메뉴 건너뛰기




Volumn 16, Issue 4, 2010, Pages 413-430

Is dividend smoothing universal?. New insights from a comparative study of dividend policies in Hong Kong and the U.S.

Author keywords

Dividend policy; Dividend smoothing; Signaling

Indexed keywords


EID: 77955176564     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2010.03.001     Document Type: Article
Times cited : (56)

References (34)
  • 1
    • 84977431848 scopus 로고
    • Quarterly dividend and earnings announcements and stockholder's returns: an empirical analysis
    • Aharony J., Swary I. Quarterly dividend and earnings announcements and stockholder's returns: an empirical analysis. J. Financ. 1980, 35:1-12.
    • (1980) J. Financ. , vol.35 , pp. 1-12
    • Aharony, J.1    Swary, I.2
  • 2
    • 0002093572 scopus 로고
    • The impact of initiating dividend payments on shareholders' wealth
    • Asquith P., Mullins D. The impact of initiating dividend payments on shareholders' wealth. J. Bus. 1983, 56:77-96.
    • (1983) J. Bus. , vol.56 , pp. 77-96
    • Asquith, P.1    Mullins, D.2
  • 3
    • 0000118836 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. 1979, 10:259-270.
    • (1979) Bell J. Econ. , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 4
    • 0000000837 scopus 로고
    • Dividend information, stock returns and market efficiency-II
    • Charest G. Dividend information, stock returns and market efficiency-II. J. Financ. Econ. 1978, 6:297-330.
    • (1978) J. Financ. Econ. , vol.6 , pp. 297-330
    • Charest, G.1
  • 5
    • 23244457425 scopus 로고    scopus 로고
    • Ownership concentration, firm performance, and dividend policy in Hong Kong
    • Chen Z., Cheung Y., Stouraitis A., Wong A. Ownership concentration, firm performance, and dividend policy in Hong Kong. Pacific-Basin Financ. J. 2005, 13:431-449.
    • (2005) Pacific-Basin Financ. J. , vol.13 , pp. 431-449
    • Chen, Z.1    Cheung, Y.2    Stouraitis, A.3    Wong, A.4
  • 6
    • 33845953400 scopus 로고    scopus 로고
    • Information effects of dividends: evidence from the Hong Kong market
    • Cheng L., Fung H., Leung T. Information effects of dividends: evidence from the Hong Kong market. Rev. Quant. Financ. Acc. 2007, 28:23-54.
    • (2007) Rev. Quant. Financ. Acc. , vol.28 , pp. 23-54
    • Cheng, L.1    Fung, H.2    Leung, T.3
  • 7
    • 26444595536 scopus 로고    scopus 로고
    • Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut
    • Chetty R., Saez E. Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut. Q. J. Econ. 2005, 120:791-833.
    • (2005) Q. J. Econ. , vol.120 , pp. 791-833
    • Chetty, R.1    Saez, E.2
  • 8
    • 0042829594 scopus 로고    scopus 로고
    • The separation of ownership and control in East Asian corporations
    • Claessens S., Djankov S., Lang L. The separation of ownership and control in East Asian corporations. J. Financ. Econ. 2000, 58:81-112.
    • (2000) J. Financ. Econ. , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.3
  • 9
    • 0001303561 scopus 로고
    • The influence of expectations and liquidity on dividend policy
    • Darling P. The influence of expectations and liquidity on dividend policy. J. Political Econ. 1957, 65:209-224.
    • (1957) J. Political Econ. , vol.65 , pp. 209-224
    • Darling, P.1
  • 11
    • 2442689383 scopus 로고    scopus 로고
    • Are dividends disappearing? Dividend concentration and the consolidation of earnings
    • DeAngelo H., DeAngelo L., Skinner D. Are dividends disappearing? Dividend concentration and the consolidation of earnings. J. Financ. Econ. 2004, 72:425-456.
    • (2004) J. Financ. Econ. , vol.72 , pp. 425-456
    • DeAngelo, H.1    DeAngelo, L.2    Skinner, D.3
  • 12
    • 48349116716 scopus 로고    scopus 로고
    • Why do firms pay dividends? International evidence on the determinants of dividend policy
    • Denis D., Osobov I. Why do firms pay dividends? International evidence on the determinants of dividend policy. J. Financ. Econ. 2008, 89:62-82.
    • (2008) J. Financ. Econ. , vol.89 , pp. 62-82
    • Denis, D.1    Osobov, I.2
  • 13
    • 0038371974 scopus 로고    scopus 로고
    • Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms
    • Dewenter K., Warther V. Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms. J. Financ. 1998, 53:879-904.
    • (1998) J. Financ. , vol.53 , pp. 879-904
    • Dewenter, K.1    Warther, V.2
  • 14
    • 84993891092 scopus 로고
    • The effect of dividend changes on stock and bond prices
    • Dhillon U., Johnson H. The effect of dividend changes on stock and bond prices. J. Financ. 1994, 49:281-289.
    • (1994) J. Financ. , vol.49 , pp. 281-289
    • Dhillon, U.1    Johnson, H.2
  • 16
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook F. Two agency-cost explanations of dividends. Am. Econ. Rev. 1984, 74:650-659.
    • (1984) Am. Econ. Rev. , vol.74 , pp. 650-659
    • Easterbrook, F.1
  • 17
    • 0039403114 scopus 로고    scopus 로고
    • Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes
    • Frank M., Jagannathan R. Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes. J. Financ. Econ. 1998, 47:161-188.
    • (1998) J. Financ. Econ. , vol.47 , pp. 161-188
    • Frank, M.1    Jagannathan, R.2
  • 18
    • 0043277332 scopus 로고
    • Earnings information conveyed by dividend initiations and omissions
    • Healy P., Palepu K. Earnings information conveyed by dividend initiations and omissions. J. Financ. Econ. 1988, 21:149-175.
    • (1988) J. Financ. Econ. , vol.21 , pp. 149-175
    • Healy, P.1    Palepu, K.2
  • 21
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: a signaling equilibrium
    • John K., Williams J. Dividends, dilution, and taxes: a signaling equilibrium. J. Financ. 1985, 40:1053-1070.
    • (1985) J. Financ. , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 22
    • 0347981294 scopus 로고    scopus 로고
    • How different is Japanese corporate finance? An investigation into the information content of new security issues
    • Kang J., Stulz R. How different is Japanese corporate finance? An investigation into the information content of new security issues. Rev. Financ. Stud. 1996, 9:109-139.
    • (1996) Rev. Financ. Stud. , vol.9 , pp. 109-139
    • Kang, J.1    Stulz, R.2
  • 23
    • 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. Financ. Stud. 1995, 8:817-947.
    • (1995) Rev. Financ. Stud. , vol.8 , pp. 817-947
    • Kato, K.1    Loewenstein, U.2
  • 24
    • 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. 1956, 46:97-113.
    • (1956) Am. Econ. Rev. , vol.46 , pp. 97-113
    • Lintner, J.1
  • 25
    • 84993843481 scopus 로고
    • The new issue puzzle
    • Loughran T., Ritter J. The new issue puzzle. J. Financ. 1995, 50:23-51.
    • (1995) J. Financ. , vol.50 , pp. 23-51
    • Loughran, T.1    Ritter, J.2
  • 28
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: overreaction or drift?
    • Michaely R., Thaler R., Womack K. Price reactions to dividend initiations and omissions: overreaction or drift?. J. Financ. 1995, 50:573-608.
    • (1995) J. Financ. , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.2    Womack, K.3
  • 29
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller M., Rock K. Dividend policy under asymmetric information. J. Financ. 1985, 40:1031-1051.
    • (1985) J. Financ. , vol.40 , pp. 1031-1051
    • Miller, M.1    Rock, K.2
  • 32
    • 84993839747 scopus 로고
    • What do we know about capital structure: some evidence from international data
    • Rajan R., Zingales L. What do we know about capital structure: some evidence from international data. J. Financ. 1995, 50:1421-1460.
    • (1995) J. Financ. , vol.50 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 33
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter J. The long-run performance of initial public offerings. J. Financ. 1991, 46:3-27.
    • (1991) J. Financ. , vol.46 , pp. 3-27
    • Ritter, J.1
  • 34
    • 0001690533 scopus 로고
    • The information content of dividends
    • Watts R. The information content of dividends. J. Bus. 1973, 46:191-211.
    • (1973) J. Bus. , vol.46 , pp. 191-211
    • Watts, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.