Local Dividend Clienteles

Journal of Finance

Volumn 66, Issue 2, 2011, Pages 655-683

  Becker, Bo ^a   Ivković, Zoran ^b   Weisbenner, Scott ^c  

^a HARVARD BUSINESS SCHOOL   (United States)

^b MICHIGAN STATE UNIVERSITY   (United States)

^c UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79952787861     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2010.01645.x     Document Type: Article

References (31)

1. Allen, Franklin, Antonio E. Bernardo, and Ivo Welch, 2000, A theory of dividends based on tax clienteles, Journal of Finance 55, 2499-2536.
2. Baker, Malcolm, and Jeffrey Wurgler, 2004a, A catering theory of dividends, Journal of Finance 59, 1125-1165.
3. Baker, Malcolm, and Jeffrey Wurgler, 2004b, Appearing and disappearing dividends: The link to catering incentives, Journal of Financial Economics 73, 271-288.
4. Barber, Brad, and Terrance Odean, 2000, Trading is hazardous to your wealth: The common stock investment performance of individual investors, Journal of Finance 55, 773-806.
5. Becker, Bo, 2007, Geographical segmentation of U.S. capital markets, Journal of Financial Economics 85, 151-178.
6. Brav, Alon, John R. Graham, Campbell R. Harvey, and Roni Michaely, 2005, Payout policy in the 21st century, Journal of Financial Economics 77, 483-527.
7. Brown, Jeffrey, Nellie Liang, and Scott Weisbenner, 2007, Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut, Journal of Finance 62, 1935-1965.
8. Coval, Joshua D., and Tobias J. Moskowitz, 1999, Home bias at home: Local equity preference in domestic portfolios, Journal of Finance 54, 1-39.
9. Coval, Joshua D., and Tobias J. Moskowitz, 2001, The geography of investment: Informed trading and asset prices, Journal of Political Economy 109, 811-841.
10. Elton, Edward J., and Martin J. Gruber, 1970, Marginal stockholder clientele effect, Review of Economics and Statistics 52, 68-74.
11. Fama, Eugene F., and Kenneth R. French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay Journal of Financial Economics 60, 3-43.
12. Graham, John R., 2003, Taxes and corporate finance: A review, Review of Financial Studies 16, 1074-1128.
13. Graham, John R., and Alok Kumar, 2006, Do dividend clienteles exist? Evidence on dividend preferences of retail investors, Journal of Finance 59, 1125-1165.
14. Grinblatt, Mark, and Matti Keloharju, 2001, How distance, language, and culture influence stockholdings and trades, Journal of Finance 56, 1053-1073.
15. Guiso, Luigi, Paola Sapienza, and Luigi Zingales, 2004, Does local financial development matter Quarterly Journal of Economics 119, 929-969.
16. Hong, Harrison, Jeffrey Kubik, and Jeremy Stein, 2008, The only game in town: Stock-price consequences of local bias, Journal of Financial Economics 90, 20-37.
17. Huberman, Gur, 2001, Familiarity breeds investment, Review of Financial Studies 14, 659-680.
18. Ivković, Zoran, James Poterba, and Scott Weisbenner, 2005, Tax-motivated trading by individual investors, American Economic Review 95, 1605-1630.
19. Ivković, Zoran, and Scott Weisbenner, 2005, Local does as local is: Information content of the geography of individual investors' common stock investments, Journal of Finance 60, 267-306.
20. Jayaratne, Jith, and Philip Strahan, 1996, The finance-growth Nexus: Evidence from bank branch deregulation, Quarterly Journal of Economics 111, 639-670.
21. Lintner, John, 1956, Distribution of incomes of corporations among dividends, retained earnings, and taxes, American Economic Review 46, 97-113.
22. Loughran, Tim, and Paul Schulz, 2005, Liquidity: Urban versus rural firms, Journal of Financial Economics 78, 341-374.
23. Massa, Massimo, and Andrei Simonov, 2006, Hedging, familiarity and portfolio choice, Review of Financial Studies 19, 633-685.
24. Miller, Merton H., and Franco Modigliani, 1961, Dividend policy, growth, and the valuation of shares, Journal of Business 34, 411-433.
25. Perez-Gonzales, Francisco, 2003, Large shareholders and dividends: Evidence from U.S. tax reforms, Working paper, Stanford University.
26. Peterson, Mitchell A., and Raghuram G. Rajan, 2002, Does distance still matter? The information revolution in small business lending, Journal of Finance 57, 2533-2570.
27. Pirinsky, Christo, and Quinghai Wang, 2006, Does corporate headquarters location matter for stock returns Journal of Finance 61, 1991-2015.
28. Scholz, John K., 1992, A direct examination of the dividend clientele hypothesis, Journal of Public Economics 49, 261-285.
29. Shefrin, Hersh, and Meir Statman, 1984, Explaining investor preference for cash dividends, Journal of Financial Economics 13, 253-282.
30. Shefrin, Hersh, and Richard H. Thaler, 1988, The behavioral life-cycle hypothesis, Economic Inquiry 26, 609-643.
31. Thaler, Richard H., and Hersh M. Shefrin, 1981, An economic theory of self-control, Journal of Political Economy 89, 392-406.