction costs and corporate control
    • Northwestern University Wien
    • Bagwell, L.S., Judd, K., Transaction costs and corporate control. Working Paper, 1989, Northwestern University, Wien.
    • (1989) Working Paper
    • Bagwell, L.S.1    Judd, K.2
  • 7
    • 0000571641 scopus 로고
    • Cash distributions to shareholders
    • Bagwell, L.S., Shoven, J., Cash distributions to shareholders. J. Econ. Perspect. 3:3 (1989), 129–140.
    • (1989) J. Econ. Perspect. , vol.3 , Issue.3 , pp. 129-140
    • Bagwell, L.S.1    Shoven, J.2
  • 8
    • 0002425221 scopus 로고
    • Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income tax
    • Barclay, M., Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income tax. J. Financ. Econ. 14 (1987), 31–44.
    • (1987) J. Financ. Econ. , vol.14 , pp. 31-44
    • Barclay, M.1
  • 9
    • 0002858629 scopus 로고
    • Corporate payout policy: Cash dividends versus open-market repurchases
    • Barclay, M.J., Smith, C.W. Jr., Corporate payout policy: Cash dividends versus open-market repurchases. J. Financ. Econ. 22:1 (1988), 61–82.
    • (1988) J. Financ. Econ. , vol.22 , Issue.1 , pp. 61-82
    • Barclay, M.J.1    Smith, C.W.2
  • 11
    • 0001519925 scopus 로고
    • A tax-based test of the dividend signaling hypothesis
    • Bernheim, D., Wantz, A., A tax-based test of the dividend signaling hypothesis. Am. Econ. Rev. 85:3 (1995), 532–551.
    • (1995) Am. Econ. Rev. , vol.85 , Issue.3 , pp. 532-551
    • Bernheim, D.1    Wantz, A.2
  • 12
    • 85023559097 scopus 로고
    • Evidence that investors underreact to the implications of dividend changes for subsequent earnings
    • Cornell University
    • Benartzi, S., Evidence that investors underreact to the implications of dividend changes for subsequent earnings. Working Paper, 1993, Cornell University.
    • (1993) Working Paper
    • Benartzi, S.1
  • 13
    • 0018393437 scopus 로고
    • Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy
    • Bhattacharya, S., Imperfect information, dividend policy, and ‘the bird in the hand’ fallacy. Bell J. Econ. 10:1 (1979), 259–270.
    • (1979) Bell J. Econ. , vol.10 , Issue.1 , pp. 259-270
    • Bhattacharya, S.1
  • 14
    • 0003064191 scopus 로고
    • The dividend puzzle
    • Black, F., The dividend puzzle. J. Portfolio Manage. 2 (1976), 5–8.
    • (1976) J. Portfolio Manage. , vol.2 , pp. 5-8
    • Black, F.1
  • 15
    • 0002978530 scopus 로고
    • The effects of dividend yield and dividend policy on common stock prices and returns
    • Black, F., Scholes, M., The effects of dividend yield and dividend policy on common stock prices and returns. J. Financ. Econ. 1 (1974), 1–22.
    • (1974) J. Financ. Econ. , vol.1 , pp. 1-22
    • Black, F.1    Scholes, M.2
  • 16
    • 0009796368 scopus 로고
    • Stock return and dividend yield: Some more evidence
    • Blume, M.E., Stock return and dividend yield: Some more evidence. Rev. Econ. Stat. 62 (1980), 567–577.
    • (1980) Rev. Econ. Stat. , vol.62 , pp. 567-577
    • Blume, M.E.1
  • 17
    • 0002496084 scopus 로고
    • Stock ownership in the United States: Characteristics and trends
    • Blume, M.E., Crockett, J., Friend, I., Stock ownership in the United States: Characteristics and trends. Surv. Current Bus. 54:11 (1974), 16–40.
    • (1974) Surv. Current Bus. , vol.54 , Issue.11 , pp. 16-40
    • Blume, M.E.1    Crockett, J.2    Friend, I.3
  • 18
    • 21844501723 scopus 로고
    • Ex-dividend price behavior of common stocks: Fitting some pieces of the puzzle
    • Boyd, J., Jagannathan, R., Ex-dividend price behavior of common stocks: Fitting some pieces of the puzzle. Rev. Financ. Studies 7:4 (1994), 711–741.
    • (1994) Rev. Financ. Studies , vol.7 , Issue.4 , pp. 711-741
    • Boyd, J.1    Jagannathan, R.2
  • 19
    • 0003075752 scopus 로고
    • The incidence and allocation effects of a tax on corporate distributions
    • Bradford, D.F., The incidence and allocation effects of a tax on corporate distributions. J. Public Econ. 15 (1981), 1–22.
    • (1981) J. Public Econ. , vol.15 , pp. 1-22
    • Bradford, D.F.1
  • 20
    • 0001707540 scopus 로고
    • Taxes, market valuation and financial policy
    • Brennan, M.J., Taxes, market valuation and financial policy. Nat. Tax J. 23 (1970), 417–429.
    • (1970) Nat. Tax J. , vol.23 , pp. 417-429
    • Brennan, M.J.1
  • 21
    • 84977720196 scopus 로고
    • Shareholder preferences and dividend policy
    • Brennan, M.J., Thakor, A.V., Shareholder preferences and dividend policy. J. Finance 45:4 (1990), 993–1019.
    • (1990) J. Finance , vol.45 , Issue.4 , pp. 993-1019
    • Brennan, M.J.1    Thakor, A.V.2
  • 22
    • 0000000837 scopus 로고
    • Dividend information, stock returns and market efficiency — II
    • Charest, G., Dividend information, stock returns and market efficiency — II. J. Financ. Econ. 6 (1978), 297–330.
    • (1978) J. Financ. Econ. , vol.6 , pp. 297-330
    • Charest, G.1
  • 23
    • 0001773898 scopus 로고
    • Changing risk, changing risk premiums, and dividend yield effects
    • Chen, N.F., Grundy, B., Stambaugh, R.F., Changing risk, changing risk premiums, and dividend yield effects. J. Bus. 63 (1990), S51–S70.
    • (1990) J. Bus. , vol.63 , pp. S51-S70
    • Chen, N.F.1    Grundy, B.2    Stambaugh, R.F.3
  • 24
    • 38249018557 scopus 로고
    • Dividend yield and expected returns: The zero-dividend yield puzzle
    • Christie, W., Dividend yield and expected returns: The zero-dividend yield puzzle. J. Financ. Econ. 28 (1990), 95–125.
    • (1990) J. Financ. Econ. , vol.28 , pp. 95-125
    • Christie, W.1
  • 25
    • 0000171752 scopus 로고
    • Optimal investment with stock repurchase and financing as signals
    • Constantinides, G.M., Grundy, B.D., Optimal investment with stock repurchase and financing as signals. Rev. Financ. Studies 2:4 (1989), 445–466.
    • (1989) Rev. Financ. Studies , vol.2 , Issue.4 , pp. 445-466
    • Constantinides, G.M.1    Grundy, B.D.2
  • 26
    • 77957034639 scopus 로고
    • Investment under asymmetric information
    • (this volume) R. Jarrow V. Maksimovic W.T. Ziemba North-Holland
    • (this volume) Daniel, K., Titman, S., Investment under asymmetric information. Jarrow, R., Maksimovic, V., Ziemba, W.T., (eds.) Finance, Handbooks in Operations Research and Management Science, Vol. 9, 1995, North-Holland, 721–766.
    • (1995) Finance, Handbooks in Operations Research and Management Science , vol.9 , pp. 721-766
    • Daniel, K.1    Titman, S.2
  • 27
    • 84977712208 scopus 로고
    • Dividend policy and financial distress: An empirical investigation of troubled NYSE firms
    • DeAngelo, H., DeAngelo, L., Dividend policy and financial distress: An empirical investigation of troubled NYSE firms. J. Finance 45:5 (1990), 1415–1431.
    • (1990) J. Finance , vol.45 , Issue.5 , pp. 1415-1431
    • DeAngelo, H.1    DeAngelo, L.2
  • 28
    • 0041001064 scopus 로고
    • Share repurchases and corporate distributions: An empirical study
    • University of Pennsylvania Amsterdam
    • Dunsby, A., Share repurchases and corporate distributions: An empirical study. Working Paper, 1993, University of Pennsylvania, Amsterdam.
    • (1993) Working Paper
    • Dunsby, A.1
  • 29
    • 0002513432 scopus 로고
    • On interpreting security returns during the ex-dividend period
    • Eades, K., Hess, P., Kim, H.E., On interpreting security returns during the ex-dividend period. J. Financ. Econ. 13 (1984), 3–34.
    • (1984) J. Financ. Econ. , vol.13 , pp. 3-34
    • Eades, K.1    Hess, P.2    Kim, H.E.3
  • 30
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook, F.H., Two agency-cost explanations of dividends. Am. Econ. Rev. 74:4 (1984), 650–659.
    • (1984) Am. Econ. Rev. , vol.74 , Issue.4 , pp. 650-659
    • Easterbrook, F.H.1
  • 31
    • 0001956457 scopus 로고
    • Marginal stockholders' tax rates and the clientele effect
    • Elton, E., Gruber, M., Marginal stockholders' tax rates and the clientele effect. Rev. Econ. Stat. 52 (1970), 68–74.
    • (1970) Rev. Econ. Stat. , vol.52 , pp. 68-74
    • Elton, E.1    Gruber, M.2
  • 32
    • 84944835621 scopus 로고
    • The ex-dividend day behavior of stock prices: A re-examination of the clientele effect
    • Elton, E., Gruber, M., Rentzler, J., The ex-dividend day behavior of stock prices: A re-examination of the clientele effect. J. Finance 39 (1984), 551–556.
    • (1984) J. Finance , vol.39 , pp. 551-556
    • Elton, E.1    Gruber, M.2    Rentzler, J.3
  • 33
    • 84880736337 scopus 로고
    • Dividend policy: An empirical analysis
    • Fama, E.F., Babiak, H., Dividend policy: An empirical analysis. J. Am. Stat. Assoc. 63:324 (1968), 1132–1161.
    • (1968) J. Am. Stat. Assoc. , vol.63 , Issue.324 , pp. 1132-1161
    • Fama, E.F.1    Babiak, H.2
  • 34
    • 0000928969 scopus 로고
    • Risk, return and equilibrium: Empirical tests
    • Fama, E.F., Macbeth, J.D., Risk, return and equilibrium: Empirical tests. J. Polit. Econ. 81 (1973), 607–636.
    • (1973) J. Polit. Econ. , vol.81 , pp. 607-636
    • Fama, E.F.1    Macbeth, J.D.2
  • 35
    • 0001874056 scopus 로고
    • Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items
    • Gonedes, N.J., Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items. J. Account. Res. 16:1 (1978), 26–79.
    • (1978) J. Account. Res. , vol.16 , Issue.1 , pp. 26-79
    • Gonedes, N.J.1
  • 36
    • 0002580365 scopus 로고
    • Dividends, earnings and stock prices
    • Gordon, M., Dividends, earnings and stock prices. Rev. Econ. Stat. 41 (1959), 99–105.
    • (1959) Rev. Econ. Stat. , vol.41 , pp. 99-105
    • Gordon, M.1
  • 37
    • 84981675528 scopus 로고
    • Taxation and the stock market valuation of capital gains and dividends: Theory and empirical results
    • Gordon, R.J., Bradford, D.F., Taxation and the stock market valuation of capital gains and dividends: Theory and empirical results. J. Public Econ. 14 (1980), 109–136.
    • (1980) J. Public Econ. , vol.14 , pp. 109-136
    • Gordon, R.J.1    Bradford, D.F.2
  • 38
  • 39
    • 0011397959 scopus 로고
    • Trading volume and stock returns around ex-dividend dates
    • University of Chicago Chicago, IL
    • Grundy, B., Trading volume and stock returns around ex-dividend dates. Working Paper, 1985, University of Chicago, Chicago, IL.
    • (1985) Working Paper
    • Grundy, B.1
  • 40
    • 0002104547 scopus 로고
    • Wealth redistributions or changes in firm value: An analysis of returns to bondholders and the stockholders around dividend announcements
    • Handjinicolaou, G., Kalay, A., Wealth redistributions or changes in firm value: An analysis of returns to bondholders and the stockholders around dividend announcements. J. Financ. Econ. 13:1 (1984), 35–63.
    • (1984) J. Financ. Econ. , vol.13 , Issue.1 , pp. 35-63
    • Handjinicolaou, G.1    Kalay, A.2
  • 41
    • 66049106621 scopus 로고
    • Why do companies pay dividends? Comment
    • Hasbrouck, J., Friend, I., Why do companies pay dividends? Comment. Am. Econ. Rev. 74 (1984), 1137–1141.
    • (1984) Am. Econ. Rev. , vol.74 , pp. 1137-1141
    • Hasbrouck, J.1    Friend, I.2
  • 42
    • 0043277332 scopus 로고
    • Earnings information conveyed by dividend initiations and omissions
    • Healy, P.M., Palepu, K.G., Earnings information conveyed by dividend initiations and omissions. J. Financ. Econ. 21:2 (1988), 149–176.
    • (1988) J. Financ. Econ. , vol.21 , Issue.2 , pp. 149-176
    • Healy, P.M.1    Palepu, K.G.2
  • 43
    • 0002896067 scopus 로고
    • Ex-dividend stock price behavior and arbitrage opportunities
    • Heath, D., Jarrow, R., Ex-dividend stock price behavior and arbitrage opportunities. J. Bus. 61 (1988), 95–108.
    • (1988) J. Bus. , vol.61 , pp. 95-108
    • Heath, D.1    Jarrow, R.2
  • 44
    • 0009796199 scopus 로고
    • The ex-dividend day behavior of stock returns: Further evidence on tax effects
    • Hess, P.J., The ex-dividend day behavior of stock returns: Further evidence on tax effects. J. Finance 37 (1982), 445–456.
    • (1982) J. Finance , vol.37 , pp. 445-456
    • Hess, P.J.1
  • 45
    • 0009799772 scopus 로고
    • Test of price effects in the pricing of financial assets
    • Hess, P.J., Test of price effects in the pricing of financial assets. J. Bus. 56 (1983), 537–554.
    • (1983) J. Bus. , vol.56 , pp. 537-554
    • Hess, P.J.1
  • 46
    • 85023574027 scopus 로고
    • Do investors ignore dividend taxation? A re-examination of the citizens utilities case
    • Hubbard, J., Michaely, R., Do investors ignore dividend taxation? A re-examination of the citizens utilities case., 1995.
    • (1995)
    • Hubbard, J.1    Michaely, R.2
  • 47
    • 0040196714 scopus 로고
    • Market underreaction to open market share repurchases
    • University of Illinois at Urbana-Champaign Chicago, IL
    • Ikenberry, D., Lakonishok, J., Vermaelen, T., Market underreaction to open market share repurchases. Working Paper, 1994, University of Illinois at Urbana-Champaign, Chicago, IL.
    • (1994) Working Paper
    • Ikenberry, D.1    Lakonishok, J.2    Vermaelen, T.3
  • 48
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M.C., Agency costs of free cash flow, corporate finance, and takeovers. Am. Econ. Rev. 76:2 (1986), 323–329.
    • (1986) Am. Econ. Rev. , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 49
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financ. Econ. 3:4 (1976), 305–360.
    • (1976) J. Financ. Econ. , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 50
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signaling equilibrium
    • John, K., Williams, J., Dividends, dilution, and taxes: A signaling equilibrium. J. Finance 40:4 (1985), 1053–1070.
    • (1985) J. Finance , vol.40 , Issue.4 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 51
    • 0001738870 scopus 로고
    • The ex-dividend day behavior of stock prices: A re-examination of the clientele effect
    • Kalay, A., The ex-dividend day behavior of stock prices: A re-examination of the clientele effect. J. Finance 37 (1982), 1059–1070.
    • (1982) J. Finance , vol.37 , pp. 1059-1070
    • Kalay, A.1
  • 52
    • 0000559529 scopus 로고
    • Stockholder-bondholder conflict and dividend constraint
    • Kalay, A., Stockholder-bondholder conflict and dividend constraint. J. Financ. Econ. 10 (1982), 211–233.
    • (1982) J. Financ. Econ. , vol.10 , pp. 211-233
    • Kalay, A.1
  • 53
    • 0001225677 scopus 로고
    • Predictable events and excess returns: The case of dividend announcements
    • Kalay, A., Loewenstein, U., Predictable events and excess returns: The case of dividend announcements. J. Financ. Econ. 14 (1985), 423–449.
    • (1985) J. Financ. Econ. , vol.14 , pp. 423-449
    • Kalay, A.1    Loewenstein, U.2
  • 54
    • 38249040721 scopus 로고
    • The information content of the timing of dividend announcements
    • Kalay, A., Loewenstein, U., The information content of the timing of dividend announcements. J. Financ. Econ. 16 (1986), 373–388.
    • (1986) J. Financ. Econ. , vol.16 , pp. 373-388
    • Kalay, A.1    Loewenstein, U.2
  • 55
    • 0011265811 scopus 로고
    • Dividends and taxes: A reexamination
    • Cornell University
    • Kalay, A., Michaely, R., Dividends and taxes: A reexamination. Working Paper, 1993, Cornell University.
    • (1993) Working Paper
    • Kalay, A.1    Michaely, R.2
  • 56
    • 0042873273 scopus 로고
    • Determinants of dividend smooting: Evidence from dividend changes
    • Carnegie Mellon University
    • Kang, S.H., Kumar, P., Determinants of dividend smooting: Evidence from dividend changes. Working Paper, 1991, Carnegie Mellon University.
    • (1991) Working Paper
    • Kang, S.H.1    Kumar, P.2
  • 57
    • 0000929257 scopus 로고
    • Short-term trading around ex-dividend days: Additional evidence
    • Karpoff, J.M., Walkling, R.A., Short-term trading around ex-dividend days: Additional evidence. J. Financ. Econ. 21:2 (1988), 291–298.
    • (1988) J. Financ. Econ. , vol.21 , Issue.2 , pp. 291-298
    • Karpoff, J.M.1    Walkling, R.A.2
  • 58
    • 38249016426 scopus 로고
    • Dividend capture in NASDAQ stocks
    • Karpoff, J.M., Walkling, R.A., Dividend capture in NASDAQ stocks. J. Financ. Econ. 28:1/2 (1990), 39–66.
    • (1990) J. Financ. Econ. , vol.28 , Issue.1/2 , pp. 39-66
    • Karpoff, J.M.1    Walkling, R.A.2
  • 59
    • 21844514033 scopus 로고
    • The ex-dividend-day behavior of stock prices: The case of Japan
    • Kato, K., Loewenstein, U., The ex-dividend-day behavior of stock prices: The case of Japan. Rev. Finance. Studies 8:3 (1995), 819–850.
    • (1995) Rev. Finance. Studies , vol.8 , Issue.3 , pp. 819-850
    • Kato, K.1    Loewenstein, U.2
  • 60
    • 0000021846 scopus 로고
    • Dividend yields and stock returns: Implications of abnormal January returns
    • Keim, D., Dividend yields and stock returns: Implications of abnormal January returns. J. Financ. Econ. 14 (1985), 473–489.
    • (1985) J. Financ. Econ. , vol.14 , pp. 473-489
    • Keim, D.1
  • 61
    • 0004137199 scopus 로고
    • Public Policy and the Corporation
    • Chapman and Hall
    • King, M., Public Policy and the Corporation. 1977, Chapman and Hall.
    • (1977)
    • King, M.1
  • 62
    • 0040382048 scopus 로고
    • Market segmentation and the identification of marginal traders on ex-dividend days: A microstructure analysis
    • Stanford University London
    • Koski, J.L., Market segmentation and the identification of marginal traders on ex-dividend days: A microstructure analysis. Working Paper, 1991, Stanford University, London.
    • (1991) Working Paper
    • Koski, J.L.1
  • 63
    • 0002694161 scopus 로고
    • Shareholder-manager conflict and the information content of dividends
    • Kumar, P., Shareholder-manager conflict and the information content of dividends. Rev. Financ. Studies 1:2 (1988), 111–136.
    • (1988) Rev. Financ. Studies , vol.1 , Issue.2 , pp. 111-136
    • Kumar, P.1
  • 64
    • 84944834783 scopus 로고
    • Tax reform and the ex-dividend day behavior
    • Lakonishok, J., Vermaelen, T., Tax reform and the ex-dividend day behavior. J. Finance 38 (1983), 1157–1179.
    • (1983) J. Finance , vol.38 , pp. 1157-1179
    • Lakonishok, J.1    Vermaelen, T.2
  • 65
    • 38249039828 scopus 로고
    • Tax induced trading around ex-dividend dates
    • Lakonishok, J., Vermaelen, T., Tax induced trading around ex-dividend dates. J. Financ. Econ. 16 (1986), 287–319.
    • (1986) J. Financ. Econ. , vol.16 , pp. 287-319
    • Lakonishok, J.1    Vermaelen, T.2
  • 66
    • 0000243013 scopus 로고
    • Dividend announcements: Cash flow signaling vs. free cash flow hypothesis
    • Lang, L.H.P., Litzenberger, R., Dividend announcements: Cash flow signaling vs. free cash flow hypothesis. J. Financ. Econ. 24:1 (1989), 181–192.
    • (1989) J. Financ. Econ. , vol.24 , Issue.1 , pp. 181-192
    • Lang, L.H.P.1    Litzenberger, R.2
  • 67
    • 84977416687 scopus 로고
    • Some direct evidence on the dividend clientele phenomenon
    • Lewellen, W.G., Stanley, K.L., Lease, R.C., Schlarbaum, G.G., Some direct evidence on the dividend clientele phenomenon. J. Finance 33:5 (1978), 1385–1399.
    • (1978) J. Finance , vol.33 , Issue.5 , pp. 1385-1399
    • Lewellen, W.G.1    Stanley, K.L.2    Lease, R.C.3    Schlarbaum, G.G.4
  • 68
    • 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. Am. Econ. Rev. 46:2 (1956), 97–113.
    • (1956) Am. Econ. Rev. , vol.46 , Issue.2 , pp. 97-113
    • Lintner, J.1
  • 69
    • 0000525598 scopus 로고
    • The effects of personal taxes and dividends on capital asset prices: Theory and empirical evidence
    • Litzenberger, R., Ramaswamy, K., The effects of personal taxes and dividends on capital asset prices: Theory and empirical evidence. J. Financ. Econ. 7 (1979), 163–195.
    • (1979) J. Financ. Econ. , vol.7 , pp. 163-195
    • Litzenberger, R.1    Ramaswamy, K.2
  • 70
    • 0001749350 scopus 로고
    • Dividends, short selling restrictions, tax induced investor clientele and market equilibrium
    • Litzenberger, R., Ramaswamy, K., Dividends, short selling restrictions, tax induced investor clientele and market equilibrium. J. Finance 35 (1980), 469–482.
    • (1980) J. Finance , vol.35 , pp. 469-482
    • Litzenberger, R.1    Ramaswamy, K.2
  • 71
    • 0000983494 scopus 로고
    • The effects of dividends on common stock prices: Tax effects or information effects?
    • Litzenberger, R., Ramaswamy, K., The effects of dividends on common stock prices: Tax effects or information effects?. J. Finance 37 (1982), 429–443.
    • (1982) J. Finance , vol.37 , pp. 429-443
    • Litzenberger, R.1    Ramaswamy, K.2
  • 72
    • 0010871142 scopus 로고
    • Efficient portfolio choice with differential taxation of dividend and capital gains
    • Long, J.B., Efficient portfolio choice with differential taxation of dividend and capital gains. J. Financ. Econ. 5 (1977), 25–53.
    • (1977) J. Financ. Econ. , vol.5 , pp. 25-53
    • Long, J.B.1
  • 73
    • 0001705865 scopus 로고
    • The market valuation of cash dividends: A case to consider
    • Long, J.B. Jr., The market valuation of cash dividends: A case to consider. J. Financ. Econ. 6:2/3 (1978), 235–264.
    • (1978) J. Financ. Econ. , vol.6 , Issue.2/3 , pp. 235-264
    • Long, J.B.1
  • 74
    • 84993843481 scopus 로고
    • The new issues puzzle
    • Loughran, T., Ritter, J., The new issues puzzle. J. Finance 50:1 (1995), 23–51.
    • (1995) J. Finance , vol.50 , Issue.1 , pp. 23-51
    • Loughran, T.1    Ritter, J.2
  • 75
    • 0009903934 scopus 로고
    • Seasoned equity offerings: An empirical investigation
    • Masulis, R.W., Korwar, A.N., Seasoned equity offerings: An empirical investigation. J. Financ. Econ. 15:1/2 (1986), 91–118.
    • (1986) J. Financ. Econ. , vol.15 , Issue.1/2 , pp. 91-118
    • Masulis, R.W.1    Korwar, A.N.2
  • 76
    • 84977732954 scopus 로고
    • Ex-dividend day stock price behavior: The case of the 1986 Tax Reform Act
    • Michaely, R., Ex-dividend day stock price behavior: The case of the 1986 Tax Reform Act. J. Finance 46 (1991), 845–860.
    • (1991) J. Finance , vol.46 , pp. 845-860
    • Michaely, R.1
  • 77
    • 21844492788 scopus 로고
    • The effect of tax heterogeneity on prices and volume around the ex-dividend day: Evidence from the Milan Stock Exchange
    • Michaely, R., Murgia, M., The effect of tax heterogeneity on prices and volume around the ex-dividend day: Evidence from the Milan Stock Exchange. Rev. Finance. Studies 8:2 (1995), 369–399.
    • (1995) Rev. Finance. Studies , vol.8 , Issue.2 , pp. 369-399
    • Michaely, R.1    Murgia, M.2
  • 78
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: Overreaction or drift?
    • Michaely, R., Thaler, R.H., Womack, K., Price reactions to dividend initiations and omissions: Overreaction or drift?. J. Finance 50 (1995), 573–608.
    • (1995) J. Finance , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.H.2    Womack, K.3
  • 79
    • 0040162533 scopus 로고
    • The pricing of initial public offerings: Tests of the adverse selection and signaling theories
    • Michaely, R., Shaw, W.H., The pricing of initial public offerings: Tests of the adverse selection and signaling theories. Rev. Financ. Studies 7:2 (1994), 279–319.
    • (1994) Rev. Financ. Studies , vol.7 , Issue.2 , pp. 279-319
    • Michaely, R.1    Shaw, W.H.2
  • 80
    • 84974505721 scopus 로고
    • Investors' heterogeneity, prices and volume around the ex-dividend day
    • Michaely, R., Vila, J.-L., Investors' heterogeneity, prices and volume around the ex-dividend day. J. Financ. Quant. Anal. 30 (1995), 171–198.
    • (1995) J. Financ. Quant. Anal. , vol.30 , pp. 171-198
    • Michaely, R.1    Vila, J.-L.2
  • 81
    • 85023440168 scopus 로고
    • Trading volume with private valuations: Evidence from the ex-dividend day
    • Michaely, R., Vila, J.-L., Trading volume with private valuations: Evidence from the ex-dividend day. Rev. Financ. Studies, 1995.
    • (1995) Rev. Financ. Studies
    • Michaely, R.1    Vila, J.-L.2
  • 82
    • 0001699517 scopus 로고
    • Dividend policy, growth and the valuation of shares
    • Miller, M., Modigliani, F., Dividend policy, growth and the valuation of shares. J. Bus. 34 (1961), 411–433.
    • (1961) J. Bus. , vol.34 , pp. 411-433
    • Miller, M.1    Modigliani, F.2
  • 83
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, M., Rock, K., Dividend policy under asymmetric information. J. Finance 40:4 (1985), 1031–1051.
    • (1985) J. Finance , vol.40 , Issue.4 , pp. 1031-1051
    • Miller, M.1    Rock, K.2
  • 85
    • 0000243016 scopus 로고
    • Dividends and taxes: Empirical evidence
    • Miller, M., Scholes, M., Dividends and taxes: Empirical evidence. J. Polit. Econ. 90 (1982), 1118–1141.
    • (1982) J. Polit. Econ. , vol.90 , pp. 1118-1141
    • Miller, M.1    Scholes, M.2
  • 86
    • 0009752540 scopus 로고
    • Dividends and capital asset prices
    • Morgan, I.G., Dividends and capital asset prices. J. Finance 37 (1982), 1071–1086.
    • (1982) J. Finance , vol.37 , pp. 1071-1086
    • Morgan, I.G.1
  • 87
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S.C., Determinants of corporate borrowing. J. Financ. Econ. 5:2 (1977), 147–175.
    • (1977) J. Financ. Econ. , vol.5 , Issue.2 , pp. 147-175
    • Myers, S.C.1
  • 88
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S.C., Majluf, N.S., Corporate financing and investment decisions when firms have information that investors do not have. J. Financ. Econ. 13:2 (1984), 187–221.
    • (1984) J. Financ. Econ. , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 89
    • 84977735445 scopus 로고
    • Corporate financial policy, information, and market expectations: An empirical investigation of dividends
    • Ofer, A.R., Siegel, D.R., Corporate financial policy, information, and market expectations: An empirical investigation of dividends. J. Finance 42:4 (1987), 889–911.
    • (1987) J. Finance , vol.42 , Issue.4 , pp. 889-911
    • Ofer, A.R.1    Siegel, D.R.2
  • 90
    • 84977715071 scopus 로고
    • A theory of stock price responses to alternative corporate cash disbursement methods: Stock repurchases and dividends
    • Ofer, A.R., Thakor, A.V., A theory of stock price responses to alternative corporate cash disbursement methods: Stock repurchases and dividends. J. Finance 42:2 (1987), 365–394.
    • (1987) J. Finance , vol.42 , Issue.2 , pp. 365-394
    • Ofer, A.R.1    Thakor, A.V.2
  • 91
    • 0000067693 scopus 로고
    • The predictive content of earnings forecasts and dividends
    • Penman, S.H., The predictive content of earnings forecasts and dividends. J. Finance 38:4 (1983), 1181–1199.
    • (1983) J. Finance , vol.38 , Issue.4 , pp. 1181-1199
    • Penman, S.H.1
  • 92
    • 0000801806 scopus 로고
    • Direct evidence on the marginal rate of taxation on dividend income
    • Peterson, P., Peterson, D., Ang, J., Direct evidence on the marginal rate of taxation on dividend income. J. Financ. Econ. 14 (1985), 267–282.
    • (1985) J. Financ. Econ. , vol.14 , pp. 267-282
    • Peterson, P.1    Peterson, D.2    Ang, J.3
  • 93
    • 84993907298 scopus 로고
    • Dividend announcements, security performance, and capital market efficiency
    • Pettit, R.R., Dividend announcements, security performance, and capital market efficiency. J. Finance 27:5 (1972), 993–1007.
    • (1972) J. Finance , vol.27 , Issue.5 , pp. 993-1007
    • Pettit, R.R.1
  • 94
    • 38249043488 scopus 로고
    • The market valuation of cash dividends: The citizens utilities case reconsidered
    • Poterba, J., The market valuation of cash dividends: The citizens utilities case reconsidered. J. Financ. Econ. 15 (1986), 395–406.
    • (1986) J. Financ. Econ. , vol.15 , pp. 395-406
    • Poterba, J.1
  • 95
    • 84944832590 scopus 로고
    • New evidence that taxes affect the valuation of dividends
    • Poterba, J., Summers, L.H., New evidence that taxes affect the valuation of dividends. J. Finance 39 (1984), 1397–1415.
    • (1984) J. Finance , vol.39 , pp. 1397-1415
    • Poterba, J.1    Summers, L.H.2
  • 96
    • 84977717063 scopus 로고
    • The long run performance of initial public offerings
    • Ritter, J.R., The long run performance of initial public offerings. J. Finance 46:1 (1991), 3–28.
    • (1991) J. Finance , vol.46 , Issue.1 , pp. 3-28
    • Ritter, J.R.1
  • 97
    • 0000822231 scopus 로고
    • Tests of capital asset pricing hypotheses
    • Rosenberg, B., Marathe, V., Tests of capital asset pricing hypotheses. Res. Finance 1 (1979), 115–224.
    • (1979) Res. Finance , vol.1 , pp. 115-224
    • Rosenberg, B.1    Marathe, V.2
  • 98
    • 66049105387 scopus 로고
    • Why do companies pay dividends? Comment
    • Sarig, O., Why do companies pay dividends? Comment. Am. Econ. Rev., 74, 1984, 1142.
    • (1984) Am. Econ. Rev. , vol.74 , pp. 1142
    • Sarig, O.1
  • 99
    • 0000585629 scopus 로고
    • Explaining investor preference for cash dividends
    • Shefrin, H.M., Statman, M., Explaining investor preference for cash dividends. J. Financ. Econ. 13:2 (1984), 253–282.
    • (1984) J. Financ. Econ. , vol.13 , Issue.2 , pp. 253-282
    • Shefrin, H.M.1    Statman, M.2
  • 100
    • 0000126262 scopus 로고
    • Some aspects of the taxation of capital gains
    • Stiglitz, J.E., Some aspects of the taxation of capital gains. J. Public Econ. 21 (1983), 257–296.
    • (1983) J. Public Econ. , vol.21 , pp. 257-296
    • Stiglitz, J.E.1
  • 101
    • 0000809570 scopus 로고
    • An economic theory of self-control
    • Thaler, R.H., Shefrin, H.M., An economic theory of self-control. J. Polit. Econ. 89:2 (1981), 392–406.
    • (1981) J. Polit. Econ. , vol.89 , Issue.2 , pp. 392-406
    • Thaler, R.H.1    Shefrin, H.M.2
  • 102
    • 49049145214 scopus 로고
    • Common stock repurchases and market signaling: An empirical study
    • Vermaelen, T., Common stock repurchases and market signaling: An empirical study. J. Financ. Econ. 9:2 (1981), 138–183.
    • (1981) J. Financ. Econ. , vol.9 , Issue.2 , pp. 138-183
    • Vermaelen, T.1
  • 103
    • 0001690533 scopus 로고
    • The information content of dividends
    • Watts, R., The information content of dividends. J. Bus. 46:2 (1973), 191–211.
    • (1973) J. Bus. , vol.46 , Issue.2 , pp. 191-211
    • Watts, R.1
  • 104
    • 84977723612 scopus 로고
    • Efficient signaling with dividends, investment, and stock repurchases
    • Williams, J., Efficient signaling with dividends, investment, and stock repurchases. J. Finance 43:3 (1988), 737–747.
    • (1988) J. Finance , vol.43 , Issue.3 , pp. 737-747
    • Williams, J.1
  • 105
    • 0039798175 scopus 로고
    • Signaling, investment opportunities, and dividend announcements
    • Yoon, P.S., Starks, L., Signaling, investment opportunities, and dividend announcements. Rev. Financ. Studies, 8(4), 1993.
    • (1993) Rev. Financ. Studies , vol.8 , Issue.4
    • Yoon, P.S.1    Starks, L.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.